FINANCIAL LIBERALIZATION VS FINANCIAL REPRESSION: A SURVEY ON THEORETICAL LITERATURE AND EMPIRICAL EVIDENCE
Marwan Asri Sw(1*)
(1)
(*) Corresponding Author
Abstract
Makalah ini menyajikan analisis mengenai liberalisasi dan represi finansial
dengan melakukan tinjauan menyeluruh pada berbagai literatur teoretis dan empiris
yang ernah dikembangkan. Sampai dengan tahun 1970, sistem represi finansial telah
banyak diterapkan pada banyak negara berkembang, terutama dalam bentuk ceiling
suku bunga. Namun demikian; kebijakan represi ini telah ditantang oleh kaum
liberalis finansial yang dipelopdri oleh McKinnon (1973) dan Shaw (1973), yang
berpendapat bahwa suku bunga riil ang tinggi akan meningkatkan tabungan dan
ketersediaan dana yang dapat dipinjamkan. Liberalisasi finansial, yang bercirikan
penghilangan campur tangan pemerintah dalam penentuan tingkat suku bunga
ekuilibrium, merupakan syarat yang diperlukan bagi adanya pembangunan ekonomi
yang cepat. Banyak studi yang telah dilakukan untuk menguji hipotesis liberalisasi
finansial ini, baik yang hanya meliputi satu negara maupun banyak negara. Namun
demikian, hasil yang diperoleh tidak selalu berhasil mendukung hipotesis yang
diajukan
Full Text:
PDFReferences
Anderson, W. (1964), Corporate Finance and Investment, and Econometric Study, Harvard University.
Arrieta, Gonzales (1988), "Interest Rates, Savings and Growth in LDCs: an Assessment of Recent Empirical Research" World Development, Vol.16, No.5,pp. 589-605.
De Melo, J. and J. Tybout (1986), "The Effects of Financial Liberalization on Savings and Investment in Uruguay," Economic Development and Cultural Change, Vol. 34, No. 3, April, pp. 561-587.
Dornbusch, Rudiger and Alejandro Reynoso (1989), "Financial Factors in Economic Development," American Economic Review Papers and Proceedings, Vol. 79, No.2, pp. 204-209.
Duesenberry, James S. (1958), Business Cycles and Economic Growth, McGraw Hill, New York.
Espinosa, Marco and William C. Hunter (1994), "Financial Repression and Economic Development," Federal Reserve Bank of Atlanta Economic Review, Sept/Oct, Vol. 79, No. 5, pp.1-11.
Fry, Maxwell J. (1978), "Money and Capital or Financial Deepening in Economic Development?" Journal of Money, Credit and Bankings Vol. 10, No. 4, November, pp. 464-475.
_____(1980), "Saving, Investment, Growth and the Cost of Financial Repression," World Development, Vol. 8, No. 4, pp. 317-327.
_____(1982), "Models of Financially Repressed Developing Economies," World Development, Vol. 10, No. 9, pp. 731-750.
Galetovic, Alexander (1996), "Finance and Growth: A Synthesis and Interpretation of the Evidence," Banca Nationale del Lavoro, Quarterly Report, No. 196, March, pp. 59-82.
Gelb, Alan H. (1989), "Financial Policies, Growth, and Efficiency," The World Bank Working Paper, No. 202, June, pp. 1-36.
Giovannini, A. (1983), "The Interest Elasticity of Savings in Developing Countries," World Development, Vol. 11, No. 7, July, pp. 601-607.
_______(1985), "Saving and the Real Interest Rate in LDCs," Journal of Economic Development, Vol. 18, No. 2-3, August, pp. 197-217.
Goldsmith, Raymond W.(1969), Financial Structure and Development, Yale Univerity Press, New haven.
Grunfeld, Yehuda (1960), "The Determinants of Corporate Investment," in Arnold C.Har-berger, ed., The Demand for Durable Goods, University of Chicago Press, pp.211-266.
Gupta, Kanhaya (1984), Finance and Economic Growth in Developing Countries, London: Croom Helm.
______(1987), "Aggregate Savings, Financial Intermediation and Interest Rates," Review on Economics and Statistics, May, pp. 89-102.
Hellmann, Thomas, Kevin Murdock, and Joseph Stiglitz (1995), "Financial Restraint: Towards a New Paradigm," Research Paper Series, No. 1335, Graduate School of Business, Stanford University, pp. 1-46.
Hellmann, Thomas and Kevin Murdock (1995), "Financial Sector Development Policy: The Importance of Reputational Capital and Governance," Research Paper Series, No. 1361, Graduate School of Business, Stanford University, pp. 1-46.
