The Effects of Regulatory Performance on the Debt–Growth Relationship: Cases of Upper-Middle-Income Economies
, Shafinar Ismail 1, Khairunnisa Abd Samad 1, Bestari Dwi Handayani 2, Yozi Aulia Rahman 2 and Wijang Sakitri 2
Mikael Randrup Byrialsen
Round 1
Reviewer 1 Report
Comments for author File: 
Comments.pdf
Author Response
Dear reviewer,
Please see the attachment.
Author Response File: Author Response.pdf
Reviewer 2 Report
The paper attempts to examine “The effects of regulatory performance on debt-growth relation-ship: Cases of upper-middle-income economies”. First of all, I would like to thank the editor to select me as a reviewer for this paper. After reviewing, I find that this paper migh be reached the quality of the journal. The paper is readable ragarding the relationship between external debt and economic growth in the interaction between external debt and regulatory performance.
As the previous studies, I think that the method based on GMM is acceptable. This method is good for checking endogeneity problems in the regression.
For better contribution to the literature, I have some revisions that are good for enhancing the quality of the manuscript.
1. World Bank Group Discontinued Doing Business Report since June 2020. Therefore, regulatory performance based on doing business may be not studied in the future. I don’t think that this investigation can support for the future work. This issue should be indicated in the limitations.
2. The paper should have a theoretical framework that summarizing the interaction between external debt and regulatory performance, and its impact on economic growth.
3. The techniques should check endogeneity before running the GMM. Which variables meet endogeneity problems? I don’t think that all variables can meet endogeneity problems.
4. The robustness check for GMM should be discussed, due to the sensitivity of GMM method.
5. Upper-middle-income economies may be met the cross-sectional dependence when the time dimension becomes large. It should be checked.
6. The list of Upper-middle-income economies should be added in the appendix.
7. Inflation can be proxied for Economic uncertainty. The paper should have the source for this.
Author Response
Dear reviewer,
Please see the attachment.
Author Response File: Author Response.pdf
Reviewer 3 Report
I highly appreciate this study. However, I have comments as follows:
1. The abstract should provide more information regarding the findings, policy implementation, and the scientific contribution of the results to the economic literature.
2. The discussion section should compare the findings and the other relevant studies.
3. The conclusion may highlight the specific policy for ease of starting a business to improve economic growth.
Author Response
Dear reviewer,
Please see the attachment.
Author Response File: Author Response.pdf
Round 2
Reviewer 1 Report
As this revised version of the paper has met almost all my recommendations, I suggest the
editor to accept it. However, I still believe that some of the revisions could have been more elaborated.
Author Response
Dear reviewer,
Thank you for your comments. Please see the attachment.
Author Response File: Author Response.pdf
Reviewer 2 Report
The paper attempts to examine “The effects of regulatory performance on debt-growth relation-ship: Cases of upper-middle-income economies”. First of all, I would like to thank the editor to select me as a reviewer for this paper. After reviewing, I acknowledge that the authors have much improved in the revised manuscript. However, few comments are not done.
Please to see on the attachments
Comments for author File: Comments.pdf
Author Response
Dear reviewer,
Thank you for your comments. Please see the attachment.
Author Response File: Author Response.pdf
Round 3
Reviewer 2 Report
Dear Professor,
I hope that my previous comments treat you well. After carefully checking the second revised draft, I feel sastified with this verson. Therefore, I completely do the acceptance on this.
Thank you
