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All Journal Jurnal Ekonomi Pembangunan
Stanislaw Flejterski
Department of Economics, Faculty of Economics, WSB Merito Universities, Poznan, Poland
Economics, Econometrics & Finance

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Evaluating the Impact of Remittance Flows, Financial Inclusion, and Macroeconomic Reserves on ASEAN-7 Economies Rifki Khoirudin; Melani Januar Anindasari; Gea Dwi Asmara; Stanislaw Flejterski
Jurnal Ekonomi Pembangunan Vol. 23 No. 2 (2025): Jurnal Ekonomi Pembangunan
Publisher : Department of Development Economics, Universitas Sriwijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29259/jep.v23i2.23422

Abstract

This study investigates the impact of remittances, domestic credit, export growth, consumer price index, and foreign exchange reserves on economic growth. Using annual data from the World Bank for the period 2014–2023, this study employs a fixed-effects panel data model approach and performs robust checks using FGLS to ensure robust and efficient panel data regression analysis. Empirical results indicate that remittances, domestic credit, export growth, and foreign exchange reserves are positive and statistically significant contributors to economic growth in the ASEAN region. Specifically, the findings highlight that a developed financial system enhances the growth-promoting effect of remittances by efficiently channeling capital into productive investment. In contrast, the consumer price index was found to have no significant direct impact on economic growth in this model, suggesting that moderate inflation serves more as a factor supporting macroeconomic stability than as a primary driver of real output. These findings highlight the importance of policymakers facilitating formal remittance management and expanding credit access for micro, small, and medium enterprises to stimulate innovation and employment. Furthermore, the study recommends prioritizing export-oriented industrialization and maintaining adequate foreign exchange reserves to strengthen regional economic resilience to global financial volatility.
Co-Authors Gea Dwi Asmara Melani Januar Anindasari Rifki Khoirudin