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"Hubungan antara sektor keuangan dengan perdagangan internasional merupakan interaksi antara sektor keuangan dengan sektor riil, diduga pendalaman sektor keuangan akan berdampak positif terhadap ekspor nasional. Dalam lima tahun terakhir rasio kredit swasta terhadap PDB semakin meningkat meskipun rasio tersebut masih dibawah 40 , sedangkan ekspor Indonesia ke seluruh dunia relatif meningkat. Penelitian ini bertujuan untuk menganalisis pengaruh pendalaman sektor keuangan terhadap ekspor Indonesia dengan menggunakan model gravitasi. Metode analisis dalam penelitian ini menggunakan analisis data panel pada periode 1990 ndash; 2013, proksi pendalaman sektor keuangan yang digunakan yaitu rasio kredit swasta terhadap PDB. Hasil penelitian menunjukan bahwa pendalaman sektor keuangan berpengaruh secara positif terhadap ekspor ke sepuluh negara tujuan ekspor Indonesia.

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The relationship between the financial sector to international trade is an interaction between the financial sector to the real sector, financial deepening allegedly would have positive impact on national exports, in the last five years, the ratio of private credit to GDP has increased although the ratio is still below 40 , meanwhile Indonesian exports to the whole world is relatively increased. This study aimed to analyze the effect of financial deepening on Indonesian exports by the gravity model. The analytical method in this study use panel data analysis for the period 1990 2013, a proxy for the financial deepening use ratio of private credit to GDP. The results showed that the financial deepening has a positive effect to ten export destinations of Indonesia."

"Walaupun telah memiliki sejarah yang cemerlang terkait dengan ekspor manufaktur, negara – negara ASEAN 5 (Indonesia, Malaysia, Filipina, Singapura, dan Thailand) pada satu dekade terakhir masih belum dapat meningkatkan tingkat ekspor manufaktur ke tingkat yang lebih tinggi. Sementara itu, pentingnya ekspor manufaktur bagi negara – negara ASEAN 5 membutuhkan adanya dukungan dari sektor yang memegang peranan sangat penting bagi pertumbuhan ekspor manufaktur maupun ekspor manufaktur secara keseluruhan, yaitu sektor finansial. Perkembangan sektor finansial di perekonomian ASEAN 5 sangatlah pesat dan memiliki potensi yang besar. Oleh sebab itu, melalui financial deepening, atau peningkatan kedalaman sektor keuangan melalui diversifikasi sumber modal finansial, maka diharapkan bahwa sektor produktif dapat berkembang lebih baik di masa yang akan datang. Dengan menggunakan metode regresi fixed effects dan menggunakan aspek financial deepening dari sektor perbankan, pasar saham, dan pasar obligasi pada periode 2001 – 2017 dalam ruang lingkup ASEAN 5, analisis mengenai dampak financial deepening terhadap ekspor manufaktur dapat dilaksanakan. Berdasarkan hasil penelitian, ditemukan bukti bahwa financial deepening dari sektor perbankan dan pasar obligasi telah berhasil memberikan dampak positif yang positif terhadap ekspor manufaktur, namun tidak dengan pasar saham. Oleh sebab itu, kebijakan – kebijakan yang dapat meningkatkan dampak positif sektor perbankan dan pasar obligasi, serta membuat dampak dari pasar saham signifikan secara positif terhadap ekspor manufaktur penting untuk dilakukan oleh negara – negara ASEAN 5. Rekomendasi kebijakan dalam penelitian ini berfokus pada keseimbangan antara sektor finansial dan sektor riil, terutama dalam aspek – aspek yang terkait dengan ekspor manufaktur.

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Even though that ASEAN 5 economies (Indonesia, Malaysia, Philippines, Singapore, and Thailand) have undergone through a remarkable achievement in the past regarding manufacturing export, they have not been able to successfully upgrade the level of their manufacturing export recently. Meanwhile, manufacturing export and manufacturing sector as a whole still plays a major role for ASEAN 5, and it requires support from another essential sector, which is the financial sector. The current development of the financial sector in ASEAN 5 economies are rapid and possess a massive potential to be unleashed in the future. Therefore, through financial deepening, or an increase in depth of the financial sector through diversification of financial capital allocation, it is expected that productive sector within the economy could develop further in the future ahead. By using fixed effects regression method and using financial deepening from the banking sector, stock market, and bond market as parameters for financial deepening during the period of 2001 – 2017 for ASEAN 5 economies, analysis regarding the impact of financial deepening to manufacturing export clear to proceed. Based on the research, it is discovered that financial deepening from the banking sector and bond market have successfully generated positive and significant impact to manufacturing export, but not for the stock market. Hence, analyzing implications related to results of this research should be delivered, which cover implications for academic, policies, and business. Furthermore, key implication analysis delivered in this research mainly focus on maintaining balance between financial sector and real sector, especially in terms of aspects that related to manufacturing export."

