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Vol 41 No 2 (2026): May

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Feb 5, 2025
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May 26, 2026
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Dynamic Linkages Between Key Macroeconomic Variables and Economic Growth

https://doi.org/10.22146/jieb.v41i2.19774
Siew Ling Liew
School of Foundation Studies, Swinburne University of Technology Sarawak, Kuching, 93350, Malaysia
Evan Lau
lphevan@unimas.my
Faculty of Economics and Business, Universiti Malaysia Sarawak, Kota Samarahan, 94300, Malaysia, Research Fellow at Department of Economics, Faculty of Economics and Business, Universitas Muhammadiyah Yogyakarta, Yogyakarta 55183, Indonesia, and Faculty of Accounting, Ton Duc Thang University, Ho Chi Minh City, 758307, Vietnam
Bei Kee Lee
Faculty of Economics and Business, Universiti Malaysia Sarawak, Kota Samarahan, 94300, Malaysia
Dimas Bagus Wiranatakusuma
Department of Economics, Faculty of Economics and Business, Universitas Muhammadiyah Yogyakarta, Yogyakarta 55183, Indonesia

Corresponding Author(s) : Evan Lau

lphevan@unimas.my

Journal of Indonesian Economy and Business, Vol 41 No 2 (2026): May

Abstract

Introduction/Main Objectives: This study investigates the dynamic linkages between Malaysia’s economic growth and the key macroeco­nomic variables of foreign direct investment (FDI), inflation, interest rates, and exchange rates, using annual time series data from 1990 to 2019. Background Problems: Malaysia’s economic progress is closely tied to macroeconomic stability and external financial flows, yet fluctuations in inflation, interest rates, and exchange rates often create uncertainty that may weaken the effectiveness of FDI as a catalyst for growth. Novelty: This study offers a comprehensive empirical assess­ment by integrating long-run cointegration analysis with short-run causality testing, providing new insights into the dominant role of FDI within Malaysia’s macroeconomic framework. Research Methods: Time series econometric techniques, including cointegration tests and Granger causality analyses, are applied to annual data covering 1990–2019 to capture equilibrium relationships and directional causality among the variables. Findings/Results: The findings confirm a long-run equilibrium relationship between economic growth, FDI, inflation, interest rates, and exchange rates, with Granger causality results indicating a unidirectional causal flow from FDI to other macroeconomic indicators. Conclusion: FDI emerges as a key driver of Malaysia’s economic growth, under­scoring the importance of strategic investment policies and macro­economic stability for sustaining long-term development.

Keywords

Economic growth foreign direct investment macroeconomic variables time series analysis Granger causality
Liew, S. L., Lau, E., Lee, B. K., & Wiranatakusuma, D. B. (2026). Dynamic Linkages Between Key Macroeconomic Variables and Economic Growth. ournal of ndonesian conomy and usiness, 41(2), 258 -. https://doi.org/10.22146/jieb.v41i2.19774
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Author Biographies

Siew Ling Liew, School of Foundation Studies, Swinburne University of Technology Sarawak, Kuching, 93350, Malaysia

Dr. Lorna Siew Ling Liew is a lecturer at the School of Foundation Studies, Swinburne University of Technology Sarawak Campus, where she has been a faculty member since 2023. She has held leadership roles in the past, including Programme Coordinator and Head of Research and Postgraduate Studies. Her research interests encompass economic growth and development, financial and monetary economics, environmental economics, and applied economics. She has collaborated actively with other researchers on numerous academic projects, highlighting her dedication to advancing scholarship in her field. Beyond teaching and research, Dr. Lorna contributes significantly to academic quality assurance and scholarly service. She has served as a panel assessor for academic audit exercises and as a reviewer for academic journals, supporting the advancement of academic standards and the dissemination of knowledge. Her professional journey highlights a dedication to excellence in education, research, and institutional development.

