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INDONESIA
Journal of Economics
Published by Universitas Negeri Surabaya
ISSN : -     EISSN : 27985008     DOI : http://doi.org/10.26740/independent
Core Subject : Economy,
Economics, Econometrics & Finance
The scope of Independent: Journal of Economics are strictly but not limited to: Economics Development Economics Monetary Economics Public Economics Institutional Economics
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 240 Documents
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Determinan Status Pekerjaan Berdasarkan Tingkat Upah di Indonesia Ayu Padila; Kukuh Arisetyawan
Jurnal Ekonomika : INDEPENDEN Vol 5 No 3 (2025): Desember 2025
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/independent.v5i3.74218

Abstract

Job quality is a central concern in Indonesia’s labor development as the dominance of informal employment and wage inequality suggest that job creation has not always been accompanied by improvements in job quality. This study examines the determinants of employment status by wage level by classifying workers into three categories: informal (base outcome), low-wage formal, and high-wage formal. Using Indonesia’s National Labor Force Survey (SAKERNAS) 2023, the analysis covers 508,340 working-age individuals (≥15 years) with complete information. A multinomial logistic regression is employed and interpreted using average marginal effects. The results indicate that being male, having secondary and especially tertiary education, residing in urban areas, and working full-time increase the probability of high-wage formal employment. Persons with disabilities and part-time workers are less likely to access high-wage formal jobs and are more likely to remain in informal employment. Age exhibits a non-linear (inverted U-shaped) pattern, while the previous sector reflects labor market segmentation and skill mismatch. In conclusion, labor policy should prioritize not only job expansion but also job-quality upgrading through education, relevant skill development, inclusive formal job creation, and more even regional opportunities.
Analisis Perbandingan Kinerja Risiko-Return Indeks Saham di Kawasan ASEAN: Studi pada Indonesia, Malaysia, dan Singapura RINAIMA, CHETRINE ALYA; Siddiq, Akhyar; Furoida, Aini Nur
Jurnal Ekonomika : INDEPENDEN Vol 5 No 3 (2025): Desember 2025
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/independent.v5i3.74284

Abstract

Penelitian ini bertujuan untuk menganalisis dan membandingkan kinerja risiko-return indeks saham utama di kawasan ASEAN, yaitu Jakarta Composite Index (JCI), Kuala Lumpur Composite Index (KLCI), dan Straits Times Index (STI) selama periode 2017–2023. Analisis dilakukan menggunakan pendekatan risk-adjusted return melalui Sharpe Ratio, Treynor Ratio, dan Jensen’s Alpha untuk menangkap perbedaan kinerja berdasarkan total risiko dan risiko sistematis. Data yang digunakan merupakan data sekunder berupa return indeks pasar dan tingkat pengembalian bebas risiko yang dianalisis dengan metode kuantitatif deskriptifkomparatif. Hasil penelitian menunjukkan bahwa indeks STI memiliki kinerja risiko-return yang paling konsisten dan efisien, terutama pada periode krisis dan pemulihan ekonomi. Indeks JCI menunjukkan kinerja yang cukup kompetitif pada fase pemulihan, namun belum konsisten dalam menghasilkan abnormal return setelah disesuaikan dengan risiko sistematis. Sementara itu, indeks KLCI secara umum menunjukkan kinerja risiko-return yang relatif lemah dan kurang stabil sepanjang periode penelitian. Temuan ini mengindikasikan bahwa perbedaan karakteristik dan efisiensi pasar memengaruhi kualitas kinerja investasi di kawasan ASEAN.
Analisis Faktor Makroekonomi Terhadap Pertumbuhan Perekonomian Di Indonesia Prayitno, Andaru Rachmaning Dias; Muh. Imaduddin Akbar; Maula Fadhilata Rahmatika
Jurnal Ekonomika : INDEPENDEN Vol 5 No 3 (2025): Desember 2025
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/independent.v5i3.74303

Abstract

This study aims to analyze the influence of key macroeconomic factors, namely interest rate (BI Rate), Rupiah/USD exchange rate, and inflation on Indonesia's economic growth during the 2011–2019 period. The research method used is quantitative with a linear regression analysis approach using quarterly time-series data. The model was estimated using the Ordinary Least Squares (OLS) method after passing classical assumption tests. The results show that simultaneously, all three variables have a significant effect on economic growth. However, partially, only interest rate and exchange rate show significant negative impacts, where a 1% increase in each variable reduces economic growth by 0.13% and 2.06%, respectively. Inflation has no significant effect, likely due to its relative stability during the observation period. The study concludes that interest rate and exchange rate are consistent macroeconomic factors influencing Indonesia's economic growth performance before the pandemic period.
Determinasi Tingkat Pengangguran Terbuka di Kabupaten/Kota Provinsi Jawa Timur Tahun 2022 –2024 hamda el ramadani poetra; Muthia Rahma Fadhilah
Jurnal Ekonomika : INDEPENDEN Vol 5 No 3 (2025): Desember 2025
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/independent.v5i3.73829

