ASEAN in the Aftermath: The Consequences of the East Asian Economic Crisis

TL;DRAbstract

Beginning in May 1997, East Asia was caught in grip of a progressively worsening financial and economic crisis. The crisis involved collapse of many of region's currencies, accompanied by economic upheaval and political instability, particularly in Indonesia. After more than two years, crisis came to an end. The affected Asian states (with exception of Indonesia, which is still wracked by political upheaval and instability) appear to be on road to recovery. (1) Nonetheless, crisis will have long-term effects. This discussion focuses on Southeast Asia and analyzes effect of crisis on institutional development of Association of Southeast Asian Nations (ASEAN). As an organization, has been at forefront of Asia Pacific regional politics for much of past thirty years. has attracted a great deal of attention as an organization that aspires to be an instrument of regional governance and political management. (2) In post-Cold War period, has been active in advancing its organizational interest

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