This study examines the contribution of financial development to poverty reduction in Indonesia using the autoregressive distributed lag (ARDL) bound testing approach to the cointegration framework. It also employs annual data of several financial development measures such as domestic credit, broad money, and financial development indexes from 1986 to 2018. Our findings suggest that financial development and poverty reduction have a cointegration relationship, regardless of the financial development indicators used. Furthermore, we find that domestic credit, broad money, financial institution depth, financial market depth, financial market access, and financial market efficiency reduced poverty. It suggests that financial development reduced poverty through its indirect channel, i.e., the economic growth effect.
COVID-19 has disrupted all aspects of human life. To mitigate the impact of the pandemic, several efforts have been taken, including by Indonesian scholars abroad. This book entitled Indonesia Post-Pandemic Outlook: Rethinking Health and Economics Post-COVID-19 explores opportunities and innovations to push forward to recover from COVID-19, both in health and economics. Comprising 15 chapters, this book is split into three main themes. The first part, Digital Transformation, focuses on how digital transformation has provided new ways of working in health, Small Medium Enterprises (SMEs), financing, and the tourism industry, especially in this post-pandemic era. Second, Building Future Ready Resilient Societies, raises the critical question of how the Indonesian society can be more resilient and future-ready to face a future that changes more rapidly than before, through the lens of food systems, mental health, culture, collaborative leadership, communities, and global supply chains. The last part, Equitable, Sustainable, and Green Development, presents ideas on what it takes to build a more equitable, sustainable, and greener future without sacrificing prosperity. We hope that this book can be a valuable reference for stakeholders, policymakers, as well as society to recover from the pandemic crisis and find better solutions to benefit future generations.
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