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EFI LPEM FEB UI
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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 128 Documents
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Identifying Risk-Taking Behavior and Prudent Asset Allocation in Pension Funds in Indonesia Prabowosunu, Mohammad Alvin; Siregar, Reza Yamora; Melati, Rosi; Hadrian, Devan; Ronaldo, Rizky Rizaldi
Economics and Finance in Indonesia Vol. 70, No. 1
Publisher : UI Scholars Hub

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Abstract

This research aims to investigate asset allocation strategies in the pension fund industry in Indonesia in relation to liability profiles and risk-taking behavior. Utilizing data on market returns for each asset class and several financial indicators of pension funds, we applied the risk-taking behavior model proposed by Andonov & Rauh (2022) and a modified model to observe the Liability-Driven Investment (LDI) strategies of pension funds in Indonesia. We discovered that private defined contribution pension fund schemes (PPIP) tend to exhibit higher risk-taking behavior, primarily through investment allocation in equities. On the other hand, private defined benefit pension funds (PPMP) demonstrate a less aggressive risk-taking approach, allocating investments in bonds and cap/blue-chip stocks. PPMP also indicates relatively better implementation of the LDI strategies by considering the sensitivity of long-term bonds concerning return on investment (ROI).
The Effect of Tax Avoidance, Tax Rate Change, and Sustainability Disclosure on Earnings Management Dinata, I Putu Hendy Bimantara; Asqolani, Asqolani
Economics and Finance in Indonesia Vol. 70, No. 1
Publisher : UI Scholars Hub

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Abstract

This study aims to analyze the effect of tax avoidance, changes in tax rates, and sustainability disclosures on earnings management. The sample in this study is public companies listed on the IDX for the period 2018–2021. The results of this study indicate that tax avoidance has no effect on earnings management. In addition, after the reduction in the corporate income tax rate, companies tend to conduct earnings management to reduce revenue. In the sustainability aspect, environmental sustainability disclosure has no effect on earnings management, while social sustainability disclosure has a positive effect on earnings management. The results of this study can be a consideration for the DGT and OJK in evaluating policies to reduce corporate tax rates, and sustainability disclosures.
Kartu Prakerja Program and Youth Employment: Gender-Specific Outcomes in Indonesia Anggara, Rizki Tri
Economics and Finance in Indonesia Vol. 70, No. 1
Publisher : UI Scholars Hub

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Abstract

The Kartu Prakerja Program is a form of the active labor market policy in Indonesia, serving as a significant initiative to enhance competencies and job opportunities, including for vulnerable groups such as the young and female labor force. This study aims to analyze the program’s impact on youth employment, with a focus on gender differences. Using Propensity Score Matching (PSM), the results show a significant positive effect on employment probability, particularly for women. The findings suggest that skills training and financial incentives play a crucial role in enhancing employability. The study recommends expanding program access to vulnerable groups and continuously assessing its effectiveness.
Unveiling the Impact of JKN: Easing Financial Burdens for Pregnant Women in Indonesia Sulaeman, Januar; Qibthiyyah, Riatu Mariatul
Economics and Finance in Indonesia Vol. 70, No. 1
Publisher : UI Scholars Hub

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Abstract

Indonesia’s maternal mortality rate is the second highest in the ASEAN, partly due to financial barriers preventing adequate care during pregnancy and childbirth. The National Health Insurance (JKN) scheme, which is the embodiment of universal health coverage (UHC), was designed by the Indonesian government to reduce the financial risk of its participants. However, its impact on out-of-pocket health spending for pregnant women is under-researched. Using propensity score matching (PSM) and 2019 SUSENAS data, this study found that JKN membership significantly reduced out-of-pocket health spending for pregnant women—especially in eastern Indonesia, where poverty and healthcare access represent critical issues.
From Rastra to BPNT: An Empirical Quantitative Evaluation of Food Assistance Reform in Indonesia Sofa, Wahyuni Andriana
Economics and Finance in Indonesia Vol. 69, No. 2
Publisher : UI Scholars Hub

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Abstract

Since 2017, Indonesia has shifted from its Rastra program to BPNT, an e-voucher food-based initiative, due to issues with targeting and effectiveness in social assistance. This paper examines the impact of this transition on poverty alleviation and food security, using SUSENAS 2018 and propensity score matching. Findings indicate BPNT is less effective than Rastra in reducing households’ poverty risk and has led to decreased food access and nutrition. Impact variations are noted, which are found to be worse in households with less-educated heads, located in Java Island, and rural areas.
Exchange Rate Responses and Volatility Spillover Effects during the COVID-19 Pandemic in Indonesia Febiyansah, Panky Tri
Economics and Finance in Indonesia Vol. 69, No. 2
Publisher : UI Scholars Hub

