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Jurnal Perspektif Pembiayaan dan Pembangunan Daerah
Published by Universitas Jambi
ISSN : 23384603     EISSN : 23558520     DOI : https://doi.org/10.22437/ppd.v10i2.15630
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal Perspektif Pembiayaan dan Pembangunan Daerah (The Journal of Perspectives on Financing and Regional Development) is an open-access, peer-reviewed international forum for scientists involved in research to publish high quality and refereed papers. Jurnal Perspektif Pembiayaan focuses on publishing theoretical and empirical papers in all fields of economics, business, and management. The journal accepts a variety of papers using a variety of research methods, including statistical analysis, case studies, and field research, articles examining significant research questions from multiple perspectives. In its sixth year (Volume 6), the Journal of Perspectives on Financing and Regional Development has three fundamental changes. First, this journal was originally published four times a year and now has been published six times a year. Second, the journal has been nationally accredited with a SINTA (Science and Technology Index) score of S4 which is valid from 9 July 2018 – 8 July 2023 based on the Decree of the Director-General of Development and Research Enhancement, Ministry of Research, Technology & Higher Education of the Republic of Indonesia, Number 21/E/KTP/2018 concerning the Ranking of Scientific Journal Accreditation Period I Year 2018. Third, based on the results of re-accreditation, since Volume 6, Issues 2 (September – October 2018), the Journal of Perspectives on Financing and Regional Development has been nationally accredited with SINTA (Science and Technology Index) score of S2, based on the Decree of the Director-General of Development and Research Enhancement, Ministry of Research, Technology & Higher Education of the Republic of Indonesia, Number 10/E/KTP/2019 concerning the Ranking of Scientific Journal.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 455 Documents
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Fiscal allocation and extreme poverty reduction: Patterns of regional targeting mismatch in Banten Province, Indonesia Sutjipto, Hady; Ginanjar, Rah Adi Fahmi; Kustanto, Andi
Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Vol. 14 No. 3 (2026): Jurnal Perspektif Pembiayaan dan Pembangunan Daerah
Publisher : Program Magister Ilmu Ekonomi Pascasarjana Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/ppd.v14i3.54050

Abstract

Decentralisation is expected to bring government closer to society, enabling fiscal resources to be directed toward public goods that support economic development and improve social welfare. However, this expectation remains underexamined in the context of extreme poverty reduction within a single Indonesian province, particularly when fiscal data are used to distinguish poverty-specific spending from general expenditure. Our study investigates the alignment between fiscal allocation and the burden of extreme poverty across regencies/municipalities in Banten Province, Indonesia, during 2022–2024. Using administrative fiscal tagging data from the BPKAD, combined with poverty data from Statistics Indonesia and P3KE, we applied descriptive statistics, Pearson correlation analysis, year-on-year change analysis, and quadrant-based targeting analysis. The findings reveal a negative and increasingly strong correlation between the poverty burden and per capita fiscal allocation, from −0.24 in 2022 to −0.61 in 2024, indicating a growing divergence between extreme poverty needs and the intensity of fiscal allocation. However, this pattern should be interpreted with caution because the number of extremely poor individuals constitutes the denominator of the per capita allocation measure. Kabupaten Tangerang, which has the largest population living in extreme poverty, persistently occupied the High Burden–Low Allocation quadrant throughout the observation period. These findings differ from studies using aggregate expenditure indicators that generally report positive fiscal–poverty alignment in Indonesia, suggesting that the choice of fiscal measurement may influence conclusions regarding targeting alignment. Rather than establishing a causal effect of fiscal spending on poverty reduction, our study demonstrates that fiscal tagging data can serve as a preliminary diagnostic tool for evaluating targeting alignment within a decentralised governance system.
Real exchange rate misalignment and exchange rate regime dynamics: Evidence from Sierra Leone Kamara, Ishmael; Hirawan, Fajar; Gunawan, Indra
Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Vol. 14 No. 3 (2026): Jurnal Perspektif Pembiayaan dan Pembangunan Daerah
Publisher : Program Magister Ilmu Ekonomi Pascasarjana Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/ppd.v14i3.54406

Abstract

This study examines whether Sierra Leone’s succession of exchange-rate regimes since 1970 has been associated with changes in the alignment between the real exchange rate (RER) and its macroeconomic fundamentals. Using an Edwards–Elbadawi framework, the study combines ARDL bounds testing and error-correction modelling, Bai–Perron structural-break analysis, and forecast error variance decomposition to estimate the equilibrium RER and its misalignment over 1970–2024. The model incorporates terms of trade, trade openness, government expenditure, investment, net capital flows, a technology proxy based on real GDP growth, and the interest-rate differential. The results provide evidence of a long-run cointegrating relationship and a strong error-correction mechanism, with approximately 87% of the previous period’s disequilibrium corrected within one year. Although the full-sample average misalignment is close to zero (–0.21%), this conceals substantial variation: the Leone was undervalued in 25 years and overvalued in 30 years, with several annual deviations exceeding 30% in absolute magnitude. Regime-level average misalignment ranges from –26.48% during the liberalised but still managed float of 1986–1989 to +14.71% under the US-dollar peg of 1983–1985, while the 2010–2019 floating-with-managed-features period records the smallest absolute average misalignment (–0.12%). The Bai–Perron analysis further identifies significant breaks in the coefficient linking net capital flows to the RER in 1987, 2000, and 2010, indicating partial parameter instability rather than instability in the entire long-run relationship. Forecast error variance decomposition shows that government expenditure, trade openness, and terms of trade account for increasing shares of RER forecast uncertainty at longer horizons. Overall, the findings indicate that Sierra Leone’s RER misalignment is characterised by recurrent and sizeable deviations across changing policy and macroeconomic environments rather than by a persistent average distortion.
Spatial diagnostics of administrative coverage gaps in parking tax administration: Evidence from Tanjungpinang City Arianto, Bismar; Wira, Winata; Adhayanto, Oksep
Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Vol. 14 No. 3 (2026): Jurnal Perspektif Pembiayaan dan Pembangunan Daerah
Publisher : Program Magister Ilmu Ekonomi Pascasarjana Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/ppd.v14i3.54689

