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The prime aim of the study was to investigate the impact of the financial inflows on the economic growth of ASEAN economies. Meanwhile, the study has examined the moderating role of currency crisis in the relationship between financial inflows and the economic growth of ASEAN countries. The study has employed the panel data methodology to achieve the research objectives. Theoretically and empirically it seems that foreign capital inflows have different possible effects on growth and development performance of an economy. If foreign capital inflows are used in an efficient and productive manner then, they will promote country ‘s growth performance. If foreign capital inflows are used in unproductive manner then they will not contribute in a long run, their impact on economic development will only for a short run. Furthermore, the financial crisis (currency crisis) also have a significant influence in the attraction of foreign capital inflows. These financial crises effect the flow of foreign capital inflows among the countries. The results suggest that the flow of workers ‘remittances in the country has significant positive impact on economic growth. Moreover, the banking and systemic crisis hurt the relationship between REM and EG. Worker remittances are considered as a boon to the countries. It has a positive association with the economic growth and acts a stabilizer during the financial crisis. To ensure the effective inflows of the remittance the government should encourage that remittance should be transferred through formal channels, this can be done by giving cost effective financial services to the remitter, linking the remittance transfer with mobile networks and banks that charge low prices.

HOW THE CURRENCY CRISIS EFFECTS THE RELATIONSHIP BETWEEN FINANCIAL INFLOWS AND ECONOMIC GROWTH IN ASEAN COUNTRY