Determinants of Economic Growth in ASEAN-4 Countries (Indonesia, Malaysia, Philippines, and Thailand)


  • Rini Dwi Astuti Universitas Pembangunan Nasional Veteran Yogyakarta
  • Didit Welly Udjianto Universitas Pembangunan Nasional Veteran Yogyakarta



economic growth, monetary policy, international trade, panel data.


A country that is successful in its economy is a country that has succeeded in rapidly encouraging the existence of international trade and maintaining the monetary policy in an increasingly integrated world economy. This study intends to evaluate the effect of monetary policy and international trade on economic growth in four ASEAN countries (Indonesia, Malaysia, Philippines, and Thailand), 2008 quarter I to 2019 quarter IV. By using panel data analysis, the results show that monetary policy with the instrument of interest rate policy has a negative effect on economic growth. An expansive monetary policy has effectively accelerated economic growth, while international trade is not driving economic growth in ASEAN-4 countries. 


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