Public Debt Sustainability and Its Macroeconomic Implications in ASEAN-4

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Title Public Debt Sustainability and Its Macroeconomic Implications in ASEAN-4
Author Makin, Anthony John
Journal Name ASEAN Economic Bulletin
Editor Denis Hew, Nick Freeman, Rahul Sen, Sakulrat Montreevat
Year Published 2005
Place of publication Singapore
Publisher Institute of Southeast Asian Studies
Abstract Public debt levels in Indonesia, Malaysia, Thailand and the Philippines (the ASEAN-4) significantly exceed pre-Asian crisis levels due to persistently large fiscal deficits and bank re-capitalisation measures. This article algebraically derives key formulae and presents graphical techniques for understanding and assessing the sustainability of public debt and its macroeconomic significance. Using recent data, it shows that central government public debt levels have recently stabilised in the ASEAN-4 under prevailing macroeconomic conditions and fiscal settings. Yet, the Philippines and Indonesia still require substantially higher primary surpluses to reduce their public debt to GDP ratios to internationally recommended levels over the medium term.
Peer Reviewed Yes
Published Yes
Volume 22
Issue Number 3
Page from 284
Page to 296
ISSN 0217-4472
Date Accessioned 2006-01-09
Date Available 2007-03-19T21:43:38Z
Language en_AU
Research Centre Griffith Asia Institute
Faculty Griffith Business School
Subject International Economics and International Finance
URI http://hdl.handle.net/10072/4625
Publication Type Journal Articles (Refereed Article)
Publication Type Code c1

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