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INDONESIA
Signifikan : Jurnal Ilmu Ekonomi
ISSN : 20872046     EISSN : 24769223     DOI : 10.1016
Core Subject : Economy,
Arjuna Subject : -
Articles 407 Documents
Human Development To Democracy: An Impact Analysis of Poverty and Income Inequality In Indonesia Fadly, Fajar; Chandra, Ade
Signifikan: Jurnal Ilmu Ekonomi Vol 13, No 2 (2024)
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.v13i2.42378

Abstract

Research Originality: The research looks at the relationship and impact of welfare indicators on the implementation of democracy in Indonesia. Previous research concentrated on the impact of democracy implementation.Research Objectives:  This study aims to examine the role of public welfare variables in improving the implementation of democracy in Indonesia.Research Methods:  The study used panel data with a multiple regression approach from 34 provinces from 2009 to 2023 with the Fix Effect Model (FEM) category.Empirical Results: The research findings show that the public welfare variable has a significant effect on the democracy index in Indonesia both partially and simultaneously, and only the human development index and the democracy index are linearly related. It was found that the human development index variable is an intermediary variable influencing the relationship between income inequality and the democracy index.Implications:  To increase people's understanding of democracy, the government can lower the poverty depth index because there is no intermediate variable between the two variables.JEL Classification: C33, D72, Z13, Z18
Unpacking the Forces Behind Indonesia's Foreign Debt: What Drives Long-Term and Short-Term Borrowing? Fadli, Faishal; Sagita S, Vietha Devia; Oktaviana, Yulis
Signifikan: Jurnal Ilmu Ekonomi Vol 13, No 2 (2024)
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.v13i2.42464

Abstract

Research Originality: This research explores the factors influencing Indonesia's foreign debt, providing insights into the long-term and short-term effects of inflation, exchange rates, the Fed Funds Rate (FFR), budget deficit, and exports. The originality lies in the comprehensive analysis of these variables using time series data from 2005 to 2022.Research Objectives: This study examines the impact of key macroeconomic variables on Indonesia's foreign debt, analyzing both long-term and short-term relationships to inform policy and future research.Research Methods: The study uses time series data from 2005 to 2022, applying the Error Correction Model (ECM) with EViews10 to analyze the dynamic relationships between foreign debt and the influencing factors.Empirical Results: The study finds that in the long term, exchange rates and exports positively influence foreign debt, while inflation has a negative impact. In the short term, only the Fed Funds Rate (FFR) negatively affects foreign debt. All variables are significantly influential in both the short and long term.Implications: These findings highlight the importance of managing inflation, exchange rates, and exports in the long term while considering the short-term impact of global financial conditions, such as the FFR, on Indonesia's foreign debt.JEL Classification: F34, E44, E31, F41, H63, C32
Interaction of Climate Change and Green Stocks on Economic Growth in ASEAN-5 Amalia, Sopira Qori; Suriani, Suriani
Signifikan: Jurnal Ilmu Ekonomi Vol 13, No 1 (2024)
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.v13i1.38176

Abstract

Research Originality: This study presents a new interaction of climate change in moderating the effect of green stocks, exchange rates, and net exports on economic growth in ASEAN-5 countries. Research Objectives: This study aims to analyze the interaction of climate change on green stocks, exchange rates, and net exports on economic growth in ASEAN-5 countries. Research Methods: This study used quarterly panel data from ASEAN-5 countries, 2016-2022, and selected a fixed effects model as the best model. The moderated regression analysis (MRA) approach supports this research.Empirical Results: The results showed that green stocks, exchange rates, and net exports positively affect economic growth in ASEAN-5 countries. The interaction of climate change on green stocks and exchange rates has a negative effect on economic growth. However, the interaction of climate change on net exports positively affects economic growth in ASEAN-5 countries. It represents that climate change can weaken the effect of green stocks and exchange rates on economic growth. Meanwhile, climate change can strengthen the effect of net exports on economic growth in ASEAN-5 countries. Implications: This study implies that the government needs to increase investment in green stocks to support financing that can mitigate climate change and develop net exports to increase economic growth toward a green economy. Similarly, the ASEAN-5 central banks, as monetary authorities, can maintain exchange rate fluctuations to achieve stable economic growth.JEL Classification: F31, F43, G11, Q54, Q56
Foreign Debt: Causes and Theirs Impact on Economic Growth in Indonesia Anggresta, Vella; Subiyantoro, Heru; Astuty, Pudji
Signifikan: Jurnal Ilmu Ekonomi Vol 13, No 2 (2024)
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.v13i2.40681

