The interaction between fiscal policy and monetary policy to achieve price
stability in emerging economies
A thesis submitted
in fulfilment of the requirements for the degree of Doctor of Philosophy
Thanh Ngan Tran
MSc (Economics) (University of Leeds, the United Kingdom)
BBus (Finance) (Academy of Bank, Vietnam)
School of Economics, Finance, and Marketing
College of Business
RMIT University
February, 2019
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DECLARATION
I certify that except where due acknowledgement has been made, the work is that of the
author alone; the work has not been submitted previously, in whole or in part, to qualify for
any other academic award; the content of the thesis is the result of work which has been
carried out since the official commencement date of the approved research program; any
editorial work, paid or unpaid, carried out by a third party is acknowledged; and, ethics
procedures and guidelines have been followed.
Thanh Ngan Tran
1st February 2019
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PUBLICATIONS FROM THIS THESIS
1. Ngan, T 2018, ‘Asymmetric effects of fiscal balance on monetary variables: evidence from
large emerging economies’, Empirical Economics, viewed 11 November 2018,
https://doi.org/10.1007/s00181-018-1483-y.
2. Ngan, T 2018, ‘Debt threshold for Fiscal Sustainability Assessment in Emerging
economies’, Journal of Policy Modeling, vol. 40, no. 2, 375-394.
3. Ngan, T 2017, ‘The relationship between fiscal deficits and monetary variables: an
application of the ARDL bound testing approach for emerging economies’, the 4th
Conference of the International Association for Applied Econometrics, Hokkaido, Japan.
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ACKNOWLEDGEMENTS
The path to earning a doctorate requires so much effort, perseverance and commitment. The
completion of my thesis was possible with the great support of family, supervisory team,
colleagues, and friends. I would like to express my sincere appreciation to all of them. First, I
would like to express my sincere gratitude to my supervisors, Associate Professor George
Tawadros and Associate Professor Bilgehan Karabay for their continuous support of my
doctoral studies and related research. It has been a great pleasure to be their student. I truly
appreciate their contributions of time, ideas, and feedback to revise and improve the thesis,
and its related papers. Their comments have also helped me to enhance essential academic
skills such as writing, presenting, and analysing data.
I would like to thank Professor Yong Cheol Shin from the University of York, for his
insightful comments and creative ideas, which gives me incentive to widen my research from
various perspectives.
I gratefully acknowledge the School of Graduate Research, who offered me an RMIT
Vietnam PhD scholarship for 3.5 years. Research-related activities, such as conference
presentation and thesis editing were also funded by the Higher Degrees by Research Travel
Grant, and the Student Support Fund.
My time at RMIT was made more enjoyable and memorable thanks to many friends and
colleagues that became a part of my PhD life. I am grateful to Angeline Chua, Giang Nguyen,
Karen Wong, Long Tran, Phuong Huynh, Phuong Nguyen, and Tinh Hoang for a relaxing
and enjoyable time together that relieves study stress. My PhD life was also enriched by
career events and workshops, along with extracurricular activities, such as RMIT’s Open Day
and its Graduation Ceremony.
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Finally, I am especially grateful to my parents, who inspired me with their constant love of
learning and taught me the importance of education for my future. My special thanks also go
to my husband and daughter, who always encourage me in all of my pursuits. Without their
support and encouragement, my PhD would not have been possible.
Thanh Ngan Tran
RMIT University
February 2019
