Numerous studies have constructed financial inclusion indexes for Indonesia, using a multidimensional approach. However, there is a problem with the methodology, which assumes that all the dimensions play the same role in defining financial inclusion, since they are based on equal weighting criteria. This paper aims to obviate concerns with the methodology by developing a more empirically based…
This paper evaluates monetary policy transmission in both tranquil and turbulent periods for Mexico, Indonesia, Nigeria, and Turkey. Using a structural vector autoregressive model, we find that the effect of structural shocks from supply, demand, and financial sources tend to fizzle out faster for Nigeria and Mexico compared to Indonesia and Turkey. Another important finding is that while monet…
Using the difference-in-differences (DID) model and taking the sample of companies listed from 2009 to 2014 on the Growth Enterprises Market (GEM) of the Shenzhen Stock Exchange in China, this paper studies the impact of Venture Capital (VC) participation on board characteristics, which is measured by the chief executive officer (CEO) duality, the scale of the board of directors and the proport…
We offer new insights on the dynamics of the exchange rate–interest rate differential for the case of G7 economies. We show that the nexus is better considered using an asymmetric model, as suggested by a host of previous studies. In addition, we find the role of accounting for structural breaks to be prominent. We also show differences in the nexus between euro and non-euro G7 countries, sug…
We investigate consumer price convergence for 82 Indonesian cities using monthly data from 2014 to 2019. To do so, we employ recent techniques of club convergence and weak sigma convergence. The results reveal, first, consumer price divergence, implying price rigidities across the cities. Second, we find four clubs, suggesting that Indonesian cities converge along four unique transition paths. …
Makalah ini mengkaji peran financial technology (finTech) dalam mendorong pertumbuhan ekonomi di Indonesia dari tahun 1998 hingga 2018. Industri FinTech menggunakan model bisnis berbasis teknologi untuk menyediakan layanan keuangan, termasuk layanan pinjaman, pembayaran, investasi, dan pembiayaan.