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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 45 Documents
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The Competitiveness of Indonesian Coconut Oil and Its Determinants: A Time Series Analysis Mochammad Yusuf; Ardimansyah Ardimansyah; Febriann Dedy Syahputra
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 8 No. 1 (2026): 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: 10.46851/254

Abstract

Coconut oil represents one of Indonesia's most significant agricultural export commodities, yet its export performance has exhibited considerable fluctuations over time, reflecting the influence of various domestic and international factors. This study identifies the key determinants of Indonesia's coconut oil export competitiveness, as measured by the Revealed Symmetric Comparative Advantage (RSCA) index, employing the Autoregressive Distributed Lag (ARDL) model over the period 1970 to 2023. The ARDL framework was selected given that all variables are stationary at first difference I(1) under both the Augmented Dickey-Fuller and Phillips-Perron tests, satisfying the preconditions for bounds testing. The results indicate that rural population growth, agricultural trade openness, and coconut oil yield exert a positive and significant influence on export competitiveness, whereas rising coconut oil prices and exchange rate volatility are found to have a detrimental impact on export performance. The findings of this study suggest that targeted policy interventions are warranted, particularly exchange rate stabilization mechanisms administered by Bank Indonesia to mitigate the adverse effects of currency volatility on export competitiveness, fiscal incentives directed at coconut oil processing industries to reduce dependence on primary commodity exports, and strategic investments in agricultural extension programs aimed at enhancing yield productivity among smallholder farmers. Keyword: Autoregressive Distributive Lag (ARDL); Coconut Oil; Competitiveness, International Trade JEL Classification: F14, Q17, C32
Consumer Demand for Contemporary Beverages in Semi-Urban Markets: Evidence from MSMEs in Bangkalan Adimas Rizqi Satriatama; Nor Qomariyah; Ifan Rizk Kurniyanto
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 8 No. 1 (2026): 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: 10.46851/245

Abstract

This study analyzes consumer demand for contemporary beverages produced by micro, small, and medium enterprises (MSMEs) in a semi-urban area of Bangkalan, East Java. Specifically, the study aims to identify consumer characteristics that shape purchasing decisions and to measure the utility and relative importance of product attributes influencing consumer demand. Data were collected from 45 respondents using accidental sampling of active consumers during May–June 2025 in areas surrounding university campuses and commercial centers in Bangkalan. Conjoint analysis was employed to estimate the utility values and relative importance of five product attributes: price, flavor variety, ice level, cup size, and sweetness level. The results show that ice level has the highest importance value (27.219), followed by price (24.060) and flavor variety (22.211), while cup size and sweetness level contribute relatively smaller effects. At the attribute level, the most preferred combination consists of a price of Rp 4,000, fruit-series flavor, half ice, large cup size, and medium sweetness level, with a total utility value of 0.246. These findings indicate that consumer demand in semi-urban markets is shaped by a combination of affordability, perceived freshness, and product variety, reflecting how consumers balance product attributes under budget constraints. This study contributes to business and economic literature by providing empirical evidence on how product attributes shape consumer demand structures in semi-urban markets. The findings offer practical insights for MSMEs in designing product strategies aligned with student-dominated markets and may support local economic development through improved MSME competitiveness.   Keywords: Consumer Demand; Conjoint Analysis; Semi-Urban Markets; Contemporary Beverages JEL : D12, M31, L66, R11
The Influence of Carbon Emission and Monetary Instruments on Economic Growth in Indonesia (In Press) Atika Fatimah; Ismadiyanti Purwaning Astuti Astuti
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 8 No. 1 (2026): 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: 10.46851/259