Abstract

This study analyzes the effect of Regional Gross Domestic Product (RGDP), Human Development Index (HDI), and Regional Minimum Wage (UMR) on the Open Unemployment Rate (TPT) in districts/cities in East Java Province during the period 2022–2024. The study uses secondary data from the Central Statistics Agency (BPS) and the Ministry of Manpower with a panel data regression method. The model selection was carried out through the Chow Test, Lagrange Multiplier (LM) Test, and Hausman Test, which consistently showed that the Fixed Effect Model (FEM) was the best model. The FEM estimation results with robust standard error show that GRDP and minimum wage have a negative and significant effect on TPT, while HDI has a negative but insignificant effect. The regional status variable was not estimated in the model because it is time-invariant. The R-squared value of 0.593 indicates that the model is able to explain 59.3% of the variation in TPT. These findings indicate the importance of economic growth, effective wage policies, and improving the quality of human resources relevant to labor market needs in efforts to reduce unemployment in East Java.
Efisiensi Alokasi Sumber Daya Sektor Kesehatan di Provinsi Jawa Barat Tahun 2023 Fernando, Billy; Hakim, Arif Rachman; Indahwati, Indahwati
Jurnal Ekonomika : INDEPENDEN Vol 5 No 3 (2025): Desember 2025
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This empirical study aims to measure the level of technical efficiency in resource allocation within the health sector, including Health Expenditure, Health Personnel, and Hospitals, in converting this investment into human development outcomes, namely Life Expectancy (AHH) and the Human Development Index (IPM), across 27 Districts/Cities in West Java in 2023. The research evaluates fiscal decentralization policies and validates the Human Capital Theory. The methodology employed a quantitative, analytical descriptive approach, utilizing the non-parametric Data Envelopment Analysis (DEA), specifically the Input Oriented CRS Model, with all 27 Districts/Cities designated as Decision Making Units (DMU). DEA results indicate that the majority of DMUs in West Java operate at an inefficient level (theta < 1). Only Tasikmalaya and Pangandaran Districts were declared absolutely efficient, while Subang District, Tasikmalaya City, and Cimahi City were identified as the most technically inefficient units. Slack Analysis provided tangible evidence that the primary source of inefficiency is rooted in significant input overuse (Islack), especially in Health Expenditure. In conclusion, the technical inefficiency in West Java is a persistent and structural resource management problem, necessitating a necessary shift in managerial focus from absolute input fulfillment toward optimizing input conversion.
The PENGARUH BI RATE DAN JUMLAH UANG BEREDAR TERHADAP INFLASI DI INDONESIA TAHUN 2010-2024 Rio Firas Doras Talo Cipto; Ladi Wajuba Perdini Fisabilillah
Jurnal Ekonomika : INDEPENDEN Vol 6 No 1 (2026): April 2026
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/independent.v6i1.73891

Abstract

This quantitative study analyzes the effect of the BI Rate and Money Supply (JUB) on Inflation in Indonesia from 2010-2024 using monthly data and multiple linear regression (OLS). The partial test results show The BI Rate has a positive and significant effect on inflation, which deviates from theory and is likely influenced by policy time lag. JUB has a negative and significant effect on inflation, contradicting the quantity theory of money, indicated by liquidity absorption in the non-real sector or saving behavior. Simultaneously, the BI Rate and JUB significantly influence inflation, with the model explaining 49.89% of the variation. This study concludes that the monetary transmission mechanism in Indonesia does not always align with conventional theory and requires policies that consider time lag and structural conditions.
Meninjau Kembali Teori Utang Publik Dan Pertumbuhan Ekonomi Safa Kharisma; Aminudin Ma'ruf
Jurnal Ekonomika : INDEPENDEN Vol 6 No 1 (2026): April 2026
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/independent.v6i1.74286

