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Abstract

Objective – This study aims to examine the effects of financial deepening, foreign direct investment (FDI), interest rates, and inflation on economic growth across five ASEAN countries.
Method – This study uses A panel data regression approach, employing a fixed effects model. The independent variables include financial deepening, FDI, interest rates, and inflation, while the dependent variable is economic growth.
Findings – The results reveal that financial deepening has a negative effect on economic growth. In contrast, FDI exerts a positive and significant impact, as it facilitates the inflow of capital, technology, and managerial expertise, thereby enhancing domestic productivity. Interest rates and inflation, however, do not exhibit a statistically significant relationship with economic growth.
Implications – These findings reinforce the notion that the relationship between the financial sector and economic growth is nonlinear, offering nuanced insights into the dynamics of inclusive growth in developing economies.
Originality – This study contributes to the empirical literature by investigating the role of financial deepening in economic growth within the ASEAN context using a panel data approach.


Abstrak
Tujuan – Penelitian ini bertujuan menjelaskan pengaruh financial deepending, Foreign Direct Invesment (FDI), suku bunga dan inflasi terhadap Pertumbuhan Ekonomi di Lima negara ASEAN.
Metode – Penelitian ini menggunakan analisis regresi data panel dengan model fixed effect. Penelitian ini menggunakan empat variabel bebas yaitu, financial deepending, FDI, suku bunga dan inflasi sedangkan variabel terikatnya adalah pertumbuhan ekonomi.
Temuan – Hasil penelitian menunjukkan bahwa Financial deepening berdampak negatif terhadap pertumbuhan ekonomi. Sebaliknya, FDI memiliki pengaruh positif terhadap pertumbuhan ekonomi karena FDI membawa modal, teknologi, dan keahlian manajerial yang mendorong produktivitas domestik. Sementara itu, suku bunga dan inflasi tidak menunjukkan pengaruh signifikan terhadap pertumbuhan.
Implikasi – Penelitian ini berimplikasi pada memperkuat konsep bahwa hubungan antara sektor keuangan dan pertumbuhan ekonomi tidak bersifat linear serta menambah dimensi penting dalam teori pertumbuhan inklusif di negara berkembang.
Orisinalitas – Penelitian ini berkontribusi terhadap pengembangan analisis empiris financial deepening terhadap pertumbuhan ekonomi khususnya ASEAN menggunakan panel data.

Keywords

pertumbuhan ekonomi Financial Deepening FDI Suku Bunga inflasi

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Copyright (c) 2025 Diana Wijayanti, Hisyam Hisyam

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How to Cite
Wijayanti, D., & Hisyam, H. (2025). Analisis determinasi financial deepening terhadap pertumbuhan ekonomi di 5 Negara ASEAN pada tahun 2010-2023. Jurnal Kebijakan Ekonomi Dan Keuangan, 4(1), 49–56. https://doi.org/10.20885/JKEK.vol4.iss1.art6
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