Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik (ITRev) merupakan publikasi ilmiah yang memuat hasil penelitian, pengembangan, kajian dan pemikiran di bidang Perbendaharaan, Keuangan Negara, dan Kebijakan Publik. ITRev diterbitkan oleh Direktorat Jenderal Perbendaharaan, Kementerian Keuangan berdasarkan Surat Keputusan Direktur Jenderal Perbendaharaan No. KEP-269/PB/2016. ITRev memiliki 2 (dua) jenis ISSN (International Standard Serial Number) yaitu cetak dengan nomor p-ISSN adalah 2527-2721 dan online dengan nomor e-ISSN adalah 2622-4399. ITRev diterbitkan pertama kali pada tahun 2016 secara periodik dengan masa terbit empat kali setahun.
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225 Documents
<![CDATA[Effectiveness Analysis of Nadine Implementation at Indonesia’s MoF: A Combined Approach Using Importance-Performance Analysis and Causal Relationship Analysis ]]>
<![CDATA[Dara, Despinur]]>;
<![CDATA[Putra, Donny Maha]]>
<![CDATA[ Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 10 No. 1 (2025): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak ]]>
Publisher : <![CDATA[Direktorat Jenderal Perbendaharaan, Kementerian Keuangan ]]>
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DOI: 10.33105/itrev.v10i1.1183
<![CDATA[Research Originality — This study provides a unique empirical examination of technology acceptance within Indonesia's public administration system. Unlike previous research, which often focuses on developed countries, this study addresses a gap by analyzing challenges and strategies specific to a developing nation. It contributes to the innovation diffusion theory and the unified theory of acceptance and use of technology (UTAUT) by offering real-world data on the adoption of a digital system within a government institution. Research Objectives — To evaluate the effectiveness of the NADINE (Digital Official Script System) application implemented by Indonesia's Ministry of Finance (MOF). Specifically, it investigates user satisfaction, identifies areas for improvement, and explores the relationship between policy success and the Application's performance. Research Methods — A quantitative survey approach is employed, collecting data from over 2,500 MOF employees. Importance-performance analysis is used to assess user satisfaction and prioritize key areas for improvement. Correlation and regression analyses examine the relationship between policy success and the Application's effectiveness. Additionally, a word cloud analysis is conducted to extract insights from user feedback. Empirical Results — Findings indicate high user satisfaction with both the Policy and the NADINE application. Despite the positive reception, areas such as user interface and navigation require improvement. A strong positive correlation is observed, demonstrating a close link between policy effectiveness and application performance. Regression analysis further confirms this influence, suggesting that improvements in the Application can enhance policy outcomes. Implications — The study highlights the importance of relative advantage, compatibility, and ease of use in user acceptance of digital government systems. Key recommendations include enhancing user training and optimizing the user interface to improve the overall user experience. These findings provide valuable insights for policymakers and system developers in designing and implementing digital solutions in public administration, particularly in developing country contexts.]]>
<![CDATA[The Impact of Asymmetric Decentralization on Public Health: A Synthetic Control Analysis of Special Autonomy in Aceh and Papua ]]>
<![CDATA[Chalil, Tengku Munawar]]>
<![CDATA[ Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 10 No. 2 (2025): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak ]]>
Publisher : <![CDATA[Direktorat Jenderal Perbendaharaan, Kementerian Keuangan ]]>
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DOI: 10.33105/itrev.v10i2.917
