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INDONESIA
Signifikan : Jurnal Ilmu Ekonomi
ISSN : 20872046     EISSN : 24769223     DOI : 10.1016
Core Subject : Economy,
Arjuna Subject : -
Articles 407 Documents
Inflation-Unemployment Trade-Offs In ASEAN-10 Nurul Lisani; Raja Masbar; Vivi Silvia
Signifikan: Jurnal Ilmu Ekonomi Vol 9, No 2 (2020)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v9i2.16346

Abstract

This study empirically explores the nature of inflation-unemployment dynamic causal relationships both in the short and long-run in the ASEAN-10 over the 1989-2018 period. Based on the panel cointegration test, the study documented a long-run equilibrium between inflation and unemployment. Using the Vector Error Correction Model (VECM) analysis, the study found an insignificant inflation-unemployment relationship in the short-run. However, in the long-run, inflation is found to affect the unemployment rate positively. Our results from the Variance Decompositions (VDCs) analysis also supported these findings, where the unemployment responded at the more significant percentage to shocks in inflation compared to the response of inflation to shocks in unemployment. These findings only supported the relevance of the Phillips curve theory in the long-run. Overall, these findings imply that although inflation targeting policy is not relevant to the short-run, it becomes crucial and effective to reduce the unemployment rate in ASEAN-10 in the long-run.JEL Classifications: E52, E58, J64 How to Cite:Lisani, N., Masbar, R., & Silvia, V. (2020). Inflation-Unemployment Trade-Offs In Asean-10. Signifikan: Jurnal Ilmu Ekonomi, 9(2), 241-256. https://doi.org/10.15408/sjie.v9i2.16346.
Does Women’s Participation in Politics Matter for Economic Development in OIC-15? An Islamic Perspective Sari Ramdayani; M. Shabri Abd. Majid; Suriani Suriani
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 2 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i2.20214

Abstract

This study aims to empirically determine and analyze the role of women's participation in politics, female population growth, trade balance, and women's labor force participation in promoting economic development across 15 OIC countries during the 2006-2017 period, both in short- and long-run from an Islamic perspective. Using the Panel Autoregressive Distributed Lag (ARDL) method, this study found that, in the short term, trade balance and women's labor force participation have promoted Islamic economic development. In contrast, women's participation has a negative effect on the economic development of OIC countries. In the long term, on the other hand, all variables have promoted Islamic economic development in OIC countries, except for the trade balance variable. These findings suggest that coordination and synergy for strengthening economic development among OIC countries need to be enhanced, focusing on women's role in politics, labor force, quality of population, and economic dimensions.JEL Classification: C33, F16, J16, O11, P48Ramdayani, S., Majid, M. S. A., & Suriani, S. (2021). Does Women's Participation in Politics Matter for Economic Development in OIC-15? An Islamic Perspective. Signifikan: Jurnal Ilmu Ekonomi, 10 (2), 209-222. https://doi.org/10.15408/sjie.v10i2.20214.
Monetary Policy and Nigeria's Trade Balance, 1980-2018 Musa Abdullahi Sakanko; Kanang Amos Akims
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 1 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i1.18132

Abstract

Several countries have integrated monetary easement into their foreign policy to faucet the gains from trade thereby, assuring that market forces determine monetary policy instruments such as interest rate and exchange rate. It is on this note and this paper empirically evaluate the effect of monetary policy on Nigeria's trade balance using the Autoregressive Distributed Lag Model on the time series data spanning from 1980 to 2018. The findings reveal that monetary policy tools of real interest and effective exchange rate have a long-run co-integration relationship and significant adverse effects on Nigeria's trade balance both in the short-run and long-run. Thus, the paper concludes that monetary policy is a veritable tool through which Nigeria can maintain a favorable trade balance. Therefore, policymakers should step on measures that will maintain low-interest rates to sustain a flexible exchange rate and remove all rigidities associated with the international payment system.JEL Classification: C22, E52, F13How to Cite:Sakanko, M. A., & Akims, K. A. (2021). Monetary Policy and Nigeria’s Trade Balance, 1980-2018. Signifikan: Jurnal Ilmu Ekonomi, 10(1), 129-138. https://doi.org/10.15408/sjie.v10i1.18132.
Footwear Export Competitiveness of Indonesia and Vietnam Amanah Abdulkadir; Wendra Afriana; Harry Azhar Azis
Signifikan: Jurnal Ilmu Ekonomi Vol 9, No 2 (2020)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v9i2.15404

