UPSI Digital Repository (UDRep)
Start | FAQ | About
Menu Icon

QR Code Link :

Type :final_year_project
Subject :HC Economic History and Conditions
Main Author :Nur Athyrah Abd Rahim
Title :The realationship between government debt and economic growth in Malaysia
Place of Production :Tanjong Malim
Publisher :Fakulti Pengurusan dan Ekonomi
Year of Publication :2023
Corporate Name :Universiti Pendidikan Sultan Idris
PDF Guest :Click to view PDF file

Abstract : Universiti Pendidikan Sultan Idris
This study has been carried out to investigate the relationship between government debt and economic growth based on GDP per capita. Government expenditure and household expenditure also has been used as other independent variable. This study also investigates the long run and short run between those dependent variables with GDP per capita in Malaysia. This study used secondary data by collecting time series data along 1985 till 2017 that is within 32 years. The data is collected from the World Bank Data, Bank Negara Malaysia and International Monetary Fund, IMF. Autoregressive Distributed Lag (ARDL) model is applied in this study to examine the relationship between debt and economic growth. The results shows that there is a long- and shortterm relationship for all the variables. Government debt reveals that in the long run, it has a positive relationship and significant with the GDP. These empirical results are in line with prior empirical research that looked at the effect of government debt on GDP growth and suggested that debt stimulates economic activity. Although debt is said to have a negative impact on the country's growth, but if the debt incurred does not exceed the threshold level set, then the national debt is able to help finance the country's expenditure in excess of tax collection.

References

Abd-Rahman, N.H., 2012. How federal government’s debt affect the level of economic growth? International Journal of Trade, Economics and Finance, 3(4): 323-326. 

Adom, P. K., Bekoe, W. & Akoena, S. K. K. (2012), ‘Modelling aggregate domestic electricity demand in Ghana: An autoregressive distributed lag bounds cointegration approach’, Energy Policy 42, 530–537. 

Akaike, H. (1974), ‘A new look at the statistical model identification’, Automatic Control, IEEE Transactions on 19(6), 716–723. 

Akekere, J., & Yousuo, P. O. J. (2012). Empirical analysis of change in income on private consumption expenditure in Nigeria from 1981 to 2010. International Journal of Academic Research in Business and Social Sciences, 2(11): 321-331. 

Alexiou, C. (2009). Government Spending and Economic Growth: Econometric Evidence from the South Eastern Europe (SEE). Journal of Economic and Social Research, 11(1), 1–16. http://doi.org/10.1130/0091-7613(1974)2<4 

Al-Fawwaz, T. M. (2016). The impact of government expenditures on economic growth in Jordan (1980-2013). International Business Research, 9(1), 99. 

Alrasheedy, A., & Alrazyeg, R. (2019). Government expenditure and economic growth in Saudi Arabia (SAMA Working Paper No. WP/19/02). Saudi Arabian Monetary Authority. 

Alshahrani, S. a., & Alsadiq, A. J. (2014). Economic Growth and Government Spending in Saudi Arabia: an Empirical Investigation. IMF Working Papers, 14(3), 1. http://doi.org/10.5089/9781484348796.001 

Amadeo, K., 2020. Public debt with its pros and cons: how to tell when its too high. The Balance, 2020. 

Amin, S.B. (2011). Causal Relationship between Consumption Expenditure and Economic Growth in Bangladesh. World Journal of Social Sciences, 1(2): 158- 169. 

Apere, T. O. (2014). Private consumption expenditure function in Nigeria: evidence from the Keynes' absolute income hypothesis. International Journal of Research in Social Science, 4(3): 53-58. 

Ariff, M., & Abubakar, S. Y. (1999). The Malaysian financial crisis: Economic impact and recovery prospects. Developing Economies, 37(4), 417-438. 

Aschauer, D. A. (2000). "Do states optimize? Public capital and economic growth." The Annals of Regional Science, 34(3), pp 343-363. 

