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All Journal Jurnal Ekonomi Pembangunan Jurnal Reviu Akuntansi dan Keuangan Economic Journal of Emerging Markets JAKPI Jurnal Pariwisata Pesona Jurnal Keuangan dan Perbankan Jurnal Ilmiah Mahasiswa FEB JAM : Jurnal Aplikasi Manajemen Journal of Indonesian Applied Economics Wacana, Jurnal Sosial dan Humaniora Journal of Degraded and Mining Lands Management Media Trend: Berkala Kajian Ekonomi dan Studi Pembangunan Dinar: Jurnal Ekonomi dan Keuangan Islam Jurnal Ekonomi dan Studi Pembangunan (Journal of Economics and Development Studies) Jurnal Ilmu Ekonomi dan Pembangunan Jurnal AKSI (Akuntansi dan Sistem Informasi) Bisma: Jurnal Bisnis dan Manajemen Journal of Innovation in Business and Economics JAE (Jurnal Akuntansi dan Ekonomi) Arthavidya Jurnal Ilmiah Ekonomi JAD: Jurnal Riset Akuntansi & Keuangan Dewantara EkBis: Jurnal Ekonomi dan Bisnis Jurnal Akun Nabelo : Jurnal Akuntansi Netral, Akuntabel, Objektif Journal of Management - Small and Medium Enterprises (SME's) Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Journal of International Conference Proceedings Jurnal Ekonomi dan Binsis Contemporary Studies in Economic, Finance and Banking (CSEFB) Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka) Jejak: Jurnal Ekonomi dan Kebijakan
David Kaluge
Fakultas Ekonomi Dan Bisnis Universitas Brawijaya
Religion Agriculture, Biological Sciences & Forestry Humanities Biochemistry, Genetics & Molecular Biology Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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KETERKAITAN INFLASI, SUKU BUNGA KREDIT, DAN TINGKAT PENGANGGURAN TERHADAP KREDIT BERMASALAH PADA BANK UMUM DI INDONESIA Nindita, Divya Ratna; Kaluge, David
Jurnal Ilmiah Mahasiswa FEB Vol. 3 No. 2
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aimed to analyze relationship beetween Non Performing Loan (NPL), inflation, lending rate, and rate of unemployment. Credit by conventional banks always carry Non Performing Loan. The more amount of credit granted, will carry the higher risk. Indonesian Banking system has been implementing selective credit policy. This selectivity seen from conditions of credit requirement for different categories. This article use Autoregressive Distributed Lag Error Correction Model by Engle Granger to analyze the relationship on the short term and long term. The result showed that in long run, inflation, lending rates, and rate of unemployment has a significant effect in NPL working capital loans, but inflation and rate of unemployment doesn’t have significant effect in NPL investment loans. In the short term,inflation has no effect on both NPL investment and NPL working capital, and rate of unemployment has a significant effect in NPL working capital loans in short term.   Key Words: NPL, Investment Loans, Working Capital, ECM
Dynamics of the underground economy in border areas: A case study of Indonesia-Timor Leste Nalle, Frederic Winston; Suman, Agus; Kaluge, David; Ekawati, Marlina
Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Vol. 13 No. 4 (2025): Jurnal Perspektif Pembiayaan dan Pembangunan Daerah
Publisher : Program Magister Ilmu Ekonomi Pascasarjana Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/ppd.v13i4.41879

Abstract

The underground economy in border regions represents a complex phenomenon shaped by regulatory gaps, limited access to formal economic systems, and high transaction costs in legal trade. This study analyzes the dynamics of informal cross-border trade along the Indonesia–Timor-Leste border, focusing on North Central Timor (TTU) Regency and the Oecusse Enclave. Employing a qualitative descriptive approach, the research draws on field observations, semi-structured interviews, and thematic analysis to demonstrate that underground economic activities function not only as a survival strategy but also as an informally institutionalized, socially organized economic ecosystem. The findings reveal that price disparities, weak supervision, and limited institutional capacity collectively drive communities’ dependence on illicit trade. A comparative analysis of similar cases from international border regions highlights the need for policy responses tailored to local contexts. The study recommends strengthening bilateral cooperation, adopting surveillance technologies suited to regional capacities, and implementing community-based economic empowerment programs to facilitate the transition toward an inclusive and sustainable formal economy.
Examining the Correlation between Macroeconomic Factors and Stock Indices: A Comparative Analysis of IHSG and Nikkei Sim, Yulia Melyanda; Kaluge, David
EkBis: Jurnal Ekonomi dan Bisnis Vol. 7 No. 2 (2023): EkBis: Jurnal Ekonomi dan Bisnis
Publisher : Fakultas Ekonomi dan Bisnis Islam, UIN Sunan Kalijaga Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/EkBis.2023.7.2.2101

