Analisis Pengaruh Financial Development Terhadap Pertumbuhan Ekonomi di Indonesia
Abstract
This study aims to determine how the influence of financial development on economic growth in Indonesia. Financial development indicators are M2 money supply, bank assets, private credit and trade openness. Where inflation and trade openness as a control variable and economic growth as the dependent variable. The data used in this study are secondary data from 2005 quarter 1 to 2018 quarter 4 which were collected through documentation and related agencies. This study uses multiple linear regression analysis and error correction models. The results of this study indicate that: (1) the money supply M2 has a negative effect on economic growth in Indonesia; (2) Bank assets have a negative effect on economic growth in Indonesia; (3) Private credit has a positive effect on economic growth in Indonesia; (4)) trade openness has a positive effect on economic growth in Indonesia.
Full Text:
PDFReferences
Adu, G., Marbuah, G., & Mensah, J. T. (2013). Financial development and economic growth in Ghana: Does the measure of financial development matter? Review of Development Finance, 3(4), 192–203. https://doi.org/10.1016/j.rdf.2013.11.001
Asteriou, D., & Spanos, K. (2019). The relationship between financial development and economic growth during the recent crisis: Evidence from the EU. Finance Research Letters, 28(April 2018), 238–245. https://doi.org/10.1016/j.frl.2018.05.011
Baroroh, U. (2012). Analisis Sektor Keuangan Terhadap Pertumbuhan Ekonomi Regional Di Wilayah Jawa: Pendekatan Model Levine. Etikonomi, 11(2), 180–195. https://doi.org/10.15408/etk.v11i2.1892
Emenike, K. O. (2016). How does monetary policy and private sector credit interact in a developing economy? Intellectual Economics, 10(2), 92–100. https://doi.org/10.1016/j.intele.2017.03.001
Jhingan, M. L. (2012). Ekonomi Pembangunan dan Perencanaan. Jakarta: PT Raja Grafindo Persada.
Korupsi, P., Dan, P. P., Asean, E. D. I., & Selatan, A. (2019). Jurnal REP ( Riset Ekonomi Pembangunan ) World Sumber : Transparency International Sumber : World Bank. 4(1), 61–72.
Samargandi, N., & Kutan, A. M. (2016). Private credit spillovers and economic growth: Evidence from BRICS countries. Journal of International Financial Markets, Institutions and Money, 44, 56–84. https://doi.org/10.1016/j.intfin.2016.04.010
Shahbaz, M. (2012). Does trade openness affect long run growth? Cointegration, causality and forecast error variance decomposition tests for Pakistan. Economic Modelling, 29(6), 2325–2339. https://doi.org/10.1016/j.econmod.2012.07.015
Tiwa, F. R., Rumate, V., & Tenda, A. (2016). Pengaruh Investasi, Suku Bunga Sertifikat Bank Indonesia (Sbi) Dan Jumlah Uang Beredar Terhadap Pertumbuhan Ekonomi Indonesia Tahun 2005-2014. Jurnal Berkala Ilmiah Efisiensi, 16(2), 344–354.
Wang, C., Zhang, X., Ghadimi, P., Liu, Q., Lim, M. K., & Stanley, H. E. (2019). The impact of regional financial development on economic growth in Beijing–Tianjin–Hebei region: A spatial econometric analysis. Physica A: Statistical Mechanics and Its Applications, 521, 635–648. https://doi.org/10.1016/j.physa.2019.01.103
DOI: http://dx.doi.org/10.24036/jkep.v2i1.8857