THEMATIC REVIEW ON REGIONAL FINANCIAL INTEGRATION AND STABILITY IN ASEAN: FROM FINANCIAL CRISES TO DIGITALISATION ERA

Wan Nurhanan Wan Suhaimi; Nor Haziah Hashim; Fuadah Johari; Norfhadzilahwati Rahim

Authors

Wan Nurhanan Wan Suhaimi Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia
Nor Haziah Hashim Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia
Fuadah Johari Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia
Norfhadzilahwati Rahim Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia

Keywords:

ASEAN integration, currency crisis, digital disruption, systemic risk, monetary policy.

Abstract

This review examines the evolution of financial crises and stability in the context of ASEAN economic integration, specifically on the impacts of traditional macroeconomic shocks to emerging digital age vulnerabilities. Literature analysis dating back to the post-1997 Asian Financial Crisis to the global financial disruptions and the recent challenges posed by digital financial innovations, the paper highlights the progression from conventional exchange rate instabilities and capital flight to more complex threats posed by fintech and digital currencies. A systematic thematic review of Scopus-indexed articles and key working papers reveals critical gaps in crisis preparedness and policy coordination within the region. The review synthesises evidence on regional monetary cooperation, the efficacy of policy responses, and the escalating role of digital currency frameworks in shaping financial stability. The findings underscore the need for an integrated policy framework that addresses both traditional and digital-era risks, offering insights for future research and practical strategies to fortify regional financial resilience.

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