Paradoks Globalisasi Multidimensi: Analisis Bukti Empiris dari Pertumbuhan Ekonomi di ASEAN

Authors

  • Restu A Suryaman Program Studi Ekonomi Pembangunan, Fakultas Ekonomi dan Bisnis Universitas Pasundan https://orcid.org/0000-0002-8898-8433
  • Sardoraja Sardoraja Program Studi Ekonomi Pembangunan, Fakultas Ekonomi dan Bisnis Universitas Pasundan
  • Anwar Maulana Magister Ilmu Ekonomi, Fakultas Bisnis dan Ekonomika, Universitas Islam Indonesia
  • M Iqbal Baihaqi Program Studi Manajemen, Fakultas Ekonomi dan Bisnis Universitas Pasundan

DOI:

https://doi.org/10.20527/jiep.v9i1.2956

Keywords:

Globalization, Economic Growth, ASEAN, Foreign Direct Investment, System GMM

Abstract

This study examines the impact of multidimensional globalization on economic growth in ASEAN countries over the period 2019–2024. Using the KOF Globalisation Index, globalization is decomposed into economic, social, and political dimensions to capture its heterogeneous effects. Panel data estimation is conducted using the Fixed Effect Model (FEM), with System Generalized Method of Moments (System GMM) employed as a robustness check to address potential endogeneity. The results reveal that economic globalization and foreign direct investment have a positive and significant effect on economic growth, indicating the important role of trade integration and capital inflows in enhancing economic performance. In contrast, political globalization shows a negative and significant effect, supporting the existence of a globalization paradox, where deeper political integration may reduce domestic policy flexibility and hinder growth. Social globalization and labour force are not statistically significant. The System GMM results confirm the robustness and consistency of the main findings. These results highlight that globalization has asymmetric effects, implying that ASEAN countries need to adopt a selective and strategic globalization approach to promote sustainable economic growth.

References

Ahmed, Z., Zhang, B., & Cary, M. (2021). Linking economic globalization, economic growth, financial development, and ecological footprint: Evidence from symmetric and asymmetric ARDL. Ecological Indicators, 121, 107060.

Aiyar, M. S., Chen, M. J., Ebeke, C., Ebeke, M. C. H., Garcia-Saltos, M. R., Gudmundsson, T., Ilyina, M. A., Kangur, M. A., Kunaratskul, T., & Rodriguez, M. S. L. (2023). Geo-economic fragmentation and the future of multilateralism. International Monetary Fund.

Anwar, S., & Nguyen, L. P. (2010). Absorptive capacity, foreign direct investment-linked spillovers and economic growth in Vietnam. Asian Business & Management, 9(4), 553–570.

ASEAN Secretariat. (2023). ASEAN Statistical Yearbook 2023. ASEAN Secretariat.

Baldwin, R. (2016). The great convergence: Information technology and the new globalization. Harvard University Press.

Baltagi, B. H. (2015). The Oxford handbook of panel data. Oxford Handbooks.

Bloom, D. E., Canning, D., & Fink, G. (2010). Implications of population ageing for economic growth. Oxford Review of Economic Policy, 26(4), 583–612.

Bond, S., Hoeffler, A., & Temple, J. (2001). GMM Estimation of Empirical Growth Models.

Chang, R., Kaltani, L., & Loayza, N. V. (2009). Openness can be good for growth: The role of policy complementarities. Journal of Development Economics, 90(1), 33–49.

Dreher, A. (2006). Does globalization affect growth? Evidence from a new index of globalization. Applied Economics, 38(10), 1091–1110.

Gygli, S., Haelg, F., Potrafke, N., & Sturm, J.-E. (2019). The KOF globalisation index–revisited. The Review of International Organizations, 14(3), 543–574.

Hassan, S. T., Xia, E., Huang, J., Khan, N. H., & Iqbal, K. (2019). Natural resources, globalization, and economic growth: evidence from Pakistan. Environmental Science and Pollution Research, 26(15), 15527–15534.

