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The aim of this study is analyzing the spillovers of monetary policies from three nations including the US, Japan, and China to the Southeast Asian economies through macroeconomic linkages. By using BVAR model, the research results present distinct responses of economic growth, interest rate and inflation index in Southeast Asia to external shocks of interest rate according to specific characteristics. In particular, nations adopting pegged regime have stronger responses to the changing of the Fed rate and Japanese monetary policy while the opposite trend is found in volatility of Chinese interest rate. However, nations with higher trade openness might have more sensitive reaction to monetary policy of all three countries. On the other hand, the impact of international monetary policies on Southeast Asian countries is explained quite different between the group having higher capital openness and the other one. In general, the results are consistent with many previous studies as well as Mundell-Fleming’s impossibility triple theory. JEL Classification : E52, F42, N10, O11.

Using panel data regression of 48 countries during 2000–2019, the research aims to examine the role of budget balance on economic growth in Asia. Also, with the application of Panel Threshold Regression (PTR), the author tests the nonlinear relationship and to identify an optimal budget balance threshold to achieve the most effective economic growth. The study shows that the lower national budget deficit level is remained, the greater economic growth in Asia is driven. Additionally, it is revealed that an effective economic growth is best promoted with budget balance ranging from 22.6935% GDP to 25.1950% GDP. However, only a few of nations in the sample have achieved the optimal threshold of budget balance above during the period of research. Meanwhile, several countries in Asia have been suffering from the budget deficit for many years. Therefore, in order to stabilize the economic development, most of the Asian countries should adjust the national budget revenue and expenditure process to keep the balance properly.

The paper investigates the impact of institutional quality on economic growth by taking 48 countries in Asia between 2005 and 2018. By using the quantile regression methods with panel data, institutional quality is found to be a key factor of economic development. However, in the lower-income Asian countries, the institution with better quality appears to promote the growth more effectively than in the higher-income ones. Moreover, the paper also finds out a nonlinear relationship between institutions and economic growth. The results show that there is an institutional threshold for economic growth to reach its highest level. If the institution indicator exceeds the threshold, it causes the reverse effect on the growth. Moreover, the economic growth of Asian countries is also affected by inflation (INF), labor force (LABO), trade openness (OPEN), and infrastructure (TELE). From that, the study suggests some policy implications for Asian countries and Vietnam, in particular, in order to improve institutions contributing to economic growth.

This article aims to analyse the role of FDI and institutional quality in local economic growth in Vietnam. Using a dataset of 63 provinces in Vietnam between 2005 and 2020, the result of the Bayesian linear regression (BLR) method shows that FDI has a negative effect on economic growth, while provinces have a negative effect on economic growth. High institutional quality (IQ) leads to high economic growth. Besides, the result of the article also shows that the interaction between FDI flows, and institutional quality (FDIxIQ variable) positively impacts the economic growth of provinces in Vietnam. This implies that localities with good institutional quality will absorb FDI better. These findings suggest that policymakers should pay more attention to policies to attract FDI and improve institutional quality to promote sustainable GDP growth in the localities of Vietnam, thereby promoting the overall economic growth of Vietnam. [ABSTRACT FROM AUTHOR]

The current article investigates the impact of bank-specific and macroeconomic factors on the net interest margin (NIM) of commercial banks in Vietnam. In order to explore the association, we performed Bayesian linear regression on a dataset of 24 banks from 2008 to 2020. Our research result reveals that bank size (LNSIZE), profitability (ROA), operational cost to operating income ratio (BOPO), loan-to-deposit ratio (LDR), and non-performing loan ratio (NPL) of a bank positively affect the NIM of banks. On the contrary, bank liquidity (GWM) and loan market power (MPR) negatively affect the NIM of banks. Moreover, we suggest that macroeconomic factors, including GDP growth (GDP) and M2 money supply growth (M2), have a negative impact on NIM. Furthermore, the impact of the inflation rate (INFL) on NIM is relatively low. Our article highlights new information that improves the understanding of the NIM of banks in emerging economies like Vietnam. [ABSTRACT FROM AUTHOR]