This paper aims to analyse factors affecting financial stress among the Bottom 40 Percent (B40) group of Malaysian households, reflecting overall financial well-being. Data were collected through questionnaires from 1008 respondents across five major regions in Malaysia. The data were analysed using Exploratory Factor Analysis (EFA) and Partial Least Squares-Structural Equation Modelling (PLS-SEM). This study provides evidence that financial behaviour, financial vulnerability (debt and income), and locus of control (luck and self-confidence) significantly affect financial stress among B40 households. The results show a significantly positive relationship between financial stress with financial vulnerability (debt and income) and locus of control (self-confidence). On the contrary, financial behaviour and locus of control (luck) show a significant negative relationship with financial stress. The result also indicates that financial stress affects financial well-being. Overall, the findings indicate that policy-makers should invent more effective and substantial stimulus packages or other measures to reduce the financial burden on B40 households. The findings could eventually provide insights for future research to delve into the social impact of financial stress. This study also has established a valid and reliable instrument to measure financial stress involving B40 households in Malaysia that eventually reflects the financial well-being of this group of people.

This paper investigates the impact of global EPU and China’s EPU on China’s FDI inflows, examining whether financial development and political stability moderate these relationships. Using panel data from 212 countries spanning 2009 to 2022, we first establish causal direction through Granger causality tests, then employ instrumental variable estimation to address endogeneity concerns, while conducting heterogeneity analysis across development levels and Belt and Road Initiative participation. We find that both global and domestic EPU significantly reduce China’s FDI inflows, with a 1% increase in China’s EPU leading to a 0.083% decrease in FDI inflows. However, political stability and financial development serve as effective moderators, reducing EPU’s negative impact by up to 60% and 70%, respectively. The effects vary substantially across investor countries: non-developed countries show ten times stronger sensitivity to EPU than developed countries, while Belt and Road Initiative countries demonstrate 86% lower sensitivity than non-BRI countries. This research advances EPU–FDI theory by demonstrating how institutional quality creates “policy buffers” against uncertainty and provides policymakers with evidence that strengthening political stability and financial development can maintain investor confidence during uncertain periods, while strategic international partnerships can insulate investment flows from policy volatility.

This study explored the effects of key macroeconomic variables—money supply, exchange rate, unemployment rate, and oil price—on inflation in five ASEAN countries from 1980 to 2020, using a panel ARDL model. The co-movement of this dynamic relationship was analyzed through a Wavelet Coherence approach to strengthen the findings to a certain extent. The analysis showed a positive, significant long-run link between money supply and inflation, emphasizing the need for prudent monetary policies. The absence of short-run effects of money supply on inflation underscores the importance of multidimensional policy formulation. Additionally, the positive exchange rate-inflation relationship in the long run calls for careful consideration in policy decisions. Furthermore, the negative unemployment-inflation relationship emphasizes the need for structural labor market reforms. Lastly, the significant short-term influence of oil prices on inflation warrants vigilance and sustainable energy strategies. This study is a valuable methodological and empirical addition to the existing body of knowledge on inflation dynamics, with its extensive analysis of macroeconomic determinants of inflation in ASEAN countries, using advanced econometric techniques. It bridges theoretical gaps, enriches methodological applications with wavelet coherence analysis, and delivers actionable insights for policymakers in emerging economies.

Interprovincial migration in China has redistributed the working-age population at an unprecedented scale, yet its spatial demographic consequences remain underquantified. This study constructs a Net Demographic Dividend Transfer index to capture the provincial balance of working-age inflows and outflows across 31 Chinese provinces from 2000 to 2023, and applies two-way fixed effects panel models and a spatial Durbin model to decompose direct and indirect spillover effects on provincial old-age dependency ratios, with instrumental variable estimation addressing endogeneity concerns. Results show that net inflows of working-age population significantly reduce provincial old-age dependency ratios while net outflows accelerate demographic ageing in sending regions. Spatial spillover effects are significant and asymmetric: eastern provinces generate positive demographic externalities for neighbouring regions, while central, western, and northeastern provinces impose negative spillovers on surrounding areas. Regional heterogeneity analysis further reveals that western and central provinces exhibit substantially greater sensitivity to working-age outflows than eastern provinces, reflecting the compounding vulnerability of smaller, higher-dependency origin regions. These findings collectively indicate that interprovincial migration operates as a spatial redistribution mechanism for the demographic dividend, deepening regional demographic divergence rather than moderating it. Compensatory policy measures for sending provinces are warranted to address the structural asymmetry in demographic costs generated by market-driven labour mobility.

Against the backdrop of unprecedented global FDI volatility—with flows declining 34.7% in 2020 and a further 12% in 2022—and China experiencing its first sustained capital outflow since reform, with foreign enterprises withdrawing over USD 160 billion in the first three quarters of 2023, understanding the complex mechanisms through which EPU affects international investment has become critically important. Existing research predominantly examines unilateral EPU effects while neglecting the bilateral dynamics that characterize modern interconnected economies, creating a significant gap in explaining recent FDI pattern shifts. This study systematically examines the differential impact mechanisms of EPU on China’s FDI inflows using panel data from 20 countries spanning 2005–2023, employing FE models and GMM methods. The research reveals that policy uncertainty affects international investment through two mechanisms: first, a “push effect” whereby relatively higher EPU in home countries drives FDI flows to China (β = 0.002, p < 0.001); second, a “consistency effect” where differences in policy environments between home countries and China impede FDI flows (β = −0.004, p < 0.001), with the latter effect being stronger. Moderating effects analysis demonstrates that institutional quality and bilateral political relations exert complex non-linear moderating effects on the EPU–FDI relationship. Heterogeneity tests reveal that when China’s EPU is relatively low, the negative impact of policy uncertainty is significantly weakened. This study extends real options theory and provides empirical evidence for the dual mechanisms of the EPU–FDI relationship, emphasizing that policy coordination is more important than relative policy advantages for international investment decisions. The findings provide theoretical foundations and practical guidance for policymakers to optimize international investment environments and strengthen policy coordination.