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All Journal Jurnal Hubungan Internasional JIET (Jurnal Ilmu Ekonomi Terapan)
Widjanarko, Yeremia Nicolaus
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Chinese Loan to Africa in the lens of Pragmatism Economics Widjanarko, Yeremia Nicolaus
Jurnal Hubungan Internasional Vol. 16 No. 2 (2023): JURNAL HUBUNGAN INTERNASIONAL
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jhi.v16i2.50644

Abstract

This paper examined the reasons behind China's decision to provide loans to African states, a group that had been traditionally been considered not creditworthy by MDBs. Utilizing a descriptive-explorative research method, primary to secondary data ranged from 1999 to 2022, and the framework of economic pragmatism, this paper analyzed and found some pragmatic implications. The findings concluded that China's lending strategy was mostly motivated by a pragmatic approach aimed at gaining early access to African markets, securing vital natural resources, assisting Chinese corporations, and creating economic dependence. China's loans were used to fund infrastructure projects, reducing logistics costs for Chinese businesses and diversifying foreign exchange reserves. This paper posited that China's policy was driven by empirical facts, adaptiveness to global economic conditions, and a focus on concrete economic benefits, such as increasing imports from China and gaining access to natural resources. Therefore, this paper describes China's efforts to strengthen its influence and obtain tangible economic advantages through its lending practices in Africa   Keywords: Africa, China, Development Loan, Economic Gains, Political-Economy
Political-Economic Comparison of The World Bank and The New Development Bank Widjanarko, Yeremia Nicolaus
Jurnal Ilmu Ekonomi Terapan Vol. 9 No. 1 (2024)
Publisher : Department of Economics, Faculty of Economics and Business, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jiet.v9i1.49538

Abstract

Although stated as one of the influential actors in international relations and discussed in many previous studies, MDB had yet to be comprehensively depicted. Through this research, the author intended to fill this gap by comparing the World Bank as a traditional MDB and the New Development Bank as a Neo MDB within the international economic order. By comparing the political and economic anatomy such as ownership structure, distribution of voting power in decision-making, establishment objectives, types of financing services, operational coverage, sources of funding, private sector options, and service customization and examining them using an organizational political-economy approach, the author found both MDBs had significant differences in carrying out their functions as cross-border financial institutions.
The Impact of Monetary Connectivity: From Single Currency to Economic Growth Widjanarko, Yeremia Nicolaus
Jurnal Hubungan Internasional Vol. 17 No. 2 (2024): JURNAL HUBUNGAN INTERNASIONAL
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jhi.v17i2.52017

Abstract

This research investigated the impact of the adoption of the Euro as a single currency in the European region (Eurozone) on transaction costs, consumption, investment, and economic growth. By combining monetary transmission theory, empirical data analysis, and case studies, this research revealed mechanisms that linked the single currency to increased economic activity and growth in the Eurozone. The results showed that the elimination of currency conversion costs, exchange rate uncertainties, and foreign currency risks had reduced transaction costs, encouraged cross-border trade, investment, and economic integration. The increase in transaction volume and value reflected an increase in household consumption, which in turn drove production, innovation, and further investment. The stability and confidence created by the European Central Bank and positive market expectations had contributed to sustained economic growth, as reflected in trend of the Eurozone’s gross domestic product (GDP). This research highlighted the transformative role of single currency system in promoting prosperity and economic stability across all member states. Keywords: Economic Growth, Euro, Eurozone, Monetary Connectivity, Monetary Transmission.
Multipolarity in Development Banking: The Asian Infrastructure & Investment Bank (AIIB) and Asian Development Bank (ADB) Widjanarko, Yeremia Nicolaus
Jurnal Ilmu Ekonomi Terapan Vol. 9 No. 2 (2024)
Publisher : Department of Economics, Faculty of Economics and Business, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jiet.v9i2.59426

Abstract

This research analyzed multipolarity in development financing, focusing on the Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB). These two banks represent a shift in global economic power from the West to the Far East, particularly with the rising role of China. Using the Neorealism theoretical framework, the research examined the political-economic differences, leadership structures, and financing patterns of AIIB and ADB. The data showed that AIIB and ADB significantly differ in membership, objectives, initial capital, geographical coverage, environmental policies, and relationships with major economies such as China, Japan, and the United States. Their financing patterns across various Asian economies, such as India and Bangladesh, reflect a more balanced power distribution and the resilience of the international system. Additionally, the flexible approach of AIIB contrasts with ADB’s stricter conditionality, highlighting differing strategies in development financing. The findings indicate that multipolarity in development financing enhances stability and order in the international system, consistent with Neorealism’s view on the importance of natural power competition. The presence of both institutions encourages innovation and adaptation, contributing to a more robust and diverse global financial architecture.
The Impact of Financial Reforms on FDI Inflow and Export Growth Widjanarko, Yeremia Nicolaus
Jurnal Ilmu Ekonomi Terapan Vol. 10 No. 2 (2025)
Publisher : Department of Economics, Faculty of Economics and Business, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jiet.v10i2.67648

Abstract

Objective: This study explores the interlinkages between financial reforms, FDI inflows, and export growth in China through the lens of the Neoclassical framework. It aims to understand how post-2000 banking deregulation and capital market liberalization contributed to expanding foreign investment and export performance—an issue highly relevant to policy evaluation in emerging economies. The research adopts a qualitative–empirical orientation grounded in established economic theory. Design/Methods/Approach: The analysis draws on secondary time-series data from 1992–2022 obtained from the World Bank and the Asian Development Bank, complemented by a thematic review of China's policy documents. The study examines the evolution of FDI, exports, and industrial value-added to assess the sequencing of reforms and their links to external performance. the qualitative-descriptive approach is deemed suitable for connecting institutional change with resource allocation dynamics and trade outcomes. Findings: The findings reveal that financial reforms—particularly banking deregulation and capital market opening—were associated with a thirty-fold rise in FDI inflows and a fifty-five-fold surge in exports. Thematic analysis also highlights that FDI-driven technology transfer enhanced manufacturing productivity, with industrial value-added increasing from roughly USD 625 billion (2004) to USD 4.98 trillion (2022). These results support the Neoclassical argument that reforms improving resource allocation efficiency are fundamental to sustaining export growth. Originality/Value: This research contributes by integrating macro-level quantitative evidence with an institutional qualitative perspective, offering a sequencing framework that emphasizes strengthening financial transparency before targeting FDI toward high-value-added sectors. Such an approach provides a transferable analytical lens for other developing economies. Practical/Policy implication: For policymakers, the study underscores the importance of prioritizing transparency and financial governance as prerequisites for attracting quality FDI. It also suggests designing selective incentives to channel investment into high-value-added industries that promote technology diffusion and export competitiveness. Details regarding institutional readiness indicators, policy instruments, and long-term evaluation mechanisms.
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