<![CDATA[Research Originality — This study introduces a novel methodological framework utilizing the synthetic control method to assess the causal impact of Indonesia’s special autonomy policies in Aceh and Papua on health outcomes, explicitly accounting for unobserved confounders (e.g., economic and social trends) that earlier before‑after comparisons overlooked. Research Objectives — The paper aims to quantify the impact of Aceh’s and Papua’s special autonomy status on key health indicators—immunization coverage, birth attendance by health workers, and morbidity rates—by comparing each province to its constructed synthetic counterpart. The policy impacts were observed by comparing the changes with synthetical Aceh and Papua, which do not receive any special autonomy intervention. Research Methods — The study employs the synthetic control method by constructing weighted composites of non‑autonomous provinces as counterfactuals, estimating differences in health outcomes in Aceh and Papua before and after the introduction of special autonomy. Empirical Results — For Aceh, the performance of the morbidity rate is no better than that of its comparable synthetic control. Moreover, Aceh performs better than its synthetic control for the health provision indicators, specifically birth attendances by health workers and immunization coverage. For Papua, the performance of health outcomes such as morbidity rates, birth attendance by health workers, and immunization coverage is worse than that of its comparable synthetic peers. Implications — The result implication should support the continuity of asymmetric decentralization for Aceh and Papua, together with the sustainability of special autonomy grants for Aceh and Papua, as the government takes the momentum of revision for special autonomy law for Aceh and Papua.]]>
<![CDATA[Impact of Fiscal Balance Fund Transfer Policies on Economic Growth Convergence in Indonesia ]]>
<![CDATA[Arfiyansyah, Sintong]]>;
<![CDATA[Budi Santoso, Dwi]]>;
<![CDATA[Pangestuty, Farah Wulandari]]>
<![CDATA[ Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 10 No. 2 (2025): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak ]]>
Publisher : <![CDATA[Direktorat Jenderal Perbendaharaan, Kementerian Keuangan ]]>
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DOI: 10.33105/itrev.v10i2.1009
<![CDATA[Research Originality — This research aims to analyze how fiscal balance transfers impact the acceleration of economic growth convergence in the country. Convergence means that more regions can enjoy economic growth. Research Objectives — The research used secondary data from 2015 to 2022 and focused on 34 provinces in Indonesia. Research Methods — This study employs a quantitative research design, with a convergence analysis framework based on panel data regression. The empirical model uses both absolute and conditional convergence methodologies to investigate the relationship between regional income levels and fiscal transfer policies. The analysis is based on secondary data from 34 Indonesian provinces between 2015 and 2022. The main explanatory variables are the per capita realizations of General Allocation Funds (DAU), Special Allocation Funds (DAK), and Revenue Sharing Funds (DBH). The fixed effects estimator is used to correct for unobserved heterogeneity, and the Hausman test is performed to assess the validity of the model definition Implications — The central government needs to exercise vigilance in respect of the allocation of balance funds because DAK has not been able to contribute to the economic growth in Indonesia. Regional governments also need to exercise vigilance and have strong controls in using balance funds. Better planning of balance funds, which are purpose grants, needs to be facilitated through efficient spending planning and synchronized with national priorities, ensuring that balance funds can be properly absorbed by regional governments and have an impact on economic development in each region.]]>
<![CDATA[The Effect of Smart Indonesia Program (PIP) on the Risk of School Dropout: A Propensity Score Matching Analysis Based on National Data ]]>
<![CDATA[Haryono]]>;
<![CDATA[Rumayya]]>
<![CDATA[ Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 10 No. 2 (2025): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak ]]>
Publisher : <![CDATA[Direktorat Jenderal Perbendaharaan, Kementerian Keuangan ]]>
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DOI: 10.33105/itrev.v10i2.1088
<![CDATA[Research Originality — This study provides new empirical evidence on the effectiveness of the Smart Indonesia Program (Program Indonesia Pintar, or PIP), a cash transfer program specifically targeting education, in reducing the risk of school dropout among low-income students during the second year of the COVID-19 pandemic. Unlike previous studies, it focuses on the differential impact across education levels using nationally representative post-pandemic data. Research Objectives — The research aims to evaluate the impact of PIP on reducing school dropout rates among students aged 6-21 years from low-income households in Indonesia. It also seeks to identify at which educational level the program has the most pronounced effect. Research Methods — This study employed the propensity score matching (PSM) method using the March 