This article analyses the impact of monetary and fiscal policies on economic growth in Malaysia, Singapore and Thailand from 1980:Q1 to 2017:Q1. Autoregressive distributed lag (ARDL) approach is employed to determine the long-run relationship. Further, a range of econometric models, such as fully modified least squares method (FMOLS), canonical cointegration regression (CCR) and dynamic ordinary least squares method (DOLS), are applied to check the robustness. The results are stable and robust as all the models yield consistency result. The main findings in this study demonstrate that: (a) interest rate had a negative impact on economic growth in three selected countries. (b) Government spending had a negative impact on economic growth in Malaysia and Singapore, but had a positive impact in Thailand. (c) Monetary policy is more effective in Malaysia and Singapore, while fiscal policy is more effective in Thailand.

JEL Classification: E52, E58, E62, C01

本文分析了1980年第一季度至2017年第一季度货币政策和财政政策对马来西亚，新加坡和泰国经济增长的影响。采用自回归分布滞后（ARDL）方法确定长期关系。此外，一系列的计量经济学模型，如完全修改的最小二乘法（FMOLS），规范协整回归（CCR）和动态普通最小二乘法（DOLS），都可以用来检查稳健性。由于所有模型都产生一致性结果，因此结果是稳定且稳健的。这项研究的主要结果表明：（a）利率对三个选定国家的经济增长产生了负面影响。（b）政府支出对马来西亚和新加坡的经济增长产生负面影响，但对泰国产生积极影响。

JEL分类： E52，E58，E62，C01