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All Journal ETIKONOMI JEJAK Jurnal Ekonomi dan Pembangunan Indonesia
Beta Yulianita Gitaharie
Faculty Of Economics And Business, Department Of Economics, University Of Indonesia, Indonesia
Economics, Econometrics & Finance

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Journal : JEJAK

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Financial Inclusion and Macroeconomic Stability in Eight Southeast Asian Economies Gitaharie, Beta Yulianita
JEJAK: Jurnal Ekonomi dan Kebijakan Vol 16, No 2 (2023): September 2023
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jejak.v16i2.42201

Abstract

More than six in ten people in developing countries in Southeast Asia are unbanked.  It may be for this reason that  ASEAN prioritizes financial inclusion and financial stability. Financial inclusion aims to enlarge the proportion of the population to access and use financial services.   The objectives of this study are to construct financial inclusion index and to investigate the relationship between the constructed index and the macroeconomic stability variables—financial stability, inflation volatility, and output volatility-- in eight Southeast Asian countries for the 2008-2020 period.  The three-dimension—access and availability, usage, and technology/infrastructure-- financial inclusion index is constructed using a double principal component method.  The result shows that Indonesia (0.55) and Lao (0.53) are the two countries with the highest average index for the period.  Employing the panel seemingly unrelated regression, the study finds that financial inclusion has a positive effect on financial stability; and a negative effect on inflation and output volatility.  The finding supports the ASEAN authority to continuously expand financial inclusion as it contributes to increasing financial stability, reducing inflation and output volatility, hence, the macroeconomic stability.
Co-Authors Angga Alexander Chaikal Nuryakin Eugenia Mardanugraha Su raya Suci, Sang Tyas Suprayitno, Aziz Wahyu Suraya Suraya