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All Journal JESI (Jurnal Ekonomi Syariah Indonesia) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Journal of Financial, Business and Economics
Listiyani, Fahmaninda
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Energy Environmental Science Languange, Linguistic, Communication & Media Social Sciences

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The Effect of External Public Debt and State Sukuk (SBSN) On Indonesia's Economic Growth: An Autoregressive Distributed Lag Approach Listiyani, Fahmaninda; Sriyana, Jaka; Ratnawati, Nirdukita
Dinasti International Journal of Economics, Finance & Accounting Vol. 4 No. 4 (2023): Dinasti International Journal of Economics, Finance & Accounting (September - O
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v4i4.2024

Abstract

Indonesia's external public debt continues to grow with a ratio of 30.1% of GDP. In the first quarter of 2023, Indonesia's external public debt reached 199.4 billion US dollars or equivalent to 3000 trillion rupiahs. This condition makes Indonesia a debtor country that depend on international creditor countries or institutions. In addition, state sukuk as an alternative to state financing with sharia guidelines also continues to grow, but its performance cannot be equal to external public debt as one of the pillars of Indonesia's economic growth. Therefore, this study is present to analyse the effect of government external public debt paired with state sukuk as an Islamic fiscal variable on Indonesia's economic growth. Moreover, this study also analyses the factors that influence the growth of Indonesia's external public debt. The sample used to analyse the effect of government external public debt and state sukuk on Indonesia's economic growth was taken from the first quarter of 2010 to the first quarter of 2023. This study uses Autoregressive Distributed Lag (ARDL) to find empirical finding of the model. The results of this study indicate that the external public debt variable in the long term has a significant negative effect on economic growth while the state sukuk variable in the long term has no effect on economic growth.
Integrasi Kecerdasan Buatan dalam Pendidikan dan Dampaknya terhadap Perkembangan Moral Siswa Sekolah Menengah Atas Listiyani, Fahmaninda; Nazril Hasan; Nur Uzlyfatul Hadi; Said Muhammad Razzaq
Journal Financial, Business and Economics Vol. 3 No. 2 (2025): Journal Financial, Business and Economics
Publisher : Fakultas Ekonomi, Universitas Nahdlatul Ulama Yogyakarta

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Abstract

Perkembangan teknologi yang pesat telah menciptakan urgensi di sektor pendidikan. Khususnya dalam membentuk moral siswa, terdapat beberapa dampak negatif yang dapat timbul akibat penggunaan AI, seperti penurunan kemampuan berpikir kritis, peningkatan potensi kecurangan akademik, dan potensi ketergantungan pada AI. Tujuan penelitian ini adalah menganalisis dampak penggunaan AI terhadap perilaku moral siswa sekolah menengah. Metode yang digunakan dalam penelitian ini adalah metode campuran melalui survei yang dibagikan kepada siswa SMA/SMK di Jakarta Selatan dan tinjauan literatur. Variabel penelitian meliputi penggunaan AI, ketergantungan, kecurangan, dan penurunan kemampuan berpikir kritis. Hasil penelitian menunjukkan bahwa sosialisasi dan pengawasan yang konsisten dapat mengurangi potensi kecurangan akibat penggunaan AI. Selain itu, pendekatan ini juga terbukti efektif dalam mempertahankan dan meningkatkan kemampuan berpikir kritis siswa. Rekomendasi penelitian adalah perlunya bantuan bagi siswa dalam penggunaan AI secara etis. Guru dan orang tua harus berperan aktif sebagai teladan utama dalam pembentukan karakter moral. Dengan strategi ini, potensi AI dalam mendukung keterampilan akademik dan kualitas siswa dapat dimaksimalkan secara efektif.
Examining the Non-linear Impact of Government External Debt And Sukuk on Indonesia’s Economic Growth Listiyani, Fahmaninda; Ruscitasari, Zulfatul
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 16 No. 1 (2026)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2026.16(1).99-116

Abstract

Purpose: This study examines the non-linear impact of Indonesia’s external debt on economic growth using the debt threshold curve proposed by Pattillo. It also compares external debt with sukuk, highlighting that Islamic bonds are relatively more stable and that sukuk, as a rapidly developing Islamic finance instrument, may follow a U-shaped relationship with growth. In this framework, sovereign sukuk (SBSN) are expected to support Indonesia’s economic growth in the long term. Method: The study employs the ARDL (Autoregressive Distributed Lag) approach to estimate the effect of external debt and SBSN on GDP, and uses the quadratic axis-of-symmetry formula to derive the optimal ratios of external debt and sukuk to GDP. Results: The findings reveal an inverted U-shaped relationship between external debt and growth, consistent with the debt threshold hypothesis, and a U-shaped relationship for sukuk, indicated by a negative first-order sukuk coefficient and a positive squared term. Conclusion: These results imply that while excessive external debt ultimately depresses growth, scaling up SBSN can foster long-run economic expansion. Implication:  Though current evidence is constrained by short sukuk time series and lack of sectoral SBSN data, future research should use richer, multi-country data, additional controls, and sector-disaggregated SBSN information. Originality: The study is one of the first to jointly model external debt and sukuk using non-linear specifications, filling a gap in empirical work linking SBSN and GDP and offering a basis for subsequent research on sukuk’s role in Indonesia’s economic development.
Co-Authors Jaka Sriyana Nazril Hasan nirdukita ratnawati, nirdukita Nur Uzlyfatul Hadi Ruscitasari, Zulfatul Said Muhammad Razzaq