Asteriou, D., Pilbeam, K., & Pratiwi, C. E. (2021). Public debt and economic growth: panel data evidence for Asian countries. Journal of Economics and Finance, 45(2), 270-287. 

Attard,  J.  (2019).  Public  Debt  and  Economic  Growth  nexus:  A  Dynamic  Panel  ARDL   approach. (MPRA Paper No. 96023). Munich Personal RePEc Archive 

Bahmani-Oskooee, M. & Nasir, A. (2004), ‘ARDL approach to test the productivity bias hypothesis’, Review of Development Economics 8(3), 483–488. 

Baker, M., & Orsmond, D. (2010). Household consumption trends in China. Reserve Bank of Australia Bulletin: 13-18. 

Bakri, S. M., Rambeli, N., Hashim, E., Mahdinezhad, M., & Jalil, N. A. (2017). Understanding behavior of consumption expenditure of households. International Business Education Journal, 10, 43-52. 

Balaj, D., & Lani, L. (2017). The impact of public expendi-ture on economic growth of Kosovo. Acta Universitatis Danubius. Œconomica, 13(5). 

Banerjee, A., Dolado, J. & Mestre, R. (1998), ‘Error-correction mechanism tests for cointegration in a single-equation framework’, Journal of time series analysis 19(3), 267– 283. 

Bank Negara Malaysia, BNM. The Malaysian Economy in 2001. Available at https://www.bnm.gov.my/documents/20124/830764/ch01.pdf 

Barigozzi, M., Alessi, L., Capasso, M., & Fagiolo, G. (2012). The distribution of household consumption-expenditure budget shares. Structural Change and Economic Dynamics, 23(1), 69-91. 

Barik, A., & Sahu, J. P. (2022). The long-run effect of public debt on economic growth: Evidence from India. Journal of Public Affairs, 22(1), e2281.  

Barro, R. (1989). Economic Growth in a Cross Section of Countries. National Bureau of Economic Research Working Paper No. 3120. http://doi.org/10.1017/CBO9781107415324.004 

Barro, R. J. (1989). The Ricardian approach to budget deficits. Journal of Economic perspectives, 3(2), 37–54. 

Bernheim, B. D. (1989). A neoclassical perspective on budget deficits. Journal of Economic Perspectives, 3(2), 55–72. 

Broner, F., Aitor, E., Alberto, M. and Jaume, V. (2014), “Sovereign debt markets in turbulent times: creditor discrimination and crowding-out effects”, Journal of Monetary Economics, Vol. 61, pp. 114-142 

Brooks, C. (2014), Introductory econometrics for finance, New York: Cambridge university press. 

Brown, R. L., Durbin, J. & Evans, J. M. (1975), ‘Techniques for testing the constancy of regression relationships over time’, Journal of the Royal Statistical Society. Series B (Methodological) pp. 149–192. 

C.W.J. Granger, Some Properties of Time Series Data and Their Use in Econometric Model Specification, Journal of Econometrics, 28, (1981), 121-130. 

Checherita-Westphal, C. and Rother, P., 2011. The impact of government debt on growth: an empirical investigation for the Euro Area. Revue Economique, 62(6), pp. 1015-1030. https://doi.org/10.3917/reco.626.1015 

Checherita-Westphal, C., & Rother, P. (2012). The impact of high government debt on economic growth and its channels: An empirical investigation for the euro area. European economic review, 56(7), 1392-1405. 

Cheong, T. T. (2001). Testing the relationship between government expenditure and national income in Malaysia . Analisis, 8(1-2), 37-51. 

Chioma, N.J. (2009). Causal relationship between gross domestic product and personal consumption expenditure of Nigeria. African Journal of Mathematics and Computer Science, Research Vol. 2(8): 179-183. 

Clements, B., R. Bhattacharya and T. Nguyen, 2003. External debt, public investment, and growth in low income countries. IMF Working Paper No. WP/03/249, Washington DC 

Cohen, D. (1997), Growth and external debt: A new perspective on the African and Latin American tragedies, Centre for Economic Policy Research Discussion Paper No. 1753. 

