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Quantitative Easing and Economic Stability: Adaptive Strategies in Indonesia’s New Trinity Framework Akbar, Dudi Duta; Siregar, Hermanto; Sugema, Iman; Anggraeni, Lukytawati
International Journal of Economics Development Research (IJEDR) Vol. 6 No. 5 (2025): International Journal of Economics Development Research (IJEDR)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ijedr.v6i5.8086

Abstract

This study investigates how Quantitative Easing (QE), as an unconventional monetary policy, affects Indonesia's macroeconomic stability amidst increasing global volatility. While QE is intended to stimulate liquidity and economic recovery, its implementation in emerging economies like Indonesia faces structural constraints involving inflation control, exchange rate management, and monetary policy independence. Using 64 quarterly observations from 2007 to 2023, this quantitative research applies nonlinear econometric models including Threshold Vector Autoregression (TVAR), Bayesian Vector Autoregression (BVAR), and Time-Varying Parameter Vector Autoregression (TVP-VAR) to capture regime-dependent and time-varying policy dynamics. The analysis focuses on Indonesia’s macro-financial variables, including policy interest rate, inflation, GDP growth, REER, stock market index (IHSG), and government bonds (SUN). The study adopts the “new monetary trinity” framework, integrating financial stability alongside exchange rate and monetary autonomy. The main findings highlight nonlinear and time-varying relationships among variables: in low-volatility regimes, QE supports inflation control and bond stability, while in high-volatility regimes, it intensifies pressure on GDP and erodes monetary independence. The burden-sharing mechanism between the central bank and the government proves critical in sustaining liquidity and investor confidence. These insights underscore the need for adaptive, well-coordinated fiscal-monetary strategies to enhance resilience in Indonesia and other emerging markets.
Faktor-Faktor yang Memengaruhi Partisipasi Tenaga Kerja dalam Program Kartu Prakerja : Institut Pertanian Bogor Panjaitan, Dian Verawati; Nunung Nuryartono; Lukytawati Anggraeni
Jurnal Ekonomi dan Kebijakan Pembangunan Vol. 10 No. 1 (2021): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jekp.10.1.2021.20-43

Abstract

The initial objective of the Pre-Employment Card (Program KP) is to improve skills and prepare the workforce to be able to compete in the world of work. With the Covid-19 pandemic, the goal is to help people affected by the pandemic and reduce unemployment. After a year of implementing this program, it is necessary to conduct an analysis that aims to determine public sentiment towards the program and analyze the factors that influence a person's decision to register. Data from Drone Emprit Academic Open, Sakernas and the logit method were used to answer the objectives. The results show that the community gives negative sentiments related to the type of training and requirements. The factors that influence a person's decision to apply are the number of hours worked, income, age, training, job status, using the internet. Other factors are preparing for a new business, changes in income and working hours, and education level. The negative sentiment still arises in several issues related to the type of training and enrollment. PMO needs to improve how information is disseminated on requirements and registration. The training can be cheaper to allow more training attended and reach more recipients within the available budget.
Day-of-The-Week Anomaly on Different Stock Capitalization: Evidence from Indonesian Stock Market Juniarwoko, Dadang Wahyu; Irawan, Tony; Anggraeni, Lukytawati
AFEBI Economic and Finance Review Vol. 2 No. 1 (2017): June
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47312/aefr.v2i1.682