Abstract

This research investigates the primary constraint causing the low competitiveness of Indonesian footwear exports compared to Vietnam with new information from a number of the latest studies. This study uses Reveal Comparative Advantage (RCA) and the Trade Specialization Index (TSI). Differences in culture, economic structure, and firm rivalry all contribute to Indonesia's power competitiveness. This research adds a competitive advantage to study the factors that hamper the low competitiveness of Indonesian footwear against Vietnam. The results show that Indonesia's comparative advantage is more moderate than Vietnam, with an average RCA of 4, while Vietnam is 9. The average value of TSI is Indonesia close to 1 and Vietnam 1. The primary constraints are workers' wages higher than Vietnam, and business services such as R & D have not utilized. The development of the footwear industry policy must identify from upstream to downstream. The affirmative system made must be used to overcome short-medium term problems.JEL Classification: F13, F12, F17.How to Cite:Abdulkadir, A., Afriana, Wendra., & Azis, H. A. (2020). Footwear Export Competitiveness of Indonesia-Vietnam. Signifikan: Jurnal Ilmu Ekonomi, 9(2), 269-284. https://doi.org/10.15408/sjie.v9i2.15404.
Corporate Governance from an Islamic Moral Economy Perspective: The Dimensions and Analysis Muhammad Rizky Prima Sakti; Mohammad Ali Tareq; Hajime Kamiyama
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 2 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i2.21511

Abstract

Corporate governance from Islamic perspective is derived from Islamic worldview, whereby the God is at the apex and human beings are below Him. However, there is no unified definition of corporate governance under shari’ah point of view. To bridge the applicability of Islamic corporate governance model with Islamic moral economy framework, some key questions to be addressed are as follows. (i) do Islamic corporate governance models consistent with the aspiration of Islamic moral economy? (ii) what are the important dimensions of Islamic corporate governance? (iii)  what is the concept of Islamic corporate governance inspired by the ideals of Islamic moral economy? To accomplish the objectives, this paper follows critical review analysis as a methodology, through which it aims to highlight how each Islamic corporate governance model models are being constructed and to compare those models with Islamic moral economy perspective. The paper proposes the suitable model of Islamic corporate governance under the Islamic moral economy perspective.JEL Classification: G34, O16How to Cite:Sakti, M. R. P., Tareq, M. A., & Kamiyama, H. (2021). Corporate Governance from an Islamic Moral Economy Perspective: The Dimensions and Analysis. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 359-378. https://doi.org/10.15408/sjie.v10i2.21511.
Role of Cash Waqf Linked Sukuk In Economic Development and International Trade Hendri Tanjung; Agus Windiarto
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 2 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i2.20493

Abstract

The aim of this paper is to examine the role of Cash Waqf Linked Sukuk (CWLS) in economic development and trade in Indonesia. This research is motivated by the fact that there is still limited financing to economic development in Indonesia as well as trade financing. The research based on a qualitative methodology using the data from scientific journals and paper in the field of Cash Waqf, including CWLS. The results cash waqf in several countries has been used for beneficiaries.  Especially for CWLS, it consists of 2 types, namely wakaf sukuk and retail waqf sukuk. For waqf sukuk, the proceeds of the waqf have been channelled to finance the construction of the retina center and glaucoma center at the hospital. Meanwhile, retail waqf sukuk are used by each nazir to finance the program. This research shows that CWLS is proven to play a role in economic development, particularly infrastructure. The infrastructure that has been built is in the health sector. CWLS can also be an alternative source of funds with low-cost of fund which in turn enables the Eximbank/ECA to extend trade financing to the cooperative with competitive price. However, there are some action need to be taken, i.e (i) conduct socialization regarding CWLS to improve public awareness and enlarge the wakif base and (ii) issue DSN regulations regarding CWLS.JEL Classification: F13, F63, P33How to Cite:Tanjung, H., & Windiarto, A. (2021). Role of Cash Waqf Linked Sukuk in Economic Development and International Trade. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 275-290. https://doi.org/10.15408/sjie.v10i2.20493. 
Government Stimulus Policy Effects to Foster Indonesia's Economic Growth: Evidence from Seventeen Years' Experience Agus Sriyanto; Sri Murwani; Eleonora Sofilda
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 1 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i1.15480

