Bank DID result.

This study investigates the financial system vulnerability and pandemic impact on the financial system of Indonesia in 2015–2021. Two kinds of analysis are involved, i.e.: cross-section analysis at a certain point in time and time-series analysis along a certain time-period. To measure the risks, the research employs risk profile and network analysis using the Financial Account Balance Sheet from Bank of Indonesia. The balance sheet of one institutional sector is associated to the balance sheet of another sector from both assets and liabilities, such as corporations, households, and the financial sectors. Afterwards, Difference-in-Differences (DID) method and the macroeconomic linkages exercises the COVID-19 impact on the financial system. The result shows as the key findings that the financial system is more vulnerable during the pandemic for banks, corporations, and governments, indicated by the more declining net-worth, along with the external balance slowdown. Furthermore, the macroeconomic linkages show that during the pandemic, the financial system is more reliant on the banks, government, and the Rest of the World (ROW).

本研究针对2015至2021年印度尼西亚金融体系脆弱性，以及新冠疫情对该国金融体系的冲击展开探究。本研究共采用两类分析方法：特定时点横截面分析与特定时段时间序列分析。为量化风险，本研究借助印度尼西亚银行（Bank Indonesia）发布的金融账户资产负债表（Financial Account Balance Sheet）开展风险画像与网络分析，通过资产与负债维度将单个机构部门的资产负债表与其他部门（涵盖企业部门、住户部门与金融部门）的资产负债表进行关联。随后，本研究运用双重差分法（Difference-in-Differences, DID）与宏观经济关联分析，探究新冠疫情对印尼金融体系的影响。核心研究结果显示：疫情期间，银行业、企业部门与政府部门主导的金融体系脆弱性显著上升，具体体现为净资产大幅缩水，同时外部收支增速放缓。此外，宏观经济关联分析结果表明，疫情期间该国金融体系对银行业、政府部门及世界其他地区（Rest of the World, ROW）的依赖程度进一步提升。