<![CDATA[This study aims to analyze the effect of Special Allocation Fund (Dana Keistimewaan) on regional economic growth measured by Gross Regional Domestic Product (GRDP) in the Special Region of Yogyakarta. This research employs panel data regression using secondary data from five regencies/cities in Yogyakarta from 2009 to 2024. The model selection indicates the Fixed Effect Model as the best approach. The results show that Special Allocation Fund (Dana Keistimewaan), Regional Expenditure, Regional Original Revenue (PAD), General Allocation Fund (DAU), Special Allocation Fund (DAK), Foreign Direct Investment (PMA), and YIAD airport dummy variable significantly affect GRDP. Meanwhile, Domestic Investment (PMDN), and tourism (WIS) do not have significant effects. The findings imply that the effectiveness of fiscal policy and investment plays a more crucial role than the amount of budget allocation in promoting regional economic growth. This study contributes by incorporating institutional-specific funding (Dana Keistimewaan) along with infrastructure and investment variables in a panel data framework. Keywords: Gross Regional Domestic Product (GRDP), panel data, Special Allocation Fund, Yogyakarta]]>
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