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All Journal Jurnal Ekonomi Pembangunan Optimum : Jurnal Ekonomi dan Pembangunan JEJAK Journal of Economics, Business, & Accountancy Ventura Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan MODUS-Jurnal Ekonomi dan Bisnis Jurnal Ekonomi & Keuangan Islam Journal of Socioeconomics and Development EKO-REGIONAL JURNAL PENGEMBANGAN EKONOMI WILAYAH Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi Jurnal REP (Riset Ekonomi Pembangunan) JURNAL ILMIAH MAKSITEK Journal of Economics Research and Social Sciences Jurnal Ilmiah Raflesia Akuntansi Income: Innovation Of Economics And Management Journal of Asset Management and Public Economy Asian Journal of Community Services (AJCS) Asian Journal of Healthcare Analytics Eko-Regional: Jurnal Pembangunan Ekonomi Wilayah Prosiding Seminar Nasional Pengabdian Masyarakat Jurnal Ekonomi dan Studi Pembangunan (JESP)
Mahrus Lutfi Adi Kurniawan
Ahmad Dahlan University
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Determinant of Macroeconomic Variables on Foreign Exchange Reserves in Indonesia Rifda Syahda Nabilah; Mahrus Lutfi Adi Kurniawan; Fitra Pasapawidya Purna
INCOME: Innovation of Economics and Management Vol. 4 No. 3 (2025): February
Publisher : LPPM Universitas KH. A. Wahab Hasbullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32764/income.v4i3.5636

Abstract

The research aims to analyze the influence of macroeconomic variables on foreign exchange reserves in Indonesia. This cannot be separated from the fact that the accumulation of foreign exchange reserves is very closely related to the condition of macroeconomic variables. The research uses time-series data from 2019:M01-2023:M12. The multiple linear regression approach is applied to determine the influence of the independent variable on the dependent variable in the foreign exchange reserve model. The research results show that imports, inflation and the exchange rate have a negative effect on foreign exchange reserves. An increase in these three variables will reduce foreign exchange reserves. The money supply has a positive effect on the exchange rate. The OLS approach produces BLUE regression, because the model is free from classical assumption problems. The implication of the research is that the government needs to implement an expansionary fiscal policy by increasing government spending, encouraging exports and maintaining the stability of the rupiah exchange rate against the US dollar. Stable domestic economic conditions will have an impact on increasing the accumulation of foreign exchange reserves.
The Role of Inequality in Indonesia: Does Fiscal Decentralization Matter? Nunung Zahrotul Hayat; Mahrus Lutfi Adi Kurniawan; Wing-Keung Wong
Jurnal Ekonomi dan Studi Pembangunan Vol 15, No 2 (2023)
Publisher : Universitas Negeri Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17977/um002v15i22023p111

Abstract

This research explores the role of inequality because inequality has long-term effects on social and economic conditions and has an impact on the decentralization process. There are two models developed in which inequality is the regressor of regional income and inequality is the regressor. The panel seemingly unrelated regression is applied to produce consistent coefficient parameters. The results of research on model 1 show that inequality has a negative effect on regional income and on model 2 shows that fiscal decentralization with government spending has a positive effect on inequality and special allocation funds have a negative effect on inequality. The implication of research is that fiscal decentralization can reduce the level of inequality if it is transferred and prioritizes poor or disadvantaged areas.
Re-examining infrastructure-led growth theory: The role of telecommunication on growth in Indonesia Aisyah Hashinatun Nithosyi; Mahrus Lutfi Adi Kurniawan; Jihad Lukis Panjawa
Eko-Regional: Jurnal Pembangunan Ekonomi Wilayah Vol 21 No 1 (2026): March 2026
Publisher : Faculty of Economics and Business Universitas Jenderal Soedirman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32424/er.v21i1.19128

Abstract

This study re-examines the infrastructure-based growth theory by assessing the contribution of telecommunications to regional economic growth in Indonesia. Panel data from 34 provinces during the period 2018–2022 were analyzed using panel data regression; Chow and Hausman tests selected the fixed effects model. The dependent variable is the log of gross regional domestic product, while the independent variables include foreign direct investment, gross fixed capital formation, labor force, number of base transceiver stations, and telecommunications network performance. The results show that base transceiver stations, telecommunications network performance, and gross fixed capital formation have a positive and significant effect, while foreign direct investment has a negative effect and labor force is insignificant. These findings confirm the importance of digital infrastructure in increasing productivity and market integration, but at the same time highlight the connectivity gap between provinces. Policies need to prioritize improving network quality and equitable development of telecommunications infrastructure in disadvantaged areas.
Pengaruh DAK, DAU, PAD, DBH, UMR & Angkatan Kerja Terhadap Belanja Modal Di Provinsi Jawa Tengah Lusmino Basia; Afriyanti Afriyanti; Mahrus Lutfi Adi Kurniawan
Jurnal Ilmiah Raflesia Akuntansi Vol. 11 No. 1 (2025): Jurnal Ilmiah Raflesia Akuntansi
Publisher : Politeknik Raflesia Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53494/jira.v11i1.883

