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INDONESIA
Economic and Finance in Indonesia
Published by Universitas Indonesia
ISSN : 0126155X     EISSN : 24429260     DOI : -
Core Subject : Economy, Education,
Economics, Econometrics & Finance Education
Aims & Scope EFI mainly covers original idea related to the Economics and Finance in Indonesia. Published articles can be either theoretical, empirical, or in between of those two polar variants. The journal covers specific areas, including but not limited to: Agricultural Economics Capital Market Demography Development Economics Economy in Crisis Economy of Rural Areas Education Economics Energy Economics Environmental and Natural Resources Economics Financial Sector Health Economics History of Economic Thoughts Industrial Economics Institutional Aspect of Economy International Economics Investment Labor Economics Maritime Economics Methodology of Economics Monetary Economics Political Economics Poverty Economics Public Policy Public Sector Economics Regional Economics Urban Economics
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekomomi dan Ekonometrika
Articles 104 Documents
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Exporters in the Time of COVID-19 Pandemic: Evidence from Indonesia Eschachasthi, Realita
Economics and Finance in Indonesia Vol. 68, No. 1
Publisher : UI Scholars Hub

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Abstract

The export of Indonesia has contracted rapidly in response to the COVID-19 outbreak. However, little is known about the crisis-trade relationship, which is important for the policymakers to design the relevant policies. To that end, this study examines how exporters adjust in the time of pandemic as well as estimates the impact of COVID-19 on export performance by using microdata of monthly export transactions from January 2019 to August 2020. This relationship is analyzed by employing intensive and extensive margins as well as a panel fixed effects specification. The result shows that capital goods, mainly manufactured products, have been hit the hardest compared to consumption and intermediate goods. The evidence also suggests that the exporters have been primarily affected at the extensive margin or leaving the market. During the crisis, the rate of ceasing export transactions is approximately 40%, while the rate of decline in export value is 14%. The aftermath of COVID-19 is expected to disrupt export performance by 0.15 percentage points of mid-point growth. The result is robust subsequent to performing several alternative specifications. Finally, the study discovers that the virus does not discriminate; it hits all exporters regardless of their size.
Why the Rate of Return of Religious School (Madrasah) is Too Low: The Case in Indonesia Elfindri, Elfindri; Ariyanto, Edi; Maryati, Sri; Sari, Delfia Tanjung
Economics and Finance in Indonesia Vol. 68, No. 1
Publisher : UI Scholars Hub

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Abstract

Religious schools (madrasah) in Indonesia have contributed to fulfilling the equity goals of education. Up to this point, studies on the rate of return of madrasah and its relation to general or vocational education remain limited. In contrast to the previous studies that omit madrasah from their analysis, this study pay greater attention to this particular type of education. By adopting the Mincerian model of the human capital and applying the semi-log earnings function to the 2012 data of the National Socioeconomic Survey (SUSENAS) of Indonesia, this study discovers that the rate of return of graduates from madrasah is considerably lower than that of graduates from the equivalent formal general and vocational education. Furthermore, graduates from lower and upper secondary madrasah are unable to increase their income in the labor market. Raising awareness of the quality of madrasah in Indonesia is an important point discussed in this study.
Does It Pay to be Good? The Performance of Indonesian Green Companies from 2009 - 2018 Rizti, Ega Annisa; Martawardaya, Berli
Economics and Finance in Indonesia Vol. 68, No. 1
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Abstract

In Indonesia, KEHATI Sustainable and Responsible Investment (SRI) Index, hereafter referred to as SKI, aims to raise public awareness and help pro-environmental investors by selecting 25 highly rated public companies that adhere to the internationally accepted green business standard. This paper compared the financial performance of the companies listed in SKI and their counterparts between the period of January 2009 and December 2018 by predicting their future opening price of stock, comparing the performance of SKI to JKSE market index, and examining their financial performance using ROA and ROE as dependent variables. The findings suggest that being included in SKI is insignificant to the future opening price of stock. The index itself is found to be slightly more volatile than the market index, which is attributed by a previous study to SKI selection process lowering the chance for portfolio diversification and the volatility of the Indonesian market due to the financial crises. However, being included in the index positively affects both ROA and ROE, albeit small differences. Therefore, there is no significant difference between the financial performance of green companies in Indonesia and their counterparts.
The Impact of Foreign Investment on Firm Performance: Indonesia After the 2007 FDI Reform Hafiluddin, Nauval; Patunru, Arianto Arif
Economics and Finance in Indonesia Vol. 68, No. 1
Publisher : UI Scholars Hub

