IMPACT OF EXTERNAL DEBT ON FINANCIAL DEVELOPMENT: AN EMPIRICAL ANALYSIS OF SELECTED EAST ASIAN AND PACIFIC COUNTRIES
This article explores the impact of external debt on financial development in a group of fifteen selected East Asian and Pacific countries from 1992 to 2021. These countries include Cambodia, China, Fiji, Indonesia, Lao PDR, Mongolia, Myanmar, Papua New Guinea, the Philippines, Samoa, the Solomon I...
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| Language: | English |
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Dalat University
2023-10-01
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| Series: | Tạp chí Khoa học Đại học Đà Lạt |
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| Online Access: | https://tckh.dlu.edu.vn/index.php/tckhdhdl/article/view/1162 |
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| _version_ | 1823857101792870400 |
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| author | Hoang Minh Nguyen |
| author_facet | Hoang Minh Nguyen |
| author_sort | Hoang Minh Nguyen |
| collection | DOAJ |
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This article explores the impact of external debt on financial development in a group of fifteen selected East Asian and Pacific countries from 1992 to 2021. These countries include Cambodia, China, Fiji, Indonesia, Lao PDR, Mongolia, Myanmar, Papua New Guinea, the Philippines, Samoa, the Solomon Islands, Thailand, Tonga, Vanuatu, and Vietnam. Data were extracted from the World Bank and International Monetary Fund databases. This study employs random effects and fixed effects models, Driscoll-Kraay standard errors, and the generalized method of moments to test two hypotheses. The results indicate that external debt has a positive impact on the financial development of these East Asian and Pacific countries, where economic growth plays a vital role in promoting financial development. Additionally, a nonlinear impact of external debt on the financial development of these East Asian and Pacific countries is observed. Based on these findings, it is recommended that appropriate financial development policies be implemented in the identified countries.
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| format | Article |
| id | doaj-art-ee2ec3443e5043699df92bcf0fdb377d |
| institution | Kabale University |
| issn | 0866-787X |
| language | English |
| publishDate | 2023-10-01 |
| publisher | Dalat University |
| record_format | Article |
| series | Tạp chí Khoa học Đại học Đà Lạt |
| spelling | doaj-art-ee2ec3443e5043699df92bcf0fdb377d2025-02-12T01:01:13ZengDalat UniversityTạp chí Khoa học Đại học Đà Lạt0866-787X2023-10-01134S10.37569/DalatUniversity.13.4S.1162(2023)1217IMPACT OF EXTERNAL DEBT ON FINANCIAL DEVELOPMENT: AN EMPIRICAL ANALYSIS OF SELECTED EAST ASIAN AND PACIFIC COUNTRIESHoang Minh Nguyen0https://orcid.org/0000-0001-6337-7620University of Economics and Law, Vietnam National University Ho Chi Minh City This article explores the impact of external debt on financial development in a group of fifteen selected East Asian and Pacific countries from 1992 to 2021. These countries include Cambodia, China, Fiji, Indonesia, Lao PDR, Mongolia, Myanmar, Papua New Guinea, the Philippines, Samoa, the Solomon Islands, Thailand, Tonga, Vanuatu, and Vietnam. Data were extracted from the World Bank and International Monetary Fund databases. This study employs random effects and fixed effects models, Driscoll-Kraay standard errors, and the generalized method of moments to test two hypotheses. The results indicate that external debt has a positive impact on the financial development of these East Asian and Pacific countries, where economic growth plays a vital role in promoting financial development. Additionally, a nonlinear impact of external debt on the financial development of these East Asian and Pacific countries is observed. Based on these findings, it is recommended that appropriate financial development policies be implemented in the identified countries. https://tckh.dlu.edu.vn/index.php/tckhdhdl/article/view/1162East Asia and PacificExternal debtFinancial development. |
| spellingShingle | Hoang Minh Nguyen IMPACT OF EXTERNAL DEBT ON FINANCIAL DEVELOPMENT: AN EMPIRICAL ANALYSIS OF SELECTED EAST ASIAN AND PACIFIC COUNTRIES Tạp chí Khoa học Đại học Đà Lạt East Asia and Pacific External debt Financial development. |
| title | IMPACT OF EXTERNAL DEBT ON FINANCIAL DEVELOPMENT: AN EMPIRICAL ANALYSIS OF SELECTED EAST ASIAN AND PACIFIC COUNTRIES |
| title_full | IMPACT OF EXTERNAL DEBT ON FINANCIAL DEVELOPMENT: AN EMPIRICAL ANALYSIS OF SELECTED EAST ASIAN AND PACIFIC COUNTRIES |
| title_fullStr | IMPACT OF EXTERNAL DEBT ON FINANCIAL DEVELOPMENT: AN EMPIRICAL ANALYSIS OF SELECTED EAST ASIAN AND PACIFIC COUNTRIES |
| title_full_unstemmed | IMPACT OF EXTERNAL DEBT ON FINANCIAL DEVELOPMENT: AN EMPIRICAL ANALYSIS OF SELECTED EAST ASIAN AND PACIFIC COUNTRIES |
| title_short | IMPACT OF EXTERNAL DEBT ON FINANCIAL DEVELOPMENT: AN EMPIRICAL ANALYSIS OF SELECTED EAST ASIAN AND PACIFIC COUNTRIES |
| title_sort | impact of external debt on financial development an empirical analysis of selected east asian and pacific countries |
| topic | East Asia and Pacific External debt Financial development. |
| url | https://tckh.dlu.edu.vn/index.php/tckhdhdl/article/view/1162 |
| work_keys_str_mv | AT hoangminhnguyen impactofexternaldebtonfinancialdevelopmentanempiricalanalysisofselectedeastasianandpacificcountries |