Determining Factors Toward a Sustainable Development Path in Selected ASEAN Countries and Japan - Evidence from Panel Data Analysis

10.6702/ijbi.2016.11.2.1

Faridah Pardi；Abdol Samad Nawi；Arifin Salleh

Sustainable development ； adjusted net savings rate ； ASEAN ； Japan

International Journal of Business and Information

11卷2期（2016 / 06 / 01）

125 - 146

英文

During the 1990s, the World Bank introduced adjusted net savings rate (ANSR) as an alternative indicator for measuring the sustainable development of a country, where the national savings rate is adjusted for depreciation in natural resources and environmental assets. A positive ANSR indicates that a country is on a sustainable path. This study proposed some factors that might influence ANSR as the proxy for sustainable development in four ASEAN countries - Indonesia, Malaysia, Philippines, and Thailand - and in Japan. Overall panel data analysis results showed mixed evidence of the relationship between sustainable development (ANSR) and four independent variables - inflation rate (IFR), money supply (M2), non-renewable natural resources extraction (MIN), and population growth (POPG). In ordinary least squares (OLS) estimation, it was found that IFR, M2, and MIN have a significant negative impact on ANSR, but, from generalized least squares (GLS) estimation, the results showed that all of the hypothesized variables have negative significant relationships with ANSR. Our conclusion was drawn from the results of an LSDV model, which best fit the study hypothesis. For deeper insight, future studies should include countries with a more diversified geography and economic and political background.

1. Arrow, K.J.(2008).MPRA PaperMPRA Paper,未出版
2. Arrow, K.J.,Dasgupta, Partha,Mäler, K.-G.(2003).The genuine savings criterion and the value of population.Economic Theory,21,217-225.
3. Atkinson, G.,Hamilton, K.(2003).Savings, growth and the resource curse hypothesis.World Development,31,1793-1807.
4. Boos, A.(2011).The Theoretical Relationship Between the Resource Curse Hypothesis and Genuine Savings.annual meeting of the International Studies Association Conference,Montreal, Quebec, Canada:
5. Carbonnier, G.,Wagnera, N.(2012).CCDP working paperCCDP working paper,Geneva:Centre on Conflict, Development, and Peacebuilding, Graduate Institute.
6. Dietz, S.,Neumayer, E.,Soysa, I.D.(2007).Corruption, the resource curse and genuine saving.Environment and Development Economics,12,33-53.
7. Hess, P.(2010).Determinants of the adjusted net saving rate in developing economies.International Review of Applied Economics,24,591-608.
8. International Union for Conservation of Nature=IUCN(1980).World Conservation Strategy: Living Resource Conservation for Sustainable Development.United Nations Environment Programme (UNEP0 world Wildlife Fund.
9. Japelli, T.,Pagano, M.(1994).Savings, growth and liquidity constraints.Quarterly Journal of Economics,109,83-109.
10. Pearce, D.W.,Atkinson, G.D.(1993).Capital theory and the measurement of sustainable development: An indicator of "weak" sustainability.Ecological Economics,8(2),103-108.
11. Ploeg, F.V.D.(2010).Why do many resource-rich countries have negative genuine saving? Anticipation of better times or rapacious rent seeking.Resource and Energy Economics,32,28-44.
12. Solow, R.M.(1956).A contribution to the theory of economic growth.The Quarterly Journal of Economics,70,65-94.
13. Yamaguchi, R.,Sato, M.(2011).paper for KSI Communicationspaper for KSI Communications,KSI Communications.