Risiko Finansial Teknologi Terhadap Green Finance di Indonesia
Keywords:
financial risk, financial technology, green finance, financial cycle, ed waves index
Abstract
The financial activity is an important part of green finance, but contra shock financial technology has a positive influence on the green finance growth in Indonesia. Based on the results by using Bank Indonesia data from 2019 to 2022 (time series) using the Ed Wave Index development model which combines the money quantity theory, finds that the relationship between technology financial risk and green finance is strongly influenced by the Velocity of Money, resulting in financial risk technology in the short term has a positive impact on green financial growth through the 3 wave points of the financial cycle in the economic growth area, this confirms that financial technology activities in the banking sector greatly support the green finance growth in Indonesia.
References
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Agénor, P.-R., & Pereira da Silva, L. A. (2013). Inflation Targeting and Financial Stability: A Perspective From the Developing World. Working Paper Series, 324(September), 1–116. http://www.bc.gov.br/pec/wps/ingl/wps324.pdf
Agung, J., Kusmiarso, B., Pramono, B., Hutapea, E. G., Prasmuko, A., & Prastowo, N. J. (2001). Credit Crunch di Indonesia setelah krisis : fakta, penyebab, dan implikasi kebijakan.
Albulescu, C. T., Goyeau, D., & Pépin, D. (2013). Financial Instability and ECB Monetary Policy. Economics Bulletin, 33(1), 388–400.
Ardila, D., Sornette, D., & Zurich, E. T. H. (2016). Dating the Financial Cycle : a Wavelet Proposition 2 The Maximum Overlap Discrete Wavelet Transform ( MODWT ). Swiss Finance Institute, 7, 1–11.
Aromi, J. D., & Clements, A. (2021). Facial Expressions and the Business Cycle. Economic Modelling, 102(May), 105563. https://doi.org/10.1016/j.econmod.2021.105563
Aysan, A. F., Disli, M., & Ozturk, H. (2017). Financial crisis, macroprudential policies and depositor discipline. Singapore Economic Review, 62(1), 5–25. https://doi.org/10.1142/S021759081740001X
Barrot, J.-N. (2016). Trade Credit and Industry Dynamics : Evidence. The Journal of Finance, LXXI(5), 1975–2016.
Basmar, E., Campbell-iii, C. M., & Basmar, E. (2022). THE CLIMATE CHANGES IN BANKING CREDIT TO THE FINANCIAL CYCLE DURING THE COVID-19 PANDEMIC IN INDONESIA. 9(1), 173–182.
Basmar, E., III, C. M. C., & Basmar, E. (2021). Is an Indonesia the right investment environment after Covid-19? IOP Conference Series: Earth and Environmental Science, 737(1). https://doi.org/10.1088/1755-1315/737/1/012021
Bernanke, B. S., Gertler, M., & Gilchrist, S. (1999). The financial accelerator in a quantitative business cycle framework. Handbook of Macroeconomics, 1(PART C), 1341–1393. https://doi.org/10.1016/S1574-0048(99)10034-X
Bible, T. (2015). Financial Cycles 1. 1–2.
Borio, C., Drehmann, M., & Xia, D. (2018). The Financial Cycle and Recession Risk. BIS Quarterly Review, December, 59–71.
Caruana, J. (2011). Central banking between past and future: which way forward after the crisis? Speech at the South African Reserve Bank 90th …, 1–5. http://scholar.google.com/scholar?hl=en&btnG=Search&q=intitle:Central+banking+between+past+and+future+:+which+way+forward+after+the+crisis+?#0
Chen, Q., Filardo, A., He, D., & Zhu, F. (2015). Financial Crisis, US Unconventional Monetary Policy and International Spillovers. In IMF Working Papers (Vol. 15, Issue 85). https://doi.org/10.5089/9781475520668.001
Christiano, L., Ilut, C., Motto, R., & Rostagno, M. (2008). Monetary Policy and Stock Market Boom Bust Cycles. Working, 955(October 2008).
Christiano, L. J., Motto, R., & Rostagno, M. (2014). Risk shocks. American Economic Review, 104(1), 27–65. https://doi.org/10.1257/aer.104.1.27
Claessens, S., Kose, M. A., & Terrones, M. E. (2011). How Do Business and Financial Cycles Interact?; by Stijn Claessens, M. Ayhan Kose and Marco E. Terrones; IMF Working Paper 11/88; April 1, 2011. Journal of International Economics, 97, 178–190. https://www.imf.org/external/pubs/ft/wp/2011/wp1188.pdf
Cuciniello, V., & di Iasio, N. (2021). Determinants of the Credit Cycle: A Flow Analysis of the Extensive Margin. SSRN Electronic Journal, 2445. https://doi.org/10.2139/ssrn.3924740
De Bonis, R., & Silvestrini, A. (2014). The Italian financial cycle: 1861-2011. Cliometrica, 8(3), 301–334. https://doi.org/10.1007/s11698-013-0103-5
Dib, A., & Christensen, I. (2005). Monetary Policy in an Estimated DSGE Model with a Financial Accelerator. Computing in Economics and Finance 2005, 0–41. http://ideas.repec.org/p/sce/scecf5/314.html
Dikau, S., & Volz, U. (2019). Central Banking, Climate Change, and Green Finance. Handbook of Green Finance, 867, 81–102. https://doi.org/10.1007/978-981-13-0227-5_17
Dong, X., & Akhtar, N. (2022). Nexus Between Financial Development, Renewable Energy Investment, and Sustainable Development: Role of Technical Innovations and Industrial Structure. Frontiers in Psychology, 13(August), 1–20. https://doi.org/10.3389/fpsyg.2022.951162
Erdem, M., & Tsatsaronis, K. (2013). Financial conditions and economic activity: a statistical approach. BIS Quarterly Review, March, 37–51.
