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This Author published in this journals
All Journal Economic Journal of Emerging Markets Jurnal Samudra Ekonomi dan Bisnis International Journal of Global Operations Research International Journal of Quantitative Research and Modeling Ekonomikalia Journal of Economics Grimsa Journal of Business and Economics Studies
Sofyan Syahnur
Faculty of Economics, Universitas Syiah Kuala, Banda Aceh
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Energy Engineering Environmental Science Mathematics Physics Social Sciences

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The Dynamic Impact of Foreign Debt-Based Education and Health Investment on Economic Growth in Asean-5 Countries Qusrinda, Ade; Syahnur, Sofyan; Nasir, Muhammad
International Journal of Quantitative Research and Modeling Vol. 6 No. 3 (2025): International Journal of Quantitative Research and Modeling (IJQRM)
Publisher : Research Collaboration Community (RCC)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijqrm.v6i3.1041

Abstract

This study examines the use of external debt to finance health and education in order to promote economic growth in developing countries, focusing on five ASEAN member countries namely Cambodia, Indonesia, Laos, the Philippines and Thailand. The Johansen, Pedroni and Kao cointegration test results indicate the existence of a long-run relationship between the independent and dependent variables. The panel data Autoregressive Distributed Lag (ARDL) model is used to analyze the short-term and long-term effects using annual data for the period 2000-2022. The results of this study found that in the short run education financing has a positive effect while health, labor and capital financing have a negative impact on economic growth. The results in the long run found that education and health financing have a negative impact on economic growth in ASEAN-5 countries due to too high debt and inefficiency in allocation is also one of the reasons the long-term effect has not been realized. Labor and capital have a positive impact on economic growth this is due to high external debt in many ASEAN-5 countries is also high, although this is not proportional to external debt and the effect is very small. Based on the findings of this study, it is recommended that governments in ASEAN-5 countries continue to improve efficiency in managing and allocating foreign debt towards education and health. In addition, serious efforts are needed for more assertive and targeted policies related to the use of foreign debt.
The dynamic effect of cash and non-cash payment instruments on money velocity in Indonesia Dian Zulfa; Syahnur, Sofyan
Economic Journal of Emerging Markets Volume 17 Issue 1, 2025
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol17.iss1.art5

Abstract

Purpose — This study explores the dynamic effect of electronic money as a non-cash payment instrument on the velocity of money in Indonesia from 2012 to 2020.Method — Using quarterly time series data from 2012 to 2020, the research employs the Error Correction Model (ECM), stationarity, cointegration, and classical assumption tests to ensure the correct estimation procedure. Findings — The findings reveal several essential points: (1) Faster circulation of cash generally increases the velocity of M1; (2) Excessive money supply slows down M1 circulation; (3) An increase in the use of debit cards (ATMs) tends to reduce M1 velocity, while quicker credit card transactions can accelerate it; (4) Rapid circulation of electronic money can expedite M1, but large amounts can hinder it. Overall, both cash and non-cash money equally influence the behavior of M1 velocity in Indonesia. Implication — The government should focus more on money velocity to maintain stability, even though various payment instruments are utilized in the economy. Originality — The current research focuses on the dynamic development of modern finance in Indonesia and electronic money as non-cash payment instruments that impact money velocity.
Co-Authors Abd Jamal, Abd Abdurachman, Tarmizi Zulkifli Abidin, Rafi Nur Afriwanda, Afriwanda Ammara, Tiya Rana Balqis, Riqah Dian Zulfa Eddy Gunawan, Eddy Ernawati Ernawati Idroes, Ghalieb Mutig Idroes, Rinadi Irsan Hardi Kusumo, Fitranto Majid, M. Shabri Abd Maulana, Harist Muhammad Abrar Muhammad Nasir Muzzakar, Kahar Nur Annisa Putri Bintusy Syathi, Putri Bintusy Qusrinda, Ade Sahputra, Krishna Silvia, Vivi Srinita, Srinita Suriani Suriani Yulianti, Reka