Abstract

— This study aims to analyze the effect of Special Allocation Fund (DAK), General Allocation Fund (DAU), Regional Original Income (PAD), Revenue Sharing Fund (DBH), Regional Minimum Wage (UMR), and Labor Force on Capital Expenditure in Central Java Province during the period 2016-2021. The main focus of this study is to evaluate how these variables affect the allocation and use of Capital Expenditure which in turn has the potential to increase the capacity and quality of regional infrastructure and support economic growth. Based on the results of the analysis, there is a significant negative effect of the variables GDP-1, GDP-2, and GDP-3 on economic growth in the short term. Direct investment has an insignificant effect on GDP in the short term. Although investment is important, the risks associated with investment, such as market risk, liquidation, interest rates, and politics, can negatively affect investment returns if not managed properly. Remittances show a significant effect on GDP in the short and long term. Remittances can increase people's income, especially for migrant worker families, which in turn can reduce poverty. However, if not managed properly, remittances can also have a negative impact. Interest rates do not show a significant impact on GDP in the short term, high interest rates can dampen consumption as borrowing becomes more expensive, which can negatively affect the economy.
Dynamic Analysis On Export, FDI and Growth in Indonesia: An Autoregressive Distributed Lag (ARDL) Model Mahrus Lutfi Adi Kurniawan; Indanazulfa Qurrota A'yun
Journal of Economics, Business, and Accountancy Ventura Vol. 24 No. 3 (2021): December 2021 - March 2022
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v24i3.2717

Abstract

This study aims to test the export-led-growth (ELG) hypothesis in Indonesia after the implementation of trade liberalization and analyze the relevance of policies that can be taken by the government. The data used in this study is time series data from 1970- 2020. The analysis method of this research uses the Autoregressive Distributed Lag (ARDL) model by applying three models. Model 1 shows that in the short term the ELG hypothesis is proven valid but in the long term the ELG hypothesis is invalid in Indonesia. This is reinforced in model 2 in both of short and long term that real GDP is insignificant to real exports. In the long term, model 2 shows that real exports have a positive effect on FDI and vice versa in model 3 that real GDP has no effect on FDI. The implementation of the results illustrates to policy makers that strong economic growth can attract export capabilities in Indonesia, but policies that are based on economic growth have vulnerabilities to global dynamics that can affect export activities and the investment climate in Indonesia, so export market diversification policies need to be implemented to be able to reach a wider market. From the investment side, it is necessary to carry out structural reforms (such as policies, financial systems, and infrastructure development) so that there is certainty for foreign investors to invest in Indonesia.
Money Demand Analysis through Business Cycle in Indonesia Isna Melati; Mahrus Lutfi Adi Kurniawan
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 18 No 2 (2023): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v18i2.2023.pp203-212

Abstract

There is still debate about the role of monetary aggregates (money demand) and their nature in the domestic economy, whether there is a direct affect and indirect affect. After the 2008 crisis, monetary aggregates became a monetary policy tool that played an important role in maintaining domestic economic stability. This study aims to examine macroeconomic variables on the demand for money in Indonesia from 2000Q1-2021Q4 using the VECM approach. The business cycle is used as a proxy for the income variable with the Hodrick-Prescott Filter method on the GDP variable. The results show that income has a high degree of variability in the demand for money and there is a sensitivity in the response of the demand for money to fluctuations in domestic interest rates. The implication of this research the application of domestic interest rates at the lowest level can encourage income which can increase the demand for money in Indonesia.
Co-Authors Achmad Amirul Dinul Afla Afifa Aminarta Afriyanti Afriyanti Agus Salim Aisyah Hashinatun Nithosyi Damayanti, Sekar Ayu Dindha Uswatun Khasanah Dini Yuniarti Fitra Pasapawidya Purna Guritno, Danur Condro Ignatius Abasimi Indanazulfa Qurrota A'yun INDANAZULFA QURROTA A’YUN Isna Melati Jihad Lukis Panjawa Jihad Lukis Panjawa Jihad Lukis Panjawa Khesita Lail Lintang Khoirudin, Rifki Lak lak Nazhat El Hasanah Lestari Sukarniati Lusmino Basia Meilinda, Riska Putri Muhammad Safar Nasir Naidhisyia Azzahra Naveed Aslam Naveed Aslam NILMAWANI . Nunung Zahrotul Hayat Reza Ananda Putra Rifda Syahda Nabilah Siti 'Aisyah Baharudin Sugiharti, Rr. Retno Sunil Kumar Chaudhary Suripto Suripto Uswatun Khasanah Uswatun Khasanah Veisa Arthamevia Alif Widodo, Arif Wing-Keung Wong Wisnu Hammam Pratama