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All Journal Jurnal Ekonomi Pembangunan Jurnal Ilmu Ekonomi
Hendra Kusuma
Economics Development, Faculty of Economics and Business, University of Muhammadiyah Malang
Economics, Econometrics & Finance Social Sciences

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Analysis of the Role of Economic Factors on Foreign Direct Investment in Indonesia Salsabila Arifin; Nazaruddin Malik; Hendra Kusuma
Jurnal Ekonomi Pembangunan Vol. 23 No. 02 (2025): Jurnal Ekonomi Pembangunan
Publisher : Pusat Pengkajian Ekonomi dan Kebijakan Publik

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jep.v23i02.41752

Abstract

This study aims to analyze the influence of economic growth, inflation, exchange rate, and labor force on the inflow of Foreign Direct Investment (FDI) in Indonesia. FDI plays a crucial role in supporting the economic development of emerging countries like Indonesia by contributing capital, transferring technology, creating employment opportunities, and enhancing productivity. The research uses annual time-series data from 1994 to 2023, sourced from the World Bank, and applies the Vector Error Correction Model (VECM) for analysis. The findings indicate that, in the long run, all four variables significantly affect FDI. Economic growth and the labor force have a positive impact, whereas inflation and the exchange rate exert a negative influence. In the short run, however, none of the variables show a statistically significant effect on FDI. These results highlight the importance of maintaining macroeconomic stability and improving labor quality to strengthen Indonesia's attractiveness to foreign investors.
The Effect of Inflation, Population Growth, Economic Growth, and Female Labor Participation on Unemployment in ASEAN-5 Fanianing Tias Putri Setiawati; Hendra Kusuma
Jurnal Ilmu Ekonomi JIE Vol. 10 No. 03 (2026): Jurnal Ilmu Ekonomi
Publisher : Program Studi Ekonomi Pembangunan Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jie.v10i03.44534

Abstract

This study examines the effects of inflation, population growth, economic growth, and female labor force participation on unemployment in ASEAN-5 countries: Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. It identifies the most dominant factor influencing unemployment. The study uses panel data for ASEAN-5 countries and employs panel regression analysis with the Fixed Effect Model (FEM) and Panel Corrected Standard Errors (PCSE) to address heteroscedasticity. The results indicate that inflation, population growth, economic growth, and female labor force participation simultaneously affect unemployment significantly, with an Adjusted R² of 82.65%. Partially, inflation and population growth have a negative and significant effect on unemployment, while economic growth does not significantly affect unemployment. Among all variables, population growth is the most dominant factor affecting unemployment, with a coefficient of -0.7142. These findings suggest that managing population growth through the demographic dividend can boost economic activity, increase labor absorption, and ultimately reduce unemployment in ASEAN-5 countries.
Co-Authors Fanianing Tias Putri Setiawati Nazaruddin Malik Salsabila Arifin