Studi Stabilitas Keuangan dan Kemiskinan di Negara ASEAN-4

Abstract

Financial stability constitutes a fundamental pillar for inclusive growth. This study seeks to examine the dynamic interrelationships and the effects of financial stability on poverty within the ASEAN-4 countries, comprising Indonesia, Malaysia, the Philippines, and Thailand. The analysis utilizes annual data spanning the period from 2005-2021. To achieve its objectives, this research employs the Panel Least Squares methodology. The empirical findings reveal that both the Bank Z-Score and financial depth exert a statistically significant negative influence on poverty rates in the ASEAN-4 region. These results suggest that sound banking sector practices and expanded financial intermediation contribute to poverty reduction. Accordingly, the implementation of financial stability policies in ASEAN-4 ought to be oriented not merely toward risk mitigation, but also toward broadening access to productive financing, curbing inflationary pressures, and fostering a more equitable distribution of developmental gains, thereby ensuring that the resultant benefits are effectively realized by lower-income segments of the population.