SEKTOR KEUANGAN DAN PERTUMBUHAN EKONOMI DI INDONESIA: PENDEKATAN KAUSALITAS DALAM MULTIVARIATE VECTOR ERROR CORRECTION MODEL (VECM)
:
https://doi.org/10.9744/jmk.8.1.pp.%2040-50Keywords:
financial development, economic growth, causality, VECM.Abstract
This paper attempts to investigate whether financial development leads to growth in developing country like Indonesia. It is found that there is stable long-run equilibrium relationship between the development of financial sector and the real output. Granger causality test suggests the bi-directional causality for real output and credit volume and one-way causality from spread to real output. Vector Error Correction methodology results seem to give strong support to the hypothesis that financial system can be an engine of growth in this country. Abstract in Bahasa Indonesia : Tulisan ini mencoba menginvestigasi peranan sektor keuangan dalam memicu pertumbuhan ekonomi di negara berkembang, seperti Indonesia. Hasil-hasil empiris mengindikasikan, dalam jangka panjang, terdapat hubungan ekuilibrium antara perkembangan sektor keuangan dan output riil. Uji kausalitas Granger menunjukkan bi-directional causality diantara output riil dan volume kredit serta one-way causality yang berasal dari spread menuju output riil. Hasil dari Vector Error Correction Model (VECM) cenderung mendukung hipotesis bahwa sistem keuangan dapat menjadi mesin pertumbuhan di negara ini. Kata kunci: perkembangan sektor keuangan, pertumbuhan ekonomi, kausalitas, VECM.Downloads
Published
2006-10-12
How to Cite
Inggrid, I. (2006). SEKTOR KEUANGAN DAN PERTUMBUHAN EKONOMI DI INDONESIA: PENDEKATAN KAUSALITAS DALAM MULTIVARIATE VECTOR ERROR CORRECTION MODEL (VECM). Jurnal Manajemen Dan Kewirausahaan, 8(1), pp. 40-50. https://doi.org/10.9744/jmk.8.1.pp. 40-50
Issue
Section
Articles
License
Authors who publish on this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).