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Pemahaman Aliran Moneter dan Fiskal Dalam Konsep Permintaan Uang di Indonesia: Sebuah Pendekatan Literatur Hamzah, Muhammad Zilal; Sofilda, Eleonora; Eferedo, Eferedo
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol 8 No 4 (2023): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan
Publisher : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v8i4.789

Abstract

Institutions such as the Ministry of Finance and the Central Bank have a strategic role in determining the macro direction of an economy. Not only that, other institutions, such as the Financial Services Authority (OJK) and the Deposit Insurance Corporation (LPS), also support the creation of conducive macroeconomic conditions, especially through the monetary sector. Monetary and fiscal policies are the main instruments used by the Indonesian government to intervene in the economy at a macro level. However, in theory, both still leave debate regarding their level of effectiveness. Therefore, this study aims to analyze the effectiveness of these two policies and is expected to have implications for Public Service Agencies, especially institutions in the financial ecosystem. This study uses a Meta-Analysis approach using OpenMee software to calculate the combined effect on each existing data. The main findings in this study show that only the income variable has a significant influence on the demand for money in the short term. However, the elasticity of the interest rate variable was found to be more inelastic. This condition is in accordance with monetarist assumptions which consider money as a form of substitute for real assets. Indonesia's lagging condition of financial literacy and inclusion can be a factor that explains that people have a substitution preference for real assets compared to financial assets. This study has the implication that monetary policy is more effective in encouraging output growth compared to fiscal policy. Therefore, it is hoped that the role of the financial authorities will be to support monetary policy further.
Financial Challenges and Opportunities In The Maritime Industry: Insights From Expert Perspectives Indah Anggoro Putri; Muhammad Zilal Hamzah; Eleonora Sofilda
International Journal of Economics and Management Sciences Vol. 1 No. 3 (2024): August : 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.v1i3.158

Abstract

This research investigates the intricate landscape of financial challenges and opportunities in the maritime industry through the lens of expert perspectives in economics, management, and maritime operations. Drawing on qualitative insights from industry leaders and scholars, the study analyses key economic indicators such as GDP growth rates, inflation, interest rates, and trade balances, highlighting their profound impact on global shipping dynamics. The findings reveal pervasive challenges including economic volatility, regulatory compliance burdens, and sustainability pressures, which necessitate strategic responses for financial resilience and operational sustainability. Strategic recommendations are delineated to address these challenges effectively, advocating for enhanced risk management strategies, investment in technological innovation, adoption of sustainable practices, collaborative industry partnerships, and capacity building in talent development. These insights are crucial for maritime stakeholders aiming to navigate economic uncertainties and regulatory complexities while advancing towards sustainable growth and competitiveness in the global maritime economy.
Factors Influencing Indonesian Sea Transportation Subsidy Policies for Regional Economic Growth Dimyati Dimyati; Muhammad Zilal Hamzah; Eleonora Sofilda
International Journal of Economics and Management Sciences Vol. 1 No. 4 (2024): November : 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.v1i4.223

Abstract

This research investigates the multifaceted factors influencing Indonesian sea transportation subsidy policies and their impact on regional economic growth. Through a comprehensive literature review and empirical analysis, the study identifies key drivers such as political stability, regulatory efficiency, economic conditions, infrastructure development, and policy implementation mechanisms. Political stability was found crucial for ensuring policy consistency and investor confidence, while efficient regulatory frameworks streamlined subsidy allocations. Economic fluctuations, both global and domestic, significantly influenced resource allocations, underscoring the need for adaptive economic policies. Infrastructure investments emerged as pivotal in enhancing logistics efficiency and reducing operational costs, essential for fostering regional economic competitiveness. Effective policy implementation through transparency, accountability, and monitoring mechanisms was critical in maximizing socio-economic benefits. The findings underscore the importance of integrated policy approaches to address complex challenges and leverage opportunities for sustainable economic development in Indonesia's maritime sector.
Economic Impacts Of Port Development On Coastal Communities: A Vocational Education Perspective Titis Ari Wibowo; Muhammad Zilal Hamzah; Eleonora Sofilda
International Journal of Economics, Management and Accounting Vol. 1 No. 3 (2024): September : International Journal of Economics, Management and Accounting
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijema.v1i3.159

