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"Dalam suatu organisasi regional yang turut mengintegrasikan perihal perekonomian seperti ASEAN, adanya penanggulangan disparitas adalah penting dalam mencapai tujuan dari berbagai kebijakan. Eksistensi disparitas dapat diestimasi melalui teori konvergensi yang beranjak dari Model Pertumbuhan Solow. Penelitian ini memaparkan bagaimana ASEAN secara perlahan mengalami tren penurunan disparitas antar negara anggota pasca pemekaran keanggotaan ASEAN hingga meliputi Indochina dalam dua dekade terakhir. Namun penelitian ini juga menyibak bahwa peranan perubahan struktural signifikan proses konvergensi di ASEAN. Perubahan struktural ini dipicu oleh Krisis Finansial Asia yang memberi guncangan pada berbagai variabel makroekonomi di Asia Tenggara.

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In a regional organization which accommodates economic integration like ASEAN, reduction of disparities is important to achieve the target of policies. The existence of disparities can be estimated by convergence theory, of which based on Solow Growth Model. This paper explains how ASEAN slowly experienced the reduction of disparities among its member states after the expansion at Indochina in the last two decades. However, this paper also shows that the impact of structural break play a significant role in the process of convergence in ASEAN. This structural break was triggered by Asian Financial Crisis that affected various macroeconomic variables in Southeast Asia."

"[ABSTRAKPenelitian ini mengukur keterkaitan antara perbankan di Indonesia denganperbankan di Asia Tenggara, Asia, Emerging Market, dan Dunia. Denganmenggunkan pendekatan marginal expected shortfall (MES), yang diperkenalkanBrownless dan Engle (2012), analisis dilakukan terhadap saham 9 bank di Indonesiadan indeks saham perbankan setiap kawasan yang diambil dari Datastream selamaperiode 2004-2014. Hasil menunjukan perbankan di Indonesia bersifat independenterhadap shock dari sistem perbankan di kawasan lain. Estimasi MES menunjukankrisis yang terjadi pada perbankan di Indonesia memiliki dampak yang jauh lebihbesar terhadap bank-bank di Indonesia, dibaningankan apabila terjadi krisis padaperbankan di Asia Tenggara, Asia, Emerging Market, dan Dunia yang dampaknyarelatif kecil.

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ABSTRACTThis study analyze the interconnectedness among Indonesia banking industry andbanking industry in South East Asia, Asia, Emerging market, and World. Usingmarginal expected shortfall (MES) approach, which introduced by Brownless andEngle 2012, analysis conducted on stock of 9 banks and banking stock index ineach region that taken from Datastream during 2004-2014. The result show thatIndonesia banking system is relatively independent to shock in other region bankingsystems. The MES estimation results indicate crisis in Indonesian banking systemhas large impact to banks in Indonesia, compared if crisis experienced in SouthEast Asian, Emerging Market, Asian, and World banking system that haverelatively small impact, This study analyze the interconnectedness among Indonesia banking industry andbanking industry in South East Asia, Asia, Emerging market, and World. Usingmarginal expected shortfall (MES) approach, which introduced by Brownless andEngle 2012, analysis conducted on stock of 9 banks and banking stock index ineach region that taken from Datastream during 2004-2014. The result show thatIndonesia banking system is relatively independent to shock in other region bankingsystems. The MES estimation results indicate crisis in Indonesian banking systemhas large impact to banks in Indonesia, compared if crisis experienced in SouthEast Asian, Emerging Market, Asian, and World banking system that haverelatively small impact]"