Herzer, D., & Klasen, S. (2008). In search of FDI-led growth in developing countries: The way forward. Economic Modelling, 25(5), 793–810.

Iamsiraroj, S. (2016). The foreign direct investment–economic growth nexus. International Review of Economics & Finance, 42, 116–133.

Kazar, A., & Kazar, G. (2016). Globalization, financial development and economic growth. International Journal of Economics and Financial Issues, 6(2), 578–587.

Keohane, R. O., & Victor, D. G. (2011). The regime complex for climate change. Perspectives on Politics, 9(1), 7–23.

Kucharska, W., & Lechman, E. (2023). Technology Brands in the Digital Economy. Taylor & Francis Group.

Lim, M. A., Anabo, I. F., Phan, A. N. Q., Elepano, M. A., & KUntamarat, G. (2022). The State of Higher Education in Southeast Asia. ASEAN Secretariat.

OECD. (2023). Economic Outlook for Southeast Asia, China and India 2023.

Pegkas, P. (2015). The impact of FDI on economic growth in Eurozone countries. The Journal of Economic Asymmetries, 12(2), 124–132.

Pesaran, M. H. (2015). Time series and panel data econometrics. Oxford University Press.

Potrafke, N. (2015). The evidence on globalisation. The World Economy, 38(3), 509–552.

Rodrik, D. (2012). The globalization paradox: Democracy and the future of the world economy. WW Norton & Company.

Rodrik, D. (2016). Premature deindustrialization. Journal of Economic Growth, 21(1), 1–33.

Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The Stata Journal, 9(1), 86–136.

Samadi, A. H. (2019). Institutional quality and globalization in developing countries. In Globalization and development: economic and socio-cultural perspectives from emerging markets (pp. 135–161). Springer.

Samimi, P., & Jenatabadi, H. S. (2014). Globalization and economic growth: Empirical evidence on the role of complementarities. PloS One, 9(4), e87824.

Shahbaz, M., Shahzad, S. J. H., Mahalik, M. K., & Hammoudeh, S. (2018). Does globalisation worsen environmental quality in developed economies? Environmental Modeling & Assessment, 23(2), 141–156.

Stiglitz, J. E. (2017). Globalization and its discontents revisited: Anti-globalization in the era of Trump. WW Norton & Company.

Suryaman, R. A., Hadiyanto, F., Wardhana, A., & Saepudin, T. (2025). The Role of Economic Globalization and Institutions on Regional Inequality in ASEAN Countries. Journal of Economics and Business, 8(2). https://doi.org/10.31014/aior.1992.08.02.673

Ullah, S., Akhtar, P., & Zaefarian, G. (2018). Dealing with endogeneity bias: The generalized method of moments (GMM) for panel data. Industrial Marketing Management, 71, 69–78.

Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT press.

World Bank. (2020). Trading for Development in The Age of Global Value Chains.

Yean, T. S., & Yi, A. K. J. (2022). Economic Outlook for Southeast Asia: Living with COVID-19. Southeast Asian Affairs, 2022(1), 21–41.

Ying, Y.-H., Chang, K., & Lee, C.-H. (2014). The impact of globalization on economic growth. Romanian Journal of Economic Forecasting, 17(2), 25–34.

Downloads

Published

26-05-2026

How to Cite

Suryaman, R. A., Sardoraja, S., Maulana, A., & Baihaqi, M. I. (2026). Paradoks Globalisasi Multidimensi: Analisis Bukti Empiris dari Pertumbuhan Ekonomi di ASEAN. JIEP: Jurnal Ilmu Ekonomi Dan Pembangunan, 9(1), 31–45. https://doi.org/10.20527/jiep.v9i1.2956

Issue

Vol. 9 No. 1 (2026)

Section

Articles

License

Copyright (c) 2026 JIEP: Jurnal Ilmu Ekonomi dan Pembangunan

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.