Financial Development, Human Capital, Economic Growth in Indonesia


  • Sebastiana Viphindrartin Department of Development Economics, Faculty of Economics and Business, University of Jember, Indonesia


Financial Development, Human Capital,Economic Growth, Indonesia


The purpose of this study is to investigate Financial Development, Human Capital, and Economic
Growth in Indonesia. This study uses secondary data from the World Bank with a sample of 90
developing countries in an annual time period from 2000 to 2020 with the generalized method of
moment (GMM). ) models. For the human capital development sector, we use two namely secondary
school enrollment (SSE) and primary school pupil-teacher ratio (PPTR). We found that more schools
are built and more teachers are working in the education sector, which is indicated by a decrease in the
teacher-student ratio, which has an impact on increasing economic growth.