Abstract

This research investigates the economic impacts of port development and management on coastal communities, focusing on the role of vocational education in workforce preparation. Ports serve as pivotal economic hubs, driving regional growth through trade facilitation, job creation, and infrastructure development. However, they also pose environmental challenges such as pollution and habitat degradation, necessitating sustainable management practices. The study evaluates these dual aspects by analysing indicators such as GDP growth, workforce readiness, environmental sustainability, and strategic management in port operations. Findings highlight the significant contributions of ports to local economies while emphasising the importance of vocational education in equipping communities with skills for port-related jobs. Strategic management and governance are critical in maximising economic benefits while mitigating environmental impacts and ensuring regulatory compliance. The research underscores the need for integrated approaches that balance economic growth with environmental sustainability to foster resilience in coastal regions.
The Regulations of Financial Conglomerates in Five Asia Countries and Australia: A Policy Comparative Study Ridhona Fultanegara; Hamzah, Muhammad Zilal; Sofilda, Eleonora
International Journal of Economics, Management and Accounting Vol. 1 No. 3 (2024): September : International Journal of Economics, Management and Accounting
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijema.v1i3.219

Abstract

Financial conglomerates are considered to have a significant role in a country’s economy. A well-developed financial conglomerate will bring economy’s positive growth. However, when one collapses, systemic risk cannot be avoided to the financial system. The study conducts a comparative analysis of financial conglomerates/financial holding companies policies in six countries: Indonesia, South Korea, Taiwan, Malaysia, Singapore, and Australia. Furthermore, the research examines the literature review method of financial conglomerates criteria, structure, synergy, intragroup transactions, and data protection. In general, the requirements of financial conglomerates within research sample countries align with the Joint Forum. Indonesia is still developing the financial conglomerate’s minimum assets and members. Singapore is more concerned with a portion of assets, capital, liabilities, or income, while Taiwan regulates the total assets and paid-in capital. Malaysia regulates strictly with specific minimum ownership, while Australia focuses more on transaction materiality. The synergy among members of financial conglomerates may improve efficiency—however, the intragroup transactions raise systemic risk. Consumer data protection should be considered when financial conglomerates conduct cross-selling. From this study, policymakers should enhance their policies so that financial conglomerates take more advantage of generating the country’s economy while managing challenges to the financial system’s stability.
Regulating Buy Now Pay Later (BNPL) in Asean: a Comparative Analysis on Regulatory Challenges and Opportunities Luci Irawati; Muhammad Zilal Hamzah; Eleonora Sofilda
International Journal of Economics, Management and Accounting Vol. 1 No. 4 (2024): December : International Journal of Economics, Management and Accounting
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijema.v1i4.227

Abstract

This study provides a comparative analysis of the regulatory frameworks governing Buy Now Pay Later (BNPL) services across ten ASEAN countries: Indonesia, Malaysia, Singapore, Thailand, the Philippines, Laos, Brunei Darussalam, Vietnam, Myanmar, and Cambodia. As BNPL services rapidly expand throughout the region, understanding the diverse regulatory landscapes and their implications becomes increasingly critical for fostering financial stability, consumer protection, and innovation in the digital financial ecosystem. Utilizing a literature review methodology, the research examines existing regulations, legal frameworks, and market trends, assessing their impact on financial stability, consumer protection, and fintech innovation. Singapore is identified as the leader in regulatory practices, effectively balancing fintech innovation with stringent consumer protection. Indonesia and Malaysia emphasize financial inclusion and systemic risk management, with Indonesia's framework focusing on transparency and financial literacy. Thailand and the Philippines are refining their frameworks, while Myanmar, Laos, Brunei, Vietnam and Cambodia are still developing their regulatory approaches. BNPL services, driven by growing e-commerce and fintech ecosystems, offer significant opportunities for financial inclusion but also pose challenges related to over-indebtedness, credit risk, and data protection. The analysis emphasizes that while BNPL presents significant opportunities for financial inclusion and fintech innovation, effective regulation is critical to ensuring sustainable growth and protecting consumers from debt traps and financial instability.
Fiscal Policy in Maritime Economics: Implications for Growth and Sustainability Mudakir Mudakir; Muhammad Zilal Hamzah; Eleonora Sofilda
Green Inflation: International Journal of Management and Strategic Business Leadership Vol. 1 No. 3 (2024): August : Green Inflation: International Journal of Management and Strategic Bus
Publisher : Asosiasi Riset Ilmu Manajemen Kewirausahaan dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/greeninflation.v1i3.52

