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All Journal Journal of Business and Political Economy: Biannual Review of The Indonesian Economy Review
Syahdatul Maulida
Tazkia University, Bogor-Indonesia
Economics, Econometrics & Finance Social Sciences

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Reassessing the Political Economy of Growth in ASEAN: The Interplay of Political Stability, Government Effectiveness, and Inflation Syahdatul Maulida
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 7 No. 2 (2025): Journal of Business and Political Economy: Biannual Review of The Indonesian Ec
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/265

Abstract

This study aims to analyze the interplay between political stability, government effectiveness, and inflation on economic growth in ten ASEAN countries during the period 2019-2023. The research employs a quantitative approach using panel data regression analysis based on secondary data obtained from the World Governance Indicators (WGI) and the World Development Indicators (WDI). The findings reveal that political stability has a negative but significant effect on economic growth, whereas government effectiveness exerts a positive and significant influence. Inflation shows a negative but insignificant effect, indicating that price stability in the region remained relatively well maintained. Collectively, the three variables explain 57.7% of the variation in economic growth, underscoring the importance of institutional factors in driving economic performance. The results further suggest that government effectiveness serves as the main channel through which political stability affects economic growth. Policy implications highlight the need for bureaucratic reform, improvements in public governance quality, and regional cooperation to strengthen institutional capacity within ASEAN. This study contributes to the political economy of development literature by emphasizing the interaction between political and institutional factors in influencing regional economic growth. Future studies are encouraged to extend the observation period, incorporate dynamic modelling approaches, and explore country-specific institutional heterogeneity to better capture long-term structural effects. Keywords: Political Stability, Government Effectiveness, Inflation, Economic Growth, ASEAN. JEL: E02, O43, O53, P16.      
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