Analisis Pengaruh Perkembangan Sistem Keuangan Terhadap Ketimpangan Distribusi Pendapatan – Perbandingan Internasional

Abstract

This study examined the relationship of the macroeconomic indicators and financial system development toward income distribution. Gross Domestic Product (GDP), Costumer Price Index (CPI) and Trade were used to examine the macroeconomic effects on income distribution. Financial system development is said to have equalizing or unequalizing effects on income distribution. Hence, Central Bank’s asset and liquid liabilities were used as the proxies to examine the financial system development. Error-Correction model is used to examine the co-integration movement of the data. The study used Switzerland, Argentine and Indonesia as the sample of 3 countries that were classified based on their incomes as high income, upper- middle income, and lower-middle income. In the short-run, GDP was found to be unequalizing in Swizerland, equalizing in Argentine, and had no significant effects in Indonesia. The macroeconomic variables had mixed effects on income distribution. Central bank’s asset as the proxy of financial development was found to be equalizing in both Switzerland and Argentine. Liquid liabilities was unequalizing in Argentine, but it showed different effects in Indonesia as it was found to be equalizing the income distribution.