impact on more open economies (Malaysia and Thailand). Second, countercyclical fiscal stimulus in Indonesia and the …, 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 …

-supplying neighbor, Mexico. Real incomes in the rest of world would decline by 0.16 percent and in China by 0.38 percent because of trade …