Description
Title: Economic Growth in Indonesia: The Effects of Industrialization, Trade Openness, Financial Development, and Energy Consumption
Abstract: Examining the effects of financial development, energy consumption, industrialization, and trade openness on economic growth in Indonesia from 1984 to 2018 was the goal of this study. To estimate the long-run and short-run nexus between the variables, the study used the autoregressive distributed lag (ARDL) model. Additionally, for a more thorough analysis of the empirical results, fully modified ordinary least squares (FMOLS), dynamic least squares (DOLS), and canonical cointegrating regression (CCR) were used. The outcome of cointegration provides evidence that the variables are correlated. According to ARDL findings, long-term economic growth is influenced favorably by industrialization, energy consumption, and financial development (as measured by domestic credit). However, trade openness and financial development (as indicated by the money supply) show a detrimental impact on economic growth. The relationship that exists between energy consumption, industrialization, financial development, and economic growth explains why these factors were promoting growth in Indonesia. The error correction term indicates a 68% yearly correction from any deviation in the long-run equilibrium economic growth of the preceding period. These results offer compelling evidence that Indonesia’s sustained long-term economic growth depends on industrialization and financial development.
Keywords: financial development; energy consumption; industrialization; economic growth; trade openness; ARDL
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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