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All Journal Prosiding Seminar Nasional Official Statistics Economics Development Analysis Journal
I Gede Putu Dharma Yusa
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Humanities Computer Science & IT Economics, Econometrics & Finance Social Sciences

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Journal : Economics Development Analysis Journal

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Does Financial Inclusion Enhance Indonesia's First Demographic Dividend? I Gede Putu Dharma Yusa; Aziz Wahyu Suprayitno; Faiz Abdullah Wafi
Economics Development Analysis Journal Vol. 14 No. 1 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i1.14913

Abstract

This study examines whether financial inclusion enhances the first demographic dividend in Indonesia. Using a household-level approach, we measure the first demographic dividend through the economic support ratio and per capita expenditure, while financial inclusion is assessed based on savings account ownership in formal financial institutions. The research utilizes data from the 2022 National Socio-Economic Survey (Susenas) and applies a multiple linear regression model estimated via the Ordinary Least Squares (OLS) method. Empirical findings indicate that financial inclusion and the economic support ratio significantly enhance the first demographic dividend, as reflected in increased per capita expenditure. However, nearly one-third of households still lack access to formal financial institutions, with evidence suggesting a concentration of savings account ownership within specific households. Subsample analysis underscores the need to optimize the demographic dividend through financial inclusion, particularly for households headed by females, those engaged in agriculture and the informal sector, poor households, and those in rural areas and outside Java. Therefore, we recommend that the financial industry expand its services beyond its current target market and proactively tailor financial products to meet the diverse needs of the Indonesian population.
How the Demographic Dividend Affects Economic Convergence: Insights from Indonesia I Gede Putu Dharma Yusa; Beta Yulianita Gitaharie
Economics Development Analysis Journal Vol. 13 No. 3 (2024): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v13i3.11755

Abstract

This study investigates the effect of the demographic dividend on the convergence of regional economic growth in Indonesia post-fiscal decentralization from 2001-2023. Considering the two phases of the demographic dividend, namely the first dividend measured by economic support ratio and the second dividend measured by the accumulation of human capital, this paper uses the frontier and the conventional convergence approaches. The models are empirically estimated by static (Ordinary Least Square, fixed effect, random effect) and dynamic (Generalized Method of Moments) panel data regressions. The results confirm that per capita income growth in Indonesia’s provinces is converging, using both the frontier and conventional approaches. This implies that provinces with low per capita income are catching up to the national average and higher-income provinces. However, the convergence speed is relatively slow and takes a long time (878-1,525 years) to achieve the half-convergence stage. Demographic dividend interventions, such as improving economic support ratio and human capital, significantly boost convergence speed and reduce the time needed for half-convergence. Further analysis indicates that slow convergence may be due to the low-level equilibrium trap in fertility rates and economic support ratios, hindering regional economic growth convergence in Indonesia.
Co-Authors Aziz Wahyu Suprayitno Beta Yulianita Gitaharie Faiz Abdullah Wafi