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p-Index From 2021 - 2026
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All Journal Journal of Economics Research and Policy Studies
Wisnu Satria
Faculty of Economics and Business, Universitas Syiah Kuala
Economics, Econometrics & Finance

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Green bonds under financial stress Ichwan Ichwan; Taufiq C. Dawood; Zia Thahira; Wisnu Satria; Mirzatul Kadri
Journal of Economics Research and Policy Studies Vol. 6 No. 1 (2026): Journal of Economics Research and Policy Studies
Publisher : Nur Science Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53088/jerps.v6i1.2866

Abstract

This study analyzed the relationship between financial stress and green bond issuance using a balanced panel of ten countries over the 2018 to 2023 period. A two-way fixed effects panel regression was employed to control for unobserved country specific and time specific factors. The findings showed that higher financial stress was associated with increased green bond issuance, indicating that green bond markets remained active during periods of financial pressure. GDP and domestic credit to the private sector also exhibited positive and statistically significant relationships with green bond issuance, highlighting the importance of macroeconomic capacity and financial intermediation. Inflation, by contrast, displayed a positive but statistically insignificant association. Additional analysis revealed no meaningful differences between advanced and non-advanced economies, and robustness checks confirmed the stability of the findings. Overall, the results suggested that green bonds represented a relatively resilient financing instrument under varying financial conditions and underscored the importance of supportive policy frameworks in fostering green bond market development.
What drives fossil fuel consumption in Indonesia? Evidence from a macroeconomic perspective Kamal Fachrurrozi; Aliasuddin Aliasuddin; Wisnu Satria; Mirzatul Kadri; Ichwan Ichwan
Journal of Economics Research and Policy Studies Vol. 6 No. 1 (2026): Journal of Economics Research and Policy Studies
Publisher : Nur Science Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53088/jerps.v6i1.2969

Abstract

Fossil fuels play a crucial role in economic activity in developing countries, including Indonesia. Currently, fossil fuels dominate and serve as the primary energy source, accounting for approximately 80% of the country's energy needs. Amidst fluctuating macroeconomic dynamics, fossil fuel consumption has experienced a significant increase. In this paper, we investigate the effects of macroeconomic indicators, namely economic growth, urbanization, and trade openness, on fossil fuel consumption in Indonesia. The study uses data from 1990 to 2024 sourced from Our World in Data and the World Bank. The analysis used multiple linear regression to examine the influence between variables, along with classical assumption tests. The study found that economic growth had a positive and significant effect. Urbanization had a positive and significant effect. Trade openness was also found to have a positive and significant effect on fossil fuel consumption. The largest increase in fossil fuel consumption was driven by urbanization. These findings have important implications for the formulation of future energy policies.
Co-Authors Aliasuddin Aliasuddin Ichwan Ichwan Kamal Fachrurrozi Mirzatul Kadri Taufiq C. Dawood Zia Thahira