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All Journal Gadjah Mada International Journal of Business Jurnal Ekonomi Indonesia
Sri Adiningsih
Faculty Of Economics & Business, Universitas Gadjah Mada
Economics, Econometrics & Finance

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Unequal Developments in Indonesia’s Digital-Based Economy and Its Implications Sri Adiningsih; Stri Nariswari Setiaji; Sofian Rendy Ardiansyah
Jurnal Ikatan Sarjana Ekonomi Indonesia Vol 8 No 1 (2019): August
Publisher : Jurnal Ekonomi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52813/jei.v8i1.17

Abstract

Despite having emerged for just some years, the development and growth of the digital-based economy in Indonesia is exponential. This study uses the Purposive Random Sampling and Descriptive Analyses method to assess the developments of the digital-based economy in several provinces in Indonesia. The Java-Bali region is more advanced in its digital-based economy compared to other provinces in Indonesia due to its infrastructure, human resources, and government policies which are more supportive. The inequalities between provinces remain a concern for it may directly correlate to a corresponding increase in disparity. Digital-based economy, if it is well-equipped with infrastructure and well-supported by local government, may serve as a balm given its potential as a tool to raise prosperity and equality in society. It will help prepare and equip those in remote rural areas, known as the bottom of the pyramid.
The Impact of Government Debt Issuance on Short-Term interest rates in Indonesia Sri Adiningsih
Gadjah Mada International Journal of Business Vol 11, No 3 (2009): September - December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (56.897 KB) | DOI: 10.22146/gamaijb.5521

Abstract

This paper analyzes whether the expansionary fiscal policy funded by issuing debt instruments in financial markets will increase short-term interest rates. If  the expansionary fiscal policy increases interest rates, which decrease private spending especially investment, crowding out occurs. This is interesting because global economic crisis has encouraged many countries to run large budget deficits to stimulate the economy. Indonesia has also run budget deficit during this crisis and even in years before. The impact of such a policy can be significant because Indonesia’s debt market is still narrow and shallow. Therefore, its capability of absorbing the government debt instruments without influencing the private sector funding is limited. This study tests whether the crowding out occurs in Indonesia using a time series econometric model inspired by Cebula and Cuellar’s model. The Cointegration Regression and Error Correction Model (ECM) are used in this study. Monthly data from April 2000 to December 2008 are used for overnight real interbank call money interest rates, real net government bond issues in trading, real narrow money supply, real rate of one-month Certificate of Bank Indonesia, growth of Gross Domestic Product, and real net international capital flows. This empirical study shows that the crowding out problem occurred in Indonesia during the period. This indicates that financing budget deficit in Indonesia by issuing debt instruments in the financial markets has a negative impact on the private sector.
Co-Authors Sofian Rendy Ardiansyah Stri Nariswari Setiaji