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DATA SOVEREIGNTY VS. OPEN INNOVATION: A LITERATURE REVIEW OF DIGITAL ECONOMY REGULATION IN THE ERA OF ARTIFICIAL INTELLIGENCE AND THE GREEN ECONOMY Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 2 No. 11 (2026): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.20199425

Abstract

This article examines the structural tension between data sovereignty and open innovation in the regulation of the digital economy in the era of artificial intelligence (AI) and the green economy, using a systematic literature review approach. Data sovereignty, as enshrined in Indonesia’s Personal Data Protection Act (PDP), protects national strategic assets from exploitation by global platforms, yet hinders access to essential datasets for the development of AI models and green technology collaboration. Conversely, the open innovation paradigm, through regulatory sandboxes and open data policies, drives the digital economy target of Rp4,500 trillion (2030), but risks a brain drain of domestic data. A comparative analysis of the EU, US and China reveals a trade-off between protective regulation and market-driven approaches, whilst the Indonesian context demands a hybrid governance model: limited data localisation combined with trusted data-sharing frameworks. Recommendations include the 2026 Presidential Regulation on AI, strengthening cloud sovereignty, and a Digital Sovereignty Index to realise contextual AI that is sovereign, innovative, and sustainable, paving the way for Indonesia Emas 2045.
THE EVOLUTION OF MODES AND REGULATORY LOOPHOLES IN ILLEGAL INVESTMENT IN INDONESIA: A SYSTEMATIC LITERATURE REVIEW FOLLOWING THE ESTABLISHMENT OF THE INVESTMENT VIGILANCE TASK FORCE 2.0 Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 2 No. 11 (2026): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.20199456

Abstract

This study systematically examines the evolution of illegal investment schemes and regulatory loopholes in Indonesia following the establishment of the Investment Vigilance Task Force 2.0, using a systematic literature review (SLR) approach. The findings indicate that illegal investment schemes have shifted from conventional schemes to complex digital forms, ranging from money games, trading bots, fake crypto investments, to social media-based platforms and communication groups. On the other hand, regulations still contain serious loopholes, such as fragmentation of authority among agencies, policy delays in response to technological innovation, weak coordination of law enforcement, and limitations in cross-jurisdictional regulation. This study concludes that a holistic approach is needed, integrating cross-sectoral regulatory strengthening, the utilisation of technology-based regulation, and the improvement of public financial literacy to break the chain of evolution of illegal investment schemes in the SWI 2.0 era.
CYBERSECURITY AND DATA PROTECTION IN THE MIDST OF THE ECONOMY 5.0 DIGITAL TRANSFORMATION Gunawan Widjaja
Review of International Economy and Finance Vol. 1 No. 2 (2025)
Publisher : CV. ADIBA AISHA AMIRA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.16731582

Abstract

The digital transformation in the Economy 5.0 era brings significant challenges and opportunities in the fields of cybersecurity and data protection. The increased use of advanced technologies such as artificial intelligence, the Internet of Things (IoT), and big data complicates the threat landscape to data security, which encourages organisations to continuously update and adapt their security systems. On the other hand, these technologies also offer innovative solutions to strengthen data protection, such as more efficient threat detection through artificial intelligence and improved data transparency with blockchain technology. By combining technological innovation with strict security policies and global collaboration, organisations can effectively address cybersecurity challenges and ensure data protection in the rapidly evolving digital age.
THE EFFECTIVENESS OF FISCAL POLICY AND GOVERNMENT STIMULUS IN MAINTAINING DOMESTIC CONSUMPTION AND INVESTMENT: A LITERATURE REVIEW Gunawan Widjaja
Review of International Economy and Finance Vol. 1 No. 4 (2025)
Publisher : CV. ADIBA AISHA AMIRA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.16811763

Abstract

This article aims to review the effectiveness of fiscal policy and government stimulus in maintaining domestic consumption and investment, particularly during periods of economic crisis. Through a literature review, it was found that fiscal policy instruments such as government spending, tax incentives, and social assistance play a significant role in maintaining people's purchasing power and encouraging investment recovery. The success of stimulus measures is highly influenced by the speed of distribution, targeting accuracy, and the fiscal capacity of the country concerned. However, the implementation of fiscal policies also faces various challenges such as limited fiscal space, the risk of rising public debt, bureaucratic weaknesses, and the need for transparent governance. The review emphasises the importance of adaptive stimulus design, synergy with monetary policy, and continuous evaluation to ensure that fiscal policy remains effective and sustainable in the face of future global and domestic economic dynamics.
THE RESPONSIBILITY OF ENTREPRENEURS IN MANAGING INVESTMENTS TO ENSURE BUSINESS SUSTAINABILITY: A CONCEPTUAL AND PRACTICAL REVIEW H. Deni Salahuddin; Gunawan Widjaja
Review of International Economy and Finance Vol. 1 No. 4 (2025)
Publisher : CV. ADIBA AISHA AMIRA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.16811782

