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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 246 Documents
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Does Toll Road Operation Impact Wages and Unemployment? Evidence from Java Island Tiara Ratna Dewi; Khoirunurrofik Khoirunurrofik
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 11 No. 3 (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.v11i3.1403

Abstract

Research Originality – To address the empirical gap left by previous studies that focused primarily on regional growth and industrial productivity, this study evaluates the impact of toll roads on average wages and open unemployment rates. The analysis utilizes Labor Force Survey microdata and focuses specifically on Java Island, where the majority of the toll road in Indonesia operates. Research objectives – This study uses difference-in-differences with variation in the treatment timing with data from regencies/cities in Java Island from 2010 to 2023. Research methods – This study using difference in differences with variation in the treatment timing with data from regencies/cities in Java Island from year 2010 to 2023. Empirical result – This study implies that construction of toll roads has positive and significant impacts to wages. Then, the construction of toll roads doesn’t have an impact on unemployment but shows a positive correlation in which the operation of toll road increases the unemployment in the area with toll. Implications – The findings of the research suggest that the toll road can be maintained, and the government must anticipate the potential crowding out of workers shifting from the primary to the secondary sector due to wage increases in the latter.
Rethinking Local Tax Authorities: Sectoral Constraints and Fiscal Inequality in Bali’s Decentralization Framework Ni Putu Wiwin Setyari; Muhamad Mufti Arkan; Nyoman Reni Suasih; Ende Johana Surya; Muti’ah Yasmin Basuki
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 11 No. 3 (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.v11i3.1407

Abstract

Research Originality – This study contributes to the existing literature by analyzing how local tax authorities, sectoral economic structures, and levels of fiscal autonomy at the subregional level are interrelated, an issue that remains underexplored as prior research has predominantly focused on revenue realization, tax effort, and macro-fiscal stabilization. It also illustrates structural contradictions in areas with an economy based on the tertiary sector of economic production, such as Bali, where dependence on the service sector does not directly translate into fiscal autonomy. Research Objectives – The purpose of this study is to find out the effect of local tax authorities’ policy implementation on the tax revenue structure and its correlation with local tax revenue autonomy in eight regencies and one city in Bali Province. It also takes into account sectoral economic characteristics and their influence on local tax revenue capacity. Research Methods – The study uses a descriptive and correlational quantitative approach to examine the relationship between the economic structure of different sectors and local tax revenue. The analysis uses data from eight regencies and one city in Bali Province. Empirical Results – There is a robust correlation between the tertiary economic sector and local tax revenue, whereas the primary sector's contribution is negligible. The secondary sector's tax revenue is limited, which aligns with the Law on Financial Relations between the Central Government and Local Governments (UUHKPD). Fiscal disparities are extreme, with an index ranging from 15.48 to 85.60, and 55% of the regions are classified as fiscally dependent. Implications – The study highlights the need for regional fiscal policy reforms through the intensification and extension of the tax base, including the optimization of the primary sector and the improvement of the synchronization of central and regional fiscal regulations.
Government Environmental Expenditure and Climate-Driven Risk: The Moderating Roles of Government Effectiveness and Control of Corruption Sanda Patrisia Komalasari; Andesta Brilian Nelson; Khalilul Rahman; Aninda Puji Adila
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 11 No. 3 (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.v11i3.1408

Abstract

Research Originality – Previous studies have largely discussed government environmental expenditure and governance as separate determinants of environmental outcomes. Less attention has been paid to how governance influences the effectiveness of environmental spending in reducing climate-driven risk. Research Objectives – This study examines whether Government Effectiveness and Control of Corruption moderate the relationship between government environmental expenditure (GEX) and climate-driven risk. Research Methods – We use an unbalanced panel of 93 countries covering the period from 2013 to 2021. Panel data regressions are estimated using robust standard errors, with interaction terms included to capture the moderating effects of the two governance indicators. Empirical Results – The results show that higher GEX is significantly associated with lower climate-driven risk. In the baseline estimations, the interaction terms for Government Effectiveness and Control of Corruption indicate that stronger governance tends to reinforce the risk-reducing effect of environmental spending. These results, however, become statistically insignificant when the models are estimated using more conservative clustered standard errors. Implications – The findings suggest that the effectiveness of environmental spending depends not only on the number of public resources allocated but also on the institutional setting in which those resources are managed. Increasing environmental budgets without improvements in government effectiveness and corruption control may therefore produce limited results.
Bigger Government, Slower Growth? A Panel Analysis of Indonesian Provinces Bahrul Ulum Rusydi; Abdul Wahab; Sabir Sabir
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 11 No. 3 (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.v11i3.1449

