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Abstract

This paper examines the effect of financial liberalization on growth volatility of macroeconomics variable using dynamic panel model for nineteen Asia-Pacific countries for period of 1976–2015. Our results showed that the benefit of financial liberalization in Asia-Pacific region caused by the low volatility of the macroeconomic growth only occur in the group of developed countries, and not occur in the group of developing countries. This proved that the existence of financial liberalization provides no full beneficial effects in Asia-Pacific region.

Bahasa Abstract

Paper ini menguji pengaruh liberalisasi keuangan terhadap volatilitas pertumbuhan variabel makroekonomi dengan menggunakan model panel dinamis untuk 19 negara di Kawasan Asia-Pasifik selama periode tahun 1976–2015. Hasil penelitian membuktikan bahwa keuntungan liberalisasi keuangan di Kawasan Asia-Pasifik karena rendahnya volatilitas pertumbuhan variabel makroekonomi hanya terjadi di kelompok negara developed countries, dan tidak terjadi untuk kelompok negara developing countries. Hasil ini membuktikan bahwa adanya liberalisasi keuangan belum memberikan efek yang menguntungkan secara penuh di Kawasan Asia-Pasifik.

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