Danladi, J. D., Akomolafe, K. J., Olarinde, O. S., & Anyadiegwu, N. L. (2015). Government expenditure and its implication for economic growth: Evidence from Nigeria. 

Daud, S. N. M. (2016). The real effect of government debt: Evidence from the Malaysian economy. Journal of Economic Cooperation and Development, 37(3), 57–86. 

De Soyres, C., Kawai, R., and Wang, M. (2022). Public Debt and Real GDP: Revisiting the Impact., IMF Working Paper WP/22/76, Washington DC: International Monetary Fund. 

DeLong, B., Summers, L. (2012): Fiscal policy in a depressed economy, Brookings Papers in Economic Activity, 43(1), 233-297. 

Devarajan, S., Swaroop, V., & Zou, H. F. (1996). The composition of public expenditure and economic growth. Journal of monetary economics, 37(2), 313-344. 

Diacon, P. E., & Maha, L. G. (2015). The Relationship between Income, Consumption and GDP: A Time Series, Cross-Country Analysis. Procedia Economics and Finance, 23, 1535-1543. 

Diamond, P. A. (1965). National debt in a neoclassical growth model. The American Economic Review, 55(5), 1126–1150. 

Dogan, E., & Tang, T. C. (2006). Government expenditure and national income: Causality tests for five South East Asian countries. International Business & Economics Research Journal (IBER), 5(10). 

Duasa, J. (2007), ‘Determinants of Malaysian trade balance: An ARDL bound testing approach’, Global Economic Review 36(1), 89–102 

Dudzeviciute, G., Šimelyte, A., & Liucvaitiene, A. (2018). Government expenditure and economic growth in the European Union countries. International Journal of Social Economics, 45(2), 372–386. 

Eisner, R. (1989). Budget deficits: Rhetoric and reality. Journal of Economic Perspectives, 3(2), 73–93. 

Elmendorf, D.W. and Mankiw, G.N. (1999), “Government debt”, in Taylor, J.B. and Woodford, M. (Eds), Handbook of Macroeconomics, Harvard University. 

Engle, R. F., & Granger, C. W. J. (1987). Cointegration and error correction: Representation, estimation, and testing. Econometrica, 55(2), 251-267. https:// www.jstor.org/stable/1913236 

Fauzi Hussin and Chee Wuan Ching. (2013). The Contribution of Economic Sectors to Economic Growth: The Cases of Malaysia and China. International Journal of Academic Research in Economics and Management Sciences, 2(2), 1-13 

Fazzari, S., Ferri, P., Variato, A. (2020): Demand-led growth and accommodating supply, Cambridge Journal of Economics, 44(3), 583-605. 

Fosu, A. K. (1996). The impact of external debt on economic growth in sub-Saharan Africa. Journal of Economic Development, 21(1), 93–118. 

Fuinhas, J. A. & Marques, A. C. (2012), ‘Energy consumption and economic growth nexus in Portugal, Italy, Greece, Spain and Turkey: an ARDL bounds test approach (1965–2009)’, Energy Economics 34(2), 511–517 

Fuller, W. A. (1976), Introduction to Statistical Time Series, New York: John Wiley. 

Ghali, K. H. (1997). Government consumption and economic growth in Saudi Arabia. Journal of Economic Development, 22(2), 165–172. 

Ghosh, A., Kim, J., Mendoza, E., Ostry, J., Qureshi, M. (2013): Fiscal fatigue, fiscal space and debt sustainability in advanced economies, Economic Journal, 123(566), F4-F30. 

Godfrey, L. G. (1978), ‘Testing against general autoregressive and moving average error models when the regressors include lagged dependent variables’, Econometrica: Journal of the Econometric Society pp. 1293–1301. 

Goldsmith, E. (1996). Resource management for individuals and families. (3rd ed.). St.Paul: Minnesota West Publishing Company. 

