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标题：Determinants of Sustainable Development in Malaysia: A VECM Approach of Short-Run and Long-Run Relationships
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作者：Faridah Pardi ; Faridah Pardi ; Arifin Md. Salleh 等
期刊名称：American Journal of Economics
印刷版ISSN：2166-4951
电子版ISSN：2166-496X
出版年度：2015
卷号：5
期号：2
页码：269-277
DOI：10.5923/c.economics.201501.35
语种：English
出版社：Scientific & Academic Publishing Co.
摘要：Measuring sustainability has become an important issue since traditional concept of Gross Domestic Product (GDP) as indicator for measuring growth is no longer adequate to reflect sustainable development path of an economy. Adjusted Net Saving (ANS) rate has been introduced by the World Bank during 1990s as an alternative indicator to measure sustainable development. ANS measures true rate of saving in a nation by making some adjustments from GDP and net national saving, by including public expenditure on education with deducting minerals depletion and environmental degradation. It is normally expressed as a fraction from Gross National Income (GNI). This paper assesses several factors that might have effect on sustainable development, as proxied by ANS rate in Malaysia. The annual data used for time-serial analysis in this study is selected from 1971 to 2011. Inflation Rate (INF), Financial Development (FIN), Per Capita Income (INC) and Minerals Exports Share (MNR) are the selected independent variables that were hypothesized to have effects on ANS. Unit-root testing, optimum lag selection, Johansen Test of Cointegration and VECM were conducted in this study to develop the short-run and long-run relationship among the selected variables. The result findings showed the existence of a short run and long run relationship between the independent variables with ANS. Diagnostic checking on the models has further indicate that there is no serial correlation, heteroscedasticity and the data were normally distributed.
关键词：Adjusted Net Saving (ANS); Sustainable Development; VECM; Malaysia