Analisis Kedalaman Sistem Keuangan di Indonesia

Abstract

Penelitian ini bertujuan untuk melihat hubungan yang terdapat diantara financial deepening, interest rate, exchange rate dan national income di Indonesia. Pengujian dilakukan dengan menggunakan uji akar unit, uji Kointegrasi Johansen, Model Vector Auto Regretion (VAR), Vector Error Correction Model (VECM), dan Variance Decomposition untuk periode 1980-2013. Hasil uji kointegrasi menunjukkan bahwa terdapat hubungan jangka panjang antara variabel-variabel tersebut. Hasil penelitian ini menunjukkan bahwa secara statistik, dalam jangka panjang dan jangka pendek, variabel suku bunga, nilai tukar dan pendapatan nasional berpengaruh secara signifikan terhadap financial deepening. Variabel nilai tukar dan suku bunga tidak memiliki hubungan terhadap perkembangan financial deepening di Indonesia. Sedangkan variabel pendapatan nasional memiliki hubungan terhadap perkembangan financial deepening di Indonesia.

This study aims to identify the relationship between Financial deepening, interest rate, exchange rate and national income The test are carried out using Unit Root Test, Johansen Cointegration test, Vector Auto Regretion Model (VAR), Vector Error Correction Model (VECM) for the periode 1980-2013. The result of cointegration test revealed that there are a long run relationship between Financial deepening, interest rate, exchange rate and national income. Based on the result of VECM, it was found The result of this research indicates statistically that the interest rate, exchange rate, and national income influenced in financial deepening significantly during a long term and short term. The exchange rate and interest rate variables do not have influences in Indonesia’s financial deepening growth.