Capitalis: Journal of Economic Stability, Banking, and Investment
Capitalis: Journal of Economic Stability, Banking, and Investment is a peer-reviewed academic journal dedicated to publishing high-quality scholarly work in the fields of economics, banking, finance, and investment studies. The journal serves as an international platform for researchers, financial analysts, banking professionals, regulators, and policymakers to disseminate original research articles, empirical studies, theoretical analyses, and critical reviews addressing contemporary issues in financial systems and economic stability. Capitalis welcomes manuscripts in areas such as monetary economics, financial stability, banking management, central banking policy, risk management, financial regulation, investment analysis, capital markets, Islamic banking and finance, digital banking innovation, financial technology, sustainable finance, and global financial integration. All submissions undergo a rigorous double-blind peer-review process to ensure originality, analytical rigor, methodological robustness, and meaningful scholarly contribution. Published quarterly in March, June, September, and December, Capitalis aims to foster global academic dialogue, promote evidence-based financial research, and strengthen the role of banking and investment studies in supporting resilient financial systems and sustainable economic growth at local, national, and international levels.
Articles
10 Documents
<![CDATA[Central Bank Digital Currencies and Monetary Stability: A Policy-Oriented Review of Global Regulatory Frameworks ]]>
<![CDATA[Nabila Tijani Tharifah]]>;
<![CDATA[Muttorik Alil Abasir]]>
<![CDATA[ Capitalis: Journal of Economic Stability, Banking, and Investment Vol. 1 No. 1 (2026): March: Capitalis: Journal of Economic Stability, Banking, and Investment ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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<![CDATA[This study examines the relationship between Central Bank Digital Currencies (CBDCs) and monetary stability through a structured, policy-oriented review of global regulatory frameworks. Adopting a non-empirical conceptual–analytical approach, the research integrates doctrinal regulatory analysis with systematic literature synthesis to construct an interpretative framework linking CBDC design architecture, banking intermediation safeguards, and cross-border macroprudential coordination to stability outcomes. Comparative institutional mapping across advanced, emerging, and developing economies reveals that monetary stability is conditioned by regulatory calibration rather than technological form. Retail CBDC models incorporating tiered remuneration and policy corridor integration demonstrate stronger transmission coherence, while frameworks lacking adaptive safeguards exhibit heightened exposure to deposit substitution risk. Banking sector resilience is reinforced where liquidity backstops, dynamic monitoring, and prudential instruments operate cohesively. Cross-border interoperability introduces systemic externalities that necessitate harmonized supervisory standards to prevent regulatory fragmentation and contagion. The findings advance a governance-centered understanding of digital currency reform, emphasizing that sustainable monetary stability in the digital era depends on multilayered institutional design aligned with macrofinancial discipline.]]>
<![CDATA[Banking Resilience in Times of Financial Crisis: A Comparative Regulatory Analysis ]]>
<![CDATA[Heru Kurniawan]]>;
<![CDATA[Ratna Sari Dewi]]>
<![CDATA[ Capitalis: Journal of Economic Stability, Banking, and Investment Vol. 1 No. 1 (2026): March: Capitalis: Journal of Economic Stability, Banking, and Investment ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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<![CDATA[This study empirically investigates the determinants of banking resilience during systemic financial crises through a cross-country comparative analysis encompassing both advanced and emerging economies over the 2015–2023 period. Utilizing a balanced panel of commercial and Islamic banks, resilience is operationalized as a multidimensional construct encompassing capital adequacy, liquidity sufficiency, profitability stability, and risk containment. The research employs dynamic panel GMM estimations to address endogeneity, persistence, and heterogeneity, incorporating regulatory stringency indices, sustainability orientation metrics, and bank-specific controls. Findings indicate that higher capital buffers and liquidity coverage ratios significantly enhance crisis-period stability, while ESG-oriented strategies reinforce long-term resilience, particularly in jurisdictions with stringent supervisory frameworks. Islamic banking models exhibit differential sensitivity to regulatory interventions, suggesting that financial architecture and governance play pivotal roles in mediating systemic shocks. Moreover, disparities between advanced and emerging economies underscore the interaction between macroeconomic conditions and institutional quality. The results provide robust empirical evidence for policymakers, highlighting the importance of harmonized regulatory standards and sustainable finance practices in mitigating crisis-induced vulnerabilities.]]>
