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    Determinants of Government Debt in ASEAN-5 Nations: An ARDL Analysis of Economic Factors by Mohammad Helmi bin Hidthiir, Zaki Ahmad, Lee Kai Lun, Mustazar Mansur, Ayman Abdalla Mohammed Abubakr, Mastora Sahal Gomaa Sahal

    Published 2025-01-01
    “…This study investigates the impact of budget balance, real interest rate, current account balance, and GDP growth on public debt in ASEAN-5 countries (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) from 1990 to 2021. Using the ARDL model, the findings suggest that, except for Indonesia and Singapore, budget balance has a negative correlation with public debt in both the short and long run, while real interest rates exhibit a significant positive long-run relationship across all countries. …”
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