The convergence of financial sector in Asia

Maria Pinita Angelia and Rudi Purwono
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Maria Pinita Angelia: Economic and Business, University Airlanga, Airlangga Street 4-6, 6028, Surabaya, Indonesia
Rudi Purwono: Economic and Business, University Airlanga, Airlangga Street 4-6, 6028, Surabaya, Indonesia

International Journal of Research in Business and Social Science (2147-4478), 2021, vol. 10, issue 6, 166-173

Abstract: This study aims to identify the convergence of financial sector development and the effect of macroeconomic variables on each financial sector development indicator in Asia. The sample used consists of 24 countries in Asia during the period 2010-2018. Identification of convergence using ?-convergence absolute and conditional. Indicators are used to represent the development of the financial sector namely private credit, liquid liabilities, stock market capitalization, and stock market turnover. Empirical evidence was based on the Generalized Method of Moment (GMM) estimation technique. The results showed that there was convergence in Asia and that macroeconomic variables had a significant effect on the development of the financial sector. Key Words:Convergence, Financial Sector Development, stock market, generalized method of moment

Date: 2021
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