<![CDATA[Sustainable Finance and Green Investment Policies: A Normative Study of International Financial Standards ]]>
<![CDATA[Anggun Wida Prawira]]>;
<![CDATA[Toman Sony Tambunan]]>;
<![CDATA[Maiza Fikri]]>
<![CDATA[ Capitalis: Journal of Economic Stability, Banking, and Investment Vol. 1 No. 1 (2026): March: Capitalis: Journal of Economic Stability, Banking, and Investment ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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<![CDATA[This study examines the normative foundations, regulatory coherence, and systemic implications of international sustainable finance standards governing green investment policies. Employing a non-empirical doctrinal and conceptual methodology, the research evaluates the internal logic, teleological orientation, and comparative divergence of sustainable finance frameworks across jurisdictions. The analysis demonstrates that contemporary regulatory reforms have progressively embedded environmental, social, and governance considerations into financial supervision and capital market governance, yet without fully resolving tensions between market efficiency, developmental policy objectives, and ethical commitments to intergenerational equity. Comparative assessment reveals fragmented implementation patterns that generate asymmetries in taxonomy design, disclosure regimes, and prudential integration, thereby limiting substantive harmonization at the global level. The findings further indicate that sustainable finance operates through overlapping rationalities risk internalization, capital allocation steering, and value-based accountability whose hierarchical relationship remains insufficiently articulated in existing standards. By advancing a structured normative benchmark grounded in long-term financial resilience and systemic stability, this study contributes to theoretical debates in economic stability, banking regulation, and sustainable investment governance. ]]>
<![CDATA[Digital Banking Transformation and Consumer Protection: A Legal-Economic Review ]]>
<![CDATA[Alfa Rohmatin]]>;
<![CDATA[Randika Shafly Fawwaz]]>
<![CDATA[ Capitalis: Journal of Economic Stability, Banking, and Investment Vol. 1 No. 1 (2026): March: Capitalis: Journal of Economic Stability, Banking, and Investment ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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<![CDATA[Digital banking transformation has fundamentally reconfigured the architecture of financial intermediation by integrating artificial intelligence, blockchain-based infrastructures, and data-driven platforms into core banking operations. While these innovations enhance efficiency and financial inclusion, they simultaneously intensify information asymmetries, algorithmic opacity, cybersecurity exposure, and cross-border enforcement challenges that recalibrate consumer vulnerability. This study develops a legal–economic review to examine how emerging technological risks intersect with consumer protection regimes and systemic financial stability. By synthesizing interdisciplinary scholarship on AI governance, crypto-asset regulation, proportionality doctrine, and digital dispute resolution mechanisms, the analysis demonstrates that fragmented regulatory responses amplify uncertainty and erode institutional trust. The paper advances an integrative framework that positions dispute resolution design and proportional regulatory calibration as mediating variables linking micro-level consumer rights to macro-level economic stability. The findings argue that sustainable digital banking ecosystems require embedded accountability architectures, coherent supervisory harmonization, and economically rational enforcement strategies capable of internalizing technological externalities without suppressing innovation]]>
<![CDATA[Investment Governance and Financial Market Integrity: A Policy Evaluation Based on IMF and BIS Reports ]]>
<![CDATA[Imam Syafi'i]]>;
<![CDATA[Jenny Yudha Utama]]>;
<![CDATA[Deo Renaldi Saputra]]>
<![CDATA[ Capitalis: Journal of Economic Stability, Banking, and Investment Vol. 1 No. 1 (2026): March: Capitalis: Journal of Economic Stability, Banking, and Investment ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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<![CDATA[This study evaluates the evolution of investment governance and its implications for financial market integrity through a structured policy analysis of International Monetary Fund (IMF) and Bank for International Settlements (BIS) reports issued between 2015 and 2025. Employing a mixed qualitative–quantitative content analysis, the research constructs comparative governance indicators capturing prudential orientation, digital finance regulation, artificial intelligence integration, and sustainability risk supervision. The findings reveal a structural shift in global regulatory discourse from stability-centered post-crisis consolidation toward an integrated framework that incorporates crypto-asset oversight, algorithmic supervision, and climate-related financial risk management. While the IMF prioritizes macro-financial surveillance and systemic resilience, the BIS advances granular supervisory standards and technical implementation mechanisms. The results indicate increasing convergence in strategic objectives alongside differentiated institutional pathways. Financial market integrity emerges as a multidimensional governance outcome shaped by transparency regimes, risk quantification tools, and cross-border coordination. The study contributes a novel comparative index-based evaluation framework and advances theoretical understanding of how global economic governance adapts to technological disruption and sustainability transition pressure.]]>
