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All Journal Economica: Journal of Economic and Economic Education JCAIP: Journal of Contemporary Applied Islamic Philanthropy
Alief Rakhman Setyanto
Universitas Islam Negeri Raden Intan Lampung, Indonesia
Religion Economics, Econometrics & Finance Education

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The Effect Of Foreign Debt, Gold Prices And Interest Rates On Economic Growth In Indonesia In 2005-2024: The Islamic Economic Perspective Dimas Priadi; Supaijo; Alief Rakhman Setyanto
Journal of Contemporary Applied Islamic Philanthropy Vol. 4 No. 1 (2026): JCAIP
Publisher : Nuban Jagadhita Centre

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62265/jcaip.v4i1.586

Abstract

Purpose: This study aims to analyze the effect of foreign debt, gold prices, and interest rates on economic growth in Indonesia in the period 2005-2024, both from the conventional side and its suitability in the perspective of Islamic economics. Methodology: This study uses a quantitative approach with secondary time series data, where the Applied Analysis techniques are Vector Error Correction Model (VECM) to identify short-term and long-term relationships, and reinforced with Granger causality test, Impulse Response Function (IRF), and Forecast Error Variance Decomposition (FEVD). Findings: The results of Vector Error Correction Model (VECM) estimation showed that in the short term, foreign debt, gold price, and interest rate had no significant effect on Indonesia's economic growth and did not have a two-way causality relationship based on the Granger test. However, the Johansen cointegration test showed a long-term equilibrium relationship between variables. In the long term, gold prices have a positive and significant effect, interest rates have a negative and significant effect, while foreign debt has a positive but insignificant effect on Indonesia's economic growth. FEVD analysis shows that fluctuations in economic growth in the long term are still dominated by the variable shock itself (self-shock). The novelty of this study lies in the use of up-to-date empirical data coverage until 2024 that successfully captures the dynamics and recovery of the post-pandemic economy, as well as the integration of VECM econometric analysis with critical evaluation of the achievement of falah (ultimate welfare) and distributive justice in Islamic economics.
THE EFFECT OF REGIONAL ORIGINAL REVENUE (PAD), GENERAL ALLOCATION FUNDS (DAU), AND SPECIAL ALLOCATION FUNDS (DAK) ON SUSTAINABLE REGIONAL ECONOMIC GROWTH (PED) IN THE SOUTHERN SUMATRA REGION (SUMBAGSEL) Rangga Ananta; Heni Noviarita; Alief Rakhman Setyanto
JURNAL ECONOMICA : Research of Economic And Economic Education Vol 14, No 2 (2026): Economica: Journal Of Economic And Economic Education
Publisher : Economic Education Faculty of Economics and Business Universitas PGRI Sumatera Barat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22202/economica.2026.v14.i2.11169

Abstract

This study examines the effect of Regional Own-Source Revenue (PAD) inequality, General Allocation Funds (DAU), and Special Allocation Funds (DAK) on sustainable Regional Economic Growth (PED) in the Southern Sumatra region. The urgency of this study arises from persistent fiscal inequality among regions and the uneven effectiveness of fiscal decentralization in promoting inclusive economic growth. This study aims to analyze the partial and simultaneous effects of PAD inequality, DAU, and DAK on regional economic growth, as well as to examine their implications from the perspective of Islamic economic values. This research uses a quantitative approach with panel data consisting of five provinces in Southern Sumatra during the 2020–2024 period. The data were obtained from the Central Statistics Agency and analyzed using panel data regression with model selection tests, including Chow, Hausman, and Lagrange Multiplier tests. The results show that PAD inequality has no significant effect on PED, while DAU has a negative and significant effect. In contrast, DAK has a positive and significant effect on PED, indicating that targeted fiscal transfers are more effective in supporting regional economic activity. Simultaneously, PAD inequality, DAU, and DAK significantly affect PED, with an adjusted R² of 51.11%. These findings imply that regional fiscal policy should prioritize productive spending, especially through the optimization of DAK, while strengthening fiscal governance based on justice, accountability, and public welfare as reflected in Islamic economic values
Co-Authors Dimas Priadi Heni Noviarita Rangga Ananta Supaijo