"Dampak financial deepening terhadap pertumbuhan ekonomi telah menjadi debat selama beberapa dekade. Penelitian ini menganalisa dampak financial deepening terhadap pertumbuhan ekonomi tingkat propinsi di Indonesia periode tahun 2001 sampai dengan 2016. Penggunaan data level propinsi selain jarang ditemukan dalam literature juga untuk mengurangi heterogeinitas yang tidak teramati pada data cross section antar negara. Pendekatan financial deepening dalam penelitian ini dibatasi pada sisi perbankan mengingat dalam sistem keuangan Indonesia, peran perbankan masih sangat dominan dibandingkan sektor keuangan lainnya. Melalui pendekatan data panel, diperoleh hasil bahwa terdapat korelasi positif yang signifikan antara financial deepening dengan pertumbuhan ekonomi regional yang mendukung hipotesa supply leading (finance-led growth) pada penelitian-penelitian sebelumnya. Dalam kaitan ini diperlukan langkah serius pemerintah untuk terus melakukan pendalaman pasar keuangan domestik khususnya melalui sektor perbankan agar mampu memberikan dampak positif bagi pertumbuhan ekonomi.

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Impact of financial deepening to economic growth has been a debate for decades. This research analyzes the impact of financial deepening on provincial-level economic growth in Indonesia from 2001 to 2016. Besides The use of provincial level data is rarely found in the literature, the use of provincial-level data is also intended to reduce unobserved heterogeneity in cross-sectional data between countries. The financial deepening approach in this study is limited to the banking side considering that in Indonesia's banking sector is still very dominant compared to other financial sector. By Using data panel approach, the ratio between liquid liabilities to gross regional domestic product (PDRB) and the ratio between credits distributed by the banking sector to PDRB as a measurement of financial deepening, found a significant positive correlation between financial deepening with regional economic growth that supports supply lead hypothesis (finance-led growth) in previous studies. In this regard, Government must be seriously to enhance policy in order to deepen the domestic financial market, especially through the banking sector to encouraging economic growth."

"ABSTRAKThe impacts of financial deepening on economic growth have been a debate for decades. This research analyzes the impacts of financial deepening on provincial-level economic growth in Indonesia from 2001 to 2016. The use of provincial level data is rarely found in the literature, as well as to reduce unobserved heterogeneity in cross-sectional data between countries. The financial deepening approach in this study is limited to the banking side considering that the banking sector is still very dominant compared to other financial sectors in Indonesia. Through the panel data approach, it found there is a significant positive correlation between financial deepening and regional economic growth supporting previous studies. In this regard, the Government must take serious steps to deepen the domestic financial market, primarily through the banking sector."

"The member states of the Association of Southeast Asian Nations (ASEAN) set themselves the ambitious aim of establishing a region-wide economic community by 2015, and to deepen it in the context of the ASEAN Economic Community (AEC) Blueprint 2025. To achieve these goals, service sector reforms will occupy a central place in ASEAN's policy pantheon. This can be attributed to both ASEAN's integration process and its deepening ties within a dense layer of external economic partners. This book takes stock of the experience of ASEAN member states in pursuing trade and investment liberalization in services. It identifies key challenges that the regional grouping can be expected to encounter in realizing its AEC Blueprint 2025 aims. Using a law and economics lens, the book assesses where ASEAN is and is headed in services trade, situating it alongside efforts at crafting a European single market for services."

"Penelitian ini bertujuan untuk mengetahui pengaruh financial deepening pada sektor perbankan dan pasar modal terhadap pertumbuhan ekonomi di Indonesia menggunakan metode Ordinary Least Square (OLS).Analisis kualitatif dan kuantitatif digunakan dalam penelitian ini. Analisis kualitatif dengan menggambarkan financial deepening pada sektor perbankan dan pasar modal terhadap pertumbuhan ekonomi di Indonesia. Analisis kuantitatif dilakukan dengan metode OLS.Dalam model pertumbuhan ini digunakan pertumbuhan produk domestik bruto (PDB) riil sebagai variabel dependen dan variabel independennya adalah pertumbuhan outstanding obligasi perusahaan, pertumbuhan outstanding obligasi pemerintah, pertumbuhan kredit yang disalurkan perbankan, dan pertumbuhan dana pihak ketiga (DPK) yang dihimpun perbankan.Hasil penelitian ini menunjukkan bahwa pertumbuhan outstanding obligasi perusahaan, pertumbuhan kredit yang disalurkan perbankan, dan pertumbuhan dana pihak ketiga (DPK) yang dihimpun perbankan berkorelasi positif dan berpengaruh signifikan terhadap pertumbuhan ekonomi Indonesia.