Abstract

This study discusses the responsibility of entrepreneurs in managing investments as an effort to ensure business continuity through conceptual and practical reviews. A literature review approach was used to collect and analyse literature related to the concept of entrepreneurial responsibility in investment management, including stewardship theory, corporate social responsibility (CSR), and corporate governance principles. In addition, responsible investment management practices in the real business world are also examined, including diversification strategies, risk management, integration of ESG (Environmental, Social, and Governance) principles, and the use of digital technology to improve the effectiveness of investment management. The results of the study indicate that entrepreneurs who are able to manage investments responsibly can not only maintain business sustainability but also create social and environmental added value. This study provides recommendations for entrepreneurs and policymakers to place greater emphasis on ethics, transparency, and adaptation to market dynamics in investment management so that businesses remain competitive and sustainable.
THE DYNAMICS OF LOCAL GOODS TRADE AND IMPORTS IN THE SERIKIN CROSS-BORDER MARKET: AN ANALYSIS OF INDONESIA-MALAYSIA ECONOMIC INTERACTIONS THROUGH LITERATURE REVIEW Gunawan Widjaja; Wagiman Wagiman
Review of International Economy and Finance Vol. 1 No. 4 (2025)
Publisher : CV. ADIBA AISHA AMIRA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.16811792

Abstract

This study discusses the dynamics of local and imported goods trade in the Serikin Cross-Border Market located on the border between Indonesia and Malaysia. This market serves as a dynamic centre of economic interaction, where business actors from both countries establish close trade relations, both formal and informal. A literature review identified factors influencing these economic interactions, including the role of local and imported products, regulatory challenges, and socio-economic impacts on border communities. The findings reveal that the Serikin Market is not only a place for goods transactions but also a medium for strengthening bilateral relations and empowering the local economy. Optimising the management of this market heavily depends on policy synergy between Indonesia and Malaysia, as well as innovation by business actors on the ground.
LITERATURE ANALYSIS: THE ROLE OF ECONOMIC FACTORS IN INCREASING THEFT CRIMES IN INDONESIA Gunawan Widjaja; Adrian Bima Putra
Review of International Economy and Finance Vol. 2 No. 1 (2025): Review of International Economy and Finance (RITEF)
Publisher : CV. ADIBA AISHA AMIRA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.17556121

Abstract

This study discusses the role of economic factors in increasing theft crimes in Indonesia through a systematic literature analysis. This study reviews various sources that discuss the relationship between poverty, unemployment, and income inequality with the increase in theft rates. The findings indicate that the economic pressures faced by some communities encourage criminal acts, particularly theft, as an instant solution to meet their daily needs. In addition to macroeconomic factors, social aspects such as urbanisation and low education levels also contribute to the risk of this crime. This analysis also highlights the importance of a multidimensional approach in addressing theft, which should not only rely on law enforcement but also economic policy interventions such as job creation and income redistribution. The complex interaction between economic and social variables requires comprehensive strategies that can reduce crime rates while improving community welfare. The results of this study provide an empirical and theoretical basis for policymakers to develop effective and sustainable prevention programmes.
THE ROLE OF OVERSIGHT IN THE IMPLEMENTATION OF CROSS-BORDER TRADE AGREEMENTS: A LITERATURE REVIEW ON THE BENEFITS FOR BORDER COMMUNITIES Gunawan Widjaja
Review of International Economy and Finance Vol. 2 No. 2 (2026): Review of International Economy and Finance (RITEF)
Publisher : CV. ADIBA AISHA AMIRA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.18483399

Abstract

This study discusses the role of supervision in the implementation of trade agreements between countries, with a focus on the benefits felt by communities in border areas. Through a literature review, this study analyses various sources of literature related to supervisory mechanisms, challenges in their implementation, and the positive impacts on local communities. The findings reveal that effective oversight not only prevents illegal trade practices and regulatory abuse but also enhances the economic and social well-being of border communities through fairer market access, protection of legal businesses, and improved security and empowerment of local communities. Therefore, strengthening the monitoring system through inter-agency collaboration, community participation, and the use of technology is key to the successful implementation of trade agreements that have a positive impact on the development of border areas.
THE EFFECTIVENESS OF SOCIALISATION OF THE IMPLEMENTATION OF BILATERAL CROSS-BORDER TRADE AGREEMENTS: A LITERATURE REVIEW ON THE IMPROVEMENT OF THE WELFARE OF BORDER COMMUNITIES Gunawan Widjaja
Review of International Economy and Finance Vol. 2 No. 2 (2026): Review of International Economy and Finance (RITEF)
Publisher : CV. ADIBA AISHA AMIRA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.18483447

