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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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Factors to Improve Fishery Household Welfare: Empirical Analysis of Indonesia Wicaksono, Bayu Rhamadani; Yuniarti, Yuniarti; Paramartha, Dede Yoga
Economics and Finance in Indonesia Vol. 67, No. 1
Publisher : UI Scholars Hub

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Abstract

This study attempts to verify the linkage between the characteristics of fishers and the welfare of fishery household in Indonesia, which is explained by the surplus obtained by fishers. Based on the empirical results using multiple linear regression analysis, variables with significant impacts on improving the welfare of fishery household in Indonesia in both marine and inland open water fisheries are fishing gear, number of fishers, number of crew, salary, province, age, gender, education level, processed storage, transportation, and market target. Furthermore, the characteristics of fishers are divided into similarities and differences. Observed from the similarities, the main fishers play a prominent role to fulfill the daily needs of their families. Observed from the differences, fishers in marine fisheries prefer to use a boat with an inboard motor, prepare more funds, and require more crew members because they usually catch fish on long trips. On the other hand, fishers in inland open water fisheries prefer to use a boat without an inboard motor, prepare less funds, and require less crew members because they usually catch fish on short trips. The government needs to formulate effective, efficient, and targeted policies for the welfare of fishers. The findings suggest several policy recommendations related to the improvement of fishery household welfare in Indonesia, such as soft loan in the form of People Business Credit (KUR), storage facilities for a better supply chain, and revitalization of fish auction sites.
Does Uncertainty Matter for Trade - Economic Growth Nexus in Indonesia? Febiyansah, Panky Tri
Economics and Finance in Indonesia Vol. 67, No. 1
Publisher : UI Scholars Hub

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Abstract

This paper aims to test the impact of uncertainty on the causal relationship among exports, imports, and economic growth in Indonesia. The relationship is constructed by examining the presence of FDI-adjusted exports and imports (trade) and the output link using conditional variances-covariances derived from the generalized autoregressive conditional heteroskedastic (GARCH) process in a vector error correction model (VEC-GARCH model). Using evidence in Indonesia, the model exposes the uni-directional nexus from trade performance to trade-adjusted output growth in the absence of uncertainty. The volatility effects are evident in the causal relationship between trade and output. The finding shows that the uncertainty effects hamper the trade-economic growth nexus. Incorporated with the long-run causality, trade still causes output even after containing the contributions of volatility. The significant role of imports highlights the higher demand for intermediate capital products and the inclusion of technology in strengthening economic growth.
Islamic Financial Literacy Index of Students: Bridging SDGs of Islamic Finance Saputra, Arief Dwi; Rahmatia, Alfina
Economics and Finance in Indonesia Vol. 67, No. 1
Publisher : UI Scholars Hub

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Abstract

This research aims to measure the level of Islamic financial literacy among students by reviewing 2 dimensions, 8 variables, and 33 indicators obtained from literature studies and experts. This study applied mix method to qualitative and quantitative data with a total sample of 273 respondents. The data were obtained from interview and online FGD and then processed by word similarity analysis as well as validity and reliability tests, the results of which are used as reference and conclusion. The analysis shows that the level of understanding of financial literacy among students remains significantly low, proven by the value of the interpretation of respondents reaching below 40% despite valid and reliable variables and indicators. Meanwhile, the analysis of the relationship between each variable that consists of supporting indicators shows that each variable affects one another. This study generates a financial literacy index serving as a measuring tool in bridging the SDGs of Islamic Finance. It implies the necessity of increasing the understanding of Islamic finance with the concept of literacy for students as an agenda to achieve a demographic bonus.
The Impact of School Operational Assistance Program Implementation at School Level on Senior Secondary Education Enrollment by Households: Evidence from Indonesia in 2007 and 2014 Kartasasmita, Fairuzah Pertiwi; Sulistyaningrum, Eny
Economics and Finance in Indonesia Vol. 67, No. 2
Publisher : UI Scholars Hub

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Abstract

Education is recognized worldwide as one of the key elements in developing the human capital of a nation for a prosperous future. Given an almost universal enrollment in primary education, many governments have shifted their focus on students motivation to continue to and finish their secondary education. The government of Indonesia has made extensive efforts in widening participation in education. With a growing budget for educational expenditure, various government programs have been implemented to assist students in their learning. One such program is the School Operational Assistance Program (BOS), which has been running for two decades. This paper reports on a study aimed to investigate the impact of the implementation of BOS at a school level on senior secondary school enrollment by households using data obtained from the Indonesia Family Life Survey (IFLS) recorded in 2007 and 2014. By using Propensity Score Matching (PSM), it was found that students whose schools received BOS during their primary education years were more likely to continue their education to senior secondary education than those whose schools did not receive BOS. This shows that a school subsidy could encourage students to continue their education, particularly for students coming from poorer households.
Factors Influencing Economic Empowerment in Tourism Development Rachmawati, Eva; Fountain, Joanna; Mackay, Michael
Economics and Finance in Indonesia Vol. 67, No. 2
Publisher : UI Scholars Hub

