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All Journal International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) International Journal of Economic, Technology and Social Sciences (Injects)
Miksalmina
Universitas Syiah Kuala
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Public Health Social Sciences

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THE EFFECT OF BI RATE, EXCHANGE RATE, AND WORLD OIL PRICES ON GREEN INVESTMENT IN INDONESIA Yulia Risma; Weri; Miksalmina; Talbani Farlian; Cut Zakia Rizki; Fakhruddin
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 6 No. 4 (2026): August
Publisher : CV. Radja Publika

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Abstract

This study examines how monetary policy and external shocks influence green investment in Indonesia, proxied by the SRI-KEHATI Index. Drawing on the perspective of asset pricing theory, macroeconomic variables are treated as systematic factors affecting sustainable stock performance. Using monthly data from 2007-2024 and an ARDL approach, the results reveal distinct short-run and long-run dynamics. In the short run, higher interest rates and exchange rate depreciation significantly reduce green investment, while global oil prices initially exert a positive influence before turning negative in subsequent periods. In the long run, exchange rates and global oil prices have a positive and significant effect on green investment, whereas interest rates are not statistically significant. These findings indicate that green investment is more responsive to external factors than domestic monetary policy over longer horizons. This study contributes to the limited empirical evidence on green finance in emerging markets by jointly examining monetary and external determinants within a unified framework. The results highlight the importance of exchange rate stability and energy transition strategies in supporting the development of sustainable financial markets in Indonesia.
The Granger Causality on Economic Growth and Government Expenditure in Asean Farhan Rizqullah Azhari; Putri Bintusy Syathi; Miksalmina; Megawati
International Journal of Economic, Technology and Social Sciences (Injects) Vol. 6 No. 2 (2025): October 2025
Publisher : CERED Indonesia Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53695/injects.v6i2.1557

Abstract

The expansion of the economy and public expenditure are central issues in a country's macroeconomic analysis, which is generally analyzed through two main approaches, namely the Keynesian and Wagnerian perspectives. The purpose of this study is to explore the cause-and-effect relationship between economic growth and government spending in selected ASEAN countries, namely Indonesia, Malaysia, Singapore, and Thailand, throughout the 1974–2023 timeframe. The Granger causality method was applied to perform the analysis. The results indicate that only in Singapore is there a one-way causal relationship from economic growth to government spending. This means that increased economic growth drives an increase in public spending. This finding supports the applicability of Wagner's law in Singapore, where growing economic activity is followed by increased government fiscal intervention in the form of public service provision. Conversely, in Indonesia, Malaysia, and Thailand, no significant causal relationship was found, either one-way or two-way. This indicates that neither the Keynesian nor Wagnerian views have been empirically proven in these three countries during the observation period. In these countries, economic growth has not directly driven an increase in government spending, and conversely, government spending has not been proven to drive economic growth. Therefore, in terms of policy, Singapore needs to continue to maintain and enhance its economic growth in order to expand the provision of public facilities.
Co-Authors Cut Zakia Rizki Fakhruddin Farhan Rizqullah Azhari Megawati Putri Bintusy Syathi, Putri Bintusy Talbani Farlian Weri Yulia Risma