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The Effectiveness of “Monfidens” Policy in Dealing with Post-Covid-19 Economic Recession in The Four of the Group Twenty (Turkey, South Africa, Russia, Indonesia) G20 Elfira Annisa; Wahyu Indah Sari; Dewi Mahrani Rangkuty
The International Conference on Education, Social Sciences and Technology (ICESST) Vol. 1 No. 2 (2022): The International Conference on Education, Social Sciences and Technology
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/icesst.v1i2.479

Abstract

This research to analyze the contribution of variables from three economic policies, with monetary policy through interest rate variables, exchange rates, and money supply in facing economic recession. Where the fiscal policy variable is through tax value. Then macroprudential policy through Non Performing Loan and Capital Adequacy Ratio variables. This study uses secondary data or time series, namely from December 2019 to February 2021. The data analysis model in this study is the Vector Autoregression (VAR) model which is seen from being sharpened with Impulse Response Function (IRF) analysis and Forecast Error Variance Decomposition (FEVD), Panel ARDL, and Different Tests. The results of the IRF analysis show that the stability of the response of all variables is formed in period 8 or the medium and long term, where the response of other variables to changes in one variable shows different variations, both from positive responses to negative responses or vice versa, and there are variables whose responses remain positive or remain negative from the short term to the long term. The results of the FEVD analysis show that for the short-term inflation variable it is influenced by inflation itself and in the medium and long term it is influenced by interest rates. For the JUB variable in the short term it is influenced by JUB itself and in the medium and long term it is influenced by NPL. For the interest rate variable in the short term it is influenced by JUB while in the medium and long term it is influenced by the exchange rate itself and CAR. For the tax variable in the short, medium and long term it is influenced by the tax itself and JUB. For the NPL variable in the short, medium and long term it is influenced by JUB and tax. For the CAR variable in the short, medium and long term it is influenced by JUB and tax. Then the results of the ARDL Panel analysis show that the country that is able to become a leading indicator in controlling the economic recession in the Four of The Group Twenty, namely Turkey, is only done by interest rates. While South Africa is done by interest rates, taxes, NPL, and CAR. For Russia, it is done by all variables, namely the amount of money in circulation, interest rates, exchange rates, taxes, NPL, and CAR. Meanwhile, Indonesia is carried out by exchange rates, taxes, NPL and CAR.
UTILIZATION OF DIGITALIZATION FOR MSME DEVELOPMENT AS A PILLAR OF ECONOMIC DEVELOPMENT Diwayana Putri Nasution; Hilmi; Rizki Ramadhan; Feri Susilawati; Rachmad Ikhsan; Lia Nazliana Nasution; Wahyu Indah Sari
International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Vol. 3 No. 1 (2025): February
Publisher : ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/ijamesc.v3i1.467

Abstract

The purpose of this study is to see the use of MSME digitalization to develop MSMEs as a pillar of economic development. Digitalization is very necessary in the global era, where human resources are required to be able to adapt to the development of digitalization. However, in reality, this has not happened comprehensively in various aspects of MSMEs. The reason behind this research is that many MSMEs still do not have adequate capabilities in terms of digitalization. The research method used is the literature review method and digitalization theory which explains the use of digitalization for the development of MSMEs. The results of the study show that the use of digitalization is very influential in increasing the competitiveness of MSMEs and their development. MSMEs also contribute optimally to economic development. The suggestion from this study is that training and development of digitalization capabilities are needed in an effort to increase the development of MSMEs as a pillar of Indonesia's development.
Natural Resources Based Green Trade Model for Green Growth in Brazil, Russia, Indonesia, Singapore, India and China (BRISIC) Lola Irmayunda; Bakhtiar Efendi; Wahyu Indah Sari; Rusiadi Rusiadi
Akuntansi Pajak dan Kebijakan Ekonomi Digital Vol. 2 No. 1 (2025): Akuntansi Pajak dan Kebijakan Ekonomi Digital
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/apke.v2i1.833

Abstract

Researchers in this study aim to determine the Natural Resources-Based Green Trade Model for Green Growth in Brazil, Russia, Indonesia, Singapore, India and China (BRISIC). The method in this research is using the ARDL Panel method. The variables used in this research are Green Growth, Green Trade, Natural Resources, Financial Inclusion, Green Innovation, Digital Economy. The results of this research are from the Green Trade Model Based on Natural Resources on Green Growth in Brazil, Russia, Indonesia, Singapore, India and China (BRISIC) using the panel method, it can be concluded that in BRISIC countries the variable that has an overall influence is green trade. and Natural resources both Short Run Equation and Long Run Equation.
SHIFT IN LEGAL PARADIGM FROM DECENTRALIZATION TO CENTRALIZATION IN THE MANAGEMENT OF NATURAL RESOURCES FOLLOWING THE OMNIBUS LAW ON JOB CREATION Muhammad Juang Rambe; Wahyu Indah Sari; Danioko S. Sembiring
International Journal of Synergy in Law, Criminal, and Justice Vol. 1 No. 2 (2024): SLP-IJSLCJ
Publisher : PT. Sinergi Legal Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70321/ijslcj.v1i2.60

