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Journal of Business and Political Economy: Biannual Review of The Indonesian Economy Review
Published by INDEF
ISSN : 26852004     EISSN : 27235734     DOI : https://doi.org/10.46851
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
Journal of Business and Political Economy: Biannual Review of The Indonesian Economy Review [P-ISSN 2685-2004] is devoted to the study of political economy, economy, and business issues, focussing on encouraging transparency on the economic decision-making process in Indonesia. The review is published biannually in July and December by Institute for Development of Economics and Finance (INDEF), Jakarta, Indonesia. The coverage topics of the journal are Finance and Banking, Institutional Economics, Agricultural Economics, Political Economy, Economics Science, Development Economics, International Trade, Monetary Economy, Industrial Economics and Macroeconomics. This journal also receives all of the articles from developing and developed countries.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 40 Documents
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Analysis of the Influence of Migration on Poverty in Indonesia Hajar, Ibnu; Misena, Okta Maula; Hartarto, Romi Bhakti
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 7 No. 1 (2025): Journal of Business and Political Economy: Biannual Review of The Indonesian Ec
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/180

Abstract

Alleviating poverty and creating prosperity is the ultimate goal for every country, especially in developing countries. The Indonesian Government initiates various poverty alleviation efforts, one of which is the transmigration program. As a strategic plan to reduce poverty, it is necessary to pay special attention to the results of migration activities. This study aims to determine the effect of migration on poverty rates in Indonesia. This study uses pooled cross-sectional data analysis for 34 Indonesian provinces in 2015 and 2019 using the Ordinary Least Squares model. Based on this research, it was found that permanent in-migration did not affect poverty, but there was a positive and significant effect of permanent out-migration and rising out-migration on poverty. Meanwhile, in-migration has a negative and significant effect on poverty. Another finding from this study is that wages and education have a negative and significant effect on poverty, while the place of origin does not affect poverty.  Keywords: Indonesia, in-migration, out-migration, poverty JEL: A11, A1
Determinants of Smart–Circular Economy Integration for Quality of Life and SDG Achievement in Indonesia: A PLS-SEM Analysis Alfarizi, Muhammad; Kurnia Sari, Rini; Arifian, Rafialdo
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 7 No. 1 (2025): Journal of Business and Political Economy: Biannual Review of The Indonesian Ec
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/199

Abstract

The country's economy is evolving, driven by activities that enhance income and welfare, encompassing financial aspects, technological advances, and ecosystem preservation. The circular and intelligent economies support sustainable development through resource efficiency and technology. This study examines the role of government support, Industry 4.0 resource capability, and netizen character in driving Smart Economy and Circular Economy development and their implications for quality of life and SDGs empowerment in Indonesia. The research was conducted in five leading Smart Cities—Jakarta, Bandung, Surabaya, Semarang, and Makassar—which represent regional innovation hubs in digital governance and smart development initiatives. Using a quantitative approach, data were collected from 300 respondents through structured questionnaires and analyzed using structural equation modeling (SEM-PLS). The findings reveal that Industry 4.0 resource capability and netizen character significantly contribute to Smart Economy and Circular Economy development. However, government support does not show a significant direct effect on Smart Economy development. This finding suggests that policy ineffectiveness may stem from limited inter-institutional coordination, bureaucratic fragmentation, and inconsistent implementation across regions. In contrast, Smart Economy and Circular Economy development positively influence quality of life and SDGs empowerment. The study highlights the need to prioritize policy coordination, strengthen digital infrastructure, and enhance collaborative governance to ensure more effective Smart Economy implementation. Rather than providing broad recommendations, the results emphasize improving institutional synergy and harmonizing regional policies as key strategies to address the rejected hypotheses. These findings contribute to the growing discourse on sustainable digital transformation and offer practical implications for advancing integrated Smart-Circular development at the national level. Keywords: Circular Economy, Quality of Life, Smart Economy, SDGs JEL Code: Q01, O33, H54
Applied Big Data Driven Study on Shock Absorption and Tolerance Bands of Staple Food Commodities Price Volatility in East Java Herawan, Jonathan; Aviliani, Avi; Kartawinata, Matthew
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 7 No. 2 (2025): Journal of Business and Political Economy: Biannual Review of The Indonesian Ec
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/248

