Since the first confirmed case of COVID-19 infection in Indonesia in March 2020, the pandemic has hit the economy hard, especially the Micro, Small and Medium-sized Enterprises (MSMEs). This study aims to analyze the extent of the impact of the pandemic on MSMEs and the effectiveness of the government policy measures. Primary data was collected through a questionnaire administered to 2,535 MSMEs in 17 provinces during July–September 2020. The results show that MSMEs already suffered revenue slump within the second month of the pandemic and encountered both financial and non-financial hardships. The government supports and assistance was perceived as very helpful to mitigate the impact of the pandemic by the recipients. However, the programs’ distribution was hampered by either mis-targeting or lack of socialization regarding applicationrequirements, procedures and registration location. The policy, academic and managerial implications of the findings are provided.

The Asian financial crisis in 1997/98 and the global financial crisis in 2007/8 suggest that more research on economic integration is needed. This study aims to examine the depth and path of integration in the real and financial sectors among ASEAN member states during 1999-2019. The Augmented Dickey-Fuller–Generalised Least Squared (ADF-GLS) test results show stronger evidence of ASEAN real sector integration than its financial sector. Further, time lag analysis shows that the adjustments of interest rates in ASEAN countries are slower than those of price levels in the real economy. Academic and policy implications of the findings are provided, mainly on the need for stronger cooperation in ASEAN’s financial sector.