Abstract

Over the past three decades, Indonesia’s economic growth has been quite fluctuating, as evidenced by the occurrence of quite severe contraction due to the impact of two major crises which caused a deep recession. This study aims to look at the influence of carbon emissions consisting of independent variables of carbon emissions from waste, carbon emissions from transportation pollution, electricity production from renewable energy and the influence of monetary policy instruments consisting of two independent variables, namely loan interest rates and portfolio investments, on dependent variables, namely economic growth proxied by Gross National Income (GNI growth) data. This study uses secondary data obtained from the World Bank and the Central Statistics Agency (BPS). This secondary data is in the form of a time series of 30 years, from 1994 to 2023. The analysis method of this study uses the Error Correction (ECM) Model. The results of the long-term study found that carbon emissions from waste and loan interest rates had a negative and significant influence on economic growth, while carbon emissions from transportation pollution, electrical products from renewable energy and portfolio investments had no effect on economic growth. If the government has a goal to increase economic growth, carbon emissions from waste and loan interest rates must be lowered. Reduced carbon emissions from waste will reduce pollution which will have an impact on increasing production, quality of health and human resources which will increasing productivity which will ultimately have an impact on increasing economic growth. In the short term, the results of the study stated that carbon emissions from transportation pollution and portfolio investments have a positive and significant effect on economic growth, while loan interest rates have a negative and significant effect on economic growth. On the other hand, carbon emissions from waste and electrical products from renewable energy have no effect on economic growth. Increasing carbon emissions from transportation pollution mean that people in developing countries such as Indonesia use vehicles for productive activities so that it will increase economic growth. Increased portfolio investment will increase capital in a company so that it will increase profits which will have an impact on increasing economic growth. Loan interest rates that decline in the short term will encourage people to make loans for consumption or production so that it will increase economic growth. Keywords: carbon emission, monetary instruments, economic growth, error correction model JEL: E52, O44, Q43  
Fintech Innovations for Financial Inclusivity: A Trend Analysis and Critical Narrative Review William Ben Gunawan
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 8 No. 1 (2026): 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: 10.46851/260

Abstract

Abstract The rapid advancement of technology, particularly in financial services, has led to the rise of financial technology, or "fintech," revolutionizing how financial products and services are delivered. This paper investigates how fintech innovations contribute to financial inclusivity by making financial services more cost-effective, accessible, and personalized. This study employs a mixed-method approach, combining a qualitative critical narrative review with quantitative bibliometric mapping to examine the role of fintech innovations in enhancing financial inclusivity. A PRISMA 2020-informed screening process was applied to Scopus-indexed literature, while VOSviewer-based bibliometric analysis was used to identify research trends, thematic relationships, and emerging topics in fintech and financial inclusion. Fintech's potential to promote financial inclusion, especially for underserved and unbanked populations, is explored through key innovations like peer-to-peer lending, mobile payments, and digital wallets. However, challenges such as data security concerns and uneven accessibility between developed and developing countries highlight significant barriers to its adoption. While fintech innovations can lower costs and broaden access to financial services, issues like hidden fees, data privacy risks, and infrastructural disparities can limit their effectiveness, particularly in low-income regions. Furthermore, the paper discusses the personalization aspect of fintech, emphasizing how data-driven algorithms can tailor financial services to individual needs, especially for marginalized populations. A critical analysis is conducted to assess both the positive and negative impacts of fintech innovations on financial inclusivity, offering insights into how these technologies can be optimized for broader societal benefits. The study concludes by proposing strategies to address the challenges fintech faces in promoting financial inclusion, especially in developing nations. Keywords: Financial Technology, Financial Inclusion, Fintech Innovation, Financial Services JEL: G2, O16, O33, G53
Financial News Sentiment and Market Stability in Indonesia: A Comparative ASEAN Analysis (NLP) Zia Ul Rehman Zafar; Muhammad Saif; Mohammad Panah Alias Faraz Ahmed Ahmed; Muhammad Arsalan; Muhamma Nouman
Journal of Business and Political Economy : Biannual Review of The Indonesian Economy Vol. 8 No. 1 (2026): 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: 10.46851/319

Abstract

The rapid expansion of digital financial information has increased the influence of news-driven narratives on capital market behavior in emerging ASEAN economies. This study examines how financial news sentiment affects stock returns and conditional volatility in Indonesia, Malaysia, and Singapore during 2015–2024. A daily sentiment index was constructed from Reuters, Bloomberg, Factiva, and LexisNexis articles using a hybrid Natural Language Processing (NLP) approach combining lexicon-based methods and FinBERT classification. The sentiment measures were integrated into panel regression, correlated random effects (CRE), Granger causality, and GARCH(1,1) models. The results show that sentiment significantly affects both returns and volatility across ASEAN markets. A one-standard-deviation decline in sentiment increases conditional volatility by approximately 10.3% in Indonesia (p < 0.01), with weaker effects observed in Malaysia and Singapore. The return estimations indicate that a one-unit increase in sentiment raises next-day returns by approximately 0.084 percentage points. Negative sentiment generates stronger volatility responses than positive sentiment, supporting behavioral asymmetry and loss-aversion interpretations. Cross-country findings further show that sentiment sensitivity is strongest in Indonesia and weakest in Singapore, suggesting that institutional development moderates the transmission of digital information into market outcomes. The study contributes by integrating FinBERT-based sentiment analysis with comparative ASEAN financial econometrics and demonstrates the growing importance of narrative-driven risk in emerging capital markets. Keywords: Financial news sentiment; Market stability; Indonesia; ASEAN equity markets JEL Classification: G14; G15; C58

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