Abstract

This study investigates the day-to-day volatility dynamics of five staple food commodities in East Java which are Red Bird’s Eye Chili Pepper, Medium Rice, Bendera Powdered Milk, Free-Range Chicken Meat, and Commercial Chicken Eggs. By utilizing daily price data from January 1, 2021, to February 2, 2025, collected via big-data scraping of a government price monitoring website. A GARCH model with Student-t innovations is fitted to each return series, from which one-day 95% Value-at-Risk (VaR) thresholds are derived to establish an evidence-based "tolerance band" for policy intervention. The results show that Red Bird’s Eye Chili Pepper has the widest band, with an allowable daily drop of 2.5% and a rise of 10.14%, whereas Bendera Powdered Milk exhibits the narrowest range. All five series display extreme volatility persistence coefficients are near or above 1, but a critical finding is that the markets for Medium Rice and Free-Range Chicken Meat are not shock absorbent, with persistence values exceeding 1. This indicates that any market disruption has a permanent effect on their future volatility, pointing to deep structural inefficiencies. These empirically derived VaR-based guardrails provide a quantitative framework for timely market stabilization, while the persistence analysis highlights the need for long-term structural reforms, particularly for the rice and chicken sectors. Keywords: food price volatility; GARCH;  value-at-risk; big data. JEL: C54, Q11, Q1
Coffee, Space, and Power: The Unique Relationship between Coffee-Drinking Culture and Political Processes in the Context of Elections Alieffayyadh, Uti Muhammad; M, Gilbert; Yeti, Krister; Ardila, Maria; Zhan, Fuzy Firda
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 7 No. 1 (2025): Journal of Business and Political Economy: Biannual Review of The Indonesian Ec
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/249

Abstract

Coffee, as a global commodity, is not merely an agricultural product but also a site of political and economic contestation involving land use, resource control, and power relations. This study examines the intricate relationship between coffee-drinking culture and electoral processes. Employing a literature-based approach, data were gathered from journal articles, books, news reports, and other relevant publications. The study finds that coffee culture is not merely a component of lifestyle but also shapes deliberative spaces that influence political awareness and electoral behaviour. Coffee shops serve as informal arenas where political issues are openly discussed, fostering social networks that play a significant role in shaping public opinion. The most significant finding of this study is that coffee shops function as hybrid socio-political spaces where everyday social interaction, digital communication, and informal campaigning intersect, enabling political actors to engage voters through subtle and personalised approaches. The literature further indicates that the intensity of social interaction within these spaces can strengthen citizens’ engagement in democratic processes, heighten interest in policy issues, and, in some cases, directly influence political choices. Thus, this study underscores that coffee culture should not be viewed solely as an economic or lifestyle phenomenon but also as a critical medium in contemporary political dynamics. Keywords: Coffee, Spatial Politics, Political Economy JEL: A11, A13
Macroeconomic Nexus and Inequality: An Analysis of the Impact of International Trade and Demographic Factors on Income Distribution in Six ASEAN Countries Ardana, Yudhistira; Lestari, Etty Puji
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 7 No. 1 (2025): Journal of Business and Political Economy: Biannual Review of The Indonesian Ec
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/252