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Abstract

This paper aims to assess the impact of the confirmed COVID-19 cases, the timing of the outbreak, and physical measures on the returns and spillover effects of exchange rate in Indonesia. The model will be tested by the exponential generalized autoregressive conditional heteroskedastic (EGARCH) process and the spillover volatility index. The study discovers that the confirmed cases, outbreak news, and the implementation of large-scale social restrictions simultaneously contribute to a leverage effect on the volatility of a direct quote of Indonesian Rupiah to Australian Dollar, Euro, US Dollar, Singapore Dollar, and Great British Pound. To a certain extent, the heatwave as well as the meteor-shower effects as a result of clustering events and intense spillover effects in the currency market of Indonesia are observed.
The Effect of Export-Related Measures on Indonesian Export of Palm, CPO, and Its Derivative Products Sipayung, Edy Krismanto; Elisabeth, Christina Ruth
Economics and Finance in Indonesia Vol. 69, No. 2
Publisher : UI Scholars Hub

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Abstract

This study investigated the effect of Export-Related Measures (ERMs) imposed by the Government of Indonesia on the export volume and value of palm, Crude Palm Oil (CPO), and its derivatives products utilizing the export data of Indonesia to 194 destination countries in the 2011–2020 period. This study combined the dataset of ERMs from the United Nations Conference on Trade and Development (UNCTAD) database and relevant Indonesian regulations. The results reveal that ERMs have a positive and significant effect on both the export volume and value of Indonesian palm, CPO, and its derivatives products. The price-raising effect or costs of ERMs in these products is relatively high, approximately 38.36%. However, the price-raising effect remains lower than the market-creating effect, as confirmed by the estimation results of indirect country characteristics. This study proposes a policy to strengthen the capacity of exporters to comply with ERMs and to harmonize the ERMs in Indonesia with import measures imposed by export destination countries.
The Effect of Financial Inclusion on Food Security: Evidence from Developing and Developed Countries Yasmin, Yasmin; Setiastuti, Sekar Utami
Economics and Finance in Indonesia Vol. 69, No. 2
Publisher : UI Scholars Hub

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Abstract

This study investigates the global impact of financial inclusion on food security, with a focus on both developing and developed countries. The study constructs a financial inclusion index using the Sarma method and secondary data sourced from IMF and World Bank databases. System GMM is employed as the estimation method due to its effectiveness in addressing endogeneity issues and its efficient and consistent use of instruments. The analysis reveals that financial inclusion has a positive and statistically significant effect on food security across all research sub-samples. In addition, the study incorporates interaction variables between financial inclusion and the COVID-19 pandemic to explore how the crisis alters the relationship between financial inclusion and food security. The findings indicate that the COVID-19 crisis has globally diminished food security and moderates the impact of financial inclusion on food security. Overall, the study confirms that financial inclusion is a crucial factor in enhancing food security worldwide, with no substantial disparity between developed and developing countries. Nevertheless, the global COVID-19 pandemic has demonstrated a capacity to weaken the beneficial effects of financial inclusion on food security.
Could Renewable Energy Use Boost Goods Export Performance in ASEAN? Khairunnisa, Sherina Rafidah; Oktora, Siskarossa Ika
Economics and Finance in Indonesia Vol. 69, No. 2
Publisher : UI Scholars Hub

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Abstract

ASEAN economic integration increases trade opportunities and also triggers an increase in carbon emissions, especially from exports of goods. ASEAN needs to switch to renewable energy to improve the performance of goods exports. This study analyzes the influence of renewable energy on goods exports in ASEAN, 2010–2020. The results show that renewable energy positively impacts the performance of goods exports. Based on the results of this research, it is hoped that the government in each ASEAN country can strengthen regulations and policies on the use of renewable energy by providing incentives for producers and exporters who use renewable energy.
Environmental-Friendly Consumption: Measuring the Impact of Lifestyle on Household Carbon Emissions Alyasa, Faisal Madjid; Hawari, Adam; Syawala, Afif Akbar; Sihaloho, Estro Dariatno Dariatno
Economics and Finance in Indonesia Vol. 71, No. 1
Publisher : UI Scholars Hub

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Abstract

In 2060, Indonesia aims for a clean, emissions-free society. However, achieving this goal requires understanding how lifestyle choices affect household carbon emissions. This study, based on data from the Indonesian Family Life Survey 2014, examines the impact of different diets (plant-based, vegetarian, Mediterranean, full meat-based, and mixed) on carbon emissions. Using Ordinary Least Square Panel Data Regression, the research finds that plant-based and vegetarian diets have a lower carbon footprint compared to mixed and full meat-based diets. The findings suggest that transitioning to more environmentally friendly consumption patterns can help reduce carbon emissions and benefit the environment.

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