<![CDATA[Climate-Related Financial Risks and Their Implications for Banking Stability and Investment Decision-Making ]]>
<![CDATA[Alfa Rohmatin]]>;
<![CDATA[Aswanto Aswanto]]>;
<![CDATA[Marito Ritonga]]>
<![CDATA[ Capitalis: Journal of Economic Stability, Banking, and Investment Vol. 1 No. 2 (2026): : June: Capitalis: Journal of Economic Stability, Banking, and Investment ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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<![CDATA[This empirical investigation employs a quantitative explanatory research design to systematically quantify the transmission pathways of environmental externalities onto banking performance metrics and corporate portfolio adjustments across major global financial hubs from two thousand fifteen through two thousand twenty five. Utilizing structural equation modeling and dynamic panel regressions estimated via maximum likelihood techniques, the analytical architecture maps the multi layered dependencies between climate related shocks and macroprudential stability indicators. The empirical findings reveal that transitional policy shocks significantly expand corporate asset volatility, forcing institutional fund managers to execute rapid capital withdrawals from carbon intensive operations and energy inefficient real estate trusts. Furthermore, the research confirms that cross border cultural variations and informational frictions heavily moderate investor behavioral traits during sudden regulatory reconfigurations. The diagnostic evaluation mathematically validates the proposed climate adjusted capital asset pricing framework, demonstrating strong model fit indices. Ultimately, the results underscore the critical necessity for central banking authorities to deploy progressive green prudential tools and standardized disclosure criteria to insulate international financial networks from compounding ecological risks.]]>
<![CDATA[Algorithmic Bias in Artificial Intelligence–Based Credit Scoring and Its Implications for Financial Inclusion ]]>
<![CDATA[Fidya Pramesti]]>;
<![CDATA[Hutama Muhammad Anhar]]>;
<![CDATA[Isra Mawaddah]]>
<![CDATA[ Capitalis: Journal of Economic Stability, Banking, and Investment Vol. 1 No. 2 (2026): : June: Capitalis: Journal of Economic Stability, Banking, and Investment ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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<![CDATA[This study investigates the structural dynamics of algorithmic bias within artificial intelligence based credit scoring frameworks and its cascading implications for global financial inclusion. Utilizing a quantitative explanatory design across a cross regional dataset, this empirical inquiry examines how machine learning underwriting architectures process structured financial records alongside non traditional alternative behavioral metrics. The econometric results indicate a severe positive relationship between mathematical model complexity and demographic exclusion, where deep neural networks generate substantial statistical parity differences against protected borrower cohorts by utilizing digital proxy variables. While alternative data features like mobile wallet velocity and utility bill consistency significantly broaden capital accessibility for historically unbanked thin file populations, uncalibrated feature engineering choices systematically replicate pre existing socio economic disparities under the guise of predictive neutrality. To address this conceptual and empirical tension, this paper evaluates post mitigation optimization protocols within contemporary regulatory technology systems. The empirical findings demonstrate that deploying adversarial debiasing frameworks effectively eliminates disparate impact and minimizes equalized odds gaps while fully preserving structural portfolio stability and systemic fraud detection reliability. ]]>
<![CDATA[Nature-Related Financial Risks and Their Emerging Role in Banking Regulation and Sustainable Investment ]]>
<![CDATA[Ariawan Ariawan]]>;
<![CDATA[Nabila Tijani Tharifah]]>;
<![CDATA[Anggun Wida Prawira]]>;
<![CDATA[Sahal Hanafi]]>
