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Investment Dynamics in the Economies of Selected ASEAN Countries Yaqinah, Nuriyatul Inayatil; Wilantari, Regina Niken; Yuliati, Lilis
Signifikan: Jurnal Ilmu Ekonomi Vol. 14 No. 2 (2025): Forthcoming Issue
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v14i2.45231

Abstract

Research Originality: This research is original in its dynamic panel analysis of investment efficiency determinants in ASEAN+8 economies during 2019-2023, revealing persistent efficiency patterns and nonlinear governance effects. Research Objectives: This study investigates the impact of foreign direct investment, governance quality, trade openness, and capital intensity on investment efficiency (ICOR) in ASEAN economies. Research Methods: This study employs System GMM estimation on panel data from 8 ASEAN countries. Key variables include ICOR, FDI inflows, the Corruption Perception Index, trade openness (% of GDP, and capital per worker. Empirical Results: The analysis reveals strong persistence in investment efficiency over time. While foreign direct investment has only a limited short-term effect, trade openness is a critical long-run driver of efficiency. The relationship with governance quality is complex and nonlinear. Furthermore, capital per worker was not a significant determinant of investment efficiency in the region. Implications: These results suggest ASEAN policymakers should combine FDI quality targeting with institutional reforms and maintain long-term trade liberalization commitments to enhance investment efficiency.
PENGARUH INVESTASI DAN PERKEMBANGAN TEKNOLOGI TERHADAP PERTUMBUHAN EKONOMI INDONESIA Hanim, Anifatul; Hermawan, Gilang Brata; Wilantari, Regina Niken
Jurnal Penelitian Sains dan Teknologi Indonesia Vol 1 No 2 (2022): Jurnal Penelitian Sains dan Teknologi Indonesia (JPSTI)
Publisher : Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LP2M) Universitas Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19184/jpsti.v1i2.187

Abstract

Economic growth is an indicator to show the economic performance and economic development of a country. Economic growth theory has many figures with it thoughts. One of them is Solow's thinking, which considers that investment and technology can drive economic growth. Harrod Domar also state that investment can boost economic growth. The purpose of this study is to analyze the effect of Foreign Direct Investment (FDI), Domestic Direct Investment (DDI), and the ICT Index on Indonesia's economic growth. The method used in this research is Least Square Panel (PLS). The results showed that the Domestic Direct Investment (DDI) and the ICT Index had a positive and significant effect on Indonesia's economic growth. In contrast to these two variables,  Foreign Direct Investment (FDI) has a positive but insignificant effect on Indonesia's economic growth.
Deepening The Role of Macroprudential Policy on Capital Outflows in Indonesia Utami, Eka Febrianti; Wilantari, Regina Niken; Priyono, Teguh Hadi
Journal of Social Research Vol. 3 No. 2 (2024): Journal of Social Research
Publisher : International Journal Labs

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Abstract

Foreign capital flows to EMEs have increased significantly since 2004. After falling sharply in 2008 due to the global crisis, foreign capital flows then increased sharply until 2013 and declined thereafter due to the influence of Fed tapering policy. The results of VECM testing on sample data 2013.Q1 - 2021.Q1 in Indonesia show that there is indeed an influence of macroprudential policy. The nature of macroprudential policy on capital outflows is only a buffer policy, so a combination of other economic mix policies is needed. The right policy forms can be in the form of triple intervention policy in the spot market, domestic non-deliverable forward (DNDF) market and SBN purchases from the secondary market.