Abstract

The implementation of regional autonomy in Indonesia has undergone significant dynamics, particularly concerning changes in the distribution of authority between the central and regional governments. This reflects fluctuations in authority between the central and regional governments influenced by Indonesia's socio-political needs and context. During various periods, Indonesia has experienced shifts in authority, clearly evident in the Omnibus Law on Job Creation policy, which reinforces centralization in the management of vital sectors such as environmental protection, water resources, and electricity. This study employs a descriptive qualitative approach with case studies to examine the impact of this shift in authority, specifically in natural resource management following the enactment of the Omnibus Law. The research findings indicate that the Omnibus Law on Job Creation strengthens the centralization of authority within the central government, reduces the role of regional governments in natural resource management, and introduces stricter and more structured regulations, although there remains room for regions to tailor policies to local conditions. This shift affects the management of natural resources and oversight by the central government, which focuses on sustainable development and administrative efficiency. Therefore, the design of central-regional relations and the fiscal decentralization scheme must be adapted to existing needs and conditions to achieve ecological balance and sustainable social justice.
ANALYSIS OF MONETARY INDICATOR VARIABLES ON THE STABILITY OF PRICES OF GOODS AND SERVICES BEFORE AND DURING THE COVID- 19 PANDEMIC Gulo, Antonius; Bakhtiar Efendi; Wahyu Indah Sari
TRANSACTION : Journal of Taxation, Accounting, Management and Economics Volume 1 Issue 4 October 2023
Publisher : Arsil Media

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study aims to analyze the contributions of the variable interactions of monetary policy in the stability ofgoods and services prices. Where is the monetary policy variable (inflation, kurs, consumer price index, grossdomestic products, the money supply, and interest rates). Research in conducted in the country of Indonesia and uses secondary data or time series from 2008 to 2021. The data analysis model in this study is Simultaneous Model and Different Test. Simultaneous equations to analyze the relation between independent and variable variables found in the research country. Whereas different tests examine the different monetary policy variables before and during the covid-19 pandemic. Simultaneous analysis of equations on statistical test common equation 1 suggests that variable interest rates, money distribution, exchange rates and consumerprice indexes have significant adverse effects on the INF. Whereas in the same equation 2, it suggests that gross domestic product variables have a positive relationship that is significant to the CPI. And inflation has a negative relationship significantly insignificant t CPI. And different test results show that inflation movement, kurs, money supply, interest rates and CPI before and during the covid-19 pandemic in Indonesia indicate significant results. For this reason, the researcher hopes that the monetary authority, namely Bank Indonesia, can improve monetary stability and maintain the BI rate in regulating the money supply so that it can suppressthe inflation rate as an effort to stabilize the prices of goods and services.
ANALYSIS OF RUPIAH STABILITY DURING THE COVID-19 PANDEMIC Damanik, Henni Julianta; Annisa Ilmi Faried; Wahyu Indah Sari
TRANSACTION : Journal of Taxation, Accounting, Management and Economics Volume 2 Issue 3 July 2024
Publisher : Arsil Media

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The purpose of this study was to see the differences before and during the pandemic on the variables of Exchange Rate, Inflation, Interest Rates and the Money Supply. The method used is the Differential Test method. The results of this study show that there are no significant differences between the Exchange Rate, Inflation and Interest Rate variables before and during the Covid-19 pandemic in Indonesia. Then in the Variable Amount of Money Supply there are significant differences before and during the Covid-19 pandemic in Indonesia. Thus it can be seen that there is one variable that has a significant difference and three variables that have no significant difference before and during Covid-19. Therefore, in maintaining the stability of the value of the rupiah during the pandemic, the Central Bank must be more careful in maintaining the Money Supply. Where the Money Supply itself has a significant influence both before the pandemic and during the pandemic. If the Money Supply increases, Inflation will also increase, this has an impact on the stability of the Indonesian Rupiah Exchange Rate.
Digital Economy Analysis in Driving Economic Growth in Indonesia Windi Aulia; Wahyu Indah Sari; Dewi Mahrani Rangkuty
International Journal of Economics, Commerce, and Management Vol. 2 No. 3 (2025): July : International Journal of Economics, Commerce, and Management
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62951/ijecm.v2i3.812