2022 National Socioeconomic Survey (SUSENAS) data. The approach controls for selection bias in estimating the causal impact of PIP on educational outcomes. Empirical Results — The findings showed that PIP significantly reduced the risk of dropout across all education levels. The most substantial impacts were observed at the junior and senior high school levels, where PIP recipients showed a lower risk of dropout than non-recipients by 2.11 and 2.04 percentage points, respectively. At the elementary level, the risk of dropout decreased by 0.34 percentage points. Implications — These results underscore the importance of expanding PIP coverage and establishing a robust monitoring system for fund utilization to enhance the program's effectiveness in promoting educational participation among poor households.]]>
<![CDATA[The Utilization of Standard Costs in Performance-Based Budgeting System in Indonesian Government Institutions ]]>
<![CDATA[Afiah, Nunuy Nur]]>;
<![CDATA[Alfian, Adhi]]>;
<![CDATA[Hasan, Annisa Nabila]]>
<![CDATA[ Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 10 No. 2 (2025): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak ]]>
Publisher : <![CDATA[Direktorat Jenderal Perbendaharaan, Kementerian Keuangan ]]>
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DOI: 10.33105/itrev.v10i2.1093
<![CDATA[Research Originalty — The Indonesian government has implemented performance-based budgeting (PBB) for more than 20 years since 2003. The main goal is to increase accountability of financial management. Standard cost is one of the three basic instruments of PBB. However, there are several issues in standard cost utilization both in central and local governments. Research Objectives — This research was conducted to provide an overview of the implementation process of the standard costs in Indonesia and to propose future improvements. Research Methods — We used a content analysis approach as the main instrument to provide inter-correlated information on various materials used as research data. The data analysis was deductive with developed analysis structure based on previous knowledge. Empirical Results — The results showed that although output-based standards were the most appropriate tool for the PBB, input-based cost standards were predominantly used. Various efforts need to be made to improve the suitability of standard costs to ensure they remain relevant and aligned with market prices. Implications — Several other factors are also important to apply standard costs. These are regulatory consistency, stakeholder understanding of the standard components use, and the use of information system solutions to facilitate integration of the budgeting process.]]>
<![CDATA[The Relationship Between Special Economic Zones and Economic Growth and Welfare: Empirical Evidence from Regencies and Cities in Indonesia ]]>
<![CDATA[Sa'diah, Minarti]]>;
<![CDATA[Khoirunurrofik, Khoirunurrofik]]>
<![CDATA[ Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 10 No. 2 (2025): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak ]]>
Publisher : <![CDATA[Direktorat Jenderal Perbendaharaan, Kementerian Keuangan ]]>
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DOI: 10.33105/itrev.v10i2.1098
<![CDATA[Research Originality — Special economic zones (SEZs) are a government policy aimed at increasing the economic growth in certain areas. Increasing economic growth in an area is important to improve community welfare. Research Objective — From the employment side, welfare can be measured through the unemployment rate. This research aims to analyze the relationship between SEZs and economic growth and community welfare at the regency/city level as measured by unemployment rate. Research Methods — This research analyzed regencies/cities in 14 provinces that have SEZ, with the research conducted over the period of 2010 to 2021. Analysis was carried out using the two-stage least squares (2SLS) method. Empirical Results — The results of the research showed that SEZs exhibited a significant positive relationship with regional economic growth, while SEZs showed an insignificant relationship with regencies/cities welfare as measured by unemployment rate indicator. Implications — The findings of the research suggest that the implementation of SEZs can be maintained and continued. The regional governments can take advantage of SEZ by strengthening infrastructure and collaborating with the central government to increase the competence of local labor.]]>
<![CDATA[Indonesia’s Carbon Tax: To What Extent is it Effective in Achieving the Goals? ]]>
<![CDATA[Siregar, Syahrituah]]>;
<![CDATA[Fatah, Luthfi]]>;
