SISTEM POLITIK, PENDALAMAN KEUANGAN, DAN PERTUMBUHAN EKONOMI: BUKTI EMPIRIS DI NEGARA-NEGARA ANGGOTA ORGANISASI KERJASAMA ISLAM (OKI)

Akmal Ihsan, NIM.: 21300011015 (2024) SISTEM POLITIK, PENDALAMAN KEUANGAN, DAN PERTUMBUHAN EKONOMI: BUKTI EMPIRIS DI NEGARA-NEGARA ANGGOTA ORGANISASI KERJASAMA ISLAM (OKI). Doctoral thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

While the link between political systems and economic growth has been explored, little is known about their impact in Muslim countries. This study investigates whether democratic or monarchical systems can foster economic growth through financial deepening. It examines how these systems influence the relationship between financial factors (domestic credit and liquidity) and economic growth. Focusing on 42 out of 57 Organization of Islamic Cooperation (OIC) member countries during 2010-2019 (excluding major crisis periods), the study employs panel data regression with the Generalized Method of Moments (GMM) technique. Trade openness, population, and inflation were used as control variables. The findings reveal that domestic credit has a surprising negative impact on economic growth in Muslim countries, suggesting its ineffectiveness. Inflation, high interest rates, and inefficient credit allocation are identified as contributing factors. Conversely, liquidity shows a positive association with growth, highlighting its potential for government investments in infrastructure, education, and other job-creating initiatives. Notably, both democratic and monarchical systems can positively influence financial deepening and economic growth through policies promoting regulatory quality, government effectiveness, corruption control, accountability, rule of law, and conflict prevention. These policies enhance the effectiveness of financial deepening measures, further propelling economic growth. The robustness of these findings is strengthened by addressing potential endogeneity effects in the model. These insights offer valuable recommendations for OIC member governments and shed light on the ongoing OIC-2025 Policy Action Program.

Item Type: Thesis (Doctoral)
Additional Information: Promotor: Prof. Dr. Bambang Setiaji, M.Si. dan Prof. Dr. Syafiq Mahmadah Hanafi, M.Ag.
Uncontrolled Keywords: Sistem Politik, Pendalaman Keuangan, Pertumbuhan Ekonomi Negara-Negara Muslim
Subjects: Ekonomi
Politik
Divisions: Pascasarjana > Disertasi > Ekonomi Syariah
Depositing User: Muh Khabib, SIP.
Date Deposited: 16 Feb 2024 09:57
Last Modified: 16 Feb 2024 09:57
URI: http://digilib.uin-suka.ac.id/id/eprint/63746

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