KRISIS KEUANGAN GLOBAL DAN PERTUMBUHAN EKONOMI: ANALISA DARI PEREKONOMIAN ASIA TIMUR
Abstract
Sejalan dengan semakin terintegrasinya perekonomian di tengah eraglobalisasi, krisis keuangan yang terjadi pada suatu negara dapat dengan mudah menyebar ke negara-negara lain dan menjadi bencana keuangan global dalam kurun waktu yang singkat. Pada kejadian semacam ini, fundamental ekonomi yang kuat sangat penting untuk mempertahankan suatu negara dari efek krisis yang “menular”. Sebagai bukti, karena fundamental ekonomi yang rapuh dan kurangnya kredibilitas pemerintah, perekonomian Asia Timur dapat diserang dengan mudah oleh krisis pada tahun 1997 begitu kepercayaan pasarmemburuk. Namun demikian, Asia Timurini telah belajar banyak dari kejadian pada tahun 1997 tersebut sehingga dapat membuktikan ketahanannya dalam menghadapi krisis keuangan global yang melanda pada tahun 2008 dengan meningkatkan fundamental ekonominya serta kredibilitas para pembuat kebijakan. Makalah ini dimulai dengan teori tentang pertumbuhan ekonomi dan krisis keuangan. Selanjutnya, secara empiris menguji sejauh mana krisis keuangan pada tahun 1997 dan 2008 mempengaruhi perekonomian Asia Timur dengan menggunakan data panel ekonometri. Bukti menunjukkan bahwa, meskipun kedua krisis telah memberikan dampak buruk pada perekonomian Asia Timur, gelombang krisis 2008 relatif tidak lebih parah daripada krisis tahun 1997. Akhirnya, penelitian ini juga memberikan penjelasan lebih lanjut tentang bagaimana perekonomian Asia Timur telah berhasil meminimalkan dampak krisis global pada tahun 2008.
Kata kunci: Krisis Keuangan Global; Ekonomi Asia Timur, Pertumbuhan Ekonomi, Pasar Finansial, Efek Acak dan Tetap
JEL Classification: C330, E440, G010
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References
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