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Analisis Risiko dan Potensi Cryptocurrency sebagai Instrumen Investasi Digital di Indonesia Setiawan, Mohammad Adit; nurul lathifah
Jurnal Ekonomi dan Bisnis Digital Vol. 3 No. 2 (2025): Oktober - Desember
Publisher : CV. ITTC INDONESIA

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Abstract

This study analyzes the risk and potential of cryptocurrency as a digital investment instrument in Indonesia using daily data of Bitcoin (BTC), Ethereum (ETH), gold, and the Jakarta Composite Index (IHSG) from 2020 to 2024. A descriptive-quantitative approach was applied, combining literature review and secondary data analysis. Logarithmic returns, GARCH(1,1) volatility models, and Value at Risk (VaR) with Conditional VaR (CVaR) at 95% and 99% confidence levels were employed. The results show that BTC and ETH generated extraordinary annual returns above 170% in 2020 and over 110% in 2023, but also recorded negative returns in crisis years such as 2022 and 2024. GARCH estimations confirm volatility clustering, with Ethereum showing stronger persistence than Bitcoin. VaR analysis indicates potential daily losses up to −13.2% for ETH and −10.3% for BTC at the 1% worst case, compared to only −2% for gold and IHSG. Scatter risk–return plots place cryptocurrencies in the high risk–high return quadrant, while gold and IHSG remain low risk–low return. Literature findings highlight regulatory gaps, speculative behavior, and low financial literacy among Indonesian millennial and Gen Z investors. Overall, cryptocurrency may serve as an alternative for risk-tolerant investors, contingent upon stronger regulation, education, and risk management.
Pengaruh Produk Domestik Regional Bruto Terhadap Pertumbuhan Ekonomi, Dan Tingkat Kemiskinan Di provinsi Jawa Timur Periode 2019-2023 Afif, Muchamad; Nurul Lathifah
Jurnal Ekonomi dan Bisnis Digital Vol. 3 No. 2 (2025): Oktober - Desember
Publisher : CV. ITTC INDONESIA

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Abstract

Poverty remains a major problem in various regions in Indonesia, including East Java. Although economic growth in East Java has shown improvement in recent years, poverty remains a serious problem and requires further attention to improve the welfare of the people in the region. This raises the question of whether Gross Regional Domestic Product (GRDP) is truly capable of increasing economic growth while reducing poverty levels. The purpose of this study is to analyze the effect of GRDP on economic growth and poverty levels in East Java for the period 2019–2023. The method used is quantitative research with secondary data from the Central Statistics Agency (BPS) as well as simple linear regression analysis, t-test, and coefficient of determination (R²). The results show that GRDP has a positive but insignificant effect on economic growth, and a negative but insignificant effect on poverty levels. Thus, an increase in GRDP has not been able to provide a real impact on reducing poverty levels or accelerating economic growth without the support of other factors such as equitable development, infrastructure quality, and local government policies. Based on the results of this study, it is recommended that local governments should not only focus on increasing GRDP, but also pay attention to equitable development, improving infrastructure quality, and economic policies that pay more attention to the interests of the community, so that economic growth can reduce poverty in a sustainable manner.
Pengaruh Inflasi, Nilai Tukar Dolar AS, dan Suku Bunga (BI Rate) terhadap Penentuan Harga Emas PT. Antam Tbk Tahun 2020–2024 Bintie Rooihatul Jannah; Nurul Lathifah
JURNAL ILMIAH EKONOMI, MANAJEMEN, BISNIS DAN AKUNTANSI Vol. 2 No. 6 (2025): November
Publisher : CV. KAMPUSA AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jemba.v2i6.1608

Abstract

Berinvestasi emas adalah salah satu cara terbaik untuk meminimalkan kerugian akibat ketidakpastian ekonomi. Emas merupakan instrumen investasi berisiko rendah, dan merupakan pilihan lindung nilai yang sangat baik karena tidak terpengaruh oleh inflasi. Tujuan penelitian ini adalah untuk memahami pengaruh inflasi, nilai tukar dolar AS, dan Suku Bunga (BI Rate) terhadap Harga Emas. Sampel yang digunakan dalam penelitian ini adalah PT Antam Tbk, perusahaan yang bergerak di bidang produksi emas dan logam lainnya, sekaligus perusahaan yang menentukan harga emas di Indonesia. Penelitian ini menggunakan data kuantitatif. Data yang digunakan berkisar antara tahun 2020 hingga 2024.Teknik analisis data yang digunakan yaitu data time series dengan metode regresi linier berganda dengan menggunakan SPSS 26. Berdasarkan hasil analisis ditemukan bahwa secara parsial (Uji t) Inflasi mempunyai pengaruh positif tidak signifikan terhadap harga emas, sedangkan Kurs dolar AS mempunyai pengaruh yang positif signifikan terhadap harga emas. Dan secara simultan (Uji F) Suku Bunga (BI) mempunyai pengaruh positif signifikan terhadap harga emas.
PENGARUH PENDAPATAN ASLI DAERAH DAN DANA PERIMBANGAN TERHADAP PERTUMBUHAN EKONOMI DI KOTA PROVINSI JAWA TIMUR Mareta Dea Alifianti; Nurul Lathifah
Jurnal Ekonomi Dan Bisnis Vol 19 No 3 (2025): JEB Vol 19 No 3 November 2025
Publisher : LPPM STIE YKPN Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53916/jeb.v19i3.114

Abstract

This study aims to analyze the influence of local revenue and balancing funds on economic growth in cities in East Java, both partially and simultaneously. The data used are sourced from BPS, the Directorate General of Fiscal Balance, and the Regional Budget (APBD) realization report. The study uses an associative quantitative approach and is analyzed using multiple linear regression through SPSS 26. The results show that simultaneously local revenue and balancing funds have a significant effect on economic growth. Partially, local revenue does not have a significant effect on economic growth, while balancing funds have a positive effect on economic growth.
ANALISIS RASIO KEUANGAN UNTUK MENILAI KINERJA KEUANGAN DAERAH KABUPATEN SIDOARJO TAHUN ANGGARAN 2020-2024 Ica Wulandari; Nurul Lathifah
Jurnal Ekonomi Dan Bisnis Vol 19 No 3 (2025): JEB Vol 19 No 3 November 2025
Publisher : LPPM STIE YKPN Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53916/jeb.v19i3.115

Abstract

This study aims to evaluate the financial performance of the Sidoarjo Regency Government using financial ratio analysis. The research is based on Regional Budget Realization Reports (LRA) from 2020 to 2024 obtained from official website of the Regional Financial and Asset Management Agency (BPKAD) of Sidoarjo. The financial ratios analyzed include independence, effectiveness, efficiency, and local revenue growth. The findings indicate a gradual improvement in financial independence, moving from a “participatory” category to “delegative” in the final year. The effectiveness ratio consistently exceeded 100%, demonstrating the government’s ability to surpass local revenue targets annually. The efficiency ratio fluctuated, with two years considered efficient and three years inefficient. The local revenue growth ratio showed a notably positive trend, especially in the last two years. These results reflect the overall improvement in financial management, though expenditure efficiency still requires improvement. This study recommends strengthening budget efficiency strategies and optimizing local revenue sources to enhance financial performance.