Abstract

The aim of this study is to determine whether the “Day-of-The-Week Anomaly” (DOWA) exists on different stock capitalization in Indonesian stock market. A total of 58 stocks listed in both LQ45 index and Pefindo25 index used to represent large cap stocks and small and medium cap stocks respectively. The Ordinary Least Squares (OLS) method and ARCH/GARCH model were employed to capture the DOWA and the daily volatility behavior for the period between January 2010 and December 2015. The result reveals that DOWA exist for a significant proportion of individual stocks in both LQ45 and Pefindo25. Monday was found to have the lowest mean returns while Wednesday has the highest mean return. The differences between Monday’s return and return of the other days ranged from 0.15 to 0.41 percent. LQ45 stocks also found to have slightly higher Wednesday’s volatility than of Pefindo25 stocks. It indicates that the higher return of the LQ45 is naturally accompanied by a higher risk. JEL Classification: G02, G10, G17Keywords: Day-of-The-Week Anomaly, Indonesia, LQ45, Pefindo25, Stock Market
Social forestry business group financing strategy in Wanagiri Village, Sukasada District, Buleleng Regency, Bali Province Musyaffa, Muhammad Elfaza Faishal; Boer, Rizaldi; Anggraeni, Lukytawati
Indonesian Journal of Multidisciplinary Science Vol. 4 No. 5 (2025): Indonesian Journal of Multidisciplinary Science
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/ijoms.v4i5.1095

Abstract

Social forestry is a flagship program to preserve forests while improving the welfare of communities around forest areas. This program faces several problems and challenges, one of which is the problem of financing social forestry business groups. The purpose of this study is to analyze alternative financing strategies for social forestry business groups. This study uses an in-depth interview method with the public and experts and the results are analyzed using descriptive analysis, SWOT and QSPM. Interviews with the community found that the financing of social forestry business groups is still minimal, this is due to several factors, including access to financing, government support, human resource capacity, and institutions, so alternative strategies are needed to increase the financing potential of social forestry business groups. Alternative strategies based on SWOT and QSPM analysis include actively looking for alternative sources of financing, increasing human resource capacity, evaluating the improvement of management of social forestry business groups, managing the environment sustainably, utilizing social forestry assistance facilities, conducting active communication with related institutions, and participation in collaboration between the community, government, and the private sector in the development of social forestry business groups.
Indonesian Stock Market Return Volatility and Foreign Portfolio Capital: Evidence Before and During Covid-19 Pandemic Reffi Marizka Dewi; Lukytawati Anggraeni; Tony Irawan
Jurnal Aplikasi Bisnis dan Manajemen Vol. 9 No. 1 (2023): JABM, Vol. 9 No. 1, Januari 2023
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.9.1.152

