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All Journal JEJAK JIET (Jurnal Ilmu Ekonomi Terapan) JDE (Journal of Developing Economies) Jurnal Muara Ilmu Ekonomi dan Bisnis JURNAL KESEHATAN SAMODRA ILMU Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Mamangan Social Science Journal Jurnal Ekonomi dan Pembangunan Indonesia Jurnal Pengabdian Kepada Masyarakat: Dimastika
Wibowo, Wisnu
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Journal : JDE (Journal of Developing Economies)

 1 
The Effect of Interest Rates and Inflation on Economic Growth in ASEAN-5 Countries Purnomo, Dewi Karina; Wibowo, Wisnu
Journal of Developing Economies Vol. 9 No. 2 (2024)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jde.v9i2.52413

Abstract

This study aims to empirically test the effect of interest rates and inflation on economic growth, with gross capital formation as a control variable. This research uses panel data from 5 ASEAN countries, namely Indonesia, Malaysia, the Philippines, Singapore, and Thailand in 2004 – 2021 and was tested using the Random Effect Model (REM) analysis technique. The results of this study explain that interest rates and inflation have a simultaneous effect on economic growth. Another finding from this study is that interest rates have a significantly negative effect on economic growth and inflation has a significant positive effect on economic growth. However, this study is subject to several limitations. First, it solely focuses on ASEAN-5 countries, thus limiting the generalizability of the findings to other developed and developing nations. Second, the study’s reliance on annual data from 2004 to 2021 excludes more recent data, potentially overlooking current economic trends. Third, the static panel method utilized with the REM analysis only provides a broad overview of the relationships between interest rates, inflation, and economic growth, lacking deeper insights into long-term and short-term dynamics. Fourth, while the study covers the period including the COVID-19 pandemic, it fails to thoroughly explore its impact and provide detailed explanations. Thus, future research should consider expanding the scope beyond ASEAN-5, incorporating more recent data, employing dynamic panel methods, and thoroughly investigating the implications of significant events such as the COVID-19 pandemic on the examined relationships.
Financial Inclusion and Income Inequality in Asia: A Quantile Panel Analysis Rosalina, Linda; Wibowo, Wisnu
Journal of Developing Economies Vol. 10 No. 2 (2025)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jde.v10i2.73105

Abstract

Objective: This empirical study investigates the heterogeneous impact of financial inclusion on income inequality across the economically and institutionally diverse Asian region. Specifically, it examines how the effect of financial inclusion varies across different segments (quantiles) of the inequality distribution, a dimension largely unexplored by prior research. Methods: Utilizing an annual panel dataset spanning 29 Asian countries from 2010 to 2022, the study employs the Panel Quantile Fixed Effect model. This robust econometric approach is selected to effectively control for unobserved country-specific heterogeneity and to address the non-normal, outlier-prone nature typical of income inequality data. Analysis is focused on the lower (Q10), median (Q50), and upper (Q90) quantiles. Findings: Estimation results consistently demonstrate that financial inclusion significantly reduces income inequality across all tested quantiles (Q10 ,Q50, Q90), with statistical significance maintained across the board (e.g., Q10: p=0.031, : Q90:p=0.059). The most substantial mitigating impact is identified at the median quantile (Q50), exhibiting a large negative coefficient of -4.9404 (p=0.000). This key finding suggests that FI is most effective in countries characterized by moderate levels of inequality. Among the control variables, trade openness significantly exacerbates inequality at the Q50 level, while other macroeconomic factors are generally insignificant. Originality: The primary novelty lies in the application of the Panel Quantile Fixed Effect method to a broad 29-country Asian sample to precisely capture FI’s differentiated impact. By providing nuanced, quantile-specific estimations, this research significantly advances beyond conventional mean-based studies (such as OLS and GMM), confirming that financial inclusion’s role in inequality reduction is heterogeneous and conditional on a country’s initial inequality level. Policy implication: These findings underscore the critical need for adaptive, non-uniform financial inclusion policies. Policymakers in Asia must tailor their financial inclusion strategies—including the types of services offered—based on the specific level of inequality they currently confront. This targeted approach is essential to maximizing the effectiveness of financial inclusion in promoting sustainable income equality.
Co-Authors Ahmad, Aulia Ikhsan Gafar Bayu, Felix Fisabilillah Budi, Yusuf Setia Budiyanto, Very Hayati, Arina Hakikiyatal Khakim, M.Dani Kurniyah Mahadika, Hafiansyah Mahbubah, Anis Salsa Miladianur Millah, Rizka Lailatul Purnomo, Dewi Karina PURWASIH, HERAWATI Rosalina, Linda Sugiarto S Zakaria, Amir Ambyah