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INDONESIA
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik
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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Threshold Effects of Foreign Holdings on ASEAN Sovereign Bond Yields Ardhiani Fadila; Tatang Ary Gumanti; Julia Safitri; Eka Handriani
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.v11i2.1401

Abstract

Research Originality — This study uniquely examines the non-linear effect of foreign ownership on sovereign bond yields in Indonesia, Malaysia, Thailand using a Panel Threshold Regression (PTR) model to identify specific inflection points, while differentiating from previous studies by accounting for market liquidity and foreign reserves. Research Objectives — This study aims to empirically assess the impact of foreign participation on 10-year government bond yields, determine the threshold levels altering this relationship, and evaluate whether market liquidity and foreign reserves act as transmission channels or risk buffers. Research Methods — Using quarterly panel data for Indonesia, Malaysia, and Thailand over the period 2009-2023, the empirical approach combines fixed-effect regression to capture baseline relationships with PTR to account for regime-dependent effects. Empirical Results — Findings reveal a strong non-linear negative influence of foreign investments on interest rates, with a critical threshold established at 10.2%. Below this cut-off, interest rates are highly sensitive and prone to rise, indicating market vulnerability, whereas an increase above this value effectively lowers interest rates. Implications — Contributing to the Term Structure of Interest Rate literature, this study demonstrates that emerging market bond dynamics are driven more by investor confidence than short-term instruments. Policymakers must maintain foreign participation within an optimal range to prevent sudden capital outflows and ensure market stability.
Special Allocation Funds and Poverty Alleviation: Evidence From Lagging and Non-Lagging Regions in Indonesia Santi Natalia Letelay; Riatu Mariatul Qibthiyyah
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.v11i2.1409

Abstract

Research Originality – This study offers a novel contribution by examining the poverty impact of Physical and Non-Physical Special Allocation Funds (DAK) within a multisectoral national framework. Unlike previous studies focusing on specific sectors or regions, this study compares DAK effectiveness across lagging and non-lagging regions, thereby revealing spatial heterogeneity in fiscal transfer outcomes. The findings provide an empirical basis for designing poverty alleviation strategies that differentiate fiscal interventions according to regional development status and geographical characteristics. Research Objectives – This study analyzes DAK disbursement from 2015 to 2023 and assesses the differential impacts of Physical and Non-Physical DAK on poverty in Indonesia. It also evaluates region-based fiscal policy effectiveness by examining DAK’s contribution to poverty alleviation, particularly in lagging regions. Research Methods – The analysis is based on a panel dataset of 380 regencies and municipalities over the period 2015–2023, estimated using a fixed effects model (FEM). Empirical Results – The results show that Non-Physical DAK significantly reduces poverty at the national level and in non-lagging regions, while Physical DAK is effective only in lagging archipelagic regions. These findings indicate that DAK effectiveness is spatially heterogeneous and depends on both regional development status and geographical characteristics. Implications – These results underscore that fiscal transfer effectiveness depends on recipients’ spatial and sectoral contexts. DAK allocation should therefore be spatially differentiated by regional development status and geography, prioritizing Physical DAK in lagging archipelagic regions and strengthening Non-Physical DAK in non-lagging areas to enhance human capital and accelerate poverty reduction.
Evaluating Agricultural Credit and Climate-Related Government Expenditure Effect on Agriculture GDRP in Indonesia Aln Pujo Priambodo; Alfiana Yuniarianti
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.v11i2.1428

Abstract

Research Originality – This research shifts from yearly national datasets to a quarterly sub-national analysis using a dual Fixed Effect Model (FEM) and output-oriented Data Envelopment Analysis (DEA) framework. It establishes an empirical benchmark for sub-national climate finance synergy, addressing a significant gap in global literature. Research Objectives – The study aims to determine the impacts of agricultural credit and climate spending on regional GRDP, construct provincial efficiency benchmarks via DEA, and assess credit-expenditure synergy to inform performance-based fiscal management. Research Methods – A two-stage analysis was employed. First, an FEM—validated by Chow and Hausman tests—measured input impacts on agricultural GRDP. Second, a DEA based on Variable Returns to Scale (VRS) captured structural differences and economic capacities for benchmarking. Empirical Results – The FEM analysis shows that although credit instruments generated substantial marginal returns, the impact of climate-tagged expenditures was mixed. CA_SE demonstrated positive multipliers, while CM_SE and AGRI_LE were either non-significant or associated with negative impacts, indicating potential fiscal inefficiencies. The model had a high degree of fitness and passed the robust diagnostic tests, validating the coefficients. The analysis revealed a resource-performance gap where high-input provinces did not achieve efficient outputs, whereas eight provinces achieved an optimal resource-output efficiency ratio. Implications – The study advocates for performance-based fiscal policies over volume-based finance. It highlights that credit access requires optimized governance to ensure effectiveness and recommends transitioning from administrative mitigation spending toward performance-based infrastructural investments.

Page 24 of 24 | Total Record : 233

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