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All Journal Journal Informatic, Education and Management (JIEM) JEBD
Rachel Jessica
Universitas Lampung
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Languange, Linguistic, Communication & Media Other

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Strategi Integratif dalam Mendorong Pertumbuhan Ekonomi: Pendekatan Data Panel pada Negara-Negara ASEAN Mely Agustina; Rachel Jessica; Neli Aida; Muhammad Mufti Hudani; Qurrota Ayu Nindien
Jurnal Ekonomi dan Bisnis Digital Vol. 2 No. 4 (2025): April - Juni
Publisher : CV. ITTC INDONESIA

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Abstract

The ASEAN region has seen rapid economic openness, yet the benefits for growth remain uneven. Some countries gain from investment inflows and expanded trade, while others struggle with structural limitations. This study aims to examine the influence of trade openness and foreign direct investment (FDI) on economic growth, and to assess their joint effect as an integrative strategy. Using panel data from 11 ASEAN countries between 2014 and 2024, a Random Effect regression model with clustered standard errors is employed. The findings reveal that FDI supports growth, whereas trade openness alone has a negative impact. However, the interaction between FDI and trade openness becomes positively significant under the Fixed Effect model, suggesting a synergistic relationship. Exchange rates are also positively associated with growth, while inflation appears insignificant. These results highlight the need for holistic economic policies. The implication is that ASEAN’s development strategies should integrate openness with investment, supported by domestic readiness, to achieve inclusive and sustainable growth.
COMPARATIVE ANALYSIS OF ASEAN-5 STOCK INDICES IN THE PERSPECTIVE OF GLOBAL VOLATILITY AND EXCHANGE RATE RISK DURING THE COVID-19 PANDEMIC AND ECONOMIC RECOVERY (2020–2025) Rachel Jessica; Irma Febriana MK
Journal Informatic, Education and Management (JIEM) Vol 8 No 2 (2026): AUGUST
Publisher : STMIK Indonesia Banda Aceh

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61992/jiem.v8i2.491

Abstract

This study analyzes the dynamic relationship between global market volatility (VIX), currency exchange rates against the US Dollar, and stock market indices of ASEAN-5 countries (Indonesia, Malaysia, Philippines, Thailand, and Vietnam) in the COVID-19 pandemic period (2020) versus the economic recovery period (2021–2025). Methodology: Using daily data and a separate Vector Autoregression (VAR) approach for each country. Econometric testing includes ADF stationarity, AIC lag determination, VAR stability, Granger causality, IRF, and FEVD. All stationary variables at the first difference, $I(1)$, confirm the specification of the VAR-in-Difference model.Findings: IRF analysis shows that the negative impact of VIX shocks on ASEAN-5 stock indices weakened significantly during the recovery, especially in the Philippines and Thailand, while Vietnam was the most resilient. Granger's causal relationship shifted from a two-way pattern during the pandemic to one-way during recovery, except in Indonesia which has just formed a two-way relationship between the VIX and JCI. The FEVD analysis confirms the increasing dominance of own-shock in the recovery period, except in Thailand where the THB/USD exchange rate dominates 95.62% of the SET index variation. Implications: The ASEAN-5 stock market is increasingly resilient to the spillover of post-pandemic external volatility. This condition reopens opportunities for portfolio diversification across countries due to the divergent market response again.
Co-Authors Irma Febriana MK Mely Agustina Muhammad Mufti Hudani Neli Aida Qurrota Ayu Nindien