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Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik

ITRev
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Published by Direktorat Jenderal Perbendaharaan Kementerian Keuangan

ISSN : 25272721 EISSN : 26224399 DOI : -

Core Subject : Economy,

Economics, Econometrics & Finance

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.

Arjuna Subject : -

Articles 233 Documents

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The Impact of People’s Business Credit (KUR) on Economic Growth in the Agricultural Sector of West Nusa Tenggara Utomo, Daryoto Muslih; Akbar, Syafaat Ali
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 : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v10i3.1185

Research Originality — The existing literature offers limited empirical evidence on the role of targeted government credit programs in the agricultural sector as a strategy for mitigating the impacts of climate change. This study addresses this gap by examining the specific impact of the Kredit Usaha Rakyat (KUR) program on agricultural economic growth in a climate-vulnerable region. Research Objectives — The research aims to assess the effect of KUR on economic growth in the agricultural sector of West Nusa Tenggara, Indonesia. Research Methods - An explanatory research design was employed, using data on KUR distribution, rice production, and Gross Regional Domestic Product from 2019 to 2023. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0, a method well-suited for complex predictive models. Empirical Result — The findings reveal that KUR has a positive and significant impact on rice production, and rice production, in turn, is a vital driver of the region's economic growth. However, the distribution of KUR does not directly contribute to economic growth without the intermediary effect of increased rice production. Implications — This study provides policymakers with evidence that targeted credit programs can be an effective tool for stimulating agricultural output and regional economic growth, underscoring the need for coordinated efforts among government bodies and credit distributors.

Climate Change, Agriculture Growth, and Fiscal Policy of Local Governments: The Case of Lampung Yogaswara, Wisnu; Hudaya, Amin; Bukit, Irene Santi
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 : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v10i3.1196

Research originality — The climate change has impacted several sectors, mainly the agriculture sector. The government of Indonesia has issued public policies to achieve a national target regarding climate change by allocating budgets to regional governments at both province and regency/city levels. While most existing studies focus on national or provincial levels, this paper offers a novel contribution by analyzing the effect of climate-related expenditures at the regency level, specifically in Lampung Province. Research objectives — The paper aims to observe the relationship between the spending on climate change in regency/city governments in Lampung by examining the correlation between the spending and the growth of local GRDP in agriculture in Lampung. Research methods — We utilize pooled ordinary least square panel data analysis on 13 regencies and two cities in Lampung from 2015 to 2023. This localized panel data approach provides a more granular understanding of public spending outcomes. Empirical Result — The analysis reveals a significant positive correlation between climate-related expenditures and agricultural growth, particularly through investments in irrigation and infrastructure. These spendings directly enhance agricultural productivity by improving water management, mitigating the effects of extreme weather, and ensuring the resilience of critical agricultural systems. Implications — However, the findings also highlight that while irrigation and infrastructure spending are essential, their correlation with agricultural performance may reflect their direct purpose in enhancing agricultural productivity. This underscores the importance of optimizing budget allocation towards initiatives that offer broader, less obvious benefits, such as sustainability and long-term resilience. The findings aim to inform policy improvements for more effective use of climate-related budgets at the local level.

Economic Impact of Coal Mining Investment in East Kalimantan: An Input Output Approach Surbakti, Sinarta Putra P.; Nurhidayati
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 : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v10i3.1229

Research Originality — This research distinguishes itself from existing literature by offering a novel empirical assessment of the economic impact of coal mining investment in East Kalimantan, the province with Indonesia’s largest coal reserve and major contributor to national investment. It further contributes originality by employing an updated 2022 Input-Output Table to estimate sectoral output, employment, and fiscal contributions. Research Objective — This research aims to measure the impact of coal mining investment on the economy of East Kalimantan in 2022. The economic impact will be examined through output, employment, and the potential state revenue from taxation and non-taxation. Research Methods — The study employs the input-output table (IO Table) analysis technique for East Kalimantan in 2016, updated using the RAS approach to create the IO Table for the year 2022. The economic shock utilized is the realization of investments in coal and lignite mining from foreign direct investment (FDI) and domestic investment in East Kalimantan. Empirical Results — The findings reveal that coal and lignite mining investments in 2022 could increase output by Rp20 trillion, employ 7,323 individuals, and potentially generate state revenues of Rp619,18 billion from the taxation sector and Rp960,64 billion from the non-taxation sector. The research also indicates that the mining and quarrying sector, encompassing coal and lignite mining, effectively stimulates downstream industries, suggesting that downstream output from the mining and quarrying sector can provide added value to the economy. Implications — The study demonstrates that coal mining investment generates significant multiplier effects on output, employment, and fiscal revenue. Accordingly, effective policies to enhance investment, encourage industrialization, and ensure sustainable resource use are essential for translating these impacts into stronger regional economic growth and long-term development in East Kalimantan.