Evan Lau, Faculty of Economics and Business, Universiti Malaysia Sarawak, Kota Samarahan, 94300, Malaysia, Research Fellow at Department of Economics, Faculty of Economics and Business, Universitas Muhammadiyah Yogyakarta, Yogyakarta 55183, Indonesia, and Faculty of Accounting, Ton Duc Thang University, Ho Chi Minh City, 758307, Vietnam

Evan Lau is an accomplished Professor at the Faculty of Economics and Business at Universiti Malaysia Sarawak (UNIMAS). He has a wealth of academic experience, having held several key positions within UNIMAS, including Deputy Dean for Research and Postgraduate, Director of the Centre for Business, Economics and Finance Forecasting (BEFfore) and Head of Strategy. He is now serving as Deputy Dean of Research and Innovation. Evan is also an internationally recognized scholar, having held visiting positions at the University of Cambridge, various universities in Indonesia and Vietnam. Evan has a strong research record, publishing 120 journal articles, 11 edited books, 91 research papers in books, conference proceedings, working papers, newsletters, and newspaper articles. He has been awarded numerous awards for his research excellence, including the Young Researcher Award in UNIMAS, the Highest Citation and Impact, the Excellent Service Award, research medals from Research Expos, Best Papers, and the Highest-Impact Journal Paper Award. As an active researcher, Evan has secured 39 research grants and has supervised 93 postgraduate students, examining 105 doctoral and master’s theses with 170 undergraduate research projects. Evan speaks at numerous international conferences in Indonesia, the UAE, Sri Lanka, Italy, India, the Philippines, China, Thailand, Vietnam, Singapore, and Malaysia. Evan's research contributions have been recognized internationally, with him being listed among the Top 9% of economists in Malaysia and ASEAN, while in the Top 10% for Asia by the Research Papers in Economics (RePEc) network. He is also among the highly cited authors in UNIMAS. Outside of academia, Evan is passionate about running and travelling. Overall, Evan's achievements and contributions demonstrate his commitment to research excellence, academic leadership, and service, which have a sustainable impact on academia.

Bei Kee Lee, Faculty of Economics and Business, Universiti Malaysia Sarawak, Kota Samarahan, 94300, Malaysia

Lee Bee Kee is a student from the Faculty of Economics and Business, Universiti Malaysia Sarawak. Her research interests are international economics and macroeconomics.

Dimas Bagus Wiranatakusuma, Department of Economics, Faculty of Economics and Business, Universitas Muhammadiyah Yogyakarta, Yogyakarta 55183, Indonesia

Dimas Bagus Wiranatakusuma is an associate professor at master of economics study program, faculty of economics and business, Universitas Muhammadiyah Yogyakarta (UMY). He completed his Bachelor’s degree in Economics with a concentration in Monetary Economics at Universitas Airlangga (Unair), Surabaya, in 2008. He then pursued a Master’s degree in Economics with a concentration in International Monetary Economics at the International Islamic University Malaysia (IIUM), graduating in 2012. Since 2018, he has held a PhD in Economics with a specialization in Islamic Banking and Macroeconomics from the International Islamic University Malaysia (IIUM). From 2017 to 2025, he served as Secretary of the International Class Economics Program—International Program for Islamic Economics and Finance (IPIEF)—in the Department of Economics, Faculty of Economics and Business, Universitas Muhammadiyah Yogyakarta (FEB UMY). He is currently the Head of Global Reputation Board at Universitas Muhammadiyah Yogyakarta. His research interests include macroeconomics, banking and finance, monetary economics, international economics, and risk management. He has published several academic papers and books and has participated in numerous international and national conferences, particularly in the areas of financial crisis early warning systems, Islamic banking and finance, macroprudential policy, and single currency issues. In addition, he holds various international and national professional certifications, including: Certified in Risk Management (CRM) Levels 1, 2, and 3 from the National Professional Certification Agency (BNSP) and the Global Association of Risk Professionals; Certified Islamic Banker (CIB) from the General Council for Islamic Banks and Financial Institutions (CIBAFI); Certified Risk Professional (CRP) from BNSP; Certified Online Central Banking 1 from Bank Indonesia Institute (BINs); Licensed Securities Broker Representative (WPPE) from The Indonesia Capital Market Institute (TICMI); Certified Personal Finance (CPF) from the Family Financial Advisor Institute; Certified Human Capital Management Professional (CHCMP) from Bizani Human Capital Consulting; Associate Wealth Planner (AWP); Professional Certificate in Islamic Finance (PCIF) from the International Centre for Education in Islamic Finance (INCIEF), Malaysia; and the Professional Lecturer Certification (SERDOS) from the Ministry of Education of the Republic of Indonesia.

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