02104cas a2200265 a 4500 AALejournalIMF013964 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475588774 1018-5941 BD-DhAAL BD-DhAAL Isnawangsih, Agnes. The Big Split : Why Did Output Trajectories in the ASEAN-4 Diverge after the Global Financial Crisis? / Agnes Isnawangsih, Vladimir Klyuev, Longmei Zhang. Washington, D.C. : International Monetary Fund, 2013. 1 online resource (17 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The global financial crisis originated in advanced economies, but had a major impact on emerging markets. The impact, however, was not uniform. Even in a relatively homogenous group of countries such as ASEAN-4 (Indonesia, Malaysia, the Philippines and Thailand), there were considerable differences both in terms of instantaneous impact of the crisis and in terms of output performance relative to trend. There are several main reasons for the divergence. First, trade shocks had a larger impact on more open economies (Malaysia and Thailand). Second, countercyclical fiscal stimulus in Indonesia and the Philippines was larger and was sustained longer. Third, idiosyncratic factors pushed output up in Indonesia and down in Thailand. Such factors include investment-friendly structural reforms and fortuitously timed election spending in Indonesia, as well as political instability and natural disasters in Thailand. Mode of access: Internet Klyuev, Vladimir. Zhang, Longmei. IMF Working Papers; Working Paper ; No. 2013/222 Full text available on IMF http://elibrary.imf.org/view/journals/001/2013/222/001.2013.issue-222-en.xml IMF e-Library