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Nadežda Sinenko & Deniss Titarenko & Mikus Arinš, 2013.Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. " An Investigation of Co-Movement of Financial Stability Index with Macro-Prudential Indicator through Wavelet Analysis," Nadri, Kamran & Ebrahimi, Sajad & Fadaie, Abbas, 2018." Measuring Financial Stability in Ghana: A New Index-Based Approach,"Ĩ6634, University Library of Munich, Germany. Akosah, Nana & Loloh, Francis & Lawson, Natalia & Kumah, Claudia, 2018.The Singapore Economic Review (SER), World Scientific Publishing Co. " Financial Stability And The Role Of Economic And Financial Integration In South Asia: Evidence From Time-Series Data," These are the items that most often cite the same works as this one and are cited by the same works as this one. AFSI using CPA is expected to be an alternative or support measure of ISSK in determining related policies.
This research also found that each period of crisis always follows by pressure from global economic condition. In general, instability that occurred in Indonesia dominantly caused by the vulnerability of financial system. In addition, AFSI using CPA also utilized for knowing source of instability in each period using a heatmap. The constructed AFSI was good and was able to capture crisis period that occurred in Indonesia during the research period. Therefore, this research aims to construct AFSI using Change Point Analysis (CPA) on weighting stage for showing that each dimension has different contribution. However, each dimension is considered to have the same contribution to AFSI, despite the contributions are different in fact. While there is another measurement called Aggregate Financial Stability Index (AFSI) that capable to consider both global economy and ISSK dimensions. Bank Indonesia has constructed Indeks Stabilitas Sistem Keuangan (ISSK) to respond the issue, but ISSK is not considering global economy effect into the index construction. The financial system stability is an important issue to be evaluated and controlled in order to withstand the threat of a crisis that may occur in Indonesia.