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All Journal Media Trend: Berkala Kajian Ekonomi dan Studi Pembangunan Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan
Wahyuni, Hesti Asri
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Economics, Econometrics & Finance

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Macroeconomic Determinants of Indonesian Economic Growth: Error Correction Model approach for the 1986-2022 period Wahyuni, Hesti Asri; Santosa, Purbayu Budi
MediaTrend Vol 19, No 2 (2024): OKTOBER
Publisher : Trunojoyo University of Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/mediatrend.v19i2.27305

Abstract

This study analyzes the impact of exports, inflation, investment, and exchange rates on Indonesia's Gross Domestic Product (GDP) from 1986 to 2022 using the Error Correction Model (ECM). This method examines both long-term and short-term effects. The results show that exports have a positive but insignificant impact on long-term economic growth, while in the short term, the impact is negative and insignificant. Inflation has a significantly negative effect on economic growth in both the short and long terms. Investment has a positive and significant effect on growth in both periods. Exchange rates have a significant negative effect on long-term economic growth, while in the short term, they have a significant negative impact at the 10% significance level. The contribution of this study lies in expanding the understanding of Indonesia's macroeconomic dynamics through a comprehensive analysis over a 36-year period. It provides valuable insights for economic policymakers, recommending stabilizing inflation, increasing investment, and maintaining exchange rate stability. The empirical findings of this study are expected to help formulate more effective economic policies to promote growth in Indonesia. A limitation of this research is the lack of variables addressing external factors, including global fiscal and monetary policies.
Nexus Between Economic Growth, Renewable Energy, Industry Value Added and CO2 Emissions in ASEAN Susilowati, Indah; Mu'min, M. Silahul; Qudsyina, Hanny; Wahyuni, Hesti Asri; Rismawati, Suci; Kusumawardhani, Hapsari Ayu; Miah, Md. Ruyel
Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Vol 24, No 2 (2023): JEP 2023
Publisher : Muhammadiyah University Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jep.v24i2.23165

Abstract

This study aims to identify the relationship between economic growth, renewable energy, and industrial value added to CO2 emissions in ASEAN. The data used is panel data of 10 ASEAN countries from 2001-2020. This study uses the vector error correction model (VECM) for analysis. The estimation results show that CO2 emissions are only influenced by the CO2 variable itself in the previous period in the short term. In addition, economic growth and renewable energy significantly negatively affect CO2 emissions in the long term. Economic growth has the largest contribution to reducing CO2 emissions. The empirical findings also support the existence of the environmental Kuznets curve (EKC) in ASEAN. However, industrial value added has no significant effect on CO2 emissions. This study has several policy implications. The government needs to 1) strengthen energy transition regulations to encourage the use of renewable energy, 2) increase investment in RD to stimulate green technology innovation, and 3) protect the environment to mitigate negative externalities of economic activity.
Co-Authors Hapsari Ayu Kusumawardhani Indah Susilowati Miah, Md. Ruyel Mu'min, M. Silahul Purbayu Budi Santosa Qudsyina, Hanny Rismawati, Suci