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Abstract

Foreign Direct Investment (FDI) plays a crucial role in the economy of Indonesia. The new FDI law passed in 2007 serves as a new milestone in the FDI regime in Indonesia. As the country implements the new regulation, the impact of foreign investment on firm performance becomes an interesting subject. This paper aims to estimate the effect of foreign investment on the productivity and contribution of firms in relation to the new FDI law in Indonesia. This study employed a combination of Propensity Score Matching (PSM) and Difference-in-Differences (DiD) methods to eliminate endogeneity problems and to examine causality. We discover that foreign investment increases the contribution of firms in terms of tax and employment yet drives no significant change in firm productivity after the new FDI law came into force. This result implies that foreign investors might have picked already productive domestic firms; and that other firms need to increase their level of attractiveness while policymakers need to improve the investment climate in order to attract more FDI.
Credit Limit of Unsecured Consumer Lending: Evidence from Micro Data Johan, Suwinto; Dewi, Calista Endrina
Economics and Finance in Indonesia Vol. 67, No. 1
Publisher : UI Scholars Hub

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Abstract

As credit card debts have increased in Indonesia over the past ten years, concerns over the impulsive buying behavior of Indonesian credit card holders have emerged. Therefore, more attention must be paid to credit risk management of banks as it plays an important role in analyzing the possibility of losses due to the inability of prospective borrowers to repay debts. This study provides empirical evidence about the prudence of commercial banks in Greater Jakarta in offering credit card limits. Using primary micro-data collected from credit card applications submitted to the largest foreign private bank providing retail credit in the Greater Jakarta area in 2019, this study employed multiple regression model to analyze the determinants of credit card limits in the Greater Jakarta. Our empirical findings suggest that age, home location, income, type of industry, and office location of prospective borrowers significantly influence credit card limits. Commercial banks in the Greater Jakarta, thus, have been prudent in offering credit card limits.
Women's Financial Literacy: Perceived Financial Knowledge and Its Impact on Money Management Gunawan, Vincent; Dewi, Vera Intanie; Iskandarsyah, Triyana; Hasyim, Irsanti
Economics and Finance in Indonesia Vol. 67, No. 1
Publisher : UI Scholars Hub

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Abstract

This paper presents an empirical study on women's financial literacy in a developing country, Indonesia. Financial literacy in developing countries, especially for women, needs to be improved. Traditionally, women have an important role in managing family's finances. Their ability to conduct good financial management can help their family's financial stability and improve its welfare. If women do not have adequate capacity to manage the family finances, the family's economic health can be at risk. Having financial literacy is important as it provides financial resilience at times of uncertainty. This explanatory research uses a sample comprising 100 women living in the city of Bandung, Indonesia, who are in the Baby Boomer generation as well as in Generations X, Y, and Z. The data were collected through an online questionnaire and analyzed using partial least squares structural equation modeling (PLS-SEM). The results provide evidence that perceived financial knowledge has a significant effect on financial management behavior in the dimensions of savings behavior, shopping behavior, long-term planning, and short-term planning. Moreover, the study results show that the respondents have a moderate level of financial literacy and financial management behavior.
Fiscal Sustainability in Indonesia with Asymmetry Ikhsan, Mohamad; Virananda, I Gede Sthitaprajna
Economics and Finance in Indonesia Vol. 67, No. 1
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Abstract