Fattorini, L., Ghodsi, M., & Rungi, A. (2018). Financial Cycles Around The World. Working Paper Series Econstor, 145.
Gao, K., Chen, H., Tian, S., Sun, R., Cui, K., & Zhang, Y. (2023). A nexus between green digital finance and green innovation under asymmetric effects on renewable energy markets: a study on Chinese green cities. Environmental Science and Pollution Research, 46632–46646. https://doi.org/10.1007/s11356-022-24750-7
Goffman, E. (2020). In the wake of COVID-19, is glocalization our sustainability future? Sustainability: Science, Practice, and Policy, 16(1), 48–52. https://doi.org/10.1080/15487733.2020.1765678
Horvath, R., & Baxa, J. (2011). Time-Varying Monetary Policy Rules and Financial Stress. January.
Huang, S. (2023). Journal of Innovation. Journal of Innovation & Knowledge, 8(1), 100300. https://doi.org/10.1016/j.jik.2022.100300
Lee, C. C., Wang, F., & Lou, R. (2022). Digital financial inclusion and carbon neutrality: Evidence from non-linear analysis. In Resources Policy (Vol. 79). https://doi.org/10.1016/j.resourpol.2022.102974
Maslennikov, V. V., & Larionov, A. V. (2020). Impact of the behavioral cycle on cash flow formation. Finance: Theory and Practice, 24(5), 100–111. https://doi.org/10.26794/2587-5671-2020-24-5-100-111
McCallum, B. T. (2001). Monetary Policy Analysis in Models Without Money. Review, 83(4), 145–160. https://doi.org/10.20955/r.83.145-160
Narayan, S. W., & Sahminan, S. (2018). Has Fintech Influenced Indonesia’S Exchange Rate and Inflation? Buletin Ekonomi Moneter Dan Perbankan, 21(2), 189–202. https://doi.org/10.21098/bemp.v21i2.966
Orphanides, A. (2001). Monetary Policy Rules, Macroeconomic Stability and Inflation: A View from the Trenches Board of Governors of the Federal Reserve System. December.
Park, S. (2018). Green finance. A Research Agenda for Global Environmental Politics, 28–38. https://doi.org/10.54648/eelr1994037
Rochon, M. P.-. (2020). The Length of Financial Cycle and its Impact on Business Cycle in Poland. European Research Studies Journal, XXIII(4), 1278–1290. https://ideas.repec.org/a/ers/journl/vxxiiiy2020i4p1278-1290.html
Schüler, Y. S., Hiebert, P., & Peltonen, T. A. (2021). Characterising the Financial Cycle: A Multivariate and Time-Varying Approach. SSRN Electronic Journal, 1846. https://doi.org/10.2139/ssrn.2664126
Shen, C. H., Ren, J. Y., Huang, Y. L., Shi, J. G., & Wang, A. Q. (2018). Creating Financial Cycles in China and Interaction with Business Cycles on the Chinese Economy. In Emerging Markets Finance and Trade (Vol. 54, Issue 13). https://doi.org/10.1080/1540496X.2017.1369402
Shen, Y., Su, Z. W., Malik, M. Y., Umar, M., Khan, Z., & Khan, M. (2021). Does green investment, financial development and natural resources rent limit carbon emissions? A provincial panel analysis of China. Science of the Total Environment, 755, 142538. https://doi.org/10.1016/j.scitotenv.2020.142538
Syed, A. A., Ahmed, F., Kamal, M. A., Ullah, A., & Ramos-Requena, J. P. (2022). Is There an Asymmetric Relationship between Economic Policy Uncertainty, Cryptocurrencies, and Global Green Bonds? Evidence from the United States of America. Mathematics, 10(5). https://doi.org/10.3390/math10050720
Zarifis, A., & Cheng, X. (2022). A model of trust in Fintech and trust in Insurtech: How Artificial Intelligence and the context influence it. Journal of Behavioral and Experimental Finance, 36, 100739. https://doi.org/10.1016/j.jbef.2022.100739
Zioło, M., Bak, I., Cheba, K., Spoz, A., & Niedzielski, P. (2021). Sustainable financial systems toward sustainability in finance. Institutional and managerial approach. Procedia Computer Science, 192, 4237–4248. https://doi.org/10.1016/j.procs.2021.09.200
Published
2023-06-28
How to Cite
Basmar, E. (2023). Risiko Finansial Teknologi Terhadap Green Finance di Indonesia. POINT: Jurnal Ekonomi Dan Manajemen, 5(1), 1-17. https://doi.org/10.46918/point.v5i1.1786
Section
Articles
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