Guseh, J. S. (1997). Government Size and Economic Growth in Developing Countries: A PoliticalEconomy Framework. Journal of Macroeconomics, 19(1), 175–192. 

Handriyani, R., Sahyar, M. M., & Arwansyah, M. (2018). Analysis the effect of household consumption expenditure, investment and labor to economic growth: A case in province of North Sumatra. Studia Universitatis „Vasile Goldis” Arad–Economics Series, 28(4), 45-54. 

Hasan, A. & Nasir, Z. M. (2008), ‘Macroeconomic factors and equity prices: An empirical investigation by using ARDL approach’, The Pakistan Development Review pp. 501– 513. 

Hasnul, A. G. (2015). The effects of government expenditure on economic growth: the case of Malaysia. 

Hilton, S. K. (2021). Public debt and economic growth: contemporary evidence from a developing economy. Asian Journal of Economics and Banking, 5(2), 173-193. 

Hone, Z., & Marisennayya, S. (2019). Determinants of Household Consumption Expenditure in Debremarkos Town, Amhara Region, Ethiopia. American Academic Scientific Research Journal for Engineering, Technology, and Sciences, 62(1), 124-144. 

Hsieh, E., & Lai, K. S. (1994). Government Spending and Economic Growth: The G-7 Experience. Journal of Applied Economics, 26, 535– 542 

Ibrahim, A. K., & Khan, S. M. (2019). Domestic debt and economic growth in Nigeria: An ARDL bounds test approach. Economics and Business, 33(1), 50-68. 

Islam, Anisul, M. (2001) Wagner’s law revisited: cointegration and exogeneity tests for the USA, Applied Economics Letters, 8, 509-515 

Islam, M. S., Alsaif, S. S., & Alsaif, T. (2022). Trade Openness, Government Consumption, and Economic Growth Nexus in Saudi Arabia: ARDL Cointegration Approach. SAGE Open, 12(2), 21582440221096661. 

James B. Ang. (2007). What are the mechanisms linking financial development and economic growth in Malaysia? Economic Modelling 25, 38–53. Available online at www.sciencedirect.com 

Johansen, S., & Juselius, K. (1990). Maximum likelihood estimation and inference on cointegration-with the application to the demand for money. Oxford Bulletin of Economics and Statistics, 52(2), 169-210. http://dx.doi.org/10.1111/j.1468- 0084.1990.mp52002003.x. 

Juselius, K. (2006), The cointegrated VAR model: methodology and applications, New York: Oxford University Press. 

Kaleemuddin, M., & Masih, M. (2017). Does financial development drive economic growth? an ARDL approach. 

Kapotwe, B., & Tembo, G. (2021). An Analysis of the Factors Affecting Zambia's GDP Per Capita. American Journal of Economics, 11(1), 19-30. 

Karagol, E. (2012). The causality analysis of external debt service and GNP: The case of Turkey. Central Bank Review, 2(1), 39–64. 

Khoon, G. S., & Lim (Mah-Hui.). (2010). The impact of the global financial crisis: the case of Malaysia. Third World network (TWN). 

Kira, A. R. (2013). The factors affecting gross domestic product (GDP) in developing countries: The case of Tanzania. 

Konchitchki, Yaniv; Patatoukas, Panos N. (2014). Accounting earnings and gross domestic product. Journal of Accounting and Economics, 57(1), 76–88. 

Koyuncu, C., & Ünal, H. S. (2020). ‘The Link between GDP and Household Consumption Expenditures in the Longrun in Turkey: ARDL Analysis. Balkan ve Near Eastern Journal of Social Sciences, 6(1), 171-177. 

Kremers, J. J., Ericsson, N. R. & Dolado, J. J. (1992), ‘The power of cointegration tests’, Oxford bulletin of economics and statistics 54(3), 325–348 

Krugman, P. (1988): Financing vs. forgiving a debt overhang, Journal of Development Economics, 29(3), 253-268. 

