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Moneta : Journal of Economics and Finance
Published by PT Penerbit Ilmiah Indonesia
ISSN : -     EISSN : 30308666     DOI : https://doi.org/10.61978/moneta
Core Subject : Economy,
Economics, Econometrics & Finance
Moneta : Journal of Economics and Finance with ISSN Number 3030-8666 (Online) published by Indonesian Scientific Publication, published original scholarly papers across the whole spectrum of economics and finance. The journal attempts to assist in the understanding of the present and potential ability of accounting to aid in the recording and interpretation of international economic transactions and taxation practices.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 50 Documents
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Cryptocurrency in Portfolio Management: Risk Return Optimization and Diversification Efficiency in Institutional Asset Allocation Kurniawan, Deri Alan
Moneta : Journal of Economics and Finance Vol. 3 No. 2 (2025): April 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i2.823

Abstract

The growing institutional interest in cryptocurrencies has prompted renewed academic exploration into their role as alternative investment assets. This study investigates the risk return characteristics and diversification potential of cryptocurrencies specifically Bitcoin and Ethereum within mixed asset portfolios. Drawing on a combination of mean variance optimization, GARCH Copula modeling, and empirical simulations, the research evaluates performance metrics across various crypto allocation levels and market conditions. The analysis incorporates dynamic rebalancing, transaction cost modeling, Monte Carlo simulations, and historical stress tests to ensure results reflect real-world portfolio dynamics and market shocks. Key findings demonstrate that small allocations of cryptocurrency (1%–3%) can enhance Sharpe ratios and extend the efficient frontier under normal market conditions. However, during periods of systemic stress such as the COVID 19 pandemic and 2022 tech selloff correlations between cryptocurrencies and equities rise significantly, reducing diversification benefits. Transaction cost thresholds also play a pivotal role; diversification benefits tend to erode when trading costs exceed 2%. Overall, cryptocurrencies can enhance portfolio performance but only within a dynamic, risk-aware framework. Their integration must account for volatility, regulatory uncertainty, and infrastructure readiness. These insights contribute to both academic debate and practical asset allocation strategies.
Food Price Volatility and Agricultural Welfare in Emerging Economies: Evidence from Provincial Indonesia Setiadi; Sumastuti, Efriyani; Rakhmawaty, Yunissa
Moneta : Journal of Economics and Finance Vol. 2 No. 3 (2024): July 2024
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v2i3.824

Abstract

Food price volatility has emerged as one of the most pressing challenges for emerging economies, with Indonesia representing a critical case where agriculture sustains rural livelihoods and food accounts for more than 50% of household spending. This study addresses a gap in the literature by examining how food inflation and its volatility shape the agricultural terms of trade (NTP) across 34 provinces from 2017 to 2023. The research employs a mixed method econometric design, combining Vector Error Correction Models (VECM) and Two Stage GARCH models. VECM is used to explore both short run and long run relationships between inflation components and NTP, while GARCH captures the volatility effects of food prices and macroeconomic shocks, including exchange rate fluctuations and climate anomalies. Data were collected monthly from official Indonesian statistical sources, including BPS, Bank Indonesia, and BMKG. Results reveal that food inflation significantly influences NTP in both the short and long run, while core inflation remains statistically insignificant. Although farmers may initially gain from rising food prices, these gains are offset in the long term by rising input costs and supply chain constraints. The GARCH analysis confirms that volatility in food inflation undermines farmer welfare, with heterogeneous effects across provinces depending on agricultural structure and resilience to shocks. These findings highlight the limitations of Indonesia’s Inflation Targeting Framework (ITF) in addressing food price volatility and call for more inclusive policy strategies. Non-monetary interventions such as strategic food reserves, subsidies, and food distribution programs are recommended, alongside stronger coordination between monetary and agricultural institutions. Case studies from Brazil and Ghana further support integrated approaches that combine food security with macroeconomic planning. The study contributes to the literature by offering empirical insights into how inflation volatility affects agricultural welfare in an emerging economy. It advocates for a multi-dimensional policy framework to ensure rural resilience, equitable economic development, and food system stability in the face of growing macroeconomic uncertainties.
Valuing Urban Agriculture in Indonesia: Cultural Ecosystem Services and Willingness to Pay in Rapidly Urbanizing Cities Puspitasari, Ratih Hesty Utami
Moneta : Journal of Economics and Finance Vol. 3 No. 4 (2025): October 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i4.827