Abstract

We study the budget stimulus effects and government spending to help foster the recovery of Indonesia's current economic growth that was hit by the monetary crisis 1997 and 2008. Using government spending allocation policies through capital expenditures, infrastructure expenditures, financing through government debt, private debts, and increased productivity through export and import activities. This research provides to proves the extent to which macroeconomic variables could promote Indonesia's economic growth due to the crisis—using quantitative analysis of time series in the analysis of cointegration autoregressive distribution lag and bounds testing cointegration starting from 2001 Q4 to 2018q4 data. We can prove that in the short term, the most influential factor in economic growth is the first lag of the GDP growth itself; The first lag of exports, and the first lag of government spending and imports. However, some factors still negatively affect corruption control, government effectiveness, and government debt. While in the long term, government expenditure and imports still have a positive effect, but corruption control is still hurt GDP.JEL Classification: G18, O47How to Cite:Sriyanto, A., Murwani, S., & Sofilda, E. (2021). Government Stimulus Policy Effects to Foster Indonesia's Economic Growth: Evidence from Seventeen Years' Experience. Signifikan: Jurnal Ilmu Ekonomi, 10(1), 63-76. https://doi.org/10.15408/sjie.v10i1.15480.
The Impact of Islamic Bank Financing, Government Spending, and Investment on Economic Growth in Indonesia Nofrianto Nofrianto; Yunie Muliana; Adi Cahyadi
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 2 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i2.20469

Abstract

This study aims to analyze the effect of Islamic bank financing, government spending, and investment on economic growth in Indonesia from 2003 to 2019. A quantitative descriptive methodusing the Vector Error Correction Model (VECM) analysis was applied. The results showed that in the short term, the variables of Islamic bank financing, government spending, and investment did not have a significant effect on economic growth. This shows that these variables require enough time to affect the economic growth. However in the long term, the results showed that Islamic bank financing and investment respectively have a significant, negative effect on economic growth, while government spending has a positive and significant effect on economic growth in Indonesia.JEL Classification: F22, F24, I32, J01, O15How to Cite:Nofrianto, Muliana, Y., & Cahyadi, A. (2021). The Impact of Islamic Bank Financing, Government Spending, and Investment on Economic Growth in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 299-310. https://doi.org/10.15408/sjie.v10i2.20469.
E-money and Stock: Empirical Evidence from Indonesia and Thailand Hasdi Aimon; Sri Ulfa Sentosa; Moh. Ridha Mahatir
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 1 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i1.15380

Abstract

E-money is a type of electronic or digital payment that replaces cash payments. These technological developments will have an impact on reducing the use of cash. The use of e-money possibly affects stock, which is a form of securities. Therefore, the purpose of this study is to assess the relationship between e-money and stock. The study uses the two-stage least squares model to analyze quarterly data for 2011Q1-2019Q4. The study found no relationship between stock and e-money in Indonesia, whereas, in Thailand, there was a relationship between stock and e-money. There is no relationship between e-money and stock in Indonesia and Thailand. The study recommends the Indonesian government or central bank adopt the policies that Thailand has implemented in stock that affects e-money. Stocks can affect the use of e-money due to the profits or losses of the stock that will impact the use of e-money.JEL Classification: D53, E40How to Cite:Aimon, H., Sentosa, S. U., & Mahatir, M. R. (2021). E-money and Stock: Empirical Evidence from Indonesia and Thailand. Signifikan: Jurnal Ilmu Ekonomi, 10(1), 139-148. https://doi.org/10.15408/sjie.v10i1.15380.
Calorie Consumption and Indonesia’s Household Expenditure: Is There a Paradox? Rustam Rustam; Mohamad Ikhsan; Djoni Hartono; Sudarno Sumarto
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 1 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i1.15310

Abstract

During 2011-2014, anecdotal evidence suggested a paradox in Indonesia concerning calorie intake that had fallen, despite increased per capita expenditure and household size. This study will rigorously analyze calorie intake by applying several analytical methods, mainly repeated cross-section methods using an instrumental variable. The study used national scale data from the National Socio-Economic Survey (Susenas) in March 2011-2014. This study finds a meaningful relationship between calorie intake and per capita expenditure and household size in Indonesia in the 2011-2014 period. Besides, calorie needs and the "Subsidized Rice for the Poor" or the Raskin program are positively correlated with calorie intake. The research also suggests that the government needs to maintain household food assistance programs, ensure the stability of staple food prices, and apply economies of scale in calculating the poverty line.JEL Classification: C31, C36, D12, D90Rustam., Ikhsan, M., Hartono, D., & Sumarto, S.. (2021). Calorie Consumption and Indonesia’s Household Expenditure: Is There A Paradox?. Signifikan: Jurnal Ilmu Ekonomi, 10 (1), 1-12. http://doi.org/10.15408/sjie.v9i2.15310.