Kunwar, K. B. (2019). Impact of government expenditure in economic growth of Nepal: ARDL approach. Contemporary Research: An Interdisciplinary Academic Journal, 3(1), 33–40. 

Landau, D., 1986. Government and Economic Growth in the Less  Developed  Countries: An  Empirical  Study for 1960-1980.  Econ.  Dev.  Cult.  Change  35,  35–75. doi:10.1086/451572 

Lee, S. P., & Ng, Y. L. (2015). Public debt and economic growth in Malaysia. Asian Economic and Financial Review, 5(1), 119-126. 

Loizides, J. O. H. N. L., & Vamvoukas, G. E. V. (2005). Government Expenditure and Economic Growth: Evidence from Trivariate Causality Testing. Journal of Applied Economics, 8(1), 125–152. 

M.H. Pesaran, R.J. Smith and Y. Shin, Bounds Testing Approaches to the Analysis of Level Relationships, Journal of Applied Econometrics, 16, (1995), 289-326. 

M.H. Pesaran, R.J. Smith, and Y. Shin, Testing for the Existence of a long run Relationship, DAE Working paper No.9622, Department of Applied Economics, University of Cambridge, (1996b) 

Mankiw, N.G., (2003), Makroekonomi. Edisi Keenam. Jakarta: Erlangga. 

Mankiw, N.G., (2007), Makroekonomi. Edisi Keenam. Jakarta: Erlangga 

Mosikari, T. J., & Eita, J. H. (2021). Asymmetric effect of government debt on GDP growth: evidence from Namibia. Public Sector Economics, 45(4), 543-558. 

Naiya, I. I. & Manap, T. A. A. (2013), ‘Structural Transformation, Poverty and Inequality in Nigeria: An ARDL Bound Testing Technique’, International Journal of Economics and Finance 5(4), 141 

Nambiar, Shankaran. 2009. Malaysia and the Global Crisis: Impact, Response, and Rebalancing Strategies. ADBI Working Paper 148. Tokyo: Asian Development Bank Institute. Available: http://www.adbi.org/workingpaper/2009/08/26/3275.malaysia.gfc.impact.response.rebalancing/ 

Ncanywa, T. and Masoga, M.M. (2018), “Can public debt stimulate public investment and economic growth in South Africa?”, Cogent Economics and Finance, Vol. 6, pp. 1-13. 

Nurudeen, A., & Usman, A. (2010). Government Expenditure and Economic Growth in Nigeria, 1970-2008: A Disaggregated Analysis. Business and Economics Journal, 1–11. 

Nyarko-Asomani, A., Bhasin, V. K., & Aglobitse, P. B. (2019). Government capital expenditure, recurrent expenditure and economic growth in Ghana. Ghanaian Journal of Economics, 7(1), 44–70.  

Odhiambo, N. (2015). Government Expenditure and Economic Growth in South Africa: an Empirical Investigation. Atlantic Economic Journal, 3(43), 393-406. 

OECD (2012), “Debt and Macroeconomic Stability”, OECD Economics Department Policy Notes, No. 16 January 2013. 

OECD (2012), National Accounts of OECD Countries, OECD Publishing, http://dx.doi.org/10.1787/2221433x. 

OECD (2013), “GDP per capita”, in National Accounts at a Glance 2013, OECD Publishing, Paris. DOI: https://doi.org/10.1787/na_glance-2013-5-en 

OECD, 2015. Households' economic well-being: the OECD dashboard Methodological note. Available at https://www.oecd.org/sdd/na/OECD-Household-dashboard-methodological-note.pdf 

Oladele, M.F., Mah, G., Mongale, I. (2017). The Role Of Government Spending On Economic Growth In A Developing Country. Risk governance & control: financial markets & institutions, 7(2,1), 140-146. 

Omar, M. S., & Nor, A. M. (2020). Macroeconomic Variables and Economic Growth: The Malaysian Perspectives. International Journal of Academic Research in Business and Social Sciences, 10(3), 272–280. 

