Analisis Peran Pasar Modal dalam Perekonomian Nasional

Abstract

The capital market plays a strategic role in the modern economy as an efficient and sustainable mechanism for long-term financial allocation. In Indonesia, the capital market’s role has become increasingly significant in financing development, empowering the real sector, and supporting the growth of Micro, Small, and Medium Enterprises (MSMEs). However, despite positive developments, the capital market’s contribution to national economic growth remains suboptimal. This study aims to examine the extent of the capital market’s contribution to Indonesia’s economic growth and to identify the key challenges limiting its strategic role. Utilizing a normative-empirical legal research method, the study analyzes capital market regulations, legal literature, official data from the Financial Services Authority (OJK) and Indonesia Stock Exchange (IDX), and interviews with industry practitioners. The findings reveal that the Indonesian capital market faces several major challenges, including low financial literacy, regulatory frameworks that lag behind digital transformation, limited market liquidity, inadequate risk diversification among investors, and regulatory barriers to developing modern funding instruments such as municipal bonds and Asset-Backed Securities (ABS). Transactional imbalance and bureaucratic complexity further weaken the market’s effectiveness in driving economic growth. Therefore, strengthening technology-based financial education, implementing responsive regulatory reforms, product innovation, and liquidity incentives are key strategies to enhance the Indonesian capital market. With comprehensive structural improvements, the capital market can transform into a central pillar of inclusive and sustainable national development.