An Analysis of the Impact of Digipay Utilization on the Expenditure Efficiency of Central Government Work Units Muqimuddin, Saifan Abdulloh; Mahi, Benedictus Raksaka
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 : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v10i3.1235

Research Originality — Existing empirical research shows that digital marketplace platforms can improve expenditure efficiency, yet evidence in the public sector, especially in developing countries, remains scarce. This study provides novel empirical evidence by examining the implementation of Digipay in central government work units to assess its impact on expenditure efficiency. Research Objectives — Digipay was designed as a digital payment platform to address several challenges in the government procurement process. This study therefore examined the impact of its adoption on procurement efficiency at the central government work unit level. Research Methods — This study used the 2022 fiscal year data primarily drawn from the Online Monitoring Sistem Perbendaharaan dan Anggaran Negara (OMSPAN) database and the Ministry of Finance’s Digipay database. The analysis applied the Mahalanobis Distance Matching (MDM) method with the Kernel Matching algorithm, supplemented by regression adjustment, to estimate the effect of Digipay. Empirical Results — The findings indicated that Digipay adoption has enhanced procurement efficiency among central government work units nationwide. Empirical estimates suggested that its use increased efficiency by 2.59%. Implications — Based on these results, the Ministry of Finance is encouraged to further optimize Digipay utilization to strengthen procurement efficiency across central government work units, which serve as the primary implementing unit of government expenditure.

Government Financial Management Review: The Impact of Government Spending and Budget Surplus (SiLPA) on Regional Development Somantri, Agung Angga; Muslimin; Kadang, Juliana; Darman; Munawarah; Rahim, Aulia
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 : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v10i3.1356

Research Originality — This study examines Indonesian government spending—both state and local budgets—at a disaggregated level, with particular attention to the role of the Budget Surplus (SiLPA). By doing so, it provides a clearer picture of how specific fiscal policies and excess budget financing shape regional economic growth. Research Objectives — The primary aim of this study is to explore how different types of government spending, along with excess budget financing (SILPA), affect regional economic performance in Indonesia. It also seeks to identify which fiscal components contribute most effectively to growth and where potential inefficiencies lie. Research Methods — This study applied Principal Component Analysis (PCA) to nine fiscal variables from 2020 to 2024 across 34 provinces, reducing them to two principal components that together explained more than 91% of the total variance. These components were then analyzed using panel data regression, with the Between OLS model identified as the best fit. The model’s reliability was further validated through a series of statistical tests. Empirical Results — The results indicate that the first principal component (PC1) exerts a significant positive influence on GRDP, whereas the second principal component (PC2) has a negative effect. This implies that although government spending overall tends to stimulate economic growth, inefficiencies—especially within central government expenditures—can offset and weaken these benefits. Implications — The findings underscore the importance of enhancing efficiency and strengthening coordination in government spending. They suggest that policymakers should focus on improving the effectiveness of central government expenditures within the regional context and on strategically channeling SILPA into productive projects. Such measures can stimulate local economies and support the development of more effective, well-targeted fiscal policies.

