Abstract views = 1514 times | views = 897 times


This research aims to analyze the impact of financial inclusion toward financial system stability and its determinants in south east asian countries within period of 2007-2015. Multidimensional index of financial inclusion (IFI) used to analyze financial inclusion index and panel data regression with Fixed Effect Model (FEM) used to analyze the impact between variables. The result of estimation using IFI shows that Malaysia has the highest financial inclusion index and estimation using FEM shows that financial inclusion variable has negative and not significant  impact in financial system stability. Other variable which has positive and significant impact to financial system stability are GDP percapita, private credit ratio, and liquidity asset ratio. Otherwise, financial openess index has negative and significant impact to financial system stability.


Financial Inclusion Index, Financial System Stability, Multidimensional Effect Model, Fixed Effect Model

Full Text:



ADBI] ASEAN Development Bank. (2014). Financial Inclusion in Asia Country Surveys

Bencivenga, V.R., Smith, B.D, 1995. Transactions Costs, Technological Choice, and Endogenous Growth. Journal of Economic Theory, 67, 53-177..

[BI] Bank Indonesia. (2007). Booklet Stabilitas Sistem Keuangan. Bank Indonesia.

[BI] Bank Indonesia. (2014). Booklet Keuangan Inklusif. Jakarta: Bank Indonesia.

Beck T, Kunt AD, Peria MSM. 2006. Reaching Out: Access to and Use of Banking Services Across Country. World Bank Working paper.

Beck T., Demirgüç-Kunt A., Levine R. 2000. A New Database on the Structure and Development of the Financial Sector. World Bank Economic Review 14 (3), 597-605.

Beck T., M Lundberg., Majnoni. G. 2006. Financial Intermediary Development and Growth Volatility: Do Intermediaries Dampen or Magnify Shocks?, Journal of International Money and Finance, 25(7), pp 1146–1167.

Beck, T., Demirguc-Kunt, A., dan Martinez Peria, M. S. (2007) Reaching out: Access to and use of banking services across countries. Journal of Financial Economics 85: 234-266.

Buckland, J., Guenther, B., Boichev, G., Geddie, H. dan Mutch, M. (2005). There are no banks here‟: financial and insurance exclusion services in Winnipeg‟s North End. Winnipeg Inner-city Research Alliance

Camara, N., dan Tuesta, D. (2014). Measuring Financial Inclusion: A Multidimensional Index. BBVA research Working Paper No. 14/26.

Chakravarty, S.R., Pal, R. 2010. Measuring Financial Inclusion: An Axiomatic Approach. Indira Gandhi Institute of Development Research, Mumbai.

Cheng X, Degryse H. 2006. The Impact of Bank and Non-Bank Financial Institutions on Local Economic Growth in China

Djankov, S., C. McLiesh, dan A. Shleifer. 2007. Private Credit in 129 Countries. Journal of Financial Economics 2 (84): 299–329.

Dupas, P., Green, S., Keats, A., Robinson,J. (2012). Challenges in Banking the Rural Poor: Evidence from Kenya’s Western Province. National Bureau of Economic Research Working Paper No. 17851

European Central Bank. (2012). What is Financial Stability? Frankfurt. Financial Stability Review. Retrieved from

Gujarati. (2008). Dasar-Dasar Ekonometrika. Jakarta: Erlangga.

Han, R., and Melecky, M. (2013). Financial Inclusion for Financial Stability: Access to Bank Deposits and the Growth of Deposits in the Global Financial Crisis. World Bank Working Paper, Washington.

Hannig, Alfred dan Jansen, Stefan. (2010). Financial Inclusion and Financial Stability: Current Policy Issues. Asian Development Bank Institute Working Paper. Juanda, B. (2009). Ekonometrika Pemodelan dan Pendugaan, Bogor: IPB Press.

Houben, A., Kakes. J., and Schinasi. G. 2004. Towards a Framework for Safeguarding Financial Stability, IMF Occasional Paper (WP/04/101)

[IMF] International Monetary Fund. Financial Access Survey. Tersedia pada [21 April 2017]

Kempson E, A. Atkinson and O. Pilley. 2004. Policy level response to financial exclusion in developed economies: lessons for developing countries. Report of Personal Finance Research Centre, University of Bristol.

Khan,H.R. (2011). Financial inclusion and financial stability: are they two sides of the same coin. The Indian Bankers Association and Indian Overseas Bank

Kunt D, Asli, Beck T, Honohan P. 2008. Finance for All? Policies and Pitfalls in Expanding Access. Washington, DC (US): World Bank

McFarlane, I.J. 1999. The Stability of the Financial System, Reserve Bank of Australia, Bulletin.

McKinnon R.I. 1973. Money and Capital in Economic Development, Washington D.C., The Brookings InstitutionMeier, G.M., Seers, D. 1984. Pioneers in Development. New York: Oxford University Press.

Meas, Chanbopha., dan Vijit S. 2016. The Cambodian Financial Sector Development Strategy 20011-2020. International Journal of Thesis Project and Disertasi (IJTPD): Siam Univercity.

Merton, Robert C., and Zvi Bodie. 1995. Financial Infrastructure and Public Policy: A Functional Perspective. In The Global Financial System: A Functional Perspective.

Mishkin Federic S. 2008. Ekonomi Uang, Perbankan, dan Pasar Keuangan. Lana S dan Beta YG, penerjemah; Ika PS, editor. Jakarta (ID): Penerbit Salemba Empat. Terjemahan dari: The Economic of Money, Banking, and Financial Market. Ed Ke-8.

Morgan,P and Pontines,V. (2014). Financial Stability and Financial Inclusion. Asian Development Bank Institute Working Paper No. 448. Tokyo.

Peachey, Stephen & A. Roe. 2004. Access to Finance: A Study for the World Savings Banks Institute. Oxford:Oxford Policy Management, October.

Prasad, E. (2010). Financial Sector Regulation and Reforms in Emerging Markets: An Overview.National Bureau of Economic Research Working Paper 16428.

[RBA] Reserve Bank of Australia. (2014). Non-performing Loans at Asian Banks. Retrieved from:

Sacks, D., B. Stevenson, dan Wolfers, J. 2010. Subjective Well-Being, Income, Economic Development and Growth. NBER Working Paper 16441, National Bureau of Economic Research, Cambridge, MA

Sarma, M. (2012). Index of Financial Inclusion – A measure of financial sector inclusiveness. Berlin Working Papers on Money, Finance, Trade and development No. 07

Sarma, M and Pais, J. (2011). Financial Inclusion and Development: A Cross Country Analysis. Journal of International Development 23, 613-628

(WB) Global Financial Index. World Bank. 2013. Tersedia pada [17 April 2017]

Thiel, M. 2001. Finance and Growth: A Review of Theory and the Available Evidence, Directorate General for Economic and Financial Affairs, Economic Paper No. 158.


  • There are currently no refbacks.

Copyright (c) 2018 Jurnal Ilmu Ekonomi Terapan



Jurnal Ilmu Ekonomi Terapan (JIET) diterbitkan oleh

Fakultas Ekonomi dan Bisnis | Universitas Airlangga

Jl. Airlangga No 4-6 Surabaya 60286, Indonesia 
E-mail       :
Tel             : +62 (31) 5033642
Mobile       : +62 (877) 7594-7887 (Text only) 
Website    :

ISSN 2528-1879 (online) 
ISSN 2541-1470 (print) 


 Statistik Kunjungan OJS JIET