Abstract

This research explores the impact of fiscal policies on maritime economics, focusing on macroeconomic stability, sector-specific resilience, and sustainability initiatives within maritime industries. Through qualitative analysis and expert perspectives, the study examines how fiscal interventions influence economic growth, address regional disparities, and promote environmental stewardship in maritime sectors. Key findings highlight the effectiveness of fiscal tools in stabilizing economic fluctuations, fostering innovation, and enhancing industry competitiveness. Challenges such as regulatory complexities, uneven distribution of fiscal benefits, and the need for enhanced fiscal transparency are also discussed. The research underscores the importance of tailored fiscal strategies that support inclusive growth, sustainable development, and global competitiveness in maritime economies.
The Design Model of Halal Product Assurance Implementation Dewi, Nur Diana; Hamzah, Muhammad Zilal; Sofilda, Eleonora
IJIBE (International Journal of Islamic Business Ethics) Vol 8, No 1 (2023): March 2023
Publisher : UNISSULA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30659/ijibe.8.1.69-82

Abstract

The majority of Indonesia's population is Muslim in the amount 87.21% of a total of 237 million people. However, this is not directly proportional to the lack of halal product certification in Indonesia. The study aims to determine the implementation of halal product assurance certification in Indonesia by analyzing the Indonesia and Malaysia certification without neglecting the readiness of LPPOM MUI and BPJPH in facing changes to the halal certification regulations of JPH Law. The research method was the interview and FGD techniques. The data was processed by NVivo 12. The implication of this research shows that the JPH Law can organize effectively with the hard work of BPJPH to synergize the stakeholders. The implementation model of halal product assurance adjusted to the strategy and work plan for JPH by emphasizing the increasing stakeholder involvement, G2G Cooperation, and SME Development.
Evaluating Market Structure, Firm Behavior, And Sustainability In The Maritime Industry Using Scp Framework Hesti Ekawati; Muhammad Zilal Hamzah; Eleonora Sofilda; Ahmad Ahmad
Dharma Ekonomi Vol. 31 No. 2 (2024): DHARMA EKONOMI
Publisher : sekolah Tinggi Ilmu Ekonomi Dharmaputra Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59725/de.v32i1.120

Abstract

The maritime industry plays a critical role in global trade but faces growing pressure to integrate environmental sustainability into its operations. This research analyzes the industry using the Structure-Conduct-Performance (SCP) framework to understand the relationship between market structure, firm behavior, and both economic and environmental performance. The study provides original value by extending the traditional SCP model to include environmental sustainability, addressing a critical gap in previous research. Key research questions include how market concentration, regulatory compliance, corporate environmental responsibility (CER), and technological innovation affect both profitability and sustainability. Using qualitative data from industry professionals and maritime educators, the analysis highlights that proactive regulatory compliance and high CER commitment drive superior economic and environmental outcomes. Firms that invest in green technologies enjoy enhanced performance, while those prioritizing short-term profits struggle with long-term competitiveness. The results offer practical insights for policymakers and industry leaders, emphasizing the need for inclusive market structures and stronger regulatory frameworks to support sustainability across the sector.
Enhancing Financial Literacy to Achieve Economic Independence: Meningkatkan Financial Literacy Untuk Mewujudkan Kemandirian Ekonomi Sofilda, Eleonora; Hariyanti, Dini; Wahyuni, Lidia
Mattawang: Jurnal Pengabdian Masyarakat Vol. 5 No. 3 (2024)
Publisher : Yayasan Ahmar Cendekia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/454RI.mattawang2921

Abstract

Micro, Small, and Medium Enterprises (MSMEs) are the backbone of the Indonesian economy, contributing significantly to GDP and employment absorption. Despite strong government support, many MSMEs still face major challenges, particularly in terms of low financial literacy, which hampers their ability to manage their businesses effectively. This Community Service Program (PkM) aims to enhance the financial literacy and managerial skills of Rufata MSMEs, located in Gudang Sarinah Pancoran, South Jakarta, through training tailored to their specific needs. The methods used in this PkM include needs identification, training program planning, interactive training implementation, and evaluation of the training’s effectiveness. The training was designed to improve the managerial and financial management capabilities of Rufata MSMEs, focusing on cash management, financial recording, and business decision-making. The program was attended by 20 participants and conducted in sessions that combined theory with practice, including case studies and simulations. The results of this PkM activity showed a significant improvement in the participants' understanding and skills in managing their business finances. Evaluation results through pre-test and post-test indicated an increase in scores from 40%-60% to 85%-100% after the training. Additionally, continued support such as consultations and mentoring helped participants face challenges after the training, improving the productivity and operational efficiency of Rufata MSMEs. Overall, this comprehensive approach to training proved effective in enhancing the performance of Rufata MSMEs and is expected to contribute more significantly to the national economy.