Pengaruh Quality Governance terhadap Financial Development dan Konvergensinya di Kawasan Asia

Abstract

Financial development berperan penting dalam meningkatkan pertumbuhan ekonomi dan mereduksi kemiskinan. Salah satu faktor yang berperan penting dalam memfasilitasi dan memperkuat financial development ialah tata kelola pemerintahan. Penelitian bertujuan menganalisis pengaruh quality governance terhadap financial development serta konvergensinya di kawasan Asia. Melalui pendekatan panel dinamis System Generalized Method of Moments (Sys-GMM), penelitian dilakukan pada 22 negara selama tahun 2010-2021. Berdasarkan hasil penelitian, kualitas tata kelola berpengaruh signifikan melalui dimensi politik dan ekonomi. Inflasi dan investasi asing langsung berdampak negatif, sedangkan keterbukaan perdagangan berdampak positif terhadap financial development. Hasil analisis regresi menunjukkan bahwa quality governance memiliki dampak lebih besar terhadap financial development dibanding variabel makroekonomi. Akan tetapi, divergensi masih terjadi dalam financial development di Asia. Sebagai upaya untuk meningkatkan kinerja financial development, pemerintah perlu memperbaiki kualitas governance, terutama dalam stabilitas politiknya.

Financial development plays an important role in increasing economic growth and reducing poverty. One factor that plays an important role in facilitating and strengthening financial development is governance. The study was conducted to analyze the influence of the quality of governance on financial developments and its convergence in the Asian region. Using System Generalized Method of Moments (Sys-GMM) dynamic panel, the study was conducted in 22 countries during 2010-2021. Based on the study, quality governance has a significant effect on through the political and economic dimensions. Inflation and foreign direct investment had a negative impact, while trade openness had a positive impact on financial development. Quality governance has a greater impact on financial developments than macroeconomic variables. However, divergence still occurs in financial development in Asia. As an effort to improve financial development performance, the government needs to improve their quality of governance, especially in terms of political stability.