Email this article 
1.png)
FINANCIAL DEVELOPMENT DAN PERTUMBUHAN EKONOMI INDONESIA
Yanuar Irzam(1*), Ni Putu Wiwin Setyari(2)
(1) Program Studi Magister Ilmu Ekonomi,Fakultas Ekonomi dan Bisnis, Universitas Udayana
(2) Program Studi Magister Ilmu Ekonomi,Fakultas Ekonomi dan Bisnis, Universitas Udayana
(*) Corresponding Author
Abstract
This study aims to analyze the effect of financial development on Indonesia's economic growth using annual data for the 1985-2018 period. The ARDL-ECM model is used to determine the effect in the long term and short term. The results showed in the long run the variable stock market capitalization ratio, the ratio of bank credit to GDP, real interest rates, trade openness and labor productivity affect the economic growth of Indonesia. Variable stock market capitalization ratio significantly influences economic growth, while real interest rates, bank credit ratios to GDP and trade openness have no significant effect. In the short term, the stock market capitalization ratio, bank credit to GDP ratios, real interest rates, trade openness and labor productivity influences Indonesia's economic growth. Variable stock market capitalization ratio, Bank credit ratio to GDP, trade openness and labor productivity have a significant effect on economic growth, while real interest rates have no significant effect on Indonesia's economic growth, The implication of this research is that in order to overcome the impact of interest rates on other economic growth, the government, in this case Bank Indonesia as a regulator, needs to reduce the interest rate to a minimum to encourage the growth of the real sector and other economic variables. In addition, the government must encourage the development of a comprehensive economic system especially financial institutions and monetary policies that are not interest-based as a solution to overcome general economic problems
Â
Penelitian ini bertujuan untuk menganalis pengaruh financial development terhadap pertumbuhan ekonomi Indonesia dengan menggunakan data tahunan periode 1985-2018. Model ARDL-ECM digunakan untuk mengetahui pengaruh dalam jangka panjang dan jangka pendek. Hasil penelitian menunjukan dalam jangka panjang variabel rasio kapitalisasi pasar saham, rasio kredit Bank terhadap PDB, suku bunga riil, keterbukaan perdagangan dan produktivitas tenaga kerja berpengaruh terhadap pertumbuhan ekonomi Indonesia. Variabel rasio kapitalisasi pasar saham secara signifikan berpengaruh terhadap pertumbuhan ekonomi, sedangkan suku bunga riil, rasio kredit Bank terhadap PDB dan keterbukaan perdagangan tidak berpengaruh signifikan.Dalam jangka pendek variabel rasio kapitalisasi pasar saham, rasio kredit Bank terhadap PDB, suku bunga riil, keterbukaan perdagangan dan produktivitas tenaga kerja berpengaruh terhadap pertumbuhan ekonomi Indonesia. Variabel rasio kapitalisasi pasar saham, rasio kredit Bank terhadap PDB, keterbukaan perdagangan dan produktivitas tenaga kerja berpengaruh signifikan terhadap pertumbuhan ekonomi. Sedangkan suku bunga riil tidak berpengaruh signifikan terhadap pertumbuhan ekonomi Indonesia, Untuk itu, dalam mengatasi dampak suku bunga terhadap pertumbuhan ekonomi lainnya maka pemerintah dalam hal ini Bank Indonesia sebagai regulator perlu menurunkan tingkat suku bunga sampai batas minimal untuk mendorong pertumbuhan sektor riil serta variabel ekonomi lainnya. Selain itu, pemerintah harus mendorong pengembangan sistem ekonomi secara komprehensif khususnya lembaga keuangan dan kebijakan moneter yang tidak berbasis bunga sebagai solusi untuk mengatasi permasalahan ekonomi secara umum
Keywords
Full Text:
PDF INDONESIA
References
Ajija, S. R., & Rizal, R. M. (2019). Financial Deepening and Economic Growth in Indonesia. Media Trend, 14(1), 24–32.
Akinlo, A. E., & Egbetunde, T. (2010). Financial development and economic growth: The experience of 10 sub-Saharan African countries revisited. The Review of Finance and Banking, 2(1).
Al Nasser, O. M., & Gomez, X. G. (2009). Do well-functioning financial systems affect the FDI flows to Latin America. International Research Journal of Finance and Economics, 29(July), 60–75.
Alani, J. (2012). Effects of Productivity Growth on Employment Generation, Capital Accumulation and Economic Growth in Uganda. International Journal of Trade, Economics and Finance, 3(3), 170.
Banerjee, S. (2002). Recovery and Growth in Indonesian Industry: Elements of a Future Policy Framework. UNSFIR.
Basri, M. C. (2017). India and Indonesia: Lessons learned from the 2013 taper tantrum. Bulletin of Indonesian Economic Studies, 53(2), 137–160.
Bist, J. P. (2018). Financial development and economic growth: Evidence from a panel of 16 African and non-African low-income countries. Cogent Economics & Finance, 6(1), 1449780.
Didy Laksmono, R., Kusmiarso, B., Agnes, I., Pramono, B., Hutapea, E. G., & Pambudi, S. (2000). Suku bunga sebagai salah satu Indikator Ekspektasi Inflasi. Bulletin of Monetary Economics and Banking, 2(4), 1–28.
Gujarati, D. (2004). Basic Econometrics Fourth (4th) Edition. Magraw Hill Inc, New York.