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Abstract

Tourism is believed to be able to empower people economically, both at the individual and community levels, by providing various employment and business opportunities to community members to help alleviate poverty. This study offers insights into community empowerment outcome, particularly in economic dimension, through a quantitative approach. This study aims to identify the level of community empowerment outcome perceived by the local communities in tourism development in their area and analyze the factors that influence the outcome. Employing a mixed-methods approach, this study collected data through household survey, field and participatory observation, and document analysis. The questionnaire responses were analyzed using descriptive statistical analysis (i.e., frequency distribution and cross tabulation) and chi-square analysis. The findings suggest that tourism was able to increase the income of the people working in the tourism sector. However, only several people perceived that tourism could provide benefits for them. Several factors influencing the community perception related to economic empowerment in tourism development were identified. These include involvement in the tourism industry, community culture (kinship), nature of tourism affecting the type of available job, lack of engagement, lack of capital, education, and geographical factors.
The Productivity and Future Growth Potential of Indonesia Ikhsan, Mohamad; Indrawati, Sri Mulyani; Virananda, I Gede Sthitaprajna; Abdi, Zihaul
Economics and Finance in Indonesia Vol. 67, No. 2
Publisher : UI Scholars Hub

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Abstract

The output per worker of Indonesia has been on a downtrend since 2010, with total factor productivity (TFP) and capital stock largely stagnant if not declining. This paper discusses stylized facts that may explain recent trends in the productivity and growth potential of Indonesia. The decomposition of output per worker reveals the declining contribution of human capital, which is also most negative among peer countries. The growth in labor productivity has been concentrated within sectors, implying room for gains from labor reallocations. A substantial share of employment and credit in Indonesia has shifted to the relatively unproductive service sectors, particularly wholesale and retail trade. In terms of firm dynamics, the contribution of large firms in Indonesia has been lackluster compared to regional peers while the productivity of micro, small and medium enterprises remains stagnant. Considering that human capital and TFP measures of Indonesia are lagging behind middle-income peers, there is wide scope for Indonesia to catch up. However, the potential output of Indonesia also faces new risks from the COVID-19 pandemic. We expect that the short-term effect of the pandemic on capital accumulation and the long-term effect on human capital pose the highest risk while labor inputs appear to be more resilient. Meanwhile, the potential productivity gains from accelerated digital adoption and sectoral reallocations are more uncertain.
Special Allocation Fund and Poverty Rate in Indonesia Nugroho, Danesta Febianto; Wicaksono, Bayu Rhamadani; Reynaldi, Muhammad R.
Economics and Finance in Indonesia Vol. 67, No. 2
Publisher : UI Scholars Hub

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Abstract

The Special Allocation Fund is distributed to specific areas to aid them in funding special regional activities that follow national interests. Giving regional government's broad autonomy is meant to hasten the realization of social welfare, as seen by reducing poverty. This study aims to examine the influence of the Special Allocation Fund for education, health, and infrastructure on the poverty rate in Indonesia, using the Poverty Gap Index (P1) as a proxy for the poverty rate. The study employed annual data from 33 Indonesian provinces from 2015 to 2018 and panel data regression analysis utilizing the Fixed Effects Model (FEM). The study discovered that the Special Allocation Fund for Education and Health has a negative and significant impact on poverty, but the Special Allocation Fund for Infrastructure has a positive but not significant impact on poverty. The central and regional governments must work together to guarantee that the Special Allocation Fund is distributed effectively to sectors directly relevant to poverty reduction efforts.
The Role of Success Rate, Discovery, Appraisal Spending, and Transitioning Region on Exploration Drilling of Oil and Gas in Indonesia in 2004-2015 Patria, Harry
Economics and Finance in Indonesia Vol. 67, No. 2
Publisher : UI Scholars Hub

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Abstract

Petroleum exploration decision remains a subject of petroleum and economic studies for decades. Most of the studies discuss the investment decision by focusing on either a technical or economic perspective. In reality, economic, geological, and environmental factors are expected to determine the way investors make a decision. This study aims to increase the understanding of best practices in decision-making by scrutinizing integrative perspectives applying panel data of 32 basins in Indonesia in 2004-2015. This study provides several contributions to optimize decisions on wells drilled. First, this study derives an empirical model examining several plausible factors of economy, geology, and environment. Second, the findings demonstrate how to empirically examine which factors significantly determine wells drilled by companies. The last contribution is to empirically support a technical transformation from Western to Eastern exploration due to the natural depletion of oil fields.
Effects of Financial Inclusion and Openness on Banking Stability: Evidence from Developing and Developed Countries Safuan, Sugiharso; Shalihin, M. Abdi
Economics and Finance in Indonesia Vol. 67, No. 2
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This study seeks to contribute to the emerging debate regarding the effects of financial inclusion and openness on banking stability. Panel data from 217 developing and developed countries from 2004 to 2017 showed that financial inclusion did not affect banking stability. However, financial openness significantly affected banking stability in all countries worldwide. Furthermore, the interaction of financial inclusion and openness had a significant positive effect on banking stability in developing and all countries worldwide. This finding indicates that the more funds obtained by banks from the implementation of financial inclusion policy and financial openness policy, the greater the potential for banks to maintain their stability. Therefore, to maintain bank stability, each country needs to synchronize its policies on financial inclusion and financial openness. This finding also contributes to the literature on understanding the essential financial inclusion policies and financial openness to improve bank stability.
Improving Human Capital through Better Education to Support Indonesia's Economic Development Adam, Latif; Negara, Siwage Dharma
Economics and Finance in Indonesia Vol. 61, No. 2
Publisher : UI Scholars Hub

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Abstract

Despite Indonesia's impressive economic growth, it still lags behind other countries with a similar income level in terms of the quality of its human capital. This paper argues that one key factor explaining this low quality of human capital relates to the lack of focus and clear strategies to develop its education system. This paper attempts to assess Indonesia's current state of human capital development with particular focus on it's education sector. In order to benefit from its demographic bonus, Indonesia needs to to improve its current education and skill training system. Better education and skill training system will support the country's effort to reduce poverty and youth unemployment. The effectiveness of public spending in education should be improved to raise the quality of education. Indonesia needs to integrate its human capital development plans with its economic master plan.

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