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State Sukuk Potential in Reducing Indonesia Budget Deficit, 2009-2015 Amaliah, Ima; Aspiranti, Tasya
Journal of Economics, Business, and Accountancy Ventura Vol. 20 No. 1 (2017): April - July 2017
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v20i1.781

Abstract

The purpose of this study is to identify potential retail state sukuk as part of state bonds that are used to replace foreign debt and lower the government's budget deficit. This study is important because the government's budget deficit continues to rise each year due to the increase of foreign debt. The increase in the debt itself is closely related to exchange rate fluctuations. Therefore, it is important for the government to develop a relatively secure funding in facing exchange rate fluctuations as well as parts of interest rate. The government has developed state securities based on sharia (SBSN) which can be used not only to close finance deficit but also to alternatively finance the infrastructure development. The population consists of budget deficit, retail state sukuk, corporate sukuk, and foreign debt. It uses purposive sampling to get the sample during 2009 -2015. This research uses descriptive quantitative method of secondary data published by Bank Indonesia, ministry Finance and Jakarta Islamic Index. The result shows that the proportion of retail state sukuk against sharia state securities increases over time (over 50%) but the proportion of corporate sukuk numbers is still relatively small (below 25%). 
Shifting the State Burden in Infrastructure Financing through the Issuance of Government Sukuk Amaliah, Ima; Aspiranti, Tasya
Journal of Economics, Business, and Accountancy Ventura Vol. 25 No. 2 (2022): August - November 2022
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v25i2.3023

Abstract

This research is intended to introduce and elaborate on the role of government sukuk as one of the macroeconomic policy instruments to cover the government budget deficit and infrastructure financing in Indonesia. This study developed an analysis model during the 2008.Q2-2020.Q4 period to show that the policy of developing Islamic financial instruments is closely related to macroeconomic variables. This study uses a dynamic linear ECM in developing government sukuk both in the short and long term. This study finds that sukuk budget deficit and infrastructure financing positively influence government sukuk issuance in the short term. While in the long term, infrastructure financing negatively influences government sukuk issuance. This study may suggest that the role of government sukuk as a substitute for foreign debt in building infrastructure must be further enhanced. The government should promote trust regarding government sukuk as a reliable investment instrument so that the government sukuk market expands and becomes an important source of financing for economic development, particularly infrastructure development.
Pengaruh Pertumbuhan Ekonomi, Inflasi, dan Nilai Tukar Terhadap Neraca Perdagangan Indonesia-China Novi Ariani; Ima Amaliah
Jurnal Riset Ilmu Ekonomi dan Bisnis Volume 3, No. 2, Desember 2023, Jurnal Riset Ilmu Ekonomi dan Bisnis (JRIEB)
Publisher : UPT Publikasi Ilmiah Unisba