Abstract

Research Originality: This study presents a new analysis of the primary determinants of Indonesia's foreign debt and its impact on economic growth over the 1992-2022 period, offering new insights into debt management strategies.Research Objectives: This study uses 31 years of time series data to analyze the main causes of Indonesia's foreign debt and its effect on economic growth.Research Methods: This research employs a quantitative approach with data analysis techniques, including classical assumptions, Ordinary Least Squares (OLS), simple linear regression, and hypothesis testing.Empirical Results: The results indicate that interest rates do not significantly affect Indonesia's foreign debt, while exchange rates and imports have substantial impacts. Additionally, a significant relationship between foreign debt and economic growth is confirmed.Implications: This study suggests that the Indonesian Government should adopt a multifaceted approach to managing foreign debt, including policies aimed at maintaining low interest rates, strengthening the rupiah, boosting exports, and enhancing government spending efficiency without excessive reliance on external borrowing.JEL Classification: F34, F43, H63, O11
Determinants of Foreign Direct Investment in Indonesia: Do Presidential Regimes Matter? Syamni, Ghazali; Ansari, Rizal; Majid, M. Shabri Abd; Marzuki, Marzuki; Akhyar, Chairil
Signifikan: Jurnal Ilmu Ekonomi Vol 13, No 1 (2024)
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.v13i1.40690

Abstract

Research Originality: The originality of the research is the separation of data in different governments. The request is based on the leadership style, especially in the era of President Susilo Bambang Yudhoyono and President Jokowi.Research Objectives: This study examines the determinants of foreign direct investment (FDI), both in the short and long term in Indonesia during the leadership of Presidents Susilo Bambang Yudhoyono (SBY) and Joko Widodo (Jokowi).Research Methods: This study uses time series data on the World Development Indicators website from 2004 to 2021. Using Autoregressive Distributed Lag (ARDL)Empirical Results: This study finds evidence that institutional quality, economic growth, and presidential regime in the short and long run significantly positively affect FDI. Meanwhile, the population negatively influences FDI in Indonesia in both the short and long run.Implications: These findings imply that to draw in more foreign direct investment (FDI), Indonesia must enhance institutional quality, economic growth, presidential governance, and population control.JEL Classification: F21, F43, G18, H21, R23
Profit-Sharing and Economic Growth: The Indonesian Experience Ibrahim, Zaini; Fajri, Muhammad
Signifikan: Jurnal Ilmu Ekonomi Vol 13, No 2 (2024)
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.v13i2.33636

Abstract

Research Originality: The research's originality investigated the causal relationship between profit-sharing schemes (saving and financing) and economic growth.Research Objectives: This study aimed to examine the effect of profit-sharing schemes in Islamic banking on Indonesia’s economic growth, both in the short and long term. Another objective was investigating the causal relationship between profit-sharing schemes and economic growth.Research Methods: This study used two models: the risk-sharing deposit (RSD) and the profit-and-loss-sharing financing (PLS). It used secondary data from the Financial Services Authority of the Republic of Indonesia, Bank Indonesia (BI), and the Central Bureau of Statistics of the Republic of Indonesia. It also used Nonlinear Autoregressive Distributed Lag (NARDL), Error Correction Model (ECM), and Granger Causality methods to analyze quarterly data for the 2009Q1-2022Q4 period.Empirical Results: The results showed that profit-sharing schemes did not have a significant effect on Indonesia's economic growth in the short-term and long-term because the probability figure was more than 10%. This study obtained new findings, showing that the relationship between the RSD instrument and economic growth followed the feedback hypothesis. Implications: The results of this study had implications for Islamic banking efforts to increase efficiency, improve regulations, and reallocate financing.JEL Classification: G21, O47
GWPR Model on Indonesian Economic Growth: The Analysis of Spatially Varying Relationships Santoso, Edy; Hadi Priyono, Teguh; Istiyani, Nanik; Jumiati, Aisah; Yunitasari, Duwi
Signifikan: Jurnal Ilmu Ekonomi Vol 14, No 1 (2025)
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.v14i1.44771

Abstract

Research Originality: This research is original in examining the spatial varying relationship on economic growth in Indonesia.Research Objectives: This study investigates the variability of Indonesia's economic growth model determinants.Research Methods: This study uses the Geographically Weighted Panel Regression (GWPR) approach. Panel data was analyzed with 34 provinces in Indonesia from 2016 to 2022.Empirical Results: This study found that the Revenue Sharing Fund (DBH) variable significantly influenced economic growth in 32 provinces. Meanwhile, the influence of DBH is not significant in only two provinces, namely Papua and West Papua. The variables of Labor and Gross Fixed Capital Formation did not have a significant effect on economic growth in 34 provinces.Implications: These results show that Indonesia's economic growth rate is still not optimal, so the government is expected to design development programs that integrate various factors, such as maximizing Revenue Sharing Fund management, improving the quality of labor, and maximizing capital efficiency, to encourage economic growth in all provinces.JEL Classification: C31, O47, R11, H54How to Cite:Santoso, E., Priyono, T. H., Istiyani, N., Jumiati, A., & Yunitasari, D. (2025). GWPR Model on Indonesian Economic Growth: The Analysis of Spatially Varying Relationships. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 37-52. https://doi.org/10.15408/sjie.v14i1.44771.
Impacts of Rural Development on Human Development in Indonesia Hadiwibowo, Yuniarto; Setiya, Tanda; Raharjo, Taufik
Signifikan: Jurnal Ilmu Ekonomi Vol 14, No 1 (2025)
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.v14i1.44453