Abstract

The Covid-19 pandemic increased uncertainty in the Indonesian stock market. This paper aims to investigate foreign and domestic investors' behavior in the Indonesian stock market, especially during the Covid-19 pandemic. The method used was E-GARCH and DCC-GARCH. The results showed that the impact of shocks from bad and good news was greater on the return volatility during the pandemic. The shocks had a positive impact on the increase in the spillover effect of NFI's volatility to return volatility in the short and long term before the pandemic, but this did not happen during the pandemic. There is an indication of bias of forecasting errors and prospect theory in the behavior of investors in the Indonesian stock market. Conservatism bias is also indicated in the behavior of foreign investors. Keywords: Covid-19, E-GARCH, DCC-GARCH, net foreign inflow, return volatility
KINERJA EKSPOR INDONESIA DAN PERSEPSI KONSUMEN PAKISTAN TERHADAP MINYAK SAWIT DAN PRODUK TURUNANNYA Tampubolon, Bahroin Idris; Hastuti; Firdaus, Muhammad; Anggraeni, Lukytawati; Muna, Naufa
Buletin Ilmiah Litbang Perdagangan Vol 16 No 1 (2022): BILP
Publisher : Trade Analysis and Development Agency, Ministry of Trade of Republic of Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Abstrak Pakistan merupakan negara nontradisional mitra dagang strategis Indonesia. Pakistan mengimpor Crude Palm Oil (CPO) Indonesia untuk memenuhi kebutuhan minyak makan. Industri minyak makan di Pakistan memiliki karakter sangat kompetitif, hambatan masuk (barrier to entry) yang rendah, dan cenderung sensitif terhadap perubahan harga. Tujuan penelitian ini yaitu: (1) Menganalisis kinerja ekspor minyak sawit dan produk turunannya di Pakistan; (2) Menganalisis tingkat pengetahuan dan faktor yang memengaruhi konsumen rumatangga Pakistan terhadap minyak sawit dan produk turunannya asal Indonesia; (3) Menganalisis tingkat loyalitas konsumen rumah tangga di Pakistan terhadap produk cooking oil. Penelitian ini menggunakan analisis deskriptif kualitatif, analisis regresi logistik, dan analisis loyalitas konsumen. Hasil analisis menyajikan kinerja ekspor minyak sawit Indonesia ke Pakistan mengalami trend peningkatan sejak tahun 2012 dan salah satunya disebabkan penandatangan Preferential Trade Agreement (PTA). Konsumen rumahtangga di Pakistan sebagian besar tidak mengenal CPO atau produk hasil turunannya serta tidak memahami isu lingkungan terkait industri kelapa sawit. Terdapat empat variable yang memengaruhi peluang responden mengetahui CPO dan produk turunannya yaitu lokasi tempat tinggal, dummy frekuensi konsumsi cooking oil, dummy frekuensi konsumsi margarine, dan dummy frekuensi es krim. Konsumen di Pakistan merupakan konsumen yang tergolong dalam kelompok liking the brand dengan tidak sepenuhnya switcher buyer. Kata Kunci: Crude Palm Oil, Pakistan, Regresi Logistik, Analisis Loyalitas Konsumen, Cooking Oil Abstract Pakistan is a non-traditional trading partner country that is a strategic r for Indonesia. Pakistan imports Crude Palm Oil (CPO) to meet the needs for edible oil. Pakistan’s cooking oil industry is highly competitive with low barriers to entry, also moderately sensitive to price changes. The aims of this research are to (1) analyze the export performance of palm oil and its derivative products; (2) analyze the level of knowledge and the factors that influence Pakistani consumers; (3) analyze the level of loyalty of household consumers to cooking oil. The research used descriptive qualitative analysis, logistic regression analysis, and analysis of brand loyalty. The results of the analysis showed that Indonesian palm oil exports to Pakisthavehas had an increasing trend since 2012, caused by the implementation of the Preferential Trade Agreement (PTA). Most consumers in Pakistan were not familiar with CPO or its derivative products and did not understand the environmental issues related to the palm oil industry. There are four variables that affect the probability of respondents knowing CPO and derivative products, namely, location of residence, dummy frequency of cooking oil consumption, dummy frequency of margarine consumption, and dummy frequency of ice cream. Generally, Pakistan consumers are a group of consumers that liking the brand group. Keywords: Crude Palm Oil, Pakistan, Logistic Regression, Analysis of Brand Loyalty, Cooking Oil JEL Classification: C25, D12, F14, Q17
Hubungan Pertumbuhan Ekonomi dengan Inflasi di 90 Kabupaten-Kota Indonesia Arifin, Samsul; Siregar, Hermanto; Anggraeni, Lukytawati; Purnamadewi, Yeti Lis
Jurnal Ekonomi dan Pembangunan Indonesia Vol. 26, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study aims to explain the relationship between economic growth and inflation in 90 Indonesian cities during the period 2018–2022 using the GMM estimator with Windmeijer - Sigmund robust standard errors. The author’s findings reveal that the two-way relationship between the two is that economic growth has a significant positif effect on inflation, while inflation has a negatif but insignificant effect. Through the results of this study, policymakers and stakeholders can consider priority objectives, namely achieving economic growth targets compared to inflation problems during the COVID-19 crisis and economic development during the future economic recovery.
Analisis Faktor Pendorong Alih Fungsi Lahan Pertanian melalui Pendekatan Keruangan terhadap Kebijakan Ketahanan Pangan (Studi Kasus: Kabupaten Bogor) Rizki Pranata Dewa; Perdinan; Lukytawati Anggraeni
Jurnal Penelitian Pendidikan IPA Vol 12 No 2 (2026)
Publisher : Postgraduate, University of Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29303/jppipa.v12i2.13903