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The main objective of this study is to analyze the effect of financial deepening especially bank sector and capital market sector on Indonesia economic growth using ordinary least square method (OLS).Quantitative and qualitative analysis were used in this study. Qualitative analysis describes the financial deepening especially bank sector and capital market sector. Quantitative analysis was done by ordinary least square.A growth model with real gross domestic product (GDP) growth as dependent variable was used to processing data. The independent variables are corporate bonds outstanding, government bonds outstanding, credit outstanding from bank sector, and saving outstanding by bank sector.The result of this study shows that corporate bonds outstanding, credit outstanding from bank sector, and saving outstanding by bank sector are positively and significantly correlated with economic growth in Indonesia."

"ABSTRAKTujuan dari penelitian ini adalah menganalisis pengaruh dari kebijakan fiskal terhadapfinancial deepening di Indonesia. Penelitian ini menggunakan periode observasi tahun2002-2014 dan menggunakan uji kointegrasi dan error correction mechanism. Hasilestimasi menunjukkan bahwa pengaruh kebijakan fiskal terhadap financial deepening diIndonesia adalah positif dan signifikan, di mana semakin besar pembiayaan defisit APBNmelalui penerbitan Surat Berharga Negara, maka akan mendorong financial deepening diIndonesia

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ABSTRACTThe objective of this study is to analyze the effect of fiscal policy on financialdeepening in Indonesia. This study used observation period from 2002 till 2014 andused cointegration test and error correction mechanism. The estimation resultsshowed that the effect of fiscal policy on financial deepening in Indonesia is positiveand significant, which a growing number of financing the budget deficit throughissuance of Government Securities, will encourage financial deepening in Indonesia"

"Penelitian ini bertujuan untuk mencari tahu faktor-faktor apa saja yang bisa mendeterminasi tabungan secara signifikan, yakni dalam hal preferensi atau keinginan untuk menabung, kemampuan untuk menabung, dan fasilitas untuk menabung. Model estimasi dilakukan dengan meregresi kepemilikan tabungan dan saving rate sebagai variabel terikat dengan metode panel dan OLS. Respon dan preferensi menabung individu dianalisa dalam perspektif ekonomi mikro. Pendekatan kelembagaan dan perspektif ekonomi makro diaplikasikan saat menganalisa kapasitas individu dan fasilitas menabung. Pendekatan kelembagaan kedua dilakukan melalui pengukuran inklusi keuangan. Secara umum, hasil studi memperlihatkan faktor demografi sangat berperan dalam menentukan tabungan dalam perspektif ekonomi mikro. Sementara dalam perspektif ekonomi makro, faktor kelembagaan dan pendapatan juga berperan dalam menentukan tabungan

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This study seeks to find which factors can determine saving significantly, namely in terms of preferences or willingness to save, capacity to save, and facilities to save. The estimation model was carried on by regressing saving ownership and saving rate as dependent variables with panel and OLS methods. Individual’s responses and preferences to save were analysed with microeconomic perspectives. Institutional roles and macroeconomic perspectives were applied when analysing one’s capacity and facilities to save. The second institutional approach was carried on through financial inclusion measurement. In general, the results show that demographic factors have a significant role in determining savings in microeconomic perspective, whereas in macroeconomic perspective, institutional role and income can also determine saving as well."

