Pengaruh Domestic Public Debt Terhadap Financial Development di Indonesia

Abstract

Pemenuhan defisit pada pembiayaan sektor publik melalui utang domestik dapat memengaruhi kinerja financial development, terutama di negara yang sektor keuangannya masih bertumpu pada satu sub-sektor yaitu perantara keuangan seperti Indonesia. Penelitian ini bertujuan untuk menganalisis pengaruh domestic public debt terhadap financial development di Indonesia. Data sekunder yang digunakan dalam penelitian ini berbentuk time series dengan periode waktu 2010Q1-2020Q3. Metode pengolahan data yang digunakan yaitu principal component analysis (PCA) dan regresi ordinary least squares (OLS). Dalam penelitian ditemukan bahwa peningkatan pada domestic public debt akan berdampak positif pada financial development di Indonesia. Selain itu ditemukan pula bahwa domestic public debt berdampak positif pada finance-activity dan finance-size namun berdampak negatif pada finance-efficiency. Dengan demikian, pemerintah perlu mengurangi instrumen utang yang diterbitkan ke sistem perbankan demi mengantisipasi dampak financial crowding out yang dalam jangka panjang dapat menghambat proses financial development.

Fulfillment of the deficit in the public sector financing through domestic debt may affect the financial development performance, especially in countries where the financial sector is still relies on a single sub-sectors, while the other sub-sectors are not sufficiently developed as Indonesia. This study aims to analyze the effect of the domestic public debt on financial development in Indonesia. Secondary data that used in this study is in form of time series data in the 2010Q1-2020Q3 period. The methods used in this study are principal component analysis (PCA) and ordinary least squares (OLS) regression. The results show that an increase in domestic public indebtedness will have a positive impact on Indonesia's financial development. In addition, it was also found that domestic public debt had a positive impact on finance-activity and finance-size but had a negative impact on finance-efficiency. Thus, government should reduce the securitized debt instruments issued mostly to the banking system because it crowds out financial development in the long term.