81 Chapter IV Results and Analysis This chapter provides the results and analysis which obtained from this research. In general, the results have response the entire research questions and explain more the result as research analysis. IV.1 Introduction The research has several results and their analysis. Firstly, the Vulnerability Composite Index (VCI) has developed to measure a vulnerability in the financial system. Then it continues to quick survey to have confirmations from stakeholders’ perspectives. Secondly, the impact analysis results reveal the effect of the COVID- 19 pandemic on the financial system particularly on the banking sector and corporations. Thirdly, risk profile and network analysis using the NFABS to identify the risks and the interlink (network) of institutional sectors in the financial system. The last one, the analysis of macroeconomic & financial interconnectedness of sectors. To make overall analysis more comprehensive, a concept diagram has been created to discuss financial system vulnerability. It includes a composite vulnerability index, the impact of the COVID-19 shocks and vulnerability analysis (risk profile, network, macro-economic linkages). The overall analysis can be depicted in the following diagram. Figure IV. 1 Overall Analysis of Financial System Vulnerability The analysis stage starts from the development of a composite vulnerability index complemented by a survey of stakeholder perceptions. Vulnerability Composite Index Financial System Vulnerability Impact of Risk Profile COVID-19 on Network Finn. System Macro-linkages 82 Figure IV. 2 Development of Composite Index and Quick Survey Afterward, analyze the impact of the COVID-19 shock on the domestic financial system: Figure IV. 3 Impact Analysis of COVID-10 on Financial System Then, equipped with several analysis methods of financial system vulnerability: Figure IV. 4 Vulnerability Analysis Methods The analysis carried out for the period before the COVID-19 pandemic compared to the period during the pandemic from 2020 to the end of observation in 2023. However, through Presidential Decree no. 17 of 2023 dated 21 June 2023 the government has determined that the pandemic status will end at the end of June DATA METHODS RESULTS 16 Vulnerability indicators Principal 5 components/ - Banks (6) Component factors - Corporations (5) Analysis - Macroeconomics (5) (PCA) Composite Index FSI recent cond.