This paper examined the interaction effect of oil prices on financial instability, trade openness, and economic growth in leading ASEAN countries. Based on the data over 1970-2019, this research used the second-generation panel approach to examine the effects of this study. The results of the cross-sectional dependency (CD) test, and the slope homogeneity test showed that the slope heterogeneity exists among countries and the relationship between cross-sectional units. The findings of the co-integration have showed that financial instability, trade openness, oil prices and economic growth have a stable and long-run linkages. In addition, the findings have shown that economic growth is adversely impacted by financial instability and oil prices, and that trade openness has a positive effect on economic growth. The findings further demonstrated the negative effects on economic growth of the interaction term with oil prices and financial instability. The interaction term for oil prices and openness in trade, however, has a positive effect on leading ASEAN economies' economic growth. Nevertheless, the findings of the causal test showed a one-way causal association between financial instability and economic growth; oil prices and economic growth. Similarly, the results confirmed the bidirectional causality between trade openness and economic growth. ABSTRAK Kertas ini mengkaji kesan interaksi harga minyak terhadap ketidakstabilan kewangan, kebebasan perdagangan, dan pertumbuhan ekonomi di negara-negara ASEAN utama. Berdasarkan data dari tahun 1970 hingga 2019, penyelidikan ini menggunakan pendekatan panel generasi kedua untuk mengkaji kesan kajian ini. Hasil ujian ketergantungan keratan rentas (cross-sectional dependency, CD) dan ujian kecerunan homogeniti menunjukkan bahawa terdapat ketidaksamaan cerun di antara negara-negara dan hubungan antara unit-unit keratin rentas. Hasil ko-integrasi menunjukkan bahawa ketidakstabilan kewangan, kebebasan perdagangan, harga minyak, dan pertumbuhan ekonomi mempunyai hubungan yang stabil dan jangka panjang. Selain itu, hasil kajian menunjukkan bahawa pertumbuhan ekonomi terjejas secara negatif oleh ketidakstabilan kewangan dan harga minyak, manakala kebebasan perdagangan mempunyai kesan positif terhadap pertumbuhan ekonomi. Hasil kajian juga menunjukkan kesan negatif terhadap pertumbuhan ekonomi dari istilah interaksi antara harga minyak dan 2 ketidakstabilan kewangan. Walau bagaimanapun, interaksi bagi harga minyak dan kebebasan dalam perdagangan mempunyai kesan positif terhadap pertumbuhan ekonomi negara-negara ASEAN utama. Namun demikian, hasil ujian kausaliti menunjukkan hubungan satu hala antara ketidakstabilan kewangan dan pertumbuhan ekonomi; harga minyak dan pertumbuhan ekonomi. Begitu juga, hasil kajian mengesahkan kausalit9 dua hala antara kebebasan perdagangan dan pertumbuhan ekonomi. Kata kunci: ASEAN; pertumbuhan ekonomi; ketidakstabilan kewangan; harga minyak; keterbukaan perdagangan JEL: B41, B43, K32, C01, C01