Abstract

This study aims to evaluate the effectiveness of socialisation of bilateral trade agreements between countries and its impact on improving the welfare of border communities through a literature review. Effective socialisation is crucial to the understanding and active participation of the community in utilising the economic opportunities provided by these agreements. However, the implementation of socialisation often faces obstacles such as limited access to information and inadequate infrastructure. Literature review indicates that participatory socialisation approaches, adaptable to local contexts, and supported by cross-sectoral synergies can significantly enhance the implementation outcomes of bilateral trade agreements. The findings of this study provide strategic recommendations for policymakers and programme implementers to enhance socialisation capacity to promote sustainable welfare for border communities.
THE INFLUENCE OF CAPITAL AND ENTREPRENEURIAL CHARACTERISTICS ON BUSINESS DEVELOPMENT AND SUSTAINABILITY: A LITERATURE REVIEW OF INDONESIAN MSMES Gunawan Widjaja
Review of International Economy and Finance Vol. 2 No. 2 (2026): Review of International Economy and Finance (RITEF)
Publisher : CV. ADIBA AISHA AMIRA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.18483468

Abstract

This study aims to review the influence of capital and entrepreneurial characteristics on business development and sustainability in MSMEs in Indonesia through a literature review approach. Capital, which includes financial, social, and intellectual capital, has been proven to be a major factor in supporting the expansion, innovation, and increased competitiveness of MSMEs. Additionally, entrepreneurial characteristics such as risk-taking, proactivity, innovation, flexibility, and managerial skills play a crucial role in the adaptation, growth, and resilience of businesses in the face of dynamic competition. This literature review confirms that the synergy between the availability of capital and the strength of entrepreneurial characteristics significantly contributes to the development and sustainability of SMEs in Indonesia. The implications of this study highlight the importance of strengthening capital capacity and entrepreneurship training, as well as an inclusive ecosystem to enhance the sustainability of the SME sector as a driving force for the national economy.
Co-Authors Aat Ruchiat Nugraha Abadi, Songga Aurora Abd. Basir Abdul Samad Arief Abdul Wahab Syakhrani Abdur Rahman Achmad Fazrin Adi Rumanto Waruwu Adrian Bima Putra Adrian Bima Putra Advitama, Dave Affandi Affandi Agus Supriyanto Agus Supriyanto Agustinus Nugroho Jati Aisyah, Shyavara Alam Anbari Anastasia Prestika Andina Rahmayani Andreani Dewanto Andreas Harry Andreas Harry Anggia Az Zahra Anindita Widyapradnya Annas Tasya N.A Annas Tasya N.A, Annisa Rachmawati, Dsk Putu Ayu L.A, Khaerunnisa Ade P., Muhammad Fachri, Pradita Ajeng S.A Annisa Purwo Hastuti Annisa Rachmawati Ari Rahmat Elsad Arif Rahman Baihaqi Arman Harahap Asep Saepullah Aslan Aslan Aslan Aslan Aswan Athalia Christine L Ayu Miya Maryani B.M.A.S. Anaconda Bangkara Bintan R. Saragih Brian Matthew Budi Suranto Bangun Cecep Suhardiman Cecep Suhardiman Cecep Suhardiman Cesarianti, Fransiska Milenia Chairunnissa Chairunnissa Christiawan, Rio Christina Herawati G Damun, Damun Danang Rahmat Surono Dave Advitama Delia Bazlina Deny Wicaksono, Deny Dhanudibroto, Handojo Dheas Syahreza Muslim Diana ., Diana Diana Laila Ramatillah Dimas Tripraditiya Dipo Pramudito Dipo Pramudito Dsk Putu Ayu L.A Dumilah Ayuningtyas Dyah Ersita