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
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