Abstract

Urban agriculture (UA) is increasingly recognized as a vital strategy for enhancing urban resilience, social equity, and ecological sustainability, particularly in rapidly urbanizing regions such as Indonesia. This study aims to evaluate the willingness to pay (WTP) for urban ecosystem services, with a particular focus on cultural and provisioning services delivered by UA in Indonesian cities. Using the Contingent Valuation Method (CVM), a structured survey was administered to assess public preferences and economic valuation of UA benefits. Logistic regression analysis was employed to identify the socio economic predictors of WTP. In addition, qualitative literature and comparative case studies were integrated to contextualize valuation findings within broader socio political and environmental frameworks. The results reveal strong public support for UA, with higher WTP values associated with cultural ecosystem services, particularly those linked to heritage, aesthetics, and community identity. Key predictors of WTP include income, education, environmental concern, and prior exposure to UA. Furthermore, regional differences highlight the role of cultural and policy contexts in shaping valuation outcomes. Discussion emphasizes the methodological limitations of CVM in capturing intangible values and advocates for mixed methods approaches that incorporate ethnographic and participatory tools. International case studies from cities such as Medellín, Bangkok, and Shanghai provide policy insights for effective UA integration, highlighting the importance of inclusive planning, cross sector collaboration, and legal recognition of UA practices. In conclusion, UA offers a multidimensional solution to urban challenges in Indonesia, providing environmental, cultural, and social co benefits. The study recommends embedding UA into participatory urban planning and leveraging valuation data to support equitable policy design.
Addressing Global Inequality through Modern Macroeconomic Approaches Paulina; Adiawaty, Susi
Moneta : Journal of Economics and Finance Vol. 2 No. 1 (2024): January 2024
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v2i1.883

Abstract

This narrative review examines the theoretical and empirical developments in macroeconomic thought, focusing on the limitations of conventional models and the emergence of more inclusive and adaptive approaches. The study aims to explore how contemporary macroeconomic theory can better address global inequality, economic volatility, and institutional transformation. Using a structured literature search across Scopus, Google Scholar, and PubMed, the review employed specific keywords such as "macroeconomic theory," "Keynesianism," "policy implications," and "regulatory economics." Inclusion criteria prioritized peer-reviewed articles published within the last 15 years, focusing on diverse macroeconomic schools of thought and their real-world applications. Findings reveal the sustained relevance of Keynesian models, especially during economic crises such as the COVID-19 pandemic, where fiscal interventions played a pivotal role. Criticism of Dynamic Stochastic General Equilibrium (DSGE) models is validated by their inability to reflect social complexities and economic uncertainties. In contrast, agent-based modeling (ABM) offers a more nuanced understanding of economic dynamics. Furthermore, the role of institutional reform in shaping inclusive and sustainable macroeconomic policies is emphasized, particularly in the context of developing countries. The integration of economic, ecological, and ethical dimensions in the "beyond-GDP" framework signals a shift toward a more holistic economic paradigm. These insights underscore the need for continued innovation in macroeconomic modeling and policy design. By adopting interdisciplinary and context-sensitive approaches, policymakers and researchers can better address the structural and systemic challenges of the 21st century.
The Role of Socioeconomic and Cultural Factors in Shaping Healthcare Accessibility Setiadi
Moneta : Journal of Economics and Finance Vol. 2 No. 3 (2024): July 2024
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v2i3.884

Abstract

Access to healthcare remains a critical concern globally, particularly in low- and middle-income countries where systemic barriers persist. This narrative review aims to examine the multi-layered factors influencing healthcare access, including social, economic, policy, and cultural dimensions. Literature was sourced from major scientific databases such as PubMed, Scopus, and Web of Science using key terms like "healthcare access," "health equity," and "public health policy." The selection criteria emphasized peer-reviewed studies focusing on determinants of access