Liberalisasi Keuangan dan Pembangunan Ekonomi: Belajar dari Krisis Ekonomi Indonesia

Abstract

The purpose of this study to see how the relationship between the liberalization of the financial sector to the economy in Indonesia and how the shocks caused by the crisis affect the financial sector. The approach using the time series data set with time periode 1980-2013 were sourced from World Bank and Vector Error Correction Model (VECM) as a method of estimation. The results showed that the shocks that occurred in GDP will cause changes in the financial sector, especially percentagedomestic credit to private sector in GDP. In addition, variable crisis and percentage domestic credit to private sector in GDP shows bi-directional causality.