SPEKTRUM Jurnal Ilmu Politik Hubungan Internasional
Vol. 23 No. 2 (2026): SPEKTRUM (Jurnal Ilmu Politik Hubungan Internasional)

Does The State Finance Cause the Green Finance Turbulence in Indonesia

Edwin Basmar (Department of Economics, Faculty Of Economics and Business, Makassar State Univeristy, Makassar, Indonesia.)
Zudi Setiawan (Department of Political Science, Faculty of Social and Political Sciences, Wahid Hasyim University, Semarang, Indonesia)
Hasan Hasan (Faculty of Economics and Business Wahid Hasyim University, Semarang, Indonesia)
Muhamad Takhim (Faculty of Economics and Business Wahid Hasyim University, Semarang, Indonesia)



Article Info

Publish Date
20 Jul 2026

Abstract

This study aims to propose priority solution to improve of green finance for create a balance used the financial state through intermediairy fungtion of banking sector as a form of economic growth circulation activities. On the other hand, the State financial are a determining system to improving green finance in achieving finance stability and economic growth in Indonesia. This study uses the Ed Wave Index development model based on Bank Indonesia financial report data, from theĀ  balance theory, we rebuild new model with import of macroeconomic presssures as the finance circulation to analysis of green finance reaction for finance stability and economic growth in Indonesia. This study found that state financial have not been able to improve green finance in Indonesia, with conditions negative financial effectiveness, including periods 2, 4 and 5, on the other hand periods 1 and 3 where the opposite applies in Indonesian financial circulation. This study makes an important contribution to Bank Indonesia and the banking sector through the use of state finances to make green finance performance more effective, especially in achieving financial stability and economic growth in Indonesia.

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Journal Info

Abbrev

SPEKTRUM

Publisher

Subject

Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

Description

Spectrum aims to publish scientific articles that focus on the development of thought, theory, and research covering issues of international relations and politics at ...