The Relationship Effect of Digital Finance on Financial Stability
Sari
Untuk mencapai tujuan finansial inklusi, yaitu meningkatkan pertumbuhan ekonomi dan kesejahteraan masyarakat, sebagian besar dimungkinkan oleh keuangan digital. Dengan meningkatnya perdagangan elektronik (e-commerce) dan teknologi finansial (fintech), pembayaran digital-salah satu komponen utama keuangan digital-menjadi semakin penting. Selain keuntungan-keuntungan tersebut, terdapat kekhawatiran bahwa keuangan digital dapat memperburuk risiko sistemik dan merusak stabilitas sistem keuangan. Tujuan dari penelitian ini adalah untuk memastikan bagaimana variabel-variabel risiko berhubungan dengan stabilitas keuangan dan hubungan keuangan digital. Selama sepuluh tahun (2010 hingga 2019), 120 sampel data panel digunakan dalam penelitian ini dengan menggunakan Model Regresi Linier Berganda dan Moderating Regression Analysis (MRA). Peningkatan risiko sistematis akan mengurangi efek menguntungkan dari keuangan digital terhadap stabilitas keuangan, karena hasil penelitian menunjukkan bahwa risiko pasar dapat mengurangi manfaat keuangan digital terhadap stabilitas keuangan.
Kata kunci: Keuangan Digital, Pembayaran Digital, Risiko Sistematis, Stabilitas Keuangan, Inklusi Keuangan
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DOI: https://doi.org/10.37531/yum.v7i2.6610
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