Abstract

This comprehensive research investigates the intricate relationship between macroeconomic factors and stock market performance, specifically focusing on the Indonesia Stock Exchange Composite Index (IHSG) and the Nikkei Stock Average. Employing a robust quantitative approach, the study emphasizes key variables such as inflation, exchange rates, interest rates, GDP growth, and oil prices, utilizing regression analysis to unravel unique patterns within the Indonesian and Japanese markets. For IHSG, significant negative correlations with inflation highlight its impact on purchasing power and corporate profitability. The non-significant relationship with the Bank Indonesia Interest Rate (BI Rate) emphasizes market resilience to interest rate fluctuations. The significant negative correlation with the Rupiah underscores the pivotal role of currency stability. Additionally, the non-significant relationship with oil prices suggests a limited influence on IHSG movements. Turning to the Nikkei, non-significant relationships with inflation, the Bank of Japan (BOJ) Rate, GDP, exchange rates, and oil prices underscore the diverse factors at play. These findings offer valuable insights for investors, policymakers, and researchers, enriching the understanding of the multifaceted influences shaping the relationship between macroeconomic conditions and stock market dynamics in Indonesia and Japan. The study contributes empirically rich insights, addressing gaps in existing literature and paving the way for informed decision-making in the complex landscape of global financial markets.
The Effects of Macroeconomic Factors and Singapore and Thailand Stock Indices on The Volatility of the Jakarta Composite Index Situmorang, Trisna Vela; Kaluge, David
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.4.12

Abstract

This research examines the influence of domestic and external macroeconomic factors on stock market volatility in Indonesia, particularly the Jakarta Composite Index (JCI). While stock market volatility has become a global concern, there remains a research gap regarding the impact of regional global factors—such as neighboring countries' stock indices—on JCI volatility. The main objective of this research is to analyze the effects of inflation, exchange rate, and trade balance as domestic factors, alongside the Singapore stock index (Straits Times Index) and Thailand stock index (Stock Exchange of Thailand) as external factors, and S&P 500 and foreign exchange reserves as control variables, on JCI volatility over the period 2014–2023. The study employs the Autoregressive Distributed Lag (ARDL) method using monthly data. The results show that in the long term, the exchange rate and the SET index have a significant effect on JCI volatility, while in the short term, only the exchange rate shows a significant impact. Other factors do not demonstrate a consistent significant influence. These findings highlight the importance of exchange rate stability and regional stock market dynamics in influencing domestic stock market fluctuations.
Analysis of the Influence of Digital Technology on the Profitability of KBMI IV Banks In Indonesia Salsabilla, Andien Febia; Kaluge, David
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Digital transformation has become a strategic urgency for KBMI IV banks in improving efficiency, competitiveness, and performance stability amid increasingly competitive and technology-based banking industry competition. This study aims to analyze the effect of mobile banking, internet banking, and ATMs on the profitability of KBMI IV banks in Indonesia for the period 2012–2023. The study uses a quantitative approach with the Fixed Effect Model panel data regression method. Profitability is measured using Net Profit Margin (NPM), with control variables in the form of size, Loan to Deposit Ratio (LDR), and BI Rate. The results show that mobile banking and internet banking have a significant positive effect on NPM, while ATMs have no significant effect. The variables of size and BI Rate have a significant positive effect, while LDR is not significant. These findings indicate that digitization can increase profitability when integrated with optimal fund collection and distribution strategies. Therefore, targeted, measurable digital transformation management that is aligned with core banking activities is needed to support long-term performance sustainability.
Reallocation of the use of chemical fertilizers and pesticides to increase the income of vegetable farmers and prevent land degradation Pudjiastuti, Agnes Quartina; Kaluge, David; Widowati, Widowati
Journal of Degraded and Mining Lands Management Vol. 11 No. 1 (2023)
Publisher : Brawijaya University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15243/jdmlm.2023.111.5095

Abstract

The study, which aimed to analyze the use of chemical fertilizers and pesticides using the Cobb-Douglas production function approach and their reallocation to increase the income of vegetable farmers and prevent land degradation, was conducted in Sumberejo Village, Batu City, Indonesia. Data were collected from 138 pakcoy (Brassica rapa), celery (Apium graveolens), and red chili (Capsicum annuum) farmers through interviews using a questionnaire. The relationship between input and output was analyzed by regression with the Cobb-Douglas production function. Data validity, reliability, and classical assumption tests were performed to ensure the goodness of fit regression model. Furthermore, the F test and t-test were applied to analyze production response to chemical fertilizers and pesticides. This study revealed that the modeled regression equation is appropriate, where R2 = 0.827-0.933. Vegetable production gives a different response to the use of chemical fertilizers (TSP, Urea, and NPK) and pesticides. Increasing this chemical in pakcoy and celery farming is possible, but it needs to be considered because it has no significant effect on increasing production. The productivity of these two types of plants is relatively high. Farmers need to compare the costs of adding these inputs to additional income and the possibility of land degradation. Chemical fertilizers and pesticides have been excessive in red chili farming, so productivity is very low. There are indications that the land has been degraded, but to be sure, a study is needed on the chemical content of the vegetable fields in Sumberejo Village and the optimal use of chemical fertilizers and pesticides.
APAKAH INOVASI PAJAK DAERAH MEMPERLAMBAN DAYA INOVASI PEMERINTAH DAERAH DALAM PELAKSANAAN DESENTRALISASI FISKAL? (STUDI DI KABUPATEN SUMBAWA, INDONESIA) Purwadinata, Subhan; Kaluge, David
Jurnal Ilmu Ekonomi dan Pembangunan Vol 17, No 2 (2017): Jurnal Ilmu Ekonomi dan Pembangunan
Publisher : EP FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (241.825 KB) | DOI: 10.20961/jiep.v17i2.14944