Abstract

Research Originality: This study presents a new analysis of the determinants of human development to implement the government’s vision of building Indonesia from the village and grassroots.Research Objectives: This study aims to determine the effects of rural development and fiscal policy on human development in Indonesia.Research Methods: This study uses data from 434 municipalities for the 2017-2023 period. The study employs panel data analysis with the Common Effect Model, Fixed Effect Model, Random Effect Model, and Generalized Estimating Equation.Empirical Results: The findings suggest that rural development, economic development, and expenditures on goods & services contribute to human development. In contrast, the COVID-19 pandemic and capital expenditures affect human development negatively. The negative effects of capital expenditures become positive after they become assets.Implications: The finding implies the important role of rural development in fostering human development. Short-run objectives might be achieved by goods & services expenditures. Capital expenditures should be directed toward long-run objectives. The central government may accelerate human development by transferring assets to the local government.JEL Classification: E62, H75, I38, O15How to Cite:Hadiwibowo, Y., Setiya, T., & Raharjo, T. (2025). Impacts of Rural Development on Human Development in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 53-64. https://doi.org/10.15408/sjie.v14i1.44453.
Heterogeneous Effects of Islamic Finance: A Multilevel Analysis for Policy Optimization in Developing Economies Supriadi, Iman; Wany, Eva
Signifikan: Jurnal Ilmu Ekonomi Vol 14, No 1 (2025)
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.v14i1.44736

Abstract

Research Originality: This study addresses a gap in the literature by examining the heterogeneous impact of Islamic financial instruments. It incorporates various contextual factors and employs panel data regression to control for cross-country and temporal heterogeneity, offering a broader perspective on Islamic finance and economic growth.Research Objectives: This study analyzes the impact of Islamic financial instruments on economic growth in developing countries with different income levels over time.Research Methods: A quantitative approach is applied using panel data regression with pooled data classification to account for variations in data treatment.Empirical Results: The findings reveal that Islamic financial instruments, particularly Total Islamic Financing and Islamic Banking Assets, significantly enhance economic growth. Demographic factors, such as population size, also play a key role, while inflation has no significant impact. Additionally, Fixed Effects (Cross) values, which adjust for country- and year-specific heterogeneity, show substantial variation, with positive and negative values across countries and periods.Implications: These findings offer policy insights to help governments and regulators develop responsive, economic policies that promote financial inclusion, strengthen regulatory frameworks, and support sustainable growth through Islamic finance.JEL Classification: C33, F43, G21, O16How to Cite:Supriadi, I., & Wany, E. (2025). Heterogenous Effect of Islamic Finance: A Multilevel Analysis for Policy Optimization in Developing Economies. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 197-216. https://doi.org/10.15408/sjie.v14i1.44736.
The Intention of Young Muslim Generation to Choose Muslim-Friendly Destinations in Indonesia Dewi, Nur Diana
Signifikan: Jurnal Ilmu Ekonomi Vol 14, No 1 (2025)
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.v14i1.45353

Abstract

Research Originality: Although much research has examined Muslim-friendly tourism, this research conducts a more comprehensive study of the intentions of the young Muslim generation to choose Muslim-friendly tourist destinations.Research Objectives: The research objective is to analyze what factors influence the young Muslim generation's intention to choose Muslim-friendly tourist destinations in Indonesia.Research Methods: The data analysis technique used a Structural Equation Model (SEM) with SmartPLS 3.0 software. Data was obtained by distributing questionnaires to 200 respondents.Empirial Result: The results showed that the variables of subjective norms, behavioral control, and religiosity had a significant effect on the intentions of the young generation in choosing Muslim-friendly tourist destinations in Indonesia, while the attitude variable had no significant effect.Implications: The results of this research imply that the government must create regulations that attract the young generation of Muslims to visit Muslim-friendly tourist destinations in Indonesia.JEL Classification: M30, M31How to Cite:Dewi, N. D. (2025). The Intention of Young Muslim Generation to Choose Muslim-Friendly Destinations in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 265-278. https://doi.org/10.15408/sjie.v14i1.45353.