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"This study explores the roles of foreign capital inflows and domestics financial sector development on economic growth in the case of Pakistan. Using annual data series of World Bank and Economic Survey of Pakistan over the period of 1971-2008, ARDL bounds testing approach to cointegration and error correction model (ECM)."

"ABSTRAKPenelitian ini bertujuan untuk mengestimasi dampak capital inflows terhadap harga properti dan stabilitas sistem keuangan (SSK) di ASEAN 5 serta hubungan simultan antara kedua variabel dependen. Dengan menggunakan data panel, dampak capital inflows terhadap harga properti dan stabilitas sistem keuangan di ASEAN 5 serta hubungan simultan antar kedua variabel dependen diuji dengan model panel simultan 2SLS yaitu dengan menambahkan variabel instrumen pada model estimasi untuk menyelesaikan permasalahan endogenitas (korelasi antara regresi independen dengan variabel dengan error) pada model penelitian. Hasil estimasi menunjukkan bahwa capital inflows yang besar ke kawasan ASEAN 5 menyebabkan peningkatan harga properti yang signifikan di kawasan tersebut. Selain itu, penelitian ini juga menemukan bahwa harga properti dan stabilitas sistem keuangan terbukti memiliki hubungan simultan. Di satu sisi, pengaruh harga properti terhadap SSK adalah positif dan signifikan. Di sisi lain, pengaruh SSK tterhadap harga properti tidak menunjukan hasil yang signifkan.

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ABSTRACTThis study aims to estimate the impact of capital inflows on property prices and financial system stability (SSK) in ASEAN 5 and simultaneous relations between the two dependent variables. By using panel data, the impact of capital inflows on property prices and financial system stability in ASEAN 5 and simultaneous relations between the two dependent variables were tested with 2SLS simultaneous panel models, namely by adding instrument variables to the estimation model to solve endogenous problems (correlation between independent regression and variables with errors) in the research model. The estimation results show that large capital inflows to the ASEAN 5 region cause a significant increase in property prices in the region. In addition, this study also found that property prices and financial system stability proved to have a simultaneous relationship. On the one hand, the effect of property prices on the SSK is positive and significant. On the other hand, the effect of the SSK on property prices does not show significant results."