Abstract

Public debt is one of the fiscal policy instruments used by the government to close the deficit, finance development and stabilize the economy. However, the relationship between public debt and economic growth is still a matter of debate in the economic literature. This study aims to review the relationship between public debt and economic growth with an emphasis on a theory-based approach. The method used is a systematic literature review (SLR) of international journal articles published. This study groups research findings based on the main theoretical framework, namely neoclassical, keynesian, debt overhang, ricardian equivalence, and endogenous growth. The results of the review show that the influence of public debt on economic growth is contextual and influenced by the quality of institutions, debt structure, economic conditions and the effectiveness of government spending. In general, public debt tends to have a negative impact on growth when it has crossed the limit, but it can be neutral or even positive under certain conditions. This article contributes by presenting a comprehensive theoretical synthesis, providing direction for empirical research and the formulation of fiscal policy going forward.
The Faktor-Faktor Makroekonomi yang Mempengaruhi Pasar Saham di Amerika Serikat dan Pasar yang berkaitan dengan China: English Ardika Tristyanto; aminudin Ma'ruf
Jurnal Ekonomika : INDEPENDEN Vol 6 No 1 (2026): April 2026
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/independent.v6i1.74671

Abstract

This study analyzes the short-run macroeconomic determinants of stock market dynamics in the United States and a China-related equity market using the Autoregressive Distributed Lag (ARDL) approach. Monthly data are employed for the S&P 500 Index and the Hang Seng Index, along with key macroeconomic variables: Economic Policy Uncertainty (EPU), Consumer Price Index (CPI), Industrial Production Index (IPI), and Bitcoin (BTC) prices. Unit root test results show mixed orders of integration, supporting the use of the ARDL framework. However, bounds testing finds no evidence of cointegration, indicating the absence of a long-run relationship and justifying a focus on short-run dynamics. The findings reveal clear market asymmetries. In the United States, industrial production has a significant negative effect on stock returns, while BTC prices exert a positive and significant influence, reflecting risk-on behavior and liquidity effects. In contrast, EPU in China shows a positive and near-significant effect, suggesting uncertainty is perceived as a signal of potential policy intervention. Inflation remains insignificant in both markets, highlighting structural differences between mature and policy-driven economies. Keywords: S&P 500, Hang Seng Index, Economic Policy Uncertainty, Consumer Price Index, Industrial Productivity Index, Bitcoin, United States and China
Determinan Penentu Pertumbuhan Ekonomi di Jawa Timur Hanadia Zahra; Prayudi S. Prabowo
Jurnal Ekonomika : INDEPENDEN Vol 6 No 1 (2026): April 2026
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/independent.v6i1.74756

Abstract

Economic growth in East Java experienced significant fluctuations during the 2019-2023 period, primarily due to the COVID-19 pandemic, which demands a deep understanding of the determinants of regional economic growth. This study aims to analyze the influence of District/City Minimum Wage (UMK), Human Development Index (IPM), and Labor Force Participation Rate (TPAK) on economic growth in 38 districts/cities of East Java. The method used is panel data regression with a Fixed Effect Model (FEM) approach on 2019-2023 data obtained from the Central Statistics Agency of East Java. The results show that UMK has a negative and significant effect on economic growth, while IPM has a positive and significant effect. However, TPAK shows no significant effect. Simultaneously, the three variables have a significant effect on economic growth with IPM acting as a key factor moderating this relationship. The conclusion of this study confirms the Endogenous Growth Theory and provides important policy implications for local governments in designing integrated development strategies between wage policies, improving human resource quality, and creating productive employment.
Pengaruh Pajak dan Dana Transfer Pusat Terhadap Belanja Modal Di Indonesia Timur: Pengaruh Pajak dan Dana Transfer Pusat Terhadap Belanja Modal Di Indonesia Timur Asiyah Asiyah; Lucky Rachmawati
Jurnal Ekonomika : INDEPENDEN Vol 6 No 1 (2026): April 2026
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/independent.v6i1.74855

Abstract

Eastern Indonesia has high development potential, yet local governments face fiscal constraints, particularly because local tax revenue is relatively low, making capital expenditure heavily reliant on fiscal transfers. This study examines the effect of Local Taxes, Fiscal Transfers (DAU, DBH, DAK), and Regional Incentive Fund (DID) on Capital Expenditure in 12 provinces during 2018–2024. Panel data were analyzed using STATA 14 with a Random Effect Model (REM). Results show that, individually, Local Taxes and DAU negatively and significantly affect Capital Expenditure, while DBH and DAK have positive and significant impacts. DID has no significant effect. Simultaneously, all variables significantly influence Capital Expenditure, indicating that the combination of local revenue and fiscal transfers determines capital spending capacity. The findings highlight that fiscal transfers are the primary driver of capital expenditure, offering key insights for regional fiscal policies to enhance effectiveness and financial autonomy of capital spending.

Page 23 of 24 | Total Record : 240

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