Hariyanto, E., & Mohammad, S. (2020). View of Jual Beli Benda Wakaf Untuk Pembangunan Masjid Istiqlal Di Desa Palengaan Daja Pamekasan. Accessed January, 26.
Jhingan, M. L. (2003). Ekonomi Pembangunan dan Perekonomian. Jakarta: PT. Raya Grafindo Persada.
Jin, J. C. (2006). Can openness be an engine of sustained high growth rates and inflation?: Evidence from Japan and Korea. International Review of Economics & Finance, 15(2), 228–240.
Kazar, A., & Kazar, G. (2016). Globalization, financial development and economic growth. International Journal of Economics and Financial Issues, 6(2).
Keho, Y. (2017). The impact of trade openness on economic growth: The case of Cote d’Ivoire. Cogent Economics & Finance, 5(1), 1332820.
Laurenceson, J., & Chai, J. C. H. (2003). Financial reform and economic development in China. Edward Elgar Publishing.
Lawal, A. I., Nwanji, T. I., Asaleye, A., & Ahmed, V. (2016). Economic growth, financial development and trade openness in Nigeria: An application of the ARDL bound testing approach. Cogent Economics & Finance, 4(1), 1258810.
Nurjannah, S., & Widodo, T. (2013). Dampak Keterbukaan Perdagangan Internasional terhadap Pertumbuhan Ekonomi Indonesia. [Yogyakarta]: Universitas Gadjah Mada.
Nurjannah, N., & Nurhayati, N. (2017). Pengaruh Penyaluran Kredit Investasi, Kredit Modal Kerja dan Kredit Konsumtif Terhadap Pertumbuhan Ekonomi Indonesia. Jurnal Samudra Ekonomi Dan Bisnis, 8(1), 590–601.
Nyasha, S., & Odhiambo, N. M. (2016). Financial systems and economic growth: empirical evidence from Australia. Contemporary Economics, 10(2), 163–174.
Nyasha, S., & Odhiambo, N. M. (2017). Bank versus stock market development in Brazil: An ARDL bounds testing approach. South East European Journal of Economics and Business, 12(1), 7–21.
Peprah, J. A., Kwesi Ofori, I., & Asomani, A. N. (2019). Financial development, remittances and economic growth: A threshold analysis. Cogent Economics & Finance, 7(1), 1625107.
Pesaran, M. H., & Shin, Y. (1998). An autoregressive distributed-lag modelling approach to cointegration analysis. Econometric Society Monographs, 31, 371–413.
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326.
Qamruzzaman, M., & Wei, J. (2018). Financial innovation, stock market development, and economic growth: An application of ARDL model. International Journal of Financial Studies, 6(3), 69.
Ramayani, C., Aimon, H., & Anis, A. (2012). Analisis produktivitas tenaga kerja dan pertumbuhan ekonomi Indonesia. Jurnal Kajian Ekonomi, 1(1).
Rizkiyanti, S., Yuliati, L., & Fathorrazi, M. (2016). Determinasi Ekspor, Investasi, Dan Produktivitas Terhadap Pertumbuhan Di Sektor Primer Dan Sekunder Indonesia Periode 2005-2014. Media Trend, 11(2), 154–165.
RodrÃguez, F. (2007). Openness and growth: what have we learned?
Sedyaningrum, M., & Nuzula, N. F. (2016). Pengaruh Jumlah Nilai Ekspor, Impor Dan Pertumbuhan Ekonomi Terhadap Nilai Tukar Dan Daya Beli Masyarakat Di Indonesia Studi Pada Bank Indonesia Periode Tahun 2006: iv-2015: iii. Jurnal Administrasi Bisnis, 34(1), 114–121.
Sehrawat, M., & Giri, A. K. (2015). Financial development and economic growth: empirical evidence from India. Studies in Economics and Finance.
Sehrawat, M., & Giri, A. K. (2017). Financial structure, interest rate, trade openness and growth: Time series analysis of Indian economy. Global Business Review, 18(5), 1278–1290.
Sumarni, L. (2019). Financial development and economic growth in Indonesia: An ARDL-Bounds testing approach. Economic Journal of Emerging Markets, 11(1), 89–96.
Tahang, M., Syarif, M., & Baheri, B. (2017). Analisis Pengaruh Kredit Perbankan Terhadap Pertumbuhan Ekonomi Provinsi Sulawesi Tenggara. JPEP (Jurnal Progres Ekonomi Pembangunan), 2(2).
Tarmidi, L. T. (1999). Krisis moneter Indonesia: Sebab, dampak, peran IMF dan saran. Buletin Ekonomi Moneter Dan Perbankan, 1(4), 1–25.
Vidyattama, Y. (2004). The Financial Development, Investment and Economic Growth. Jurnal Ekonomi Dan Pendidikan, 1(1).Refbacks
Copyright (c) 2020 Yanuar Irzam, Ni Putu Wiwin Setyari
This work is licensed under a Creative Commons Attribution 4.0 International License.
Jurnal Benefita has been migrated to the new website. To make a new submission in Jurnal Benefita, you can easily go to new webstie link HERE and register.
Â
Published by LLDIKTI Wilayah X
Khatib Sulaiman Street Padang
West Sumatera, Indonesia
Phone: +62751705637
Fax: +62751705637
Email: jurnal.lldikti10@ristekdikti.go.id
E ISSNÂ 2477-7862Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â