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/jrieb.v3i2.2882

Abstract

International trade between Indonesia and China already has a cooperative relationship by following the ACFTA agreement or the ASEAN-China Free Trade Agreement. The implementation of the ACFTA should increase the value of exports, but in reality, commodities originating from China are easier to enter the domestic market. This has led to a decline in the condition of Indonesia's trade balance with China over the past 15 years. The purpose of this study is to determine the influence and magnitude of the influence of economic growth, inflation, and the exchange rate on the trade balance between Indonesia and China in the short and long term for the 2000-2021 period. The data used in this study is quantitative data obtained through secondary data in the form of a time series from 2000-2021. Data processing uses the Error Correction Model (ECM) with the Eviews 10 analysis tool. The results of the analysis show that the ECT is significantly negative and less than 1. This means that the model shows the level of short-term adjustment in correcting the long-term balance. According to estimates of economic growth and exchange rates in the short term have a negative effect on Indonesia's trade balance with China. Meanwhile, in the long run, the variable economic growth has a positive effect on the trade balance between Indonesia and China, while the exchange rate variable has no effect. The inflation variable has no effect either in the short term or the long term. Perdagangan Internasional antara Indonesia dengan China telah memiliki hubungan kerjasama dengan mengikuti perjanjian ACFTA (ASEAN-China Free Trade Agreement). Diterapkannya ACFTA seharusnya meningkatkan nilai ekspor, tetapi kenyataannya komoditas yang berasal dari China lebih mudah masuk ke pasar domestik. Hal ini menyebabkan menurunnya kondisi neraca perdagangan Indonesia dengan China selama 15 tahun terakhir. Tujuan dari penelitian ini untuk mengetahui pengaruh dan besarnya pengaruh pertumbuhan ekonomi, inflasi, dan nilai tukar terhadap neraca perdagangan Indonesia dengan China dalam jangka pendek dan jangka panjang periode 2000-2021. Data yang digunakan dalam penelitian ini merupakan data kuantitatif yang diperoleh melalui data sekunder berupa runtut waktu dari tahun 2000-2021. Pengolahan data menggunakan Error Correction Model (ECM) dengan alat analisis Eviews 10. Hasil analisa menunjukkan bahwa ECT signifikan negatif dan kurang dari 1. Artinya model menunjukan tingkat penyesuaian jangka pendek dalam mengkoreksi keseimbangan jangka panjang. Menurut estimasi pertumbuhan ekonomi dan nilai tukar dalam jangka pendek berpengaruh negatif terhadap neraca perdagangan Indonesia dengan China. Sementara dalam jangka panjang variabel pertumbuhan ekonomi berpengaruh positif terhadap neraca perdagangan Indonesia dan China, sedangkan variabel nilai tukar tidak berpengaruh. Variabel inflasi tidak berpengaruh baik dalam jangka pendek maupun jangka panjang.
Financial risk mitigation of collateral-free kredit usaha rakyat mikro at Bank Syariah Indonesia KCP Ujung Berung 1 Gustini, Yasni; Amaliah, Ima; Hartono, Budi
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art5

Abstract

IntroductionBank Syariah Indonesia participates in disbursing kredit usaha rakyat (KUR) mikro with a maximum financing ceiling of Rp 100 million without requiring collateral. This is worth further investigation, especially from the perspective of financing risk mitigation.ObjectivesThis research aims to identify risk mitigation strategies to reduce the impact on non-performing financings from kredit usaha rakyat mikro.MethodThe study is located at Bank Syariah Indonesia KCP Ujung Berung 1 in the city of Bandung, using a qualitative descriptive method. Research data is processed using interview and documentation techniques.ResultsField findings indicate dynamic disbursement of KUR from January to April, totaling Rp 3.69 million. In April 2023, delinquent credits decreased by 0.5% from 6.6% in March 2023 to 6.1%. This is evidenced by the risk mitigation strategy used to address delinquent credits, which involves identifying customers who meet established criteria and conducting necessary checks, such as BI checking/SLIK, trade checking, and market checking. Additionally, the bank requires customers to obtain life insurance before applying for financing.ImplicationsThe research motivates Islamic bank management to reduce financial risk in financing to micro, small, and medium enterprises by improving their financial risk mitigation.Originality/NoveltyThis study can serve as a reference for banks to reduce the risk of non-performing financing by implementing credit risk mitigation strategies.
Perspektif ECM Tentang Perangkap Pendapatan Menengah di Indonesia Tantangan dan Strategi Syam, Fauziyah; Amaliah, Ima
Jurnal Riset Ilmu Ekonomi Vol. 4 No. 3 (2024): Jurnal Riset Ilmu Ekonomi (JRIE) Edisi Desember 2024
Publisher : Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jrie.v4i3.214

Abstract

This research aims to identify and analyze the factors that cause Indonesia to fall into the middle-income trap category, as indicated by the manufacturing sector, education level and number of MSMEs. This research uses quantitative with error corection model methods. The data used is from 1997-2022. The data used consists of manufacturing value added, school enrollment rates, number of MSMEs and per capita income used as a middle-income trap proxy sourced from the World Bank, BPS and ukmindonesia.id. The results of data processing show that the manufacturing industry has a negative effect on the middle-income trap in both the long and short term. The direction of the variable relationship is in accordance with theory. An increase in manufacturing industry will reduce MIT. However, the level of education and the number of MSMEs have a positive influence on MIT because most of Indonesia's APS is dominated by a reasonable salary of 9-12 years and MSMEs are only able to absorb small-scale workers. Indonesia is expected to be expelled from MIT within 6 years or 2030.