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Since the early twentieth century, the tremendous increase in household debt has motivated researchers to find the determinant factors of this phenomenon. The paper uses data from Asia Pacific countries and dynamic heterogeneous panel method analysis to determine factors of household debt. The results find that financial development and financial institution access have a long-run positive relationship, stable and convergent with household debt. This implies that as the financial system developed, as evidenced by easy access to financial institutions, it provided some attractive financial instruments and financial markets became liquid. As a result, household debt increased due to easier access to financing and credit options that matched people's needs. However, in the short run, financial development and financial institution access do not strongly affect household debt of countries overall. Also, the real interest rate and housing price have a positive impact, and stock capital accumulation and household consumption harm household debt in the long run. Therefore, supervision of the volatility of household debt and financial development are important for sustainable economic growth.

Purpose: This study examined the economic and social impact of Malaysian universities on their communities from stakeholders' perspectives. It analysed whether university stakeholders' spending, human capital (HC) and knowledge exploration (KE) will impact aggregate income (AI), quality of life (QOL) and business growth (BG) in surrounding communities. Design/methodology/approach: A survey was conducted among 540 university stakeholders from the southern, northern and eastern regions of Malaysia, representing the alumni, community and industry. Data were subjected to factor analysis using structural equation modelling (SEM). Findings: Results showed that universities impacted communities' economic development and wellbeing, thereby fulfilling their community-related role. Originality/value: This study addressed universities' role in communities' economic growth and social development. Universities' contributions towards communities can be improved through the proposed model, which suggests ways to maximise their impact. A more detailed study of a particular university is needed to identify other factors that can strengthen universities' impact, even at national and global levels.

Since the early 21st century, the educational tourism sector has been growing rapidly especially in developing countries and it is one of the major sources of export in a number of developed countries. Therefore, the objective of this paper is to determine the impact of educational tourism on economic growth with controlling the impact of exports of goods and foreign direct investment. A panel dataset of 11 countries was selected as the main group in international education exporter for the years 2002-2017 and this study utilised static panel data analysis. The results found that educational tourism and exports have positive impact on economic growth. The study also found that there is a country specific effect through different constant. This study proved that other than exports of goods, certain countries can benefit from the educational tourism sector as the new engine of economic sustainability.

The goal of this article is to investigate the influence of deposit insurance policy on the stability of the banking industry. Stability is measured by the ratio of retail deposits to total assets and the ratio of loans to total assets to cover both positive and negative impacts, and deposit insurance policy is assessed in various stages. The survey uses a data panel of 127 commercial banks from 2000 to 2013 in six member countries of the Association of Southeast Asian Nations (ASEAN). Using a dynamic panel data investigation, we obtain results showing that the implementation of deposit insurance policy negatively affects the ratio of retail deposits to total assets while positively influencing the ratio of loans to total assets. This is an important finding, as it implies that deposit insurance policy causes bank managers to take greater risks to increase their returns, rather than increasing the confidence level of depositors and ultimately increasing total deposits. This result is important for regulators as they evaluate deposit insurance policy and anticipate any negative outcomes that might follow.

An overwhelming increase in household debt in the last decade has stirred researchers to explore the determinants of this phenomena, especially the role of the labor market. This paper comes to identify these determinants using the macro panel data from Asia Pacific countries for 1994–2016 and dynamic heterogeneous panel data analysis. The empirical results found that household consumption, housing price index, and labor force have a long-run positive relationship with household debt. In contrast, the unemployment rate and dependency ratio have a long-run negative relationship with household debt. This implies that when consumption, housing price, and labor force increase, then the household debt will increase, and when the unemployment rate and dependency ratio increase, the household debt will decrease. Also, in the short-run, public debt does affect private consumption, and it is not different among countries. The labor market, as represented by the unemployment rate, dependency ratio, and labor force, has a strong effect on the household debt in the long-run. Based on these findings, the government should pay more attention to the household debt related to property and commodity markets because they expose the short-run volatility and create problems for the long-term.