Huh, Chan (1995), "Financial Liberalization and Economic Development," Federal Reserve Bank of San Francisco Weekly Letter, No. 95-14, April.
International Monetary Fund (1991), World Economic Outlook, May.
Jorgenson, D.W. (1963), "Capital Theory and Investment Behavior," American Economic Review, Papers and Proceedings, No. 53, Vol. 2, May, pp.247-259.
_____ (1967), "The Theory of Investment Behavior," in R. Ferber, ed., Determinants of Investment Behavior, Columbia University Press, New York.
Leite, Sergio P. and Dawit Makonnen (1986), "Saving and Interest Rates in the BCEAO Countries: An Empirical Analysis," Savings and Development, Vol 10, No. 3, July-September, pp. 219-231.
McKinnon, Ronald I. (1973), Money and Capital in Economic Development, Washington, D.C., Brookings Institution.
______ (1993), The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy, second edition, The John Hopkins Tniversity Press.
McNellis, Paul D. and Klaus S. Hebbel (1993), "Financial Liberalization and Adjustment: the Cases of Chile and New Zealand," Journal of International Money and Finance, No. 12, pp. 249-277.
Meyer, John R. and Edwin E. Kuh (1957), The Investment Decision: An Empirical Study, Harvard University Press, Cambridge, Mass.
Miller, Merton H. and Charles W. Upton (1986), Macroeconomics: A Neoclassical Introduction, The Univerisity of Chicago Press.
Molho, Lazaros, E. (1986), "Interest Rates, Saving, and Investment in Developing Countries," IMF Staff Papers, Vol. 33, No. 1, March, pp. 90-116.
Morisset, Jacques (1993), "Does Financial Liberalization Really Improve Private Investment in Developing Countries?" Journal of Development Economics, No. 40, pp. 133-150.
Park, Yung Chull (1993), "The Role of Finance in Economic Development in South Korea and Taiwan," in Alberto Giovannini (ed): Finance and Development: Issue and Experience, Centre for Economic Policy Research, Cambridge University Press, pp. 121-150.
Rittenberg, Libby (1991), "Investment Spending and Interest Rate Policy: The Case of Financial liberalization in Turkey," Journal of Development Studies, Vol.27, No.2, January, pp. 151-167.
Shaw, Edward S. (1973), Financial Deepening in Economic Development, Oxford: Oxford University Press.
Stiglitz, J and A. Weiss (1981), "Credit Rationing in Markets with Imperfect Information," American Economic Review, Vol. 71, June, pp. 393-410.
Sussman, Oren (1992), "Financial Liberalization: The Israeli Experience," Oxford Economic Papers, No. 44, pp. 387-402.
Tan Wai, U. (1972), Financial Intermediation and National Savings in Developing Countries, Praeger.
Tobin, James (1965), "Money and Economic Growth," Econometrica, Vol. 33, No. 4, October, pp 671-684.
_______ (1968), "Notes on Optimal Monetary Growth," Journal of Political Economy, Vol. 76, July/August, pp 105-113.
_______ (1969), "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Vol.1, No. 1, February, pp. 15-29.
Tornton, John and S.R. Poudyal, (1990), "Money and Capital in Economic Development: A Test of the McKinnon Hypothesis for Nepal," Journal ofMoney, Credit and Banking, Vol.22, No. 3, August, pp. 395-399.
Warman, Fanny and A. P. Thirlwall (1994), "Interest Rates, Saving, Investment and Growth in Mexico 1960-90: Tests of Financial Liberalization Hypothesis," The Journal of Development Studies, Vol. 30, No. 3, April, pp. 629-649.
Wood, J.H. (1974), "A Model of Commercial Bank Loan and Investment Behavior," in H.G. Johnson and A.R. Nobay, eds., Issues in Monetary Economics, Oxford University Press, Oxford.
Yoo, Jang H. (1977), "The Role of Money as a Conduit of Savings and Investment in the UDCs," Kyklos, Vol. 30, pp. 520-525.
Article Metrics
Abstract views : 2994
| 
views : 1390
Refbacks
- There are currently no refbacks.
Copyright (c) 2018 Journal of Indonesian Economy and Business
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
| Journal of Indonesian Economy and Business |
| The Journal of Indonesian Economy and Business (print ISSN 2085-8272; online ISSN 2338-5847) is published by the Faculty of Economics and Business Universitas Gadjah Mada, Indonesia. The content of this website is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License |
| © 2019 Journal of Indonesian Economy and Business | Visitor Statistics |