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Unveiling external debt dynamics: Interdependencies of macroeconomic variables in ASEAN-7

Jurnal Perspektif Pembiayaan dan Pembangunan Daerah · Vol. 12 No. 1 (2024) · pp. 1–16

DOI
10.22437/ppd.v12i1.31408
ISSN
2355-8520, 2338-4603
Published
2024-04-25
Publisher
Program Magister Ilmu Ekonomi Pascasarjana Universitas Jambi
Language
en
License
creativecommons.org/licenses/by/4.0

Abstract

This study explores the interplay between external debt, infrastructure investment, epidemic response funding, net exports, and the consumer price index (CPI) in seven ASEAN countries—Indonesia, Myanmar, Thailand, Cambodia, Laos, the Philippines, and Vietnam—during the period from 2000 to 2020. Data were derived from the World Bank, OECD, and IMF. This research uses the autoregressive distributed lag model (ARDL) panel data approach to estimate the short-term and long-term relationships among the variables. Short-term results reveal that infrastructure investment, epidemic response funding, net exports, and the CPI do not significantly impact external debt. However, in the long-term analysis, epidemic response funding, net exports, and the CPI positively affect external debt. These findings have significant implications for policymakers in developing countries, especially within the ASEAN region.

Keywords

Collaboration network of the authors

40 authors · 92 co-authorship links · showing the 40 most connected

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • Lambung Mangkurat University
  • Hasanuddin University
  • Universitas Syiah Kuala
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Faisal FaisalLambung Mangkurat University3
Abdul BashirAffiliation unknown3
Dwi Darma Puspita SariAffiliation unknown3
Nazeli AdnanAffiliation unknown3
Muwaffiq JufriAffiliation unknown2
Evis GarunjaAffiliation unknown2
Evi ZuharaAffiliation unknown2
Yiyi SulaemanAffiliation unknown2
Puspita Harum MaharaniAffiliation unknown2
Eni Maftu'ahAffiliation unknown2
Khairatun NapisahAffiliation unknown2
Heryadi HeryadiAffiliation unknown2
Siti RohimaAffiliation unknown2
Feny MarissaAffiliation unknown2
Khairunnas KhairunnasAffiliation unknown2
Adin SalsabilaAffiliation unknown2
Wahyuni WahyuniHasanuddin University1
Zainuddin MukhsinAffiliation unknown1
Andriansyah AndriansyahUniversitas Syiah Kuala1
Miftahul JannahAffiliation unknown1
Fakhri YacobAffiliation unknown1
Riska RindayaniAffiliation unknown1
Paul Atagamen AidonojieAffiliation unknown1
Raphael D. Jackson-OrtizAffiliation unknown1
Taufiq MarwaAffiliation unknown1
Suhel SuhelAffiliation unknown1
Eka FitriyantiAffiliation unknown1
Luk Luk FuadahAffiliation unknown1
Ahmad SyathiriAffiliation unknown1
Suryadi SuryadiAffiliation unknown1
Eka PrihatinAffiliation unknown1
Djam’an SatoriAffiliation unknown1
Fiona AuliaAffiliation unknown1
Emrizal Mahidin TamboesaiAffiliation unknown1
Silvera DeviAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://online-journal.unja.ac.id/index.php/JES/oai, first harvested 6 Nov 2026, last seen 8 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">Unveiling external debt dynamics: Interdependencies of macroeconomic variables in ASEAN-7</dc:title>
	<dc:creator xml:lang="en">Sukanto, Sukanto</dc:creator>
	<dc:creator xml:lang="en">Azwardi, Azwardi</dc:creator>
	<dc:creator xml:lang="en">Mukhlis, Mukhlis</dc:creator>
	<dc:creator xml:lang="en">Atiyatna, Dirta Pratama</dc:creator>
	<dc:creator xml:lang="en">Hamira, Hamira</dc:creator>
	<dc:subject xml:lang="en">Consumer Price Index</dc:subject>
	<dc:subject xml:lang="en">Epidemic budget</dc:subject>
	<dc:subject xml:lang="en">External debt</dc:subject>
	<dc:subject xml:lang="en">Infrastructure budget</dc:subject>
	<dc:subject xml:lang="en">Net exports</dc:subject>
	<dc:description xml:lang="en">This study explores the interplay between external debt, infrastructure investment, epidemic response funding, net exports, and the consumer price index (CPI) in seven ASEAN countries—Indonesia, Myanmar, Thailand, Cambodia, Laos, the Philippines, and Vietnam—during the period from 2000 to 2020. Data were derived from the World Bank, OECD, and IMF. This research uses the autoregressive distributed lag model (ARDL) panel data approach to estimate the short-term and long-term relationships among the variables. Short-term results reveal that infrastructure investment, epidemic response funding, net exports, and the CPI do not significantly impact external debt. However, in the long-term analysis, epidemic response funding, net exports, and the CPI positively affect external debt. These findings have significant implications for policymakers in developing countries, especially within the ASEAN region.</dc:description>
	<dc:publisher xml:lang="en">Program Magister Ilmu Ekonomi  Pascasarjana Universitas Jambi</dc:publisher>
	<dc:date>2024-04-25</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://online-journal.unja.ac.id/JES/article/view/31408</dc:identifier>
	<dc:identifier>10.22437/ppd.v12i1.31408</dc:identifier>
	<dc:source xml:lang="en">Jurnal Perspektif Pembiayaan dan Pembangunan Daerah; Vol. 12 No. 1 (2024): Jurnal Perspektif Pembiayaan dan Pembangunan Daerah; 1 - 16</dc:source>
	<dc:source>2355-8520</dc:source>
	<dc:source>2338-4603</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://online-journal.unja.ac.id/JES/article/view/31408/17807</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2024 Sukanto Sukanto, Azwardi Azwardi, Mukhlis Mukhlis, Dirta Pratama Atiyatna, Hamira Hamira</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by/4.0</dc:rights>
</oai_dc:dc>