Academy of Accounting and Financial Studies Journal (Print ISSN: 1096-3685; Online ISSN: 1528-2635)


Impact of Global Financial Crisis 2008-09 and Global Oil Prices on the Economic Growth of Asean Countries: An Evidence from Driscoll-Kraay Standard Errors Regression

Author(s): Ali Burhan Khan, Thathira Siriphan, Rarina Mookda, Tunwarat Kongnun, Sudarat Rattanapong, Yusraw Omanee, Pinsuda Thonghom

The origin of the global financial crisis was advanced economies, but it put severe consequences on emerging economies. Therefore, in this paper, we attempt to analyze the impact of the Global Financial Crisis (GFC) 2008-09 on the economic growth of ASEAN countries. Besides, the current study also captured the impact of global oil prices on economic growth. An empirical investigation was performed with the help of Driscoll-Kraay standard errors regression. The study sample consists of 5-ASEAN countries (Indonesia, Malasia, Philippines, Singapore and Thailand) and covers the period 2001-2019. According to the results, GFC proved to be harmful to the economic growth of selected ASEAN countries. Notwithstanding, change in oil prices does not explain the economic growth. The current study has implications for policymakers of ASEAN that by considering the negative consequences of GFC, they should adopt an effective policy to tackle any such type of crisis in the future.

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