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This paper examines the validity of purchasing power parity (PPP) hypothesis for four founding members of the Association of Southeast Asian Nat ions (ASEAN4) with Singapore as base currency. A range of standard unit root tests and cointegration used in previous studies was applied to test long run PPP and four models were introduced based on the implementation of Common Effective Preferential Trad e (CEPT) scheme and the impact of global financial crisis. The result from the unit root test has shown that all the data are stationary at I (1). T here was no evidence of PPP detected between ASEAN4 and Singapore before the implementation of CEPT schemeusing Johansen cointegration testin model 1.However, the evidence of long -run PPP were detected between MalaysiaSingapore, Thailand-Singapore and Philippines-Singapore after the implementation of CEPT scheme for model 2 and before the global financial cri sis hits in U.S economy. Among these three countries, the strongest presence of PPP is found between Malaysia and Singapore where it carried both correctly signed and statistically significant variables.

The Linkage between Long-Run Purchasing Power Parity and CEPT scheme in ASEAN4 before and after Global Financial Crisis