Abstract
The study examines saving behavior in ASEAN 5+3 namely Indonesia, Malaysia, Singapore, Thailand, Philippines, Japan, China, and Korea during 1991-2007 and its implication toward global imbalances. By using fixed effect panel data regression, this research shows that government spending, interest rate and inflation, financial development through private domestic credit and stock market capitalization along with the 1997 Asian crisis significantly affect the saving behavior. As a result, a macroeconomic stability through interest rate and inflation, the reinforcement of financial development and crisis anticipation policy are required to support global re-balancing through global saving redistribution.
Bahasa Abstract
Studi ini membahas perilaku tabungan negara-negara ASEAN 5+3, yaitu Indonesia, Malaysia, Singapura, Thailand, Filipina, Jepang, Cina, dan Korea, dan implikasinya terhadap ketidakseimbangan global. Dengan menggunakan regresi data panel fixed effect, kajian ini menunjukkan bahwa indikator fiskal belanja pemerintah, indikator makroekonomi suku bunga dan inflasi, indikator perkembangan berupa finansial kredit domestik swasta dan kapitalisasi pasar saham serta krisis Asia 1997 secara signifikan memengaruhi perilaku tabungan. Implikasinya adalah stabilitas makroekonomi melalui inflasi dan suku bunga serta pengembangan pasar finansial dan kebijakan antisipasi krisis diperlukan untuk mendorong penyeimbangan global kembali melalui redistribusi tabungan dunia.
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Recommended Citation
Safuan, Sugiharso and Sari, Heidy Ruswita
(2012)
"Perilaku Tabungan ASEAN 5, Jepang, Cina, Korea, dan Implikasinya terhadap Ketidakseimbangan Global,"
Jurnal Ekonomi dan Pembangunan Indonesia: Vol. 13:
No.
1, Article 2.
DOI: 10.21002/jepi.v13i1.02
Available at:
https://scholarhub.ui.ac.id/jepi/vol13/iss1/2