<![CDATA[Imansyah, M. Handry]]>;
<![CDATA[Sunardi, Sunardi]]>
<![CDATA[ Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 10 No. 2 (2025): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak ]]>
Publisher : <![CDATA[Direktorat Jenderal Perbendaharaan, Kementerian Keuangan ]]>
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DOI: 10.33105/itrev.v10i2.1140
<![CDATA[Research Originality — This study offers another perspective on carbon taxation in Indonesia by presenting sector-specific estimates of potential revenue and emission reductions using a more grounded input-output framework. Unlike many studies that rely on macro-level assumptions, this research integrates detailed CO₂ emission data by sector and applies a forecasting approach to generate practical insights for policy implementation. Research Objective — The main objectives are to estimate the carbon tax revenue that could be collected and to assess how much emission reduction could be achieved through this policy, particularly in relation to Indonesia’s enhanced Nationally Determined Contribution (NDC) targets. Research Methods — Using the 2016 input-output table enriched with a CO₂ satellite account, and applying the double exponential smoothing method to forecast future emissions, the study simulates the impact of a carbon tax set at IDR 30,000 per ton. Empirical Results — The results indicate that annual revenue from the carbon tax could reach between IDR 25.195 trillion and IDR 25.21 trillion during the 2025–2030 period, totalling approximately IDR 151.19 trillion. By 2030, national emissions are projected to fall to 839.93 million tons of CO₂, which is 49.68% lower than the business-as-usual (BAU) level, 35.94% below the counter measure 1 (CM1) level, 31.33% below counter measure 2 (CM2), and 17.28% lower than projections without tax implementation. Implications — These findings highlight the important—though not solitary—role of carbon taxation in closing the emission gap and supporting Indonesia’s transition toward a low-carbon and climate-resilient economy. The approach used in this study may serve as a useful reference for other countries considering similar measures.]]>
<![CDATA[Risk Aversion and Budget Uncertainty: Empirical Evidence on Year-End Government Spending Spikes in Indonesia ]]>
<![CDATA[Yalisman, Febrian]]>;
<![CDATA[Khoirunurrofik, Khoirunurrofik]]>
<![CDATA[ Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 10 No. 2 (2025): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak ]]>
Publisher : <![CDATA[Direktorat Jenderal Perbendaharaan, Kementerian Keuangan ]]>
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DOI: 10.33105/itrev.v10i2.1227
<![CDATA[Research Originality — Existing empirical research on year-end government spending spikes seldom employs well-defined indicators of risk aversion behavior. Moreover, most analyses rely on limited samples or macro-level data, posing difficulties regarding generalizability. This study contributes originality by examining behavioral responses at the micro-level of individual work units (Satkers) across all ministries and agencies (MAs) in Indonesia. It further offers novelty by employing external budget revision data as a proxy for risk aversion behavior related to year-end government spending spikes. Research Objectives — This study aims to identify and quantify the impact of risk aversion behavior, driven by budget uncertainty, on year-end spending spikes among Satkers in Indonesia's ministries and agencies. The analysis focuses specifically on the accumulation of goods and capital expenditures, which constitute the primary components of year-end spending spikes. Research Methods — This study used quarterly budget revision and expenditure data from 13,080 Satkers across all MAs for the periods 2018–2022. A quasi-experimental approach using the instrumental variable-two-stage least squares (IV-2SLS) method was employed to mitigate potential biases caused by reverse causality and omitted variable bias. Empirical Results — The findings indicate a behavioral tendency toward risk aversion in response to budget uncertainty, which leads to year-end spending spikes. Empirical estimates showed that each additional external budget revision was associated with increased budget absorption by 1.697 percentage points, ceteris paribus. Furthermore, the manifestation of risk aversion behavior varied across islands and government sectors. Implications — To anticipate and mitigate spending spikes, the Ministry of Finance is encouraged to develop a data-driven monitoring system to track and predict Satker spending behavior. In addition, both the Ministry of Finance and the technical ministries should enhance their guidance and capacity-building efforts for Satker financial management personnel.]]>