Public Investment in Human Capital: The Path to Sustainable and Inclusive Economic Growth Aziz Wahyu Suprayitno; I Gede Putu Dharma Yusa; Faiz Abdullah Wafi
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 11 No. 2 (2026): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak
Publisher : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v11i2.1255

Research Originality – This study contributes to the literature by examining the dynamic mechanisms through which public investment in human capital shapes economic growth outcomes. Unlike previous studies, it evaluates economic growth through the dimensions of sustainability and inclusiveness. It also identifies regional heterogeneity in the human capital–growth nexus by comparing provinces in Java and non-Java regions. Research Objectives – This study examines the effects of mean years of schooling and life expectancy at birth on sustainable and inclusive economic growth across 33 Indonesian provinces from 2005 to 2023. It also assesses the impact of government spending on education and health on these human capital indicators. Research Methods – The analysis is based on an endogenous growth model that emphasizes the role of human capital in promoting sustainable and inclusive economic growth. To address the endogeneity issue, this study employs dynamic panel data regression using the Generalized Method of Moments (GMM) technique. Empirical Results – The empirical results show that mean years of schooling and life expectancy at birth have a positive and significant effect on sustainable and inclusive economic growth. Life expectancy at birth has a stronger impact than mean years of schooling. Furthermore, public investment in education and health has a substantial effect on increasing mean years of schooling and life expectancy at birth. This indicates that public investment in education and health contributes positively to sustainable and inclusive economic growth through improvements in the quality of human capital. The Java vs. non-Java subsample analysis further reveals that the growth effects of human capital are not spatially uniform across Indonesian provinces. Implications – These findings underscore the importance of equitable and sustained public investment in education and health, particularly in non-Java regions, to maximize the growth-enhancing and inequality-reducing potential of human capital development.

Economy-Wide Impacts of Airfare VAT Incentives in Indonesia: A Social Accounting Matrix Approach Marsandhi Evan Pardede
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 11 No. 2 (2026): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak
Publisher : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v11i2.1341

Research Originality – Unlike previous studies relied on regression techniques, which are limited to capture the direct and indirect impacts across the entire economy, this study using the Social Accounting Matrix (SAM) in conjunction with Path Analysis approach to provide a more comprehensive analysis of the Government-borne VAT incentive on domestic airfare prices to captures economic-wide impacts on Wages, Gross Operating Surplus (GOS), Tax Revenue, and Gross Domestic Product (GDP). Research Objectives This study aimed to evaluate the economic impact of the Government-borne VAT incentive on domestic airfare prices during the 2025 Eid al-Fitr period, particularly regarding effects on Wages, GOS, Tax Revenue, and GDP. Research Methods – The SAM and Path Analysis were adopted to assess the impact of Government-borne VAT incentive on domestic airfare prices on Wages, GOS, Tax Revenue, and GDP. Empirical Results – The findings showed that the policy increases Indonesia’s GDP by approximately 0.27%–0.29%. Furthermore, Wages are projected to rise by 0.26%–0.28%, GOS by 0.29%–0.31%, and net Tax Revenues by 0.12%–0.13%, reflecting positive impacts across multiple economic indicators. Implications – The results implied that the policy increased mobility during the Eid al-Fitr period and contributed positively to Indonesia’s 2025 economic growth. For the Government, the policy could be extended to other major holidays, such as Eid al-Adha and Christmas, as well as implemented during periods of economic slowdown to support overall economic activity

Economy-Wide Impacts of Electricity Tariff Reductions in Indonesia: A Social Accounting Matrix Approach Marsandhi Evan Pardede
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 11 No. 1 (2026): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak
Publisher : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v11i1.1345

Research Originality — Previous studies have relied on regression techniques. In contrast, this study uses a more pragmatic method. It utilizes the Social Accounting Matrix (SAM) in conjunction with Path Analysis to determine the holistic economic impact (both direct and indirect) of the reduction in electricity tariffs. This method will determine the impact of lowered electricity costs on various sectors, in terms of the outputs, wages, gross operating surplus (GOS), tax revenue, and gross domestic product (GDP) through various channels. Research Objectives — The objective of this study is to assess the economic-wide impact of 50% electricity tariff discount introduced in early 2025 in Indonesia, with a focus on changes in sectoral output, wages, GOS, tax revenues, and GDP. Research Methods — This study uses SAM multiplier and Path Analysis to assess the economic impact and show how tariff reductions affect wages, GOS, tax revenues, and GDP. Empirical Results — The results indicate that the policy increases Indonesia’s GDP by 0.12%. Growth occurs in several important sectors, including mining, manufacturing, electricity supply, construction, trade, transportation, and real estate. Furthermore, wages and GOS increase by 0.09% and 0.22% respectively, while tax revenues decline by 0.86%. Implications — The results imply that the electricity tariff reductions can contribute positively to Indonesia’s 2025 economic growth. For Government, it provides evidence that the policy shall be brought back at the start of the year to support economic growth, implemented similar actions during slowdowns, and boost tax collection to avoid revenue losses while the policy is running.