<![CDATA[ Capitalis: Journal of Economic Stability, Banking, and Investment Vol. 1 No. 2 (2026): : June: Capitalis: Journal of Economic Stability, Banking, and Investment ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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<![CDATA[This study examines the transmission channels of nature related financial risks into the global banking sector and sustainable investment portfolios through a non linear macroeconomic modeling framework. Utilizing panel vector autoregression and structural equation modeling on secondary data from systemically important commercial banks, the paper evaluates the compounding impacts of physical ecosystem shocks and macroprudential regulatory transitions. The empirical results reveal that localized physical vectors, such as hydrological stress and soil degradation, function as leading indicators for escalating non performing loan ratios and deteriorating asset qualities. Furthermore, sudden regulatory realignments and capital requirement adjustments generate material transition pressures that amplify structural frictions within institutional business models. The findings indicate that current generalized biodiversity screening tools fail to capture site specific project risks, thereby inflating portfolio risk exposures. This research concludes that safeguarding macrofinancial stability requires a comprehensive structural reorientation, shifting from carbon centric perspectives toward unified double materiality prudential frameworks that enforce biodiversity transparency and effectively mobilize private capital toward verifiable ecological restoration.]]>
<![CDATA[Digital Operational Resilience in the Banking Sector and Its Contribution to Financial System Stability ]]>
<![CDATA[Heru Kurniawan]]>;
<![CDATA[Deo Renaldi Saputra]]>;
<![CDATA[Hafidz Hanafiah]]>
<![CDATA[ Capitalis: Journal of Economic Stability, Banking, and Investment Vol. 1 No. 2 (2026): : June: Capitalis: Journal of Economic Stability, Banking, and Investment ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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<![CDATA[This study examines the structural impact of digital operational resilience within the banking sector on macroeconomic financial system stability utilizing a quantitative, non experimental research design. Applying Generalized Method of Moments estimation to a longitudinal dataset of systemically important commercial banks across emerging and developed economies, the inquiry evaluates how technical engineering practices, infrastructure redundancy, and technology risk disclosure quality insulate the financial architecture from systemic shocks. The empirical results indicate that highly integrated digital platforms and decentralized software topologies significantly reduce institutional insolvency risk, thereby preserving aggregate market liquidity during acute technical stress events. However, rapid financial digitalization introduces complex risk transmission channels and systemic spillovers that can bypass traditional capital adequacy buffers if left unregulated. The findings underscore the critical role of macroprudential policy tools, central bank electronic currencies, and digital sovereignty regulations in governing cross border digital transactions. This research expands classical financial stability theory by establishing a comprehensive empirical framework that links micro level institutional robustness to macro level financial system equilibrium.]]>
<![CDATA[The Evolution of RegTech Adoption in Banking Supervision and Financial Regulatory Compliance ]]>
<![CDATA[Trie Hierdawati]]>;
<![CDATA[Ade Wahyuni Azhar]]>;
<![CDATA[Elinda Novita Dewi]]>;
<![CDATA[Nurfitri Ramadana]]>;
<![CDATA[Nabiya Desa Puti Andini]]>
<![CDATA[ Capitalis: Journal of Economic Stability, Banking, and Investment Vol. 1 No. 2 (2026): : June: Capitalis: Journal of Economic Stability, Banking, and Investment ]]>
Publisher : <![CDATA[CV SCRIPTA INTELEKTUAL MANDIRI ]]>
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<![CDATA[This study examines the structural determinants and empirical trajectories of regulatory technology adoption within systemic banking frameworks across seventy five premier global banking institutions over a ten year observational window. Utilizing an advanced panel data econometric model with a fixed effects structural equation framework, the investigation maps the critical causal linkages between technological capital allocation and financial regulatory compliance efficiency. The empirical findings demonstrate that targeted infrastructure investments significantly reduce transaction processing latency and minimize post audit statutory penalty frequencies by replacing subjective human oversight with automated validation mechanisms. Furthermore, the analysis highlights that the ultimate operational efficacy of these algorithmic governance platforms depends heavily on structural organizational restructuring and the technical capacity of national supervisory authorities across cross border jurisdictions. The model robustness is rigorously validated through panel diagnostic specifications, confirming that clear institutional frameworks and automated mutual data ecosystems drastically lower macroprudential systemic vulnerabilities. Consequently, this research provides a comprehensive taxonomy of regulatory adaptation, establishing a reliable empirical baseline for central bankers, corporate executives, and policymakers seeking to optimize compliance architectures while safeguarding international financial stability.]]>
