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Journal : Economic Development Analysis Journal

The Effect of Asean Financial Services Liberalisation on Economic Growth Abidin, Mufti Kandaga; Pratomo, Devanto Shasta
Economics Development Analysis Journal Vol 13 No 1 (2024): Economics Development Analysis Journal
Publisher : Economics Development Department, Universitas Negeri Semarang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v13i1.76926

Abstract

In 1997, ASEAN agreed to liberalise the trade in financial services in the region marking its initial agreement with AFAS (ASEAN Framework Agreement in Services). In 2019, AFAS concluded the eighth round of the trade in financial services negotiations. Based on the agreement, this research aims to quantify the level of openness and investigate the connection between the openness level and and the economic growth ASEAN 5 countries. Using random effects panel data, the ASEAN financial services liberalisation positively and significantly affects economic growth. The results confirm that liberalisation is on track. Learning from the European Union’s experience in financial services integration, this research suggests that strengthening cross-border regulation and supervision is essential for moving forward after liberalisation.
Co-Authors Abas, Imelda Hermilinda Abdus Salam Abidin, Mufti Kandaga Agus Suman Al Ayyubi, Muhammad Salahudin Ali Attibrizi AMINULLAH, BRILLIAN AKBAR Amran Rasli, Amran Angga Erlando Arisetyawan, Kukuh Aryntika Cahyantini Asawidya, Putri Ayu Asmi, Rasylia Minatasya Asrofi, Dien Amalina Nur Atma Sari Atsiil Dyarry Ayu Putri Attibrizi, Ali Aulia, Tri Setya Cahyantini, Aryntika Christiayu Natalia Chusnul Faizah Clarissa Sekar Anindya Danny Nur Febrianica Desyandri Desyandri Eka Intan Kumala Putri Erdinia Puspita Widyastuti Erlyn Yuniashri Faishol Amir Farah Wulandari Pangestuty Ferry Prasetyia Firnanda Novita Rahmawati FX Gugus Febri Putranto Ghozali Maski Hanantajaya, Adhe Repsi Jomaki, Tiara Rachellya Chrisanta Karuniasari, Rima Jayanti Khusnul Ashar Khusnul Ashar Khusnul Ashar Krisantana, Wayan Jonatan Satwika Kyohei Yamada M Pudjihardjo M. Pudjihardjo M. Umar Burhan M. Umar Burhan Made Ika Prastyadewi Mahalli, Fina Nidaul Moh. Khusaini Mufti Kandaga Abidin Muhammad Dzaky Rafliansyah Muid, Abdullah Muljaningsih , Sri Musdar Muhammd Nur Asrofi, Dien Amalina Nurul Badriyah Putranto, FX Gugus Febri Putri Ayu Asawidya Putu Mahardika Adi Saputra Qorida Rosyita Rahman Radewa Rizki Mirma Wijaya Regina Mayo Rio Dhuwi Saputra Ruslan, Widya Devina Amelia Putri Salahudin Al Ayyubi, Muhammad Salsabilla, Adinda Thalia Setyanti, Acellina Muara Silvi Asna Prestianawati Siti Zilfiyah Sri Muljaningsih Susilo Susilo Syamsul Arifin Tasmilah, Tasmilah Utami, Regina Pramesti Wicesa, Nayaka Artha Widyarini, Aulia Wildan Syafitri Wisdawan, Kukuh Tri Yulia Maris Herdianti Yulia Maris Herdianti, Yulia Maris