<?xml version="1.0" encoding="utf-8"?>
<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.0 20120330//EN" "JATS-journalpublishing1.dtd">
<article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" article-type="article">
  <front>
    <journal-meta>
      <journal-id journal-id-type="publisher-id">jssi</journal-id>
      <journal-title-group>
        <journal-title>Journal of Security and Sustainability Issues</journal-title>
      </journal-title-group>
      <issn pub-type="epub">2029-7017</issn>
      <issn pub-type="ppub">2029-7017</issn>
      <publisher>
        <publisher-name>LKA</publisher-name>
      </publisher>
    </journal-meta>
    <article-meta>
      <article-id pub-id-type="publisher-id">JSSI9216</article-id>
      <article-id pub-id-type="doi">10.9770/jssi.2019.9.2(16)</article-id>
      <article-categories>
        <subj-group subj-group-type="heading">
          <subject>Article</subject>
        </subj-group>
      </article-categories>
      <title-group>
        <article-title>The Impact of Government Expenditures, Gross Capital Formation, Trade, and Portfolio Investment on the Economic Growth of Asean Economies</article-title>
      </title-group>
      <contrib-group>
        <contrib contrib-type="author">
          <name>
            <surname>Jermsittiparsert</surname>
            <given-names>Kittisak</given-names>
          </name>
          <email xlink:href="mailto:kittisak.j@chula.ac.th">kittisak.j@chula.ac.th</email>
          <xref ref-type="aff" rid="j_jssi_aff_000"/>
          <xref ref-type="corresp" rid="cor1">∗</xref>
        </contrib>
        <aff id="j_jssi_aff_000">Social Research Institute, Chulalongkorn University, Bangkok, Thailand</aff>
        <contrib contrib-type="author">
          <name>
            <surname>Saengchai</surname>
            <given-names>Sakapas</given-names>
          </name>
          <email xlink:href="mailto:sakapas.sa@ssru.ac.th">sakapas.sa@ssru.ac.th</email>
          <xref ref-type="aff" rid="j_jssi_aff_001"/>
        </contrib>
        <aff id="j_jssi_aff_001">Faculty of Humanities and Social Sciences, Suan Sunandha Rajabhat University, Bangkok, Thailand</aff>
        <contrib contrib-type="author">
          <name>
            <surname>Boonrattanakittibhumi</surname>
            <given-names>Chanathat</given-names>
          </name>
          <email xlink:href="mailto:b.dr.chanathat2013@gmail.com">b.dr.chanathat2013@gmail.com</email>
          <xref ref-type="aff" rid="j_jssi_aff_002"/>
        </contrib>
        <aff id="j_jssi_aff_002">Business and Administration Department, King Moungkult’s Institute of Technology, Prince of Chumphon Campus, Chumphon, Thailand</aff>
        <contrib contrib-type="author">
          <name>
            <surname>Chankoson</surname>
            <given-names>Thitinan</given-names>
          </name>
          <email xlink:href="mailto:tchankoson@gmail.com">tchankoson@gmail.com</email>
          <xref ref-type="aff" rid="j_jssi_aff_003"/>
        </contrib>
        <aff id="j_jssi_aff_003">Faculty of Business Administration for Society, Srinakharinwirot University, Bangkok, Thailand</aff>
      </contrib-group>
      <author-notes>
        <corresp id="cor1"><label>∗</label>Corresponding author.</corresp>
      </author-notes>
      <volume>9</volume>
      <issue>2</issue>
      <fpage>571</fpage>
      <lpage>584</lpage>
      <pub-date pub-type="ppub">
        <day>30</day>
        <month>12</month>
        <year>2019</year>
      </pub-date>
      <pub-date pub-type="epub">
        <day>30</day>
        <month>12</month>
        <year>2019</year>
      </pub-date>
      <permissions>
        <ali:free_to_read xmlns:ali="http://www.niso.org/schemas/ali/1.0/"/>
      </permissions>
      <abstract>
        <p>This paper examines the impact of public spending on ASEAN-5 countries economic development. The purpose of this study is to provide evidence, reference and contribute to the knowledge about government spending and economic growth. This study involves ASEAN-5 countries. The countries are Thailand, Singapore, Indonesia, Philippines and Malaysia. The countries are chosen because there is a lack of study of government expenditure for ASEAN-5 countries using panel data. The data covers from year 1990 to 2014. The data is retrieved from the World Development Indicators (World Bank). The dependent variable is gross domestic product (GDP). GDP is used to measure economic growth. The main independent variable is government expenditure. The other independent variables are gross capital formation, portfolio investment, labor, trade, total reserve and gross savings. A clear understanding about inter-linkages between government spending and economic growth will help the government in making better decision for the country. As ASEAN countries have responsibility for ASEAN Economic Community (AEC) Blueprint 2025 to meet its objectives, ASEAN governments are expected to effectively monitor the public spending as fiscal instrument in stimulating economic growth. Government expenditure may become unproductive if misallocating and using it in excess. From this study, there is evidence that government expenditure has impact on economic growth. Future research is expected to expand the investigation to other composition of government spending such as education, defense and infrastructure expenditures instead of using general government final consumption expenditures.</p>
      </abstract>
      <kwd-group>
        <label>Keywords</label>
        <kwd>ASEAN</kwd>
        <kwd>economic growth</kwd>
        <kwd>trade</kwd>
        <kwd>capital formation</kwd>
      </kwd-group>
      <kwd-group kwd-group-type="JEL">
        <label>JEL</label>
        <kwd>F23</kwd>
        <kwd>Q24</kwd>
        <kwd>E22</kwd>
      </kwd-group>
    </article-meta>
  </front>
</article>