The management of fiscal balance determines public debt sustainability, where a positive response of primary balance towards the debt ratio indicates a sustainable path. However, there might be asymmetry in the government's fiscal management between different phases of the debt trajectory and business cycle. This study examines the sustainability of fiscal imbalance and public debt in Indonesia using the fiscal reaction function with annual fiscal data from 1976 to 2019. We incorporate asymmetry by decomposing the lagged debt ratio and cyclical output variables into their positive and negative partial sums. We find that Indonesia's fiscal imbalance is on a path of weak sustainability as revenue grows more slowly than expenditure in the long run, with the bi-directional Granger causality between the two indicating fiscal synchronization. Long-run public debt sustainability is on a more sustainable path as primary surplus responds positively to the debt ratio. However, our asymmetric analysis suggests that this might be a false impression as primary balance decreases only in response to debt ratio decrease but increases less or fails to increase when the debt ratio rises, which is potentially dangerous.
Indonesian Provinces SDGs Composite Index: Lampung Province Analysis Andriati, Reny; Fahmi, Mohamad
Economics and Finance in Indonesia Vol. 67, No. 1
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Abstract

Publications of Sustainable Development Goals (SDGs) have mainly been conducted at a national level and separately for each goal. No prior research has been done on SDGs composite index at a provincial level in Indonesia. It is necessary to create a composite index that presents a single value at the provincial level to enable regional evaluation. The Indonesia Province SDGs composite index is developed from indicators based on Statistics Indonesia gathered from several publications. The data sources are the National Socio-Economic Survey (Susenas) and the Basic Health Research (Riskesdas) which were linked surveys held in 2018. Principal Component Analysis and Factor Analysis are used as the methods to select the indicators of the SDGs. Those selected indicators are then normalized using the min-max method and subsequently weighted using factor loading derived from the principal component analysis. Finally, the indicators are aggregated using an arithmetic mean to determine the composite index. The Indonesia Province SDGs composite index is an approach to measure achievement of SDGs agenda. In addition, each goal achievement is summarized as a goal index. The SDGs composite index for Lampung Province is 52.2%, meaning that Lampung Province is 52.2% of the way to fully achieving the SDGs, according to the measures used to calculate this index. The findings on goal index suggest that development is highly requested on public services such as housing and water supply.
Mobility Pattern Changes in Indonesia in Response to COVID-19 Pramana, Setia; Cahyono, Bintang Dwitya; Novandra, Rio
Economics and Finance in Indonesia Vol. 67, No. 1
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Abstract

All countries affected by the COVID-19 pandemic have established several policies to control the spread of the disease. The government of Indonesia has enforced a work-from-home policy and large-scale social restrictions in most regions that result in the changes in community mobility in various categories of places. This study aims to (1) investigate the impact of large-scale restrictions on provincial-level mobility in Indonesia, (2) categorize provinces based on mobility patterns, and (3) investigate regional socio-economic characteristics that may lead to different mobility patterns. This study utilized Provincial-level Google Mobility Index, Flight data scraped from daily web, and regional characteristics (e.g., poverty rate, percentages of informal workers). A Dynamic Time Warping method was employed to investigate the clusters of mobility. The study shows an intense trade-off of mobility pattern between residential areas and public areas. In general, during the first 2.5 months of the pandemic, people had reduced their activities in public areas and preferred to stay at home. Meanwhile, provinces have different mobility patterns from each other during the period of the large-scale restrictions. The differences in mobility are mainly led by the percentage of formal workers in each region.
The Impact of Mother's Bargaining Power on the Nutritional Status of Children in Indonesia Fidyani, Ahmad Yeyen; Yusuf, Arief Anshori
Economics and Finance in Indonesia Vol. 67, No. 1
Publisher : UI Scholars Hub

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Abstract

Poor nutritional status, especially during childhood, has a negative impact on one's early life as well as throughout their life. One of the factors that influences the improvement of children's nutritional status is the bargaining power of the mother. Previous studies have limitations in that they often use cross-sectional data and indirect approaches to measuring bargaining power. This study aims to measure the impact of maternal bargaining power on children's nutritional status in Indonesia. The unit of analysis is children aged 7 - 19 years (IFLS5) who still have and live with their parents (IFLS4). Using the OLS estimation method, the results show that maternal bargaining power significantly and positively influences the nutritional status of children (HA z-score).

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