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All Journal Didaktik : Jurnal Ilmiah PGSD STKIP Subang JURNAL PENDIDIKAN INDONESIA: Teori, Penelitian, dan Inovasi SEHAT : JURNAL KESEHATAN TERPADU Majapahit Journal of Islamic Finance and Management Journal of Economics Education Journal of Economics and Tourism Jurnal Keperawatan Dan Kesehatan Holistik (JKKH)
Billa, Salsa
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Decision Sciences, Operations Research & Management Dentistry Economics, Econometrics & Finance Education Environmental Science Health Professions Medicine & Pharmacology Neuroscience Nursing Public Health Social Sciences Veterinary Other

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Journal : Majapahit Journal of Islamic Finance and Management

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Does Financial Inclusion Affect Financial System Stability? Evidence from Indonesia Meutia, Rachmi; Billa, Salsa
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.388

Abstract

Financial system stability represents a fundamental component of the economy, as it facilitates the efficient functioning of financial transactions. It is argued that the financial inclusion tends to enhance the financial stability. This study aims to investigate the effect of financial inclusion variables through fintech integration specifically Peer-to-Peer (P2P) lending, E-Money, and Interest Rates on Financial System Stability (FSS) in Indonesia, with the Non-Performing Loan (NPL) ratio serving as a proxy. The analysis uses the Vector Error Correction Model (VECM) with monthly time series data from 2018-2023. The results of this study show that only the E-Money variable has a significant influence on Financial System Stability, both in the short term and the long term. In contrast, Peer-to-Peer lending and Interest Rates do not significantly affect Financial System Stability in either the short or long term. This study emphasizes the need for policymakers undertake comprehensive and well-considered policy measures in advance of implementing financial inclusion-oriented initiatives. It is recommended that financial institutions strengthen the supervision of peer-to-peer (P2P) lending activities to mitigate the risk of default. Furthermore, enhancing public awareness of the advantages of cashless transactions is essential to promote the adoption of non-cash payment instruments.
Co-Authors Abdurahman . Ahmad Abdul Syukur, Ahmad Abdul Aulia, Dinda Devitasari, Mimin Dhini Anggraini Dhilon Hidayat, Muhamad Khaerunisa, Finka Khairunnisa Batubara Meutia, Rachmi meylina, Mey Lina Mariani Sipayung Nenny Mahyuddin Panjaitan, Alya Azra Ratih Purnamasari, Ratih Rifki, Ahmad Sapitri, Widya Simbolon, Rista Dewi Sofyan, Ramadhan Soleha, Siti Syukrianti Syahda Yudhie Suchyadi