Ardl Panel's Capability In Maintaining Economic Stability During Covid-19 Asean Founder Countries

  • Ade Novalina Universitas Pembangunan Panca Budi
Keywords: Endurance Policy, AD-US Balance, Financial System Stability


The slowdown in the world economy due to the COVID-19 pandemic has become one of the triggers for increased analysis in the economic sector to find the proper steps to protect the economy from the shadow of the crisis. However, most research is still focused on several separate policies, which makes the analysis results still seem bleak. This research was conducted using the ARDL panel approach to analyze the ability of endurance policy to maintain a balance between aggregate demand and supply in ASEFO countries. The data used is secondary data (time series) from 2009 – 2019. The analysis results show that the leading indicators of controlling GDP in ASEFO countries on a panel basis are INF, NPL, GOV, LDR. Meanwhile, the leading indicators of the effectiveness of the variables are INF and GOV. Thus, government spending during the pandemic must still be controlled not to cause inflation which is a threat to the economy.


Download data is not yet available.


Abodunrin, O. et al. l (2020). Coronavirus Pandemic And Its Implication On Global Economy. International Journal of Arts, Languages and Business Studies (IJALBS), (4), Hal: 13 - 23
Burhanuddin, et al. (2020). Krisis Ekonomi Global Dari Dampak Penyebaran Virus Corona (Covid-19). Akmen Jurnal Ilmiah. Vol.17.No.1
Corbet et al. (2021). Pandemic-related financial market volatility spillovers: Evidence from the Chinese COVID-19 epicenter. International Review of Economics & Finance (71)
Ginanjar, Y. (2020). The implications of a covid-19 pandemic. TRANSPORTERS: International Relations Journal, [S.l.], 3(2), Hal: 1-15
Gyamfi, A.G. (2020). Trade Openness, Inflation and GDP Growth: Panel Data Evidence from Nine (9) West Africa Countries. Journal of Business and Management, 8(1)
Huang et al. (2021). The effects of uncertainty measures on commodity prices from a time-varying perspective.International Review of Economics & Finance (71).
Iyke, B.N. (2020). Economic Policy Uncertainty in Times of COVID-19 Pandemic. Asian Economics Letters, 1(2)
Kamber, G dan Wong, B. (2020). Global factors and trend inflation. Journal of International Economics, (122)
Lenzen M, et al. (2020). Global socioeconomic losses and environmental gains from the Coronavirus pandemic. PLoS ONE 15(7)
Liu, D. et al. (2021). Monetary–fiscal policy regime and macroeconomic dynamics in China. Economic Modelling, (95)
Mahera, N. dan Nurwati, R.N. (2020). Krisis Ekonomi Di Indonesia Disebabkan Oleh Pandemi Covid-19.
Mahzalena, Y. dan Juliansyah, H. (2019). Pengaruh Inflasi, Pengeluaran Pemerintah dan Ekspor Terhadap Pertumbuhan Ekonomi di Indonesia. Jurnal Ekonomi Regional Unimal, 2(1)
Nicola, M et al (2020). The socio-economic implications of the coronavirus pandemic (COVID-19): A review. International Journal of Surgery, (78) Hal: 185-193
Opeyemi, A.P. (2020). Impact Of Foreign Direct Investment And Inflation On Economic Growth Of Five Randomly Selected Countries In Africa. Journal Of Economics And International Finance. 12(2), Hal: 65-73
Putra, S. D. E. (2020). (Pand) Economics: Refleksi atas Sistem Ekonomi di Masa Pandemi Covid-19. PINUS: Jurnal Penelitian Inovasi Pembelajaran, 5(2), 17-29.
Salhab, A. dan Soedjono, L. (2013). Pengaruh Inflasi, Jumlah Tenaga Kerja, Dan Pengeluaran Pemerintah Terhadap Pertumbuhan Ekonomi Bali. E-Jurnal Ekonomi Pembangunan Universitas Udayana, 2(1)
Sarah, I dan Sulasmiyati, L.S. (2018). Pengaruh Inflasi, Ekspor, dan Tenaga Kerja Terhadap Produk Domestik Bruto (PDB) (Studi Pada Indonesia, Malaysia, Singapura, dan Thailand). Jurnal Administrasi Bisnis (JAB), 63(1)
Siddiq, Md. N. A. (2020). Economic stimulus for COVID-19 pandemic and its determinants: evidence from a cross-country analysis. Heliyon, 6(12).
Silaban, P.S.M.J dan Rejeki, R. (2020). Pengaruh Inflasi, Ekspor Dan Impor Terhadap PDB di Indonesia Periode 2015 – 2018. Niagawan, 9(1)
Tambunan, T. T. (2014). Perekonomian Indonesia:Kajian Teoritis dan Analisis. Bogor:Ghalia Indonesia
Tanjung, A.A. (2018). Analisis Kebijakan Moneter dan Fiskal Pada Perekonomian Indonesia Melalui Pendekatan Mundell – Fleming Model. Repositori Institusi USU
Van, D.D. (2020). Impulse Response of Inflation to Economic Growth Dynamics: VAR Model Analysis. The Journal of Asian Finance, Economics, and Business, 7(9), Hal: 219-228
Villavicencio, A.L. dan Mignon, V. (2011). On the impact of inflation on output growth: Does the level of inflation matter?. Journal of Macroeconomics, 33(3), Hal: 455-464
Wardhana, D. (2020). Kajian Kebijakan Dan Arah Riset Pasca-Covid-19. The Indonesian Journal Of Development Planning.4(2).
Wielen, W. V.d. dan Barrios, S. (2020). Economic sentiment during the COVID pandemic: Evidence from search behavior in the E.U. Journal of Economics and Business xxx(XXXX)xxx
Zhang et al. (2020). Financial markets under the global pandemic of COVID-19. Finance Res. Lett., 101528, Hal: 1-6
How to Cite
Ade Novalina. (2021). Ardl Panel’s Capability In Maintaining Economic Stability During Covid-19 Asean Founder Countries. International Journal of Science, Technology & Management, 2(5), 1433-1440.