Abstract

This study employs digital ground-truthing and spatial analysis to diagnose potential administrative coverage gaps in Tanjungpinang City's parking tax system by comparing a 2023 spatial inventory of observable establishments with the 2022 official taxpayer database. The spatial inventory identified 161 establishments with potential parking activities, compared with 62 registered parking taxpayers, producing an aggregate discrepancy of 99 establishments, equivalent to 61.5% of the spatial inventory. Using this aggregate difference as a proxy base and applying the average annual tax contribution of registered taxpayers, the mean-based simulation yields an illustrative annual revenue estimate of approximately IDR 2.21 billion. This estimate should be interpreted as an indicative scenario rather than as a direct measure of unpaid or recoverable tax revenue. The findings indicate that spatial analysis can serve as a useful diagnostic tool for identifying discrepancies between observable economic activities and administrative taxpayer records. Within the framework of fiscal decentralization, such discrepancies may limit the completeness of tax-base information and the effectiveness of Own-Source Revenue (OSR) administration. Integrating spatial verification with administrative taxpayer and licensing data may therefore strengthen tax-base verification, improve administrative coverage, and support more evidence-based local revenue management.
The United States–China trade war and economic growth in the Asia-Pacific region: Evidence from APEC economies Salsabila, Adin; Azwardi, Azwardi; Sukanto, Sukanto
Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Vol. 14 No. 3 (2026): Jurnal Perspektif Pembiayaan dan Pembangunan Daerah
Publisher : Program Magister Ilmu Ekonomi Pascasarjana Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/ppd.v14i3.55560

Abstract

In an open economy, global uncertainties such as trade wars can affect regional economic stability. This study analyses the relationship between the United States–China trade war and economic growth in the Asia-Pacific region from 2000 to 2024. Specifically, it examines the short-run and long-run relationships of economic growth with exports, foreign direct investment (FDI), and household final consumption, while incorporating a trade war period dummy in the short-run specification. The study contributes to the literature by examining the dynamic role of household consumption alongside exports and FDI using the Pooled Mean Group Autoregressive Distributed Lag (PMG-ARDL) approach across nineteen APEC economies. The results provide evidence of a long-run equilibrium relationship, while the negative and statistically significant error correction term indicates convergence toward equilibrium. In the long run, exports are positively and significantly associated with economic growth, whereas FDI and household final consumption are negatively and significantly associated with economic growth. In the short run, exports, FDI, and household final consumption are positively and significantly associated with economic growth, while the trade war dummy variable is statistically insignificant. This result indicates that the estimated model provides no evidence of a direct aggregate association between the U.S.–China trade war period and economic growth across the sampled APEC economies. Overall, the findings highlight distinct short-run and long-run relationships between economic growth and trade, investment, and domestic demand during a period of heightened United States–China trade tensions, while the common trade war period dummy shows no statistically significant short-run association with economic growth.
Using the intrinsic score method to value stocks of listed banks on the Vietnamese stock market Nguyễn, Thanh Trúc; Nguyễn, Thanh Phương
Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Vol. 14 No. 3 (2026): Jurnal Perspektif Pembiayaan dan Pembangunan Daerah
Publisher : Program Magister Ilmu Ekonomi Pascasarjana Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/ppd.v14i3.56884

Abstract

This study develops and applies the Intrinsic Score Method to estimate the intrinsic values of listed bank stocks in the Vietnamese stock market. The proposed framework integrates accounting-based valuation theory with panel data regression, bank fixed-effects information, and Shapley value decomposition to identify key financial factors associated with market valuation and quantify their relative importance. Quarterly data from 27 Vietnamese listed commercial banks from the second quarter of 2022 to the fourth quarter of 2024 are analyzed using a two-way fixed-effects model. The results indicate that five financial variables—net profit after tax (NPAT), book value per share (BVPS), non-performing loan ratio (NPL), credit growth (CG), and the price-to-earnings ratio (PE)—are significantly associated with banks’ price-to-book (P/B) ratios. Shapley decomposition identifies NPAT as the most important observed financial factor, accounting for 77.06% of the explanatory contribution attributable to the observed financial variables, followed by BVPS at 19.08%. Meanwhile, NPL, CG, and PE contribute comparatively less. The method combines the weighted financial factors with bank-specific fixed-effects information to construct composite Intrinsic Scores, which are subsequently used to estimate intrinsic P/B ratios, intrinsic stock values, and model-implied expected returns. The results identify several banks as potentially undervalued relative to the model-based intrinsic benchmarks. The proposed framework provides a transparent and practical valuation methodology that integrates accounting fundamentals, panel data econometrics, and Shapley decomposition, offering an interpretable decision-support tool for investors in emerging markets.

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