Determinants Of Household Final Consumption Expenditures In Asian Countries: A Panel Model, 1991-2015

The research aims at revealing determinants of the household private consumption expenditures, conducting comprehensive analysis of key factors, influencing consumer potential in Asian countries. The study compares “consumer pattern” in Asia with that for a larger number of countries, identifies differences in the influence of the same factors on Asian and global household private consumption expenditures. Such an approach aims to promote better understanding of potential success of structural measures, and to assess consumer potential in every particular country. In the current study Asian region includes 3 countries of East Asia - China, Republic of Korea and Japan, 9 ASEAN members – Brunei Darussalam, Malaysia, Indonesia, Singapore, Philippines, Thailand, Vietnam, Cambodia and Laos (Myanmar was excluded because of data constrains) and India. The methodology bases on combination of qualitative analysis of macroprudential reforms, aimed at stimulating household consumption expenditures and contemporary social and demographic trends in the East Asian countries with the regression model, which was applied to a panel data spanning the period 1991-2015. The scientific novelty and fundamental character of the research can be found, firstly, in the methodological approach, which bases on the comparative analysis of the determinants of final consumption expenditures and their influence on a group of Asian countries and in an group of countries, representing different regions. Secondly, the author focuses on contemporary (relatively less studies) trends of economic policies in Asian countries on the way of their transformation from export-led to consumption-led economic growth model. Thirdly, the research attempts to put together different factors, influencing household final consumption expenditures from the demand side: macroprudential reforms, social and demographic factors.