Current Account Imbalances and Indebtedness in Asia Countries

The primary focus of international economics is external imbalances which act as a powerful impetus for historical changes in the economy. This study's objectives are to analyse the determinants of current account imbalance as well as to examine the relationship between current account balance...

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Main Author:	XIN LIN, SOO
Format:	Thesis
Language:	English English English
Published:	2023
Subjects:	DS Asia H Social Sciences (General) HB Economic Theory HJ Public Finance
Online Access:	http://ir.unimas.my/id/eprint/43158/3/SOO%20XIN%20LIN_dsva.pdf http://ir.unimas.my/id/eprint/43158/5/Thesis%20PhD_%20Soo%20Xin%20Lin%20-%2024%20pages.pdf http://ir.unimas.my/id/eprint/43158/9/Thesis%20PhD_%20Soo%20Xin%20Lin.ftext.pdf
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institution	Universiti Malaysia Sarawak
collection	UNIMAS Institutional Repository
language	English English English
topic	DS Asia H Social Sciences (General) HB Economic Theory HJ Public Finance
spellingShingle	DS Asia H Social Sciences (General) HB Economic Theory HJ Public Finance XIN LIN, SOO Current Account Imbalances and Indebtedness in Asia Countries
description	The primary focus of international economics is external imbalances which act as a powerful impetus for historical changes in the economy. This study's objectives are to analyse the determinants of current account imbalance as well as to examine the relationship between current account balance and indebtedness. This study is on 48 Asia countries and spans a sampling period from 1990 to 2020. The fiscal balance, public debt, household debt, age dependency ratios for old and young, information and communications technology (ICT), real GDP, and real effective exchange rate are independent variables while the current account balance is a dependent variable. The primary methodologies are dynamic GMM panel estimation and panel threshold splitting model estimation. The empirical result indicates that the determinants of current account imbalance are the fiscal balance, public debt, age dependency ratio for old, and real GDP. However, the age dependency ratio for young, ICT, and real effective exchange rate are insignificant to the current account balance. Besides, debt levels have a positive and strong association with both the fiscal balance and current account balance. Next, the current account balance and the fiscal balance have a positive and significant association under both regimes when the threshold level of public debt-to-GDP is at 62.72%. Besides, the threshold level of household debt-to-GDP is achieved at 52.22%. Yet, both balances perform a negative relationship which is a twin divergence situation below the household debt threshold level and demonstrates positive significant nexus above the household debt threshold level. In the policy recommendation, fiscal consolidation is proposed for the Asia countries. The application of fiscal rule can help to slow down deficit phenomenon and act as a stabilization mechanism in moderating the current account position of Asia countries. Moreover, the managing of the optimal debt threshold position of a country by policymakers is also crucial to overcome the economic uncertainties for sustaining economic growth in the Asia region.
format	Thesis
qualification_name	Doctor of Philosophy (PhD.)
qualification_level	Doctorate
author	XIN LIN, SOO
author_facet	XIN LIN, SOO
author_sort	XIN LIN, SOO
title	Current Account Imbalances and Indebtedness in Asia Countries
title_short	Current Account Imbalances and Indebtedness in Asia Countries
title_full	Current Account Imbalances and Indebtedness in Asia Countries
title_fullStr	Current Account Imbalances and Indebtedness in Asia Countries
title_full_unstemmed	Current Account Imbalances and Indebtedness in Asia Countries
title_sort	current account imbalances and indebtedness in asia countries
granting_institution	Universiti Malaysia Sarawak
granting_department	Faculty of Economics and Business
publishDate	2023
url	http://ir.unimas.my/id/eprint/43158/3/SOO%20XIN%20LIN_dsva.pdf http://ir.unimas.my/id/eprint/43158/5/Thesis%20PhD_%20Soo%20Xin%20Lin%20-%2024%20pages.pdf http://ir.unimas.my/id/eprint/43158/9/Thesis%20PhD_%20Soo%20Xin%20Lin.ftext.pdf
_version_	1804888424549711872
spelling	my-unimas-ir.431582024-07-15T08:28:49Z Current Account Imbalances and Indebtedness in Asia Countries 2023-10-19 XIN LIN, SOO DS Asia H Social Sciences (General) HB Economic Theory HJ Public Finance The primary focus of international economics is external imbalances which act as a powerful impetus for historical changes in the economy. This study's objectives are to analyse the determinants of current account imbalance as well as to examine the relationship between current account balance and indebtedness. This study is on 48 Asia countries and spans a sampling period from 1990 to 2020. The fiscal balance, public debt, household debt, age dependency ratios for old and young, information and communications technology (ICT), real GDP, and real effective exchange rate are independent variables while the current account balance is a dependent variable. The primary methodologies are dynamic GMM panel estimation and panel threshold splitting model estimation. The empirical result indicates that the determinants of current account imbalance are the fiscal balance, public debt, age dependency ratio for old, and real GDP. However, the age dependency ratio for young, ICT, and real effective exchange rate are insignificant to the current account balance. Besides, debt levels have a positive and strong association with both the fiscal balance and current account balance. Next, the current account balance and the fiscal balance have a positive and significant association under both regimes when the threshold level of public debt-to-GDP is at 62.72%. Besides, the threshold level of household debt-to-GDP is achieved at 52.22%. Yet, both balances perform a negative relationship which is a twin divergence situation below the household debt threshold level and demonstrates positive significant nexus above the household debt threshold level. In the policy recommendation, fiscal consolidation is proposed for the Asia countries. The application of fiscal rule can help to slow down deficit phenomenon and act as a stabilization mechanism in moderating the current account position of Asia countries. Moreover, the managing of the optimal debt threshold position of a country by policymakers is also crucial to overcome the economic uncertainties for sustaining economic growth in the Asia region. Universiti Malaysia Sarawak 2023-10 Thesis http://ir.unimas.my/id/eprint/43158/ http://ir.unimas.my/id/eprint/43158/3/SOO%20XIN%20LIN_dsva.pdf text en staffonly http://ir.unimas.my/id/eprint/43158/5/Thesis%20PhD_%20Soo%20Xin%20Lin%20-%2024%20pages.pdf text en public http://ir.unimas.my/id/eprint/43158/9/Thesis%20PhD_%20Soo%20Xin%20Lin.ftext.pdf text en validuser phd doctoral Universiti Malaysia Sarawak Faculty of Economics and Business Abdi, H., & Williams, L. J. (2010). Principal component analysis. 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