Redefining Carbon Accountability: The Impact of Consumption-Based Accounting on Indonesia Climate Policy and Carbon Trading Potential Mohammad Amin Rasyidi; Arief Anwar Hidayat
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 11 No. 2 (2026): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak
Publisher : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v11i2.1362

Research Originality – This research distinguishes itself by pivoting from traditional carbon accounting to a more nuanced quantification of the fiscal implications inherent in export-embedded emissions. While the bulk of existing literature remains focused on the experiences of developed nations, this study explicitly links CBA to Indonesia’s domestic carbon trading potential and its strategic roadmap toward net-zero. Research Objectives – This study aims to examine how a shift toward CBA might reshape Indonesia’s climate policy and carbon trading potential by quantifying emissions linked to international trade. Research Methods – The study uses an environmentally extended Single-Region Input-Output (SRIO) analysis. The dataset spans two decades (2000-2022) and covers 35 industrial sectors. This approach was made possible by integrating two Input-Output datasets: World Input-Output Database and the Asian Development Bank, integrated along environmental accounts for CO₂ emissions. Empirical Result – Roughly 24% of Indonesia’s total carbon emissions are actually embedded in its net exports. By transitioning from PBA to a CBA framework, Indonesia could convert these export-related emissions into tradable carbon credits. This could potentially unlock a revenue stream of approximately USD 6.89 billion per year. Implications – These findings provide an evidence-based framework for the Indonesian government to strengthen its leverage in global carbon markets and meet 2060 net-zero emissions target more aggressively. Theoretically, this paper contributes to the expanding field of carbon responsibility, demonstrating that CBA can be a vital tool for strengthening equity and transparency in global emissions accounting.

The Greenium Illusion? Rethinking Greenium Across Borders, Bonds, and Sukuk Markets Eko Bayu Dian Purnama; Elva Novitasari; Panggah Dwi Putra; Fatchul Lailin Ni’mah; Andy Ali Mustafa
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 11 No. 2 (2026): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak
Publisher : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v11i2.1400

Research originality – Greenium, the yield discount associated with green-labeled instruments, has drawn increasing attention as part of the global movement toward sustainable finance. Although greenium is an indicator of investors’ willingness to accept lower yields in support of environmentally advantageous projects, empirical evidence of its existence remains limited, especially across issuer types and financial systems. Research Objectives – This study aims to assess the presence and variability of greenium across sovereign and corporate bonds and sukuk, using a dataset spanning 2015 to 2024 over various jurisdictions. Research Methods – To provide robust insights, we employed a multi-method approach combining a twin bond analysis with the Propensity Score Matching (PSM) to estimate the Average Treatment Effect on the Treated (ATT) in broader samples. These techniques allowed us to directly measure matched green and other non-green instruments. Empirical Research – Our findings indicate that greenium exists in both sovereign and corporate markets, with diverse effects seen in issuer class and industry. The results also confirm the presence of greenium in green sukuk, which implies an increasing alignment between sustainability and Islamic finance. It indicates that green labeling has the potential to reduce the cost of capital. Implication – The study contributes methodologically by integrating comparative and matching techniques, empirically by offering cross-country and cross-instrument insights, and practically by informing green finance policies in both conventional and Islamic financial markets. We propose that future research explores the statistical and economic significance of greenium, incorporates granular ESG investor data, and examines how greenium behaves under conditions of market uncertainty.

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Sofyan Atsauri

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Kota adm. jakarta pusat,

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