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THE EFFECT OF BI RATE, EXCHANGE RATE, AND WORLD OIL PRICES ON GREEN INVESTMENT IN INDONESIA Yulia Risma; Weri; Miksalmina; Talbani Farlian; Cut Zakia Rizki; Fakhruddin
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 6 No. 4 (2026): August
Publisher : CV. Radja Publika

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Abstract

This study examines how monetary policy and external shocks influence green investment in Indonesia, proxied by the SRI-KEHATI Index. Drawing on the perspective of asset pricing theory, macroeconomic variables are treated as systematic factors affecting sustainable stock performance. Using monthly data from 2007-2024 and an ARDL approach, the results reveal distinct short-run and long-run dynamics. In the short run, higher interest rates and exchange rate depreciation significantly reduce green investment, while global oil prices initially exert a positive influence before turning negative in subsequent periods. In the long run, exchange rates and global oil prices have a positive and significant effect on green investment, whereas interest rates are not statistically significant. These findings indicate that green investment is more responsive to external factors than domestic monetary policy over longer horizons. This study contributes to the limited empirical evidence on green finance in emerging markets by jointly examining monetary and external determinants within a unified framework. The results highlight the importance of exchange rate stability and energy transition strategies in supporting the development of sustainable financial markets in Indonesia.
Pengaruh Indeks Pembangunan Manusia dan Tingkat Kemiskinan Terhadap Pertumbuhan Ekonomi di Provinsi Aceh Purjah Salpina; Muhammad Nasir; Talbani Farlian; Cut Risya Varlitya
Jurnal Ilmiah Ekonomi Terpadu (Jimetera) Vol 6, No 1 (2026): JURNAL ILMIAH EKONOMI TERPADU
Publisher : Universitas Teuku Umar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35308/jimetera.v6i1.14731

Abstract

This paper aims to analyze the effect of the Human Development Index (HDI) and poverty levels on economic growth in Aceh Province during the period 2015–2024. The research employs a quantitative approach using panel data regression that combines time series and cross-sectional data from 23 districts/cities in Aceh. The data used are secondary data obtained from the Central Bureau of Statistics (BPS). The study includes two independent variables, namely the Human Development Index and poverty level, while the dependent variable is economic growth. The results indicate that HDI has a positive and significant effect on economic growth, implying that improvements in education, health, and living standards strengthen productivity and foster regional economic growth. Conversely, poverty has a negative and significant impact on economic growth, as high poverty levels limit consumption, investment, and human capital quality. The study suggests improving human capital through education and health, controlling poverty through economic empowerment, and integrating human capital development policies with poverty alleviation strategies. 
The Influence of Interest Rates, Inflation and Foreign Exchange Reserves on the Rupiah Exchange Rate Cut Rajwa Azra; Talbani Farlian
Ekonomi dan Bisnis Vol 12 No 2 (2025): EKONOMI DAN BISNIS
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35590/jeb.v12i2.10113

Abstract

Purpose: This study aims to analyze the influence of interest rates, inflation, and foreign exchange reserves on the Indonesian rupiah exchange rate during the period 1991–2023. Design/methodology/approach: This research employs a quantitative approach using secondary time-series data obtained from the World Bank. Statistical analysis is conducted to examine the relationship between interest rates, inflation, and foreign exchange reserves as independent variables and the rupiah exchange rate as the dependent variable. Findings: The results indicate that approximately 82.12% of the variation in the rupiah exchange rate can be explained by the independent variables, as reflected by the R-squared (R²) value of 0.821163. Interest rates do not show a statistically significant effect on the exchange rate (p-value = 0.5446). Inflation shows a p-value of 0.0824, indicating a potential influence but not statistically significant. In contrast, foreign exchange reserves have a significant effect on the exchange rate with a p-value of 0.0000, supporting Hypothesis 3 (H3). Additionally, the overall model is statistically significant as indicated by the Prob(F-statistic) value of 0.000000. Research limitations/implications: This study focuses only on three macroeconomic variables—interest rates, inflation, and foreign exchange reserves—so other internal and external factors that may influence exchange rate fluctuations are not included. Future research is recommended to incorporate additional variables and explore broader macroeconomic dynamics. Practical implications: The findings highlight the important role of foreign exchange reserves in maintaining the stability of the rupiah exchange rate. These results provide valuable insights for policymakers, particularly in designing effective monetary policies to support currency stability and economic resilience. Originality/value: This research contributes to the literature on Indonesia’s macroeconomic dynamics by providing long-term empirical evidence (1991–2023) on the relationship between key macroeconomic indicators and the rupiah exchange rate. Paper Type: Research Paper Keywords: Exchange Rate; Interest Rates; Inflation; Foreign Exchange Reserves; Regression Analysis.