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All Journal JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN AFEBI Economic and Finance Review Jurnal Ekonomi dan Studi Pembangunan (JESP)
Telisa Aulia Falianty
University of Indonesia
Economics, Econometrics & Finance

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Inklusi Keuangan dan Ketimpangan Pendapatan: Apakah Struktur Keuangan Berpengaruh? Universitas Indonesia Indana Zulfa Sari; Telisa Aulia Falianty
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol 10 No 1 (2021): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jekp.10.1.2021.72-100

Abstract

Terdapat perdebatan mengenai dampak inklusi keuangan terhadap ketimpangan pendapatan. Dampak inklusi keuangan terhadap ketimpangan pendapatan kemungkinan besar bergantung pada banyak faktor. Penelitian ini bertujuan untuk menginvestigasi dampak inklusi keuangan terhadap ketimpangan pendapatan kondisional pada struktur keuangan. Penelitian ini menggunakan data 33 provinsi di Indonesia dari tahun 2010 hingga 2020. Metode analisis yang digunakan adalah static panel data model. Hasil penelitian ini menunjukkan bahwa inklusi keuangan dan struktur keuangan tidak berdampak signifikan terhadap ketimpangan pendapatan. Akan tetapi, untuk provinsi dengan nilai HDI kategori tinggi, inklusi keuangan dan struktur keuangan berdampak signifikan negatif terhadap ketimpangan pendapatan. Kebijakan mengenai inklusi keuangan untuk mengatasi masalah ketimpangan pendapatan perlu memperhatikan karakteristik setiap wilayah, khususnya kualitas sumber daya manusia.
Spillover Effect of Global Financial Cycle To Asset Markets in Asean-5 Countries: A Structural VAR Approach Sri Andaiyani; Telisa Aulia Falianty
AFEBI Economic and Finance Review Vol 2, No 2 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47312/aefr.v2i02.97

Abstract

An upsurge and volatility of capital flows to Emerging Asian Economies indicated that there is the potential effect of global financial cycle to emerging market. It provides an overview of investor risk aversion in short term investment after financial crisis 2008. Global financial cycle could have a significant impact to asset prices, including equity prices and property prices. Rey (2015) has triggered an interesting discussion about global financial cycle. She found that there was a global financial cycle in capital flows, asset prices and credit growth. This cycle was co‐moves with the VIX, a measure of uncertainty and risk aversion of the markets. Therefore, this study attempts to analyze empirically global financial cycle shocks, measured by the VIX, on equity prices and property prices in ASEAN-5, namely Indonesia, Malaysia, Singapore, Thailand and Philippines. We estimate quarterly frequency data from Q1 1990 to Q2 2016 with Structural Vector Autoregressive (SVAR) approach. The result of this study showed that global financial cycle has a negative significant impact on the ASEAN-5 asset markets, in spite of the response of shock differs by country and size. This result is consistent with ASEAN-5 as small open economies that remain vulnerable to the global factor. This study contributes to the literature in several ways. First, we identify not only cyclical expansions or contraction in asset markets but also the impact of global financial cycle to asset markets in ASEAN-5 countries. Second, we investigate whether there are heterogeneous responses of ASEAN-5 countries to global financial cycle shocks. Third, we also identify the pattern of cycle in ASEAN-5 countries.JEL Classification: F30, F37, F42Keywords: ASEAN, Asset Markets, Global Financial Cycle, SVAR
The Risk-Taking Channel and Monetary Transmission Mechanisms in Indonesia Pristanto Silalahi; Telisa Aulia Falianty
Jurnal Ekonomi dan Studi Pembangunan Vol 15, No 1 (2023)
Publisher : Universitas Negeri Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17977/um002v15i12023p124

Abstract

This study aims to analyze monetary and macroprudential policies through risk taking banks in Indonesia. The importance of risk-taking channel analysis in the transmission mechanism of monetary policy is that it is a newer route and is different from the bank lending channel that has been previously proposed in monetary policy theory. This risk-taking channel affects the supply of credit by banks through the bank's decision to channel credit based on changes in bank behavior in dealing with bank risk. The study also recognizes the impact of monetary and macroprudential policies and the role of the characteristics of banks, as well as macroeconomic conditions such as economic growth and inflation rates. The analytical method used is fixed effects through panel data in the period 2012-2019. This study uses 3 types of proxies to measure risk, first with the Z-score measurement method, second with the ratio of the number of risky assets to total assets and third, the ratio of the number of bad loans to total assets. The results of this study found that the impact of monetary policy and macroprudential policy significantly affects bank risk. In addition to the main variables, this study also uses GDP growth and inflation variables as control variables for macroeconomic conditions that significantly effect on bank risk, liquidity, and bank size variables as control of bank characteristics which also significantly affect bank risk. So, it can be concluded that the risk-taking channel exists in Indonesia’s banking.
Co-Authors Indana Zulfa Sari Pristanto Silalahi Sri Andaiyani Tuti Eka Asmarani