Article Sidebar

Submitted
Apr 30, 2018
Accepted
Apr 30, 2018
Published
Apr 30, 2018
Download
PDF (Bahasa Indonesia)
Statistic
Read Counter : 1476 Download : 735

Downloads

Download data is not yet available.

Main Article Content

Abstract

Abstrak- Adanya pandangan bahwa liberalisasi keuangan berperan penting dalam mendorong pertumbuhan ekonomi menyebabkan banyak negara-negara berkembang melakukan serangkaian kebijakan liberalisasi di sektor keuangan. Penelitian ini bertujuan untuk mengidentifikasi secara empiris dampak liberalisasi keuangan terhadap pertumbuhan ekonomi dan variabel makro ekonomi lainnya di Indonesia. Penelitian ini mengembangkan model empiris melalui pengukuran liberalisasi keuangan secara de fakto dan de jure. Hasil estimasi model Vector Autoregression (VAR) dalam pendekatan de jure menunjukkan bahwa indeks liberalisasi keuangan secara statistik tidak berpengaruh siginifikan terhadap pertumbuhan ekonomi dan variabel makro lainnya (inflasi, nilai tukar dan suku bunga). Dalam pendekatan de facto, hasil pengujian kointegrasi menunjukkan adanya hubungan jangka panjang antara pertumbuhan ekonomi dan seluruh indikator yang digunakan sebagai proksi liberalisasi keuangan. Hasil estimasi pada pendekatan de facto melalui model Vector Error Corrrection Model (VECM) mengindikasikan bahwa liberalisasi keuangan memberikan efek negatif terhadap pertumbuhan ekonomi melalui peningkatan kredit perbankan terhadap sektor swasta. Secara keseluruhan hasil penelitian ini tidak dapat menemukan bukti kuat terkait adanya dampak positif liberalisasi keuangan terhadap pertumbuhan ekonomi dalam small open economy seperti di Indonesia.

Kata kunci : liberalisasi keuangan, pertumbuhan ekonomi, small open economy, vector autoregression (VAR), vector error correction model (VECM)

Article Details

How to Cite
Anward, R. (2018). IDENTIFIKASI DAMPAK LIBERALISASI KEUANGAN DALAM SMALL OPEN ECONOMY: STUDI KASUS DI INDONESIA. Ecoplan, 1(1), 1-7. https://doi.org/10.20527/ecoplan.v1i1.2
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Achy, L., 2005, “Financial Liberalization, Savings, Investment, and Growth in MENA Countries”, Research in Middle East Economics, 6, 77-94.
  2. Beck, T., Levine, R., & Loayza, N., 2000, “Finance and the sources of growth”, Journal of Financial Economics, 58 (1–2), 261–300.
  3. Bekaert, G., Harvey, C. R., & Lundblad, C., 2005, “Does financial liberalization spur growth?”, Journal of Financial Economics, 77 (1), 3-55.
  4. Ang, J. B., & McKibbin, W. J., 2007, “Financial liberalization, financial sector development and growth: Evidence from Malaysia”, Journal of Development Economics, 84 (1), 215–233.
  5. Chinn, M. D., & Ito, H, 2006, “What matters for financial development? Capital controls, institutions, and interactions”, Journal of Development Economics, 81(1), 163–192.
  6. Chinn, M. D., & Ito, H, 2008, “A New Measure of Financial Openness”, Journal of Comparative Policy Analysis: Research and Practice”, 10 (3), 309–322.
  7. Glick, R., & Hutchinson, M., 2005, “Capital controls and exchange rate instability in developing economies”, Journal of International Money and Finance, 24(3), 387–412.
  8. Henry, P. B., 2000, “Do stock market liberalizations cause investment booms? Journal of Financial Economics”, 58(1–2), 301–334.
  9. Hye, Q. M. A., & Wizarat, S., 2013, “Impact of Financial Liberalization on Economic Growth: A Case Study of Pakistan”, Asian Economic and Financial Review, 3(2), 270.
  10. Hye, Q. M. A., Lau, W. Y., & Tourres, M. A, 2014, “Does economic liberalization promote economic growth in Pakistan? An empirical analysis”, Quality and Quantity, 48(4), 2097–2119.
  11. Kaminsky, G. L., & Schmukler, S. L, 2008, “Short-run pain, long-run gain: Financial liberalization and stock market cycles”, Review of Finance, 12(2), 253–292.
  12. King, R. G., & Levine, R., 1993, “Finance and Growth: Schumpeter Might Be Right”, The Quarterly Journal of Economics, 108(3), 717–737.
  13. Levine, R., 2001, “International Financial Liberalization and Economic Growth”, Review of International Economics, 9(4), 688–702.
  14. Mckinnon, R.I., 1973, “Money, Capital and Banking in Economic Development”, Brooklyn Institution, Washington D.C.
  15. Menzie Chinn dan Hiro Ito, “The Chinn-Ito index (KAOPEN)”, http://web.pdx.edu/~ito/Chinn-Ito_website.htm, 27 Januari 2018 (15:30).
  16. Orji, A., Ogbuabor, J. E., & Anthony-Orji, O. I., 2015, “Financial liberalization and economic growth in Nigeria: An empirical evidence”, International Journal of Economics and Financial Issues, 5(3), 663–672.
  17. Owusu, E. L., & Odhiambo, N. M, 2014, “Financial liberalisation and economic growth in Nigeria: An ARDL-bounds testing approach”, Journal of Economic Policy Reform, 17(2), 164–177.
  18. Prasad, E. S., Rogoff, K., Wei, S.-J., & Kose, M. A., 2003, “Effects of financial globalization on developing countries: some empirical evidence”, International Monetary Fund, 86.
  19. Shaw, E., 1973, “Financial Deepening in Economic Development”, Oxford University Press, New York.
  20. Stiglitz, J. E., 2000, “Capital market liberalization, economic growth, and instability” World Development, 28(6), 1075–10.