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All Journal EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS) JOURNAL OF BUSINESS AND ECONOMICS RESEARCH (JBE) Journal of Management, Accounting, General Finance and International Economic Issues (MARGINAL)
Agustini, Anti Wulan
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences

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Journal : EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS)

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Relationship Between Inflation and Financial Stability: A Case Study of ASEAN Nations Farida, Gina; Kenedi, Kenedi; Agustini, Anti Wulan
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 1 (2025): August 2025
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i1.8147

Abstract

Inflation is a key macroeconomic indicator that plays a critical role in shaping the direction and stability of financial systems, especially in the ASEAN region, where countries exhibit diverse levels of economic development. Persistent inflationary pressures may lead to systemic risks in the financial sector through rising non-performing loans and declining investor confidence. This study investigates the impact of inflation on financial stability in ASEAN countries, while controlling for exchange rate fluctuations. Utilizing annual panel data from 2000 to 2021, the study employs the Panel Autoregressive Distributed Lag (Panel ARDL) approach. Financial stability is proxied by the banking sector’s Z-score index, with inflation as the primary independent variable and the exchange rate included as a control variable. Prior to estimation, panel unit root, cross-sectional dependence, and cointegration tests are conducted to ensure model robustness. The long-run estimation results show that inflation has a significant negative effect on financial stability (coefficient = -0.206173, p = 0.0256), while the exchange rate is insignificant (p = 0.7967). In the short run, inflation exhibits a temporary positive effect (coefficient = 0.118962, p = 0.0784), whereas the exchange rate remains insignificant. The error correction term (ECT) is negative and significant (coefficient = -0.616539, p = 0.0190), indicating that 61.65% of short-term disequilibrium is corrected toward long-run equilibrium within one period. These findings underscore the critical importance of inflation control as a strategic policy tool to preserve long-term financial stability in ASEAN, alongside consistent macroprudential measures to mitigate external shocks, including exchange rate volatility.
The Influence of Digital Money, Financial Inclusion, and Investment on Economic Growth in Indonesia Amsilah, Amsilah; Kenedi, Kenedi; Agustini, Anti Wulan
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 1 (2025): August 2025
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i1.8150

Abstract

The rapid growth of digital finance has reshaped economic activities in emerging markets, including Indonesia. As financial technology evolves, understanding its influence on economic development becomes increasingly important. This study aims to examine the impact of digital money, financial inclusion, and investment on economic growth in Indonesia from 2009 to 2023. A quantitative approach was employed using the Autoregressive Distributed Lag (ARDL) model to analyze annual time series data. The results reveal that in the long run, all three variables digital money, financial inclusion, and investment significantly and positively influence economic growth. Investment had the largest impact, followed by financial inclusion and digital money. In the short run, digital money and investment remain significant, while financial inclusion shows a lagged negative effect. The error correction term is significant and negative, confirming a stable long-run relationship. The findings underscore the importance of promoting investment and strengthening digital and financial infrastructure to enhance both immediate and sustained economic performance in Indonesia’s digital economy.
Co-Authors Amsilah, Amsilah Anisa, Aan Basudewa, Meisya Diazzahra Putri Farida, Gina Hidayat, Asep Munir Kenedi, Kenedi Mulyani Mulyani Munggaran, Rebion Raga Tejaarief, Billy