Yustanti Dyah Ersita Yustanti Dyah Ersita Yustanti Dyah Ersita Yustanti Dyah Ersita Yustanti Ekasari, Silvia Ekha Sri Sugiarti Elisabeth Purnama Massang Enna Budiman Enna Budiman Ersita Yustanti, Dyah Fachrurazi Farika Nikmah Farrel Abiyu Ramadhana Fitra Sri Rahayu Grace Riana H. Deni Salahuddin Hadenan Towpek Hadenan Towpek Halim , Adriansyah Handojo Dhanudibroto Handojo Dhanudibroto Handojo Dhanudibroto Handojo Dhanudibroto Hansel Kalama Hardijan Rusli, Hardijan Harry, Andreas Hatta, Ignatius Bambang Sukarno Hendra . Hendrawan Hendrawan Hendriarto, Prasetyono Heri Kustanto Hernita Hernita Hernita Hotma P. Sibuea Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Ita Nurcholifah Iyad Abdallah Al- Shreifeen Iyad Abdallah Al-Shreifeen Jahidin Kuswanto Januar Agung Saputera Jessica Francis Gunawan Jestin Justian Juliana, Juliana Junior B. Gregorius Karunia Ilham Karim Kevin Neil McVey Khaerunnisa Ade P. Khairul Nizam bin Zainal Badri Khalimi Khalimi Khalimi Lalu Syaifudin Lidya Cristy S Loso Judijanto M Reydhi Suwanda M Ruswan Talaohu M. Hafiz Aini M. Zahari Mahmudin, Tono Mailinda, Nur Martedjo, Wagiman Martin Maurer M.Marpaung Megasari Sijabat, Fittry Mellisa Efiyanti Mellisa Efiyanti Melyana Melyana Mervyn Mervyn Michael Matthew Michelle Angelika S Mika Anabelle Miya Maryani, Ayu Moch. Isra Hajiri Mochammad Roufal Moh. Imam Ishomuddin Zuhri Mohammad Ahmad Bani Amer Monica Monica Mowafg Masuwd Muhammad Anas Ma`arif Muhammad Fachri Muhammad Ikhwan Muhammad Ikhwan Muhammad Nagieb Muhammad Naufal Arifiyanto Muhammad Rayyan Firdaus Muthia Rachman Nadila Citra Aprilia Naiborhu, Mesa Indra Ni Nyoman Ari Triantari Nini Putri Wijaya, Nini Putri Nofianty Helyo Novan Dzaky Pangestu Novi Puji Lestari Novi Rizky Ramadhani Novi Rizky Ramadhani Nugroho, Sudrajat Mukti Nur Ulfa Maulida Nurwita, Nurwita Oggy Satya Tambunan Olivia Pauline Hartanti Poetranto, Soeryo Pradita Ajeng S.A Puji Hastuti Rafa Zahirah Husein Rahadian Bayu Anggoro Rahardja, Tony Rahmat Nasution Raissa Arlyn Manikam Rajes Khana Ramdan Yusuf Renaldi Immanuel Panggabean Renaldi Immanuel Panggabean Retnaningtyas Insyira Retnaningtyas Insyira, Anggia Az Zahra, Nadila Citra Aprilia, Chairunnissa, Muhammad Rayyan Firdaus, Novan Dzaky Pangestu Reza Sutrianingtyas Rahayu Rianti Nurul Oktavia Rif'ah Rif'ah Rifa’at Hanifa Muslimah Rifa’at Hanifa Muslimah Rio Johan Putra Ririn Nurhidayanti Rizka Anindya Manjayani Rizky Yosa Adhi Prabowo Robby Sulivan, Robby Robert Iskandar Rumanto Waruwu, Adi Salmon Sihite Salsa Rizkya Samsuto, Samsuto Sanchita Bhattacharya Sanjaya, Aditya Santika Santika Sarah Ramadona Sardjana Orba Manullang Savira Lovianda Gunawan Sendi Sanjaya Sendi Sanjaya SH Septy Kusuma Septy Kusuma, Arif Rahman Baihaqi, M Ruswan Talaohu, Santika, Sarah Ramadona, Salsa Rizkya Setiawan, Lisno Shella Felicia Shohib MUSLIM Sihite, Salmon Silalahi, Yohanes B O Siti Hafifa Marlinda Putri Siti Nur Azizah Siti Rokayah Songga Aurora Abadi Songga Aurora Abadi Sri Sugiarti, Ekha Sudrajat, Maman Sukh Pawen Jit Kaur Sunnah, Sunnah Syavitri Ramadhani Sylvana, Yana Tahir, Usman Tamrin Tamrin Tanti Herawati Taufik Rahman Taupik Alpiyandi Theresia Vena Tiwi Siftiyani Rosidah Towpek, Hadenan Ummah, Iriaty Khairul Usman Tahir Viony Kresna Sumantri Vivin Caronia Wagiman WAGIMAN Wagiman Wagiman . Wagiman Wagiman WAHYUDI Wibowo Laksono Widodo Wibowo, Basuki Rekso Widjaja, Liza Wijaya, Hanna Wirawan, Vani Yana Sylvana Yohanes Firmansyah Yohanes Firmansyah Yohanes Firmansyah Yohanes Firmansyah Yohanes Firmansyah Yuli Supriani Yuri Anggi Yustinus Lambang Setyo Putro Yustinus Rurie Wirawan Yusuf, Ramdan Zainal Arifin