Abstract

The conversion of agricultural land to non-agricultural uses poses a significant threat to food security, particularly in metropolitan buffer regions such as Bogor Regency. Rapid population growth and economic restructuring have led to a 24.5% reduction in rice field area, declining from 48,177 ha in 2003 to 36,355 ha in 2019, contributing to a regional rice deficit of 37%. This study employs a quantitative spatial approach using Geographic Information Systems (GIS), integrating Spatial Overlay, Cellular Automata (CA), and a Multi-Layer Perceptron Artificial Neural Network (MLP-ANN) to analyze land conversion dynamics and evaluate the effectiveness of spatial planning policies. The results reveal persistent conversion of rice fields, including within designated food crop zones under the Regional Spatial Plan (RTRW), indicating a misalignment between spatial planning and actual land-use dynamics. This study contributes to applied environmental science by demonstrating the value of integrated spatial modeling in assessing land-use policy effectiveness and supporting spatially informed strategies for sustainable agricultural land management and local food security.
FAKTOR-FAKTOR YANG MEMENGARUHI NIAT DAN PERILAKU GENERASI Z MENGGUNAKAN APLIKASI INVESTASI REKSA DANA BERBASIS MOBILE Lintang Selviana Aswan; Wita Juwita Ermawati; Lukytawati Anggraeni
Jurnal Ilmu Manajemen Vol. 14 No. 2 (2026)
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jim.v14n2.p372-388

Abstract

This study examines the factors influencing Generation Z’s intention and use behavior toward mobile-based mutual fund investment applications, integrating UTAUT2 constructs, financial literacy, and habit. A quantitative approach was employed through a purposive survey of 203 app users in Jakarta. Data were analyzed using Partial Least Squares–Structural Equation Modelling (PLS-SEM) via SmartPLS 4 to assess relationships among variables. The results indicate that performance expectancy, effort expectancy, social influence, facilitating conditions, hedonic motivation, price value, and financial literacy positively affect behavioral intention. Habit does not significantly influence behavioral intention but has a direct effect on use behavior, highlighting the role of automaticity and behavioral inertia, where habitual behavior drives actions without conscious intention. Behavioral intention remains the main predictor of use behavior, while other factors such as facilitating conditions, financial literacy, hedonic motivation, price value, and habit also exert direct effects on usage. The findings provide several practical implications for platform managers and regulators, including the development of digital financial literacy programs, the enhancement of system convenience, and collaborative educational campaigns with regulatory bodies such as OJK or BEI. In addition, the study contributes to the literature on UTAUT2 and digital investment behavior among Generation Z in the Southeast Asian context, particularly in understanding the roles of habit and financial literacy. This study is limited to mobile mutual fund app users in Jakarta, so generalization to the broader Generation Z population or other investment instruments should be done with caution.
Pengaruh IPO Terhadap Kinerja Keuangan, Good Corporate Governance dan Nilai Perusahaan Emiten Skala UKM di Bursa Efek Indonesia: IPO’s Effect on Financial Performance, Good Corporate Governance and Firm Value of SME Issuers in Indonesia Stock Exchange Risa Resmita Dewi; Anny Ratnawati; Lukytawati Anggraeni
Jurnal Aplikasi Bisnis dan Manajemen Vol. 10 No. 2 (2024): JABM, Vol. 10 No. 2, May 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.2.636