Abstract

The purpose of this study is to objectively review the local tax innovation program on the existence of local government's innovation power to other sector innovation policies in the implementation of fiscal decentralization. Based on previous research, the SoMentari program (socialization, data collection, daily billing) still has not resolved the issue of balanced program policy adjustment for all local government program innovations on the implementation of fiscal decentralization. In an effort to analyze the innovations reviewed in the perspective of the application of SoMentari policy ever applied, the researcher uses an explorative research method approach by trying to find new ideas or relationships. This method is very flexible in the search for ideas and ideas as well as guidance on the conditions and situations related to the issues studied so as to formulate the right policy or strategy. Collect all literature and studies on local tax innovation policies and include secondary data in the form of local tax data and other data related to innovation of other local government programs. After that identified problems ranging from symptoms to basic problems. After further identification, the researcher will classify the problem and reconstruct the local tax and other innovation policies in the perspective of implementing fiscal decentralization. In addition, researchers conducted Focus Group Discussion to some experts who are experts in local tax innovation policy. The results of this study indicate that the local tax innovation program has the potential to slow the innovation of local government in other sectors. The conclusion of this research is that local tax innovation done by local government has not run optimally since there are many other program innovations which require follow up plan from local tax program so that impressed slowing innovation of local government in implementing fiscal decentralization.  Keywords: Regional Innovation, Local Tax, Fiscal Decentralization
Co-Authors Achmad Usman Maulana Agnes Quartina Pudjiastuti Agus Suman Alan Smith Purba Aldila, Exi Alfarado, Rafael Amrullah, Muhammad Mukhlis Amrullah, Muhammad Mukhlis Anis Wijayanti Anis Wijayanti Antonius Nugroho Adi Athaya, Mahadiva Frylia Aviyanti, Richo Diana Birgitta Dian Saraswati Candra Fajri Ananda Chalid Husen Dias Satria Divya Ratna Nindita Dwidyah Rini, Ayu Dwiyoso, Hertoto Dyah Putri Sekar Arum Ekaviana, Dessy Ekawati, Marlina Fadilah, Anisa Fajriana, Nadia Fauzan Aryaputra Firnanda Novita R Fithri, Naylal Frederic Winston Nalle Heni Pujiastuti Hernanda, Bima Hertanti Wahyurina Ida Ayu Purba Riani Idah Zuhroh Ivan Purnama Putera Jannah, Yana Raudhatul Jibril, Hadira Thumaninah Juniarti, Titin Kasnaeny Karim, Kasnaeny Khusnul Ashar Kristyanto, Visi Saujaningati Lila Rahajeng Majok, Alith Jacob Marius Robert Seran Markus, Morencia Maureen Inesella LT Muhammad Mahdi Muhammad Mahdi, Muhammad Munawar Ismail Nadia Fajriana Nadia Fajriana Nayaka Artha Wicesa Nindita, Divya Ratna Olivia Louise Eunike Tomasowa, Olivia Louise Eunike Paputungan, Rahmita Dwinesia Parinusa, Sisilia Maria Patricia Juan Aurellia Pradani, Amaretta Hanindya Pratama, Laode Ivan Putu Mahardika Adi Saputra Rachmasari, Annisa Rahajeng, Lila Rahmita Dwinesia Paputungan Ramadhani, Febrina Nur Ramadhany, Diwa Artha Ramadhany Richo Aviyanti Rofik, Mochamad Rudi Firmansah Salsabilla, Andien Febia Santoso, Pramana Ridha Saputro, Arif Sari, Agatha Christy Permata Setyastrini, Ni Luh Putri Silvi Asna Prestianawati Sim, Yulia Melyanda Sir, Monsar Marito Siswahyudianto Situmorang, Trisna Vela Smith, Alan Subhan Purwadinata, Subhan Sudarnice, Sudarnice Susanto, M. Harri Trisna Trisna, Trisna Umiriyana, Umiriyana Uswatun Hasanah, Dinda Wahyudi widowati widowati Winda Sari Yogi Pasca Pratama, Yogi Pasca Yohanes Hadi Soesilo Yon Widiyono Yusi Pramandari Zuhdiyaty, Noor