<![CDATA[Loan Management Effectiveness and Compliance in the Jakarta Provincial Government ]]>
<![CDATA[Hamdani]]>;
<![CDATA[Yonnedi, Efa]]>
<![CDATA[ Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 10 No. 3 (2025): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak ]]>
Publisher : <![CDATA[Direktorat Jenderal Perbendaharaan, Kementerian Keuangan ]]>
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DOI: 10.33105/itrev.v10i3.1117
<![CDATA[Research Originality — Empirical studies on regional loan management remain limited, particularly in contexts where local governments operate without central fiscal transfers. Jakarta’s unique case of maintaining budget surpluses while utilizing loans provides novel insights that contribute to the limited literature on loan management in developing countries. Research objectives — This research examines the effectiveness of loan utilization in Jakarta, which is unique among regional governments for operating without general allocation fund (DAU) transfers until 2023 and for consistently maintaining a budget surplus despite taking loans. Research Methods — A desk-based qualitative analysis was conducted using audited financial statements (LKPD) from 2015 to 2022, along with the unaudited 2023 budget realization report (LRA). Seven performance indicators were applied to rigorously assess the effectiveness of loan utilization. Empirical Result — The findings indicate inadequate loan performance. Jakarta only required loans in 2019, while the 2018 deficit could still be covered by net financing without borrowing. Moreover, of the six budget-year loans, three failed to comply with the provisions of Government Regulation Number 56 of 2018. Implications — The study recommends a rigorous examination of regional cash availability, based on the remaining budget calculation (SiLPA) or year-end cash balance, prior to loan issuance. The findings also highlight the importance of prognosis analysis of local cash in loan decisions, providing a theoretical contribution to public financial management and informing potential policy reforms in loan evaluation by the Ministry of Home Affairs and the Ministry of Finance.]]>
<![CDATA[The Effectiveness of Pre-Employment Card Program in Encouraging Participation in the Labor Market ]]>
<![CDATA[Wafi, Faiz Abdullah]]>;
<![CDATA[Suprayitno, Aziz Wahyu]]>
<![CDATA[ Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 10 No. 3 (2025): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak ]]>
Publisher : <![CDATA[Direktorat Jenderal Perbendaharaan, Kementerian Keuangan ]]>
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DOI: 10.33105/itrev.v10i3.1146
<![CDATA[Research Originality — This study uses data from the 2022 National Labor Force Survey (Sakernas) to capture the current impact of the COVID-19 pandemic on the effectiveness of the Pre-Employment Card Program in increasing employment opportunities, as well as to analyze differences in its impact based on gender through interaction variables. Research Objectives — The Pre-Employment Card Program, launched in April 2020, aims to improve workforce competencies, increase workforce competitiveness and productivity, and develop entrepreneurship. This study aims to examine the effectiveness of the Prakerja Card Program in securing employment opportunities. Research Methods — The estimation method used is the Likelihood Binomial Logit, and the data were sourced from the 2022 National Labor Force Survey (Sakernas) conducted by the Statistics Indonesia (BPS). Empirical Results — The results indicate that participation in the Pre-Employment Card Program increases employment opportunities by 0.39 percent. The study also shows that age has an inverted U-shaped relationship with employment opportunities. Additionally, male recipients of the Prakerja Card Program, those who are married, and those with higher levels of education have a greater likelihood of securing employment. Meanwhile, moderation variables indicate that the marginal effect of the Prakerja Card Program on employment opportunities for males is lower compared for women. Implications — Training and job placement monitoring must be reinforced to ensure lasting program benefits. Recipients should be encouraged to adopt a forward-looking vision both as job seekers and creators. Training should also be tailored to age and education, given the inverted U-shaped relationship between age and employment opportunities, which calls for different approaches for youth and older workers.]]>