Abstract

This study aims to analyze the relationship between macroeconomic variables and income inequality in six ASEAN countries (Indonesia, Malaysia, Thailand, the Philippines, Vietnam, and Cambodia) over the period 2007–2023. A quantitative approach was employed using static panel data regression analysis with the Fixed Effect Model (FEM) to examine the effects of exports, imports, inflation, and population on income inequality, as measured by the Gini Index. The results indicate that, simultaneously, the overall model is significant (F-statistic); however, partially based on individual t-statistics, only the population variable shows a significant and negative effect. This finding suggests that population growth tends to reduce income inequality in the ASEAN region, likely driven by the demographic dividend, emphasizing the crucial role of demographic factors in fostering equitable economic development. Meanwhile, exports, imports, and inflation have no significant effects, implying that there is no statistically significant evidence that trade-driven growth affects income inequality in this model. Overall, the study highlights the importance of demographic-based economic policies focusing on equitable access to education, employment, and welfare to promote sustainable and inclusive economic growth across ASEAN countries. Keywords: Income Inequality, Exports, Imports, Inflation, Population, ASEAN JEL: A11, A13
Does the Development of Special Economic Zones Improve the Welfare of Local Communities? : An Analysis of the Development Policy of JIIPE Gresik Iswanto, Denny
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 7 No. 1 (2025): Journal of Business and Political Economy: Biannual Review of The Indonesian Ec
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/253

Abstract

This study aims to analyze the impact of the Java Integrated Industrial and Ports Estate (JIIPE) Special Economic Zone (SEZ) development policy in Gresik on community welfare, with a focus on investment, industrial downstreaming, and employment. By using a descriptive qualitative approach with secondary data analysis methods, data were obtained from policy documents, official government reports, scientific publications, and other reliable sources. The research results show that in 2023, the JIIPE Special Economic Zone (SEZ) succeeded in attracting strategic investment and encouraging industrial downstreaming, especially in the manufacturing and mineral processing sectors, with a total investment reaching IDR 31.4 trillion, making it the SEZ with the largest investment value in Indonesia. This positive impact is reflected in the increase in the Purchasing Power Index of the Gresik community and the decline in poverty rates. However, local labor absorption still shows a significant gap, reaching only 45% compared to the regional target of 60%. This condition reflects various challenges, such as competency mismatches, shifts in local economic structures, limited vocational education, and a lack of integrated labor market information. Furthermore, economic benefits have not been distributed evenly, marked by changes in traditional livelihoods and potential environmental impacts. Therefore, regional policy integration is needed, accompanied by increased human resource capacity, MSME empowerment, participatory governance, socioeconomic impact mitigation, and strict environmental monitoring so that the benefits of SEZs can be felt in an inclusive and sustainable manner. Keywords: Socio-Economic Impact; Special Economic Zones; investment; industrial downstreaming; employment. JEL: R11, R58, E14, J21
Institutional Analysis of Downstreaming Policies and Indonesia's Political Economic Resilience in Global Geopolitical Fragmentation Riziq, Moh.
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 7 No. 2 (2025): Journal of Business and Political Economy: Biannual Review of The Indonesian Ec
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/256

Abstract

This study aims to analyze institutional dynamics in Indonesia's political economy changes and their implications for downstreaming policies and national economic resilience amid global geopolitical fragmentation, including escalating competition between major powers (US and China) and trade disputes at the WTO. Downstreaming of natural resources is positioned as a strategic instrument to increase domestic economic value, strengthen industrialization, and improve Indonesia's bargaining position in the global supply chain. The methods used in this study are descriptive qualitative research with a historical-institutional analysis and policy analysis approach. Data was obtained from various sources, including regulations related to downstreaming and mineral resources, books, academic publications, government policies, and other relevant sources. The results show that strengthening the role of the state in the management of strategic resources enables the implementation of more offensive downstreaming policies, such as the ban on nickel ore exports, which has triggered increased investment in smelters and significant growth in the basic metal processing industry. Downstreaming has proven to expand the domestic industrial base and contribute to economic resilience. However, the effectiveness of the policy is highly dependent on the quality of the bureaucracy, transparency of governance, and Indonesia's capacity to manage external geopolitical pressures. As a result, downstreaming can serve as a strategic pillar of sustainable economic development as well as an instrument of national resilience in an increasingly fragmented global era. Keywords: Downstreaming, Political Economy, Economic Resilience, Global Geopolitics JEL: A11, A13  
The Role of International Monetary Fund (IMF) Programs in Promoting Gender Equality Harefa, Safaruddin
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 7 No. 2 (2025): Journal of Business and Political Economy: Biannual Review of The Indonesian Ec
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/263