Pahlavani, M., Wilson, E. & Worthington, A. C. (2005), ‘Trade-GDP nexus in Iran: An application of the autoregressive distributed lag (ARDL) model’, Faculty of Commerce-Papers p. 144. 

Partadireja, A., (1990), Pengantar Ekonomika. Yogyakarta: BPFE. 

Pesaran, M. H. & Shin, Y. (1998), ‘An autoregressive distributed-lag modelling approach to cointegration analysis’, Econometric Society Monographs 31, 371–413. 

Pesaran, M. H., & Shin, Y. (1999). An autoregressive distributed lag modelling approach to cointegration analysis in econometrics and economic theory in the 20th century: The Ragnar Frisch Centennial Symposium, Strom, S. (ed.) Cambridge University Press, 371-413. 

Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. https:// doi.org/10.17863/CAM.5093. 

Pokhrel, S., & Khadka, C. B. (2019). Assessment of Long and Short Run Relationship Amongst Macroeconomic Variables and Economic Growth of Nepal. Economic Journal of Development Issues, 48-87. 

Poku, K., Opoku, E., & Agyeiwaa Ennin, P. (2022). The influence of government expenditure on economic growth in Ghana: An Ardl approach. Cogent Economics & Finance, 10(1), 2160036. 

R. Engle, and G. Granger, Cointegration and Error Correction: Representation, Estimation and Testing, Econometrica, 55, (1987), 251-276. 

Ramsey, J. B. (1969), ‘Tests for specification errors in classical linear least-squares regression analysis’, Journal of the Royal Statistical Society. Series B (Methodological) pp. 350–371. 

Rangarajan, C., & Srivastava, D. K. (2005). Fiscal deficits and government debt: Implications for growth and stabilisation. Economic and Political Weekly, 40(27), 2919–2934. 

Reinhart, C. M. and Rogoff, K. S., 2010a. Growth in a time of debt. NBER Working Paper, No. 15639. 

Reinhart, C. M. and Rogoff, K. S., 2010b. Growth in a time of debt. American Economic Review: Papers and Proceedings, 100(2), pp. 573-578. https://doi. org/10.1257/aer.100.2.573 

Reinhart, C. M., & Rogoff, K. S. (2009). The aftermath of financial crises. American Economic Review, 99(2), 466–472 

Ricardo, D. (1817). On currency and banks. David Ricardo, On The Principles of Political Economy and Taxation London, John Murray 

Ricardo, D. (1951), “On the principles of political economy and taxation”, in Sraffa, P. (Ed.), The Works and Correspondence of David Ricardo, Vol. 1, Cambridge University Press, Cambridge, with the collaboration of M. Dobb 

Saunders,  P.,  1985.  Public  Expenditure  and  Economic Performance in OECD Countries. J. Public Policy 5, 1–21. doi:10.1017/S0143814X00002865 

Schclarek, A. (2004), Debt and Economic Growth in Developing Industrial Countries, mimeo. 

Schwarz, G. et al. (1978), ‘Estimating the dimension of a model’, The annals of statistics 6(2), 461–464. 

Shaikh, N. A., Perveen, S. H. A. H., & Najaf, S. H. A. H. (2015). Empirical estimation of GDP determinants, household consumption expenditure and the consumption multiplier in Pakistan (1985-2011). Journal of Economics and Political Economy, 2(2): 317- 330. 

Sharma, R., & Kautish, P. (2019). Aid-Growth Association and Role of Economic Policies: New Evidence from South and Southeast Asian countries. Global Business Review, 1(18) 

Sheilla, N., & Nicholas, M. O. (2019). Government size and economic growth: A review of international literature. SAGE Open, 9(3). https://doi.org/10.1177/2158244019877200. 

Siew-Peng Lee & Yan-Ling Ng. (2015). PUBLIC DEBT AND ECONOMIC GROWTH IN MALAYSIA. Asian Economic and Financial Review, 5(1): 119-126. 