Abstract

Research Originality – Most studies examining the relationship between fiscal conditions, government size, and growth have been conducted in a piecemeal manner and have focused on national cases. This study fills that gap by comprehensively analyzing the impact of these fiscal variables on economic growth within the framework of the Armey curve theory. Research Objectives – This study aims to analyze the effect of government size on economic growth at the provincial level in Indonesia. Research Methods – This study analyzed the data using a Two-Step Difference GMM as the main estimator. The data were pooled at the provincial level across 33 provinces, covering the years 2014–2024. This study used government size, transfer ratio, and fiscal capacity as independent variables, with economic growth as the dependent variable. Empirical Result – The baseline shows significant persistence in provincial economic growth, while government size, transfer ratio, and fiscal capacity do not exhibit a statistically significant linear effect on growth. However, the quadratic specification produces a positive coefficient for the squared term, which is significant at the 10% level. It is provides suggestive evidence of an inverted U relationship consistent with the Armey Curve. Implications – The findings suggest that the growth implications of provinces  government size in Indonesia are better understood as nonlinear rather than uniformly positive or negative. Fiscal expansion may be associated with stronger growth at relatively low levels of government size, whereas further expansion beyond the estimated turning point may generate diminishing or adverse growth effects.
Global Shock Transmission to the Budget Deficit: The Role of Fuel Subsidies as Fiscal Shock Absorbers Panangian Tulus Asido; Ragimun Ragimun
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 11 No. 3 (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.v11i3.1482

Abstract

Research Originality – This study contributes to the fiscal sustainability literature by examining the incomplete transmission of global shocks to Indonesia’s budget deficit. While much of the existing literature emphasizes inflationary effects, this paper shifts the focus to the global financial cycle and positions fuel subsidies as a mediating channel between international shocks and fiscal outcomes. Research Objectives – This study's primary objective is to find out how the global factors affect the budget deficit through oil subsidies and also to evaluate the speed and effectiveness of fiscal adjustment to keep the fiscal deficit within statutory limits. Research Methods – This study uses the Error Correction Model (ECM) and time-series data from 1990 to 2025. The study also contains various variables that relate to fiscal deficit, fuel subsidy, and global shocks such as global oil prices, exchange rates, and the volatility index. The ECM model is a model that is useful for capturing long-term equilibrium and short-run dynamics. The model focuses on the Error Correction Term to assess the responsiveness of fiscal policy to external imbalances. Empirical Results – The results of the study show that there is a long-term cointegration relationship between fiscal deficit, fuel subsidy, and global shocks. It revealed that fuel subsidies function as a shock absorber to protect the government's fiscal position and the country's economy, such as people's purchasing power. Implications – This study suggests that fiscal authorities should strengthen cash buffers, such as Budget Surplus (Saldo Anggaran Lebih, SAL), and focus on how to implement targeted digital subsidies to maintain the 3% GDP deficit limit to ensure social protection against external shocks.
Reformulating Regional Heads’ Remuneration through Fiscal Capacity and Welfare Indicators Kurniawan Budi Irianto; Bayu Andy Prasetya; Suparjito Suparjito
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 11 No. 3 (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.v11i3.1501

Abstract

Research Originality – Although recent policy discussions have called for reformulation of Indonesian regional heads, existing proposals remain largely normative and have not provided an operational remuneration model. To the best of the author’s knowledge, this study is the first to develop a multidimensional remuneration framework that integrates regional fiscal capacity, demographic complexity, fiscal discipline, and welfare indicators into a unified formula and evaluates its implications through simulation across Indonesian regional governments. Research Objectives – This study develops and evaluates a remuneration framework that reflects contemporary fiscal conditions, demographic complexity, and governance priorities while encouraging prudent fiscal management and improved public welfare. Research Methods – The proposed remuneration model incorporates four principal dimensions: regional fiscal capacity represented by Regional Original Revenue (PAD), demographic complexity measured through a nonlinear population function, fiscal discipline represented by a maximum personnel expenditure ratio of 30% of the regional budget, and poverty as a welfare safeguard indicator. The framework was evaluated through simulation using 23 regional governments representing diverse fiscal and socioeconomic characteristics. Empirical Results – The simulation results indicate that remuneration outcomes differ substantially across regions and are no longer determined solely by fiscal capacity. Instead, remuneration reflects the combined effects of fiscal performance, demographic conditions, budget discipline, and welfare outcomes. The proposed framework reduces PAD’s dominance as the sole determinant of remuneration while strengthening incentives for prudent fiscal management, improved welfare performance, and accountable regional governance. Implications – The findings contribute to the literature on public sector incentive design by demonstrating that remuneration systems should be structured around multiple governance dimensions rather than single fiscal indicators. From a policy perspective, remuneration reform should complement, rather than substitute, Indonesia’s Transfer to Regions (TKD) system, with remuneration functioning as a behavioral incentive for regional leaders while intergovernmental fiscal transfers remain the principal instrument for regional fiscal equalization.

Page 25 of 25 | Total Record : 246

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