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<p>The Association of Southeast Asian Nations (ASEAN) member states have significant challenges in handling high levels of household debt, which can delay economic growth and contribute to social issues. This study examines the impact of key macroeconomic variables and digitalisation on household debt in seven Southeast Asian countries from 2011 to 2022. Six explanatory variables were tested: gross domestic product (GDP) per capita, working-age population, unemployment rate, inflation rate, lending interest rate, and mobile cellular subscriptions (used as a proxy for digitalisation). These variables were analysed using the static panel data cross-section seemingly unrelated regression (SUR), which consisting of panel specification and diagnostic tests. The results demonstrated that all macroeconomic variables were negatively correlated with household debt, while the digitalisation revealed a positive correlation. Despite the negative correlation between macroeconomic variables and household debt, raising public awareness related household debt remains important as a preventive measure. Governments need to enhance the controlling of both macroeconomic policies and digitalisation strategies. Future research is encouraged to investigate household debt variables across numerous countries within specific regions to gain a better understanding of their broader impact.</p>

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Do digitalisation and macroeconomic variables affect household debt? Evidence from Southeast Asian countries

  • 期刊论文

  • 发表日期：

    2026年5月19日

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  • Masturah Ma’in,
  • Mohammad Zulfakhairi Mokthar,
  • Akhmad Akbar Susamto,
  • Diyah Putriani,
  • Abdul Rahim Ridzuan,
  • Amena Sibghatullah

摘要

The Association of Southeast Asian Nations (ASEAN) member states have significant challenges in handling high levels of household debt, which can delay economic growth and contribute to social issues. This study examines the impact of key macroeconomic variables and digitalisation on household debt in seven Southeast Asian countries from 2011 to 2022. Six explanatory variables were tested: gross domestic product (GDP) per capita, working-age population, unemployment rate, inflation rate, lending interest rate, and mobile cellular subscriptions (used as a proxy for digitalisation). These variables were analysed using the static panel data cross-section seemingly unrelated regression (SUR), which consisting of panel specification and diagnostic tests. The results demonstrated that all macroeconomic variables were negatively correlated with household debt, while the digitalisation revealed a positive correlation. Despite the negative correlation between macroeconomic variables and household debt, raising public awareness related household debt remains important as a preventive measure. Governments need to enhance the controlling of both macroeconomic policies and digitalisation strategies. Future research is encouraged to investigate household debt variables across numerous countries within specific regions to gain a better understanding of their broader impact.