Abstract

Background: The financial sector, especially the Indonesian capital market, shows a positive trend with an increase in the number of IPO companies each year. The contribution of national GDP and the number of SME companies in Indonesia are high, so development efforts to facilitate the provision of capital through the capital market are carried out by the government. Basically, IPO funding obtained by the company will provide an opportunity for the issuer in the hope of improving financial performance so that the company's valuation among investors increases and also improves corporate governance.Purpose: This study aims to analyze the influence of Initial Public Offerings on Financial Performance, Good Corporate Governance and Valuation in SME’s Issuer on Indonesia Stock Exchange. Design/methodology/approach: The research was conducted using the Mann-Whitney test and OLS multiple regression analysis. Findings/Result: The results showed that financial performance has a significant difference after IPO particularly on activity ratio and leverage ratio. It is known that the variables company such as size, outstanding shares, profitability ratio and dummy covid have an effect on company valuation. While leverage, income and activity ratio have no effect on company value. In addition, leverage, company size, outstanding shares and dummy covid have significant effect on good corporate governance.Conclusion: Issues from SME can be considered potential options for investors in the capital market. Besides that, it encourages other SME to obtain funding from the capital market.Originality/value (State of the art): This study examines opportunities for SME companies that can increase their business scale through the capital market by meeting the requirements of financial performance prospects and the implementation of good corporate governance so that they can increase the company's value. Keywords: financial performance, good corporate governance, IPO, firm value, SME
Co-Authors ., Harianto Achmad Rizki Achsani, Noer Azham Adis Imam Munandar Agung Satryo Ahmad Fanani Ahmad Sutanto Akbar, Dudi Duta Akhmad Fauzi Aldesta Perwitasari Tunas Alla Asmara Almira Dyah Mahiswari Amzul Rifin Anny Ratnawati Arief Daryanto Aulia Yulianti Wulandari Ayu Renita Sari Azka Azifah Dienillah Bagus Sartono Bambang Djuanda Bambang Juanda Benny Robby Kurniawan Bintan Badriatul Ummah Bronson Marpaung Cosmas A.I. Wardojo Dadang Wahyu Juniarwoko Darwis Abubakar Dedi Budiman Hakim Deni Lubis Desfaryani, Rini Dewi Kusumaningrum Dewi Rohma Wati Dian Putri Lestari Dian Verawati Panjaitan Dudi Duta Akbar Emil Fatmala Endang Puji Astutik Erliza Noor Ernan Rustiadi Fariyanti, Anna Fitri Kartiasih Fitriana, Rizqi Fitriana, Widya Gustyanita Pratiwi Gustyanita Pratiwi Hadiwiyono Hadiwiyono Hardiyanto, Arief Tri Harianto Harianto Hartoyo Hartoyo Haryadi Krisnandar Hastuti Hendro Sasongko Herdiana Puspitasari Hermanto Siregar Hermanto Siregar Hery Setiawan Hery Setiawan, Hery Hidayanto, Muh. Wawan Iin Zahratain Iman Sugema Indah Eko Suryani Indah Indra Putri, Dennis Juniarwoko, Dadang Wahyu Khairunnisa Khairunnisa Koes Pranowo Kuntoro, Eri Lestari Agusalim Linda Karlina Sari Lintang Selviana Aswan Mela Yunita Mirfatul Hidayah Mudinillah, Adam Muh. Wawan Hidayanto Muhammad Firdaus Muhammad Firdaus Musyaffa, Muhammad Elfaza Faishal Nadilla Ambarfauziah Rulian Naufa Muna, Naufa Noer Azam Achsani Nuni Anggraini Nuni Anggraini Nunung Nuryartono Nur Maghfirah Nur Muflihatun Azizah Nurvita, Tita Octavian, Hieta Purbantoro, Bhirawa Anoraga Puri Mahestyanti puspitasari, dwi puspitasari Putri Mahestyanti Ranti Wiliasih Ratna Anita Carolina Reffi Marizka Dewi Ria Maulida Rina Oktaviani Rini Siswati Asnel Risa Resmita Dewi Rizaldi Boer Rizki Pranata Dewa Rokhim, Fatkhu Rum Puspita Widhiarti Sahara Sahara Salahuddin El Ayyubi Salsa Dilla Samsul Arifin Samsul Hidayat Pasaribu Santosa, Dony Firman Sri Hartoyo Sri Mulatsih Sugema, Iman Syamsul Hidayat Pasaribu Tampubolon, Bahroin Idris Tanti Novianti Tita Nurvita Tiurmaida Krisanty Sitompul Tony Irawan Tri Wulandari Trias Andati Trias Andati Trias Andati Trias Andati Trisno, Andhika Muhammad Fadil Ujang Suryadi Umbu Joka Untung Setiono Vinanda, Gita Wahyu Dyah Novitasari Widyastutik Wiwiek Rindayati Yeti Lis Purnamadewi Yugo, Vini Ratna Sari Yulya Aryani Yusman Syaukat Zenal Asikin