The papers in this volume were prepared as background for a conference on the major macroeconomic issues facing the member countries of the Association of South East Asian Nations (ASEAN), held in Jakarta, Indonesia, on November 7-8, 1996. The conference aimed to review the macroeconomic record of the ASEAN countries, examine the factors that have contributed to the region’s economic success, and identify the policy agenda for sustaining this success into the twenty-first century. The background papers review the major policy issues and add to the empirical evidence in key areas such as saving, investment, and the current account; monetary policy, financial liberalization, and capital market development; and the medium-term outlook.