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Dampak Shock Impulse Response dari Investasi, Indeks Pembangunan Manusia (IPM), dan Upah Minimum terhadap Pertumbuhan Ekonomi Kalimantan Barat selama Pandemi COVID-19 Riska Ayulia; Luqman Luqman; Sumin
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 9 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i9.8692

Abstract

This study aims to comprehensively examine the long-term and short-term effects of foreign direct investment, domestic investment, Human Development Index (HDI), and minimum wage on economic growth in West Kalimantan over the 1996–2023 period, with a primary focus on the COVID-19 pandemic era. The pandemic has severely impacted regional economic stability, and West Kalimantan, a resource-based province, has experienced significant shocks. A quantitative approach was applied using time series analysis with Vector Autoregression (VAR), Granger Causality Test, Johansen Cointegration Test, and Impulse Response Function (IRF). Secondary data were obtained from the Central Statistics Agency (BPS), the Investment Coordinating Board (BKPM), and other governmental sources. The findings indicate that all variables significantly affect economic growth in both the short and long term. Domestic investment and HDI contribute positively and consistently, while foreign investment exhibits high volatility. Minimum wage has a negative impact in the short term but turns positive in the medium term. The study provides strategic policy recommendations to strengthen the regional economic foundation through human capital development, domestic investment enhancement, and productivity-based wage policies. The implications are relevant for post-pandemic policy formulation and enhancing regional economic resilience against future crises.
PARADOKS PURBAYA EFFECT: FENOMENA BOTTLENECK PEMBIAYAAN SEKTOR UMKM DI TENGAH LIKUIDITAS JUMBO DAN PERSPEKTIF EKONOMI ISLAM Setyadi, Wendi Hadi; Irham Asfy Putra; Dwi Surya Atmaja; Luqman Luqman
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 4 No. 1 (2026): Januari
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v4i1.8237

Abstract

The liquidity injection policy utilizing the Accumulated Budget Surplus (SAL) of IDR 200 trillion aims to create the "Purbaya Effect" to lower the Cost of Funds and stimulate the real sector. However, this research uncovers a policy transmission paradox. This study aims to analyze the bottleneck phenomenon in capital flows to the MSME sector and evaluate its compatibility with Sharia distribution principles. Employing a descriptive-qualitative method with secondary data from January to December 2025, this study reveals significant anomalies. Although the Cost of Funds successfully declined, data shows a sharp disparity: corporate credit grew rapidly, while MSME credit experienced a contraction, plummeting from 4.1% growth (January 2025) to -0.9% (December 2025). These findings indicate that the bottleneck resulted from banking risk aversion and the MSMEs' lack of capacity to absorb this liquidity abundance. From an Islamic economic perspective, this condition points to the practice of "Institutional Ikniz" (hoarding), which violates distributive justice. This study recommends a paradigm shift from mere liquidity injection toward ecosystem strengthening through massive capacity building to mitigate market failure risks.