Hello colleagues,

I’m currently working on a research manuscript titled “Monetary Risk and Market Dynamics as Drivers of Capital Market Deepening in ASEAN.”

Abstract:This study investigates the key macroeconomic drivers of capital market deepening in six ASEAN countries from 2010 to 2024. Using the System Generalized Method of Moments (System GMM), the research analyzes the impact of stock market returns, GDP growth rate, inflation rate, and IPO activity on the market capitalization-to-GDP ratio (MarketCapGDP), a widely used proxy for capital market depth. The findings reveal that stock market returns and inflation significantly enhance capital market depth, while GDP growth and IPO frequency show no significant effect. These results highlight the dominant role of monetary conditions and financial market performance over real-sector dynamics in shaping capital market development in emerging ASEAN economies. This study contributes to the literature by linking capital market deepening with the Sustainable Development Goals (SDGs), particularly SDG 8, 9, and 10. Policy implications suggest the need for institutional reforms, financial literacy programs, and strategic investor engagement to foster inclusive and resilient capital markets in the region.

I would greatly appreciate any feedback, suggestions, or insights, especially related to:

• Strengthening the research problem and theoretical framework
• Improving the empirical model or identifying relevant variables
• Opportunities for international co-authorship or joint publication

Please feel free to comment or reach out if you’re open to connecting.

Warm regards, Dr. Ronni Haga Palangka Raya University