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Pengaruh Finansialisasi Terhadap Ketimpangan Pendapatan Di Asean: Analisis Data Panel

Author

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  • Pihri Buhaerah

    (Komnas HAM)

Abstract

This paper examines the impact of financialization on income inequality in ASEAN-5 countries for the period of 1990-2013 by employing panel data analysis. The data was collected from various secondary sources by undertaking fixed effect model and generalized method moment. The result shows that there is a significant relationship between all financialization indicators and income distribution. Generalized method moment analysis using Arellano-Bond estimator also shows that all financialization indicators have a significant relationship with income distribution. There is no different sign estimator both in fixed model effect and generalized method moment analysis. This paper revealed that financialization indicators such as stock market capitalization and return on assets contribute positively to worsen income inequlality. Incontrast, domestic private debt securities have a negative effect on gini coefficient in ASEAN-5 countries indicating that increasing domestic private debt securities will improve income distribution in the region.

Suggested Citation

  • Pihri Buhaerah, 2017. "Pengaruh Finansialisasi Terhadap Ketimpangan Pendapatan Di Asean: Analisis Data Panel," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 19(3), pages 335-352, January.
    • Handle: RePEc:idn:journl:v:19:y:2017:i:3d:p:335-352
    DOI: https://doi.org/10.21098/bemp.v19i3.669
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    More about this item

    Keywords

    Financialization; inequality; fixed effect model; generalized method moment;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

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