Determinan Financial Development di Asia Berdasarkan Tingkat Pendapatan

Abstract

Financial development memberikan pengaruh terhadap pembangunan ekonomi sehingga peranannya penting bagi setiap negara tidak terkecuali di Asia. Kredit domestik digunakan sebagai indikator financial development. Penelitian ini bertujuan untuk menganalisis kinerja dan determinan financial development di Asia berdasarkan tingkat pendapatan dengan menggunakan analisis deskriptif dan kuantitatif melalui metode panel Generalized Method of Moments (GMM). Hasil penelitian menunjukkan bahwa kinerja kredit domestik di lower middle income, upper middle income dan high income Asia memiliki kinerja yang berbeda serta determinan financial development berdasarkan tingkat pendapatan di Asia terdiri dari kredit domestik tahun sebelumnya, broad money dan keterbukaan perdagangan yang ketiganya memberikan pengaruh positif. Rule of law dan FDI net inflows memberikan pengaruh negatif. Negara-negara yang memiliki kinerja kredit terendah perlu untuk meningkatkan peran intermediasi keuangan dan meningkatan pelayanan terhadap nasabah sehingga akhirnya terjadi peningkatan kuantitas kredit yang disalurkan kepada sektor swasta.

Financial development has an impact on economic development so its important for every country, include Asia. Domestic credit is used as an indicator of financial development. This study aims to analyze the performance and determinants of financial development in Asia based on income level using descriptive and quantitative analysis through the dynamic panel data Generalized Method of Moments (GMM). The results showed that the performance of domestic credit in lower middle income, upper middle income, and high income Asia has different performance and the determinants of financial development based on income levels in Asia consist of the previous year's domestic credit, broad money and trade openness have a positive effect. Rule of law and FDI net inflows have a negative effect. Countries with the lowest credit performance need to increase the role of financial intermediation and improve services to customers so that eventually there will be an increase in the quantity of credit extended to the private sector.