Balance of Payment Pattern and Global Financial Crisis : Evidence on ASEAN-5 Countries

The most important indicator of the impact of global economic crisis is a condition of balance of payments. The economic crisis will cause foreign reserves and current account depressed. So that it can be stated that the impact of the global financial crisis is a crisis of balance of payments. Meanwhile, the balance of payments crisis will certainly affect the macroeconomic conditions. The study will look at how the patterns of influence of the balance of payments crises on macroeconomic conditions in ASEAN-5. Based on studies using VAR or panel data model shows that for the ASEAN countries the role of government is an important factor to control the economic crisis mainly caused by the presence of a contagion effect of the global crisis. This conclusion is in accordance with the theory that emphasizes that the relationship of fiscal policy on the EMP is negative. In other words, government is the main actor to overcome the global crisis that plagued developing countries