Abstract

This study examines the role of the International Monetary Fund (IMF) in promoting gender equality within its macroeconomic stabilization programs. It analyzes whether the IMF’s gender mainstreaming strategy genuinely advances women’s economic empowerment or remains constrained by traditional fiscal discipline and market-oriented objectives. Using a qualitative literature review, the paper synthesizes academic studies, IMF policy documents, and institutional reports published between 2015 and 2024, the period during which gender was formally integrated into IMF frameworks. Rather than producing new statistical analysis, this research reviews existing empirical evidence to assess how IMF-supported reforms influence gender outcomes. The findings indicate that although the IMF increasingly recognizes gender equality as “macro-critical” and has introduced tools such as gender-responsive budgeting and gender impact assessments, implementation remains uneven. In several low- and middle-income countries undergoing fiscal consolidation, particularly those heavily dependent on public-sector employment and limited social protection systems, austerity measures have reduced spending in health, education, and childcare—sectors crucial to women’s labor force participation. While gender-focused initiatives show potential, their effectiveness depends on institutional capacity and political commitment at the national level. The study concludes that meaningful progress requires a structural shift from austerity-centered stabilization toward inclusive macroeconomic governance, including counter-cyclical social spending, sustained investment in care infrastructure, and systematic integration of gender metrics into fiscal policy to strengthen long-term economic resilience and equitable development. Keywords:  Empowerment, Fiscal Policy, Gender Equality, Imf, Macroeconomics JEL : J16, F33, H50
Reassessing the Political Economy of Growth in ASEAN: The Interplay of Political Stability, Government Effectiveness, and Inflation Maulida, Syahdatul
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 7 No. 2 (2025): Journal of Business and Political Economy: Biannual Review of The Indonesian Ec
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/265

Abstract

This study aims to analyze the interplay of political stability, government effectiveness, and inflation on economic growth in ten ASEAN countries during the 2019-2023 period. The research employs a quantitative approach using panel data regression analysis based on secondary data from the World Governance Indicators (WGI) and the World Development Indicators (WDI). The findings reveal that political stability has a negative and significant effect on economic growth, whereas government effectiveness exerts a positive and significant influence. Inflation shows a negative but insignificant effect, indicating that price stability in the region remains relatively well-maintained. Collectively, the three variables explain 57.7% of the variation in economic growth, underscoring the importance of institutional factors in driving economic performance. The results suggest that government effectiveness serves as the main channel through which political stability affects economic growth. Policy implications highlight the need for bureaucratic reforms, improvement in public governance quality, and regional cooperation to strengthen institutional capacity within ASEAN. This study contributes to the political economy of development literature by emphasizing the interaction between political and institutional factors in influencing regional economic growth.   Keywords: Political Stability, Government Effectiveness, Inflation, Economic Growth, ASEAN. JEL: E02, O43, O53, P16.      
Between Profit and Planet: A Critical Examination of Sustainability Practices in Indonesia’s Muslim Fashion Industry Nugroho, Leonyta
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 7 No. 2 (2025): Journal of Business and Political Economy: Biannual Review of The Indonesian Ec
Publisher : INDEF - Institute for Development of Economics and Finance

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46851/266

Abstract

In response to the climate crisis, the fashion industry remains a significant contributor to global carbon emissions. This study explores how Islamic ethical principles can inform sustainable business practices in Indonesia's modest fashion sector, which serves the world's largest market of Muslim-majority consumers. Employing quantitative carbon footprint assessments of six Muslim fashion brands across different enterprise scales. Data were collected from Instagram–to categorize brands based on market size–and Shopee, providing product-specific information on materials and sales volumes. Emissions were calculated following the Greenhouse Gas Protocol (2004), using DEFRA’s standardized emission factors for apparel. The result reveals variability in emissions among brands, highlighting the importance of material choices and transparency. To address these challenges, this study introduces the HIFZH-Model, a faith-inspired sustainability model, along with a 20-point checklist for aligning business practices with Islamic environmental values. This research offers a culturally relevant model for fostering low-carbon entrepreneurship within Muslim communities.

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