Singh, C. (1999). Domestic debt and economic growth in India. Economic and Political Weekly, 34(23), 1445–1453 

Smith, A. (1776). The Wealth of Nations (W. Strahan and T. Cadell, London) 

Smyth, D. and Hsing, Y. (1995). In Search of an Optimal Debt Ratio for Economic Growth, Contemporary Economic Policy, 13, pp. 51-59. 

Solow (1956) The Quarterly Journal of Economics, Volume 70, Issue 1, February 1956, Pages 65-94, https://doi.org/10.2307/1884513. 

Solow, R. M. (1956). A Contribution to the Theory of Economic Growth Author. The Quarterly Journal of Economics, 70(1), 65–94. http://doi.org/http://www.jstor.org/stable/1884513 

Spilioti, S., & Vamvoukas, G. (2015). The impact of government debt on economic growth: An empirical investigation of the Lebanese market. International Journal of EuroMediterranean Studies, 10(1), 23–41. 

Stella Spilioti (2015). The relationship between the government debt and GDP growth: evidence of the Euro area countries. Investment Management and Financial Innovations, 12(1-1), 174-178 

Sulaiman, N. F. C., Yussof, I., Zaidi, M. A. S., & Sulaiman, N. (2017). Long run relationship between income inequality and economic growth: Evidence from Malaysia. International Journal of Academic Research in Business and Social Sciences, 7(6), 2222-6990. 

Sulistyowati, N., Sinaga, B. M., & Novindra, N. (2017). Impacts of government and household expenditure on human development index. Jejak, 10(2), 412-428. 

Taghavi, M. (2001). Debt, growth and inflation in large European economies: A vector auto-regression analysis. In Capitalism and Democracy in the 21st Century (pp. 165–179). Heidelberg: Physica. 

Tan, Y. F., & Chin, M. Y. (2017). Revisiting the Role of Public Debt in Economic Growth: The Case of Malaysia. Advanced Science Letters, 23(4), 3163-3166. 

Tapsin, G., & Hepsag, A. (2014). An analysis of household consumption expenditures in EA-18. European Scientific Journal: 10(16). 

Tian, G. G. & Ma, S. (2010), ‘The relationship between stock returns and the foreign exchange rate: the ARDL approach’, Journal of the Asia Pacific economy 15(4), 490– 508. 

Warner, A. M. (1992). Did the debt crisis cause the investment crisis? The Quarterly Journal of Economics, 107(4), 1161–1186 

Webster, Thomas J. (2014). Malaysian Economic Development, Leading Industries And Industrial Clusters. The Singapore Economic Review, 59(5),1-19. 

World Bank, 1992. World Development Report (The World Bank, Washington, DC).  

Xi-xiang, S., Ling-li, D., (2013), An Empirical Analysis on The Influence of Household Consumption on Economic Growth in Hubei Province. The 19th International Conferences on Industrial Engineering Management, Springer, Berlin, Heidelberg 

Yasin, M. (2000). Public Spending and Economic Growth: Empirical Investigation of Sub-Saharan Africa. Southwestern Economic Review, 4(1), 59–68. 

YOONG, F. T., LATIP, A. R. A., SANUSI, N. A., & KUSAIRI, S. (2020). Public debt and economic growth nexus in Malaysia: An ARDL approach. The Journal of Asian Finance, Economics and Business, 7(11), 137-145. 

Zakaria, Z., & Nabi, M. H. (2015). The Causality Relationship Between Public Debt, Economic Growth and Export in Malaysia. Advanced Science Letters, 21(6), 1725-1728. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 


This material may be protected under Copyright Act which governs the making of photocopies or reproductions of copyrighted materials.
You may use the digitized material for private study, scholarship, or research.

Back to previous page

Installed and configured by Bahagian Automasi, Perpustakaan Tuanku Bainun, Universiti Pendidikan Sultan Idris
If you have enquiries, kindly contact us at pustakasys@upsi.edu.my or 016-3630263. Office hours only.