Perkembangan Pasar Saham, Perkembangan Perbankan dan Responnya Terhadap Korupsi pada Sembilan Negara Kawasan ASEAN +3

Abstract

Banking and stock market are two financial institutions which play an important role in the development process. Many studies suggest that the development of banking and stock market are able to increase the economic growth. There are factors which influence the development of these two financial institutions, for example macroeconomic stability and institutional influences such as corruption. This study tries to see how corruption affects the development of banking and stock market and also tries to identify the factors that influence the development of banking, stock market, and corruption. This study uses panel data for nine countries of ASEAN +3 Region from 2003-2012. The variables used in this study are market capitalization (% of GDP), domestic credit to the private sektor (% of GDP), and corruption perception index (CPI). Another supporting variables are inflation, real interest rate, per capita income, economic growth, economic freedom, financial freedom, and total exports (% of GDP) . The result shows that corruption hinders the development of banking and stock market and banking development will reduce corruption.