Abstract

This study uses a quantitative associative technique to examine how Indonesia's digital economy contributes to economic growth. For the years 2014–2023, secondary data were acquired from the Central Bureau of Statistics, Bank Indonesia, and the World Bank. The Two-Stage Least Square (TSLS) method and a simultaneous model with two equations were used to analyze the impact of monetary variables (interest rates, money supply, and inflation) and digital economy variables (internet users, e-commerce growth, and e-money users) on economic growth. The findings indicate that while e-commerce expansion and inflation have a negligible negative impact on economic growth, internet and e-money users have a large beneficial impact. In the meanwhile, inflation is significantly impacted positively by the money supply and negatively by interest rates and economic growth. These results highlight how crucial it is to manage monetary factors and improve digital infrastructure in order to promote Indonesia's economic growth in the digital age.
Analysis of Payment System Digitalization in Achieving Rupiah Stability and Financial System Stability in Indonesia Dea Dellia; Lia Nazliana Nasution; Wahyu Indah Sari
International Journal of Economics, Commerce, and Management Vol. 2 No. 3 (2025): July : International Journal of Economics, Commerce, and Management
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62951/ijecm.v2i3.813

Abstract

The purpose of this study is to examine how the growth of digital payment systems has affected Indonesia's financial system and rupiah stability. More people are using digital payment methods like e-money, credit cards, debit cards, RTGS, and QRIS as a result of technical advancements. Additionally, Bank Indonesia still encourages the adoption of digital payment methods to speed up, secure, and streamline transactions. The Two Stage Least Squares (TSLS) method is used in this study's simultaneous regression model, which employs secondary data from 2020 to 2024. The findings indicate that while inflation has a positive but negligible impact on the exchange rate, the use of credit cards and RTGS has a considerable positive impact. In the meantime, debit cards and e-money significantly reduce inflation. Inflation is significantly reduced by QRIS and the exchange rate. In order to maintain Indonesia's economic stability, it is crucial to keep enhancing literacy and security when using digital payment methods.
Analysis of Monetary and Fiscal Policy Mix in Encouraging Economic Recovery in Indonesia Dwi Ananda; Wahyu Indah Sari; Lia Nazliana Nasution
International Journal of Economics and Management Sciences Vol. 2 No. 2 (2025): May : International Journal of Economics and Management Sciences
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijems.v2i2.694

Abstract

This study aims to analyze the impact of the monetary and fiscal policy mix on Indonesia's economic growth during the COVID-19 pandemic in the period 2013-2023. Using the Simultaneous Regression method (Two-Stage Least Squares/2SLS), this study tests two simultaneous equations, namely the effect of exports, unemployment rate, and inflation on economic growth (GDP), as well as the effect of exchange rates (exchange rates), interest rates, and GDP on inflation. The results of the study indicate that exports and unemployment have a significant negative effect on economic growth, while inflation has a significant positive effect on GDP. Meanwhile, the exchange rate and interest rate have a significant effect on inflation, but GDP does not have a significant effect on inflation. The normality test shows that the data is normally distributed and the autocorrelation test does not detect any autocorrelation, so the model used is valid. The effectiveness of monetary policy through the exchange rate channel on economic growth was found to be positive, although not statistically significant. This finding emphasizes the importance of coordination between fiscal and monetary policies, maintaining exchange rate stability, controlling inflation, and efforts to restore the real sector and reduce unemployment to support sustainable economic growth in Indonesia. This study provides recommendations for the government and monetary authorities to strengthen policy synergy in facing economic challenges, especially during times of crisis, to ensure more effective national economic stability and recovery.
Analysis Of Monetary Policy on Financial System Stability in Indonesia, Thailand, Malaysia, Brunei Darussalam and Singapore Bardansyah Bardansyah; Bakhtiar Efendi; Wahyu Indah Sari
International Journal of Economics, Commerce, and Management Vol. 2 No. 2 (2025): April : International Journal of Economics, Commerce, and Management
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62951/ijecm.v2i2.494

Abstract

This study aims to analyze the variable contribution of the interaction of monetary policy variables (COURSE, GDP, INFLATION, CONSUMPTION and INTEREST). This study uses secondary data or time series from the first quarter of 2014 to the first quarter of 2024. The data analysis model in this study is the Structural Vector Autoregression (SVAR) model and sharpened with Impulse Response Function (IRF) and Forecast Error Variance Decomposition (FEVD) analysis. The results of the SVAR analysis show that the past variable (t-1) contributes to the current variable both to itself and other variables and from the estimation results it turns out that there is a reciprocal relationship between variables where all variables, namely monetary policy variables (GDP, INFLATION, CURRENCY, CONSUMPTION and INTEREST) contribute to each other.