Kebijakan Makroprudensial dan Ketimpangan Pendapatan di Negara Sedang Berkembang Terpilih

Abstract

Macroprudential policies aim to maintain financial system stability, yet their implementation may af ect income distribution. This study examines the impact of macro prudential policies on income inequality in ten selected developing countries—Indonesia, Malaysia, Thailand, the Philippines, Vietnam, Bangladesh, Cambodia, India, Pakistan, and Taiwan—over the period 2008-2023. Using panel data regression analysis, this study investigates the relationship between macroprudential instruments, such as loan-to-value (LTV), debt service to-income (DSTI), and Capital Buf er, and income inequality. The findings reveal that credit restrictions through LTV and DSTI reduce financial access for low income groups, while higher capital buf er requirements constrain credit expansion in the informal sector, which serves as a primary income source for vulnerable populations. These findings imply that macroprudential policies should be designed more inclusively to prevent worsening income inequality. Policy recommendations include adjusting LTV and DSTI regulations to be more flexible for lower-income groups, providing credit incentives for small businesses and the informal sector, and strengthening inclusive financial instruments. With a more balanced approach, financial system stability can be preserved without compromising economic equality