"Tesis ini membahas mengenai pengaruh pendalaman pasar keuangan (financial deepening) terhadap kinerja perbankan di Indonesia. Penelitian ini menggunakan pendekatan uji ko-integrasi dengan melalui beberapa tahapan uji dengan metode uji ADF, Johansen Cointegration Test, VECM dan Granger Causality. Penelitian ini bertujuan untuk menganalisis pengaruh pendalaman pasar keuangan (financial deepening) terhadap beberapa indikator kinerja perbankan yaitu CAR, ROA dan NIM. Dari penelitian ini, secara umum dapat diketahui bahwa pendalaman pasar keuangan di Indonesia memiliki pengaruh yang cukup signifikan terhadap kinerja perbankan. Namun, dengan semakin dalamnya pasar finansial maka tidak akan mengancam performance industri perbankan yang memiliki struktur permodalan yang kuat. Hasil penelitian menyarankan agar kebijakan pendalaman pasar keuangan lebih selektif dan mempertimbangkan skala size bank. Menghimbau bahkan mendesak kepada pemilik dan pengelola bank-bank kecil dan menengah untuk melakukan merger guna memperkuat struktur permodalannya. Perbankan agar mempertimbangkan kebijakan pendalaman pasar keuangan dalam merumuskan rencana bisnis bank (RBB) tiap tahunnya.

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The focus of this thesis is the impact analysis of financial deepening to banking industry performance in Indonesia. This research was conducted using co-integration test approach through several stages of testings with methods ADF Test, Johansen Cointegration Test, VECM and Granger Causality. This research aims to analyze the effect of financial market deepening to banking performance indicators i.e CAR, ROA and NIM. The general findings showed that financial deepening in Indonesia significantly affects banking performance. However, with a deeper financial market, this will not pose as a threat to the performance of a banking industry with strong capital structure. Research results suggested that financial deepening policy should be selective and considerate towards bank size scale, urging small and middle-sized bank owners to merge in order to strengthen their capital structure. The banking industry should put financial deepening policy into consideration in composing their yearly business plan (RBB)."

"Tesis ini berfokus pada fenomena keluarnya Ingris dari Uni Eropa Brexit . Dalam fenomena ini terjadi persaingan diskursif antara Remain vs Leave. Penelitian ini menggunakan teori pemosisian dengan asumsi dasar bahwa diskursus adalah variabel utama yang disosialisasikan oleh agen sehingga menjadi sebuah realita sosial. Kemenangan diskursif ditentukan dalam tiga variabel kelayakan: Kelayakan Referensi, Kelayakan Sistemik dan Kelayakan Sosial. Penelitian ini menggunakan metode process tracing dan telaah wacana untuk melihat proses deepening Inggris ke Uni Eropa.. Hasil dari penelitian ini menunjukkan bahwa persaingan diskursif ini dimenangkan oleh agen yaitu kelompok leave yang menginterpretasikan bahwa identias nasional Inggris tidak kompatibel dengan identitas Uni Eropa dan memunculkan kegagalan proses deepening pada integrasi Inggris dengan Uni Eropa. Meskipun secara kuantitatif diskursus kelompok remain lebih unggul sampai periode sebelum referendum variabel kelayakan referensi , namun pada akhirnya kelompok leave secara kelayakan sistemik lebih dapat mendistribusikan diskursusnya untuk menjangkau ke masyarakat. Dalam variabel kelayakan sosial, kelompok leave juga lebih unggul karena diskursusnya lebih dapat diterima di masyarakat. Penelitian ini menyumbang pada studi tentang regionalisme yang memberikan pemahaman bahwa dinamika yang terjadi dalam institusi regional tidak hanya bisa meluas expand , tetapi juga bisa menyusut shrink . Isu Brexit menjadi penting karena belum pernah ada negara mengambil sikap untuk keluar dari institusi maju seperti Uni Eropa.

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This thesis focuses on the phenomenon of Britain leaving the European Union Brexit. The phenomenon refers to the discursive competition between the two parties Remain vs. Leave. This research uses positioning theory with the basic assumption that discourse is the main variable which is socialized by agent and it transcends into a social reality. Discursive victory itself is determined in three eligibility indicators Referential Adequacy, Systematic Adequacy and Social Adequacy. This research applies process tracing and discourse analysis method to examine the deepening process of UK to the European Union. The result of this study indicates that the discursive competition won by the agent of the Leave group which interpreted UK national identity was not compatible with the EU identity and led to the failure of a deepening process on British integration to the EU. Quantitatively, based on the Referential Adequacy indicator, the discourse of the Remain group is higher than the Leave group especially in the final weekend before the referendum. However, based on Systematic Adequacy indicator, the Leave group is more successful in distributing its discourse to reach out to the people. Last, the Leave group is also winning because based on Social Adequacy indicator the discourse is more acceptable in society. This research contributes to the study of regionalism which provides an understanding that the dynamics within regional institutions not only can expand, but also shrink. The issue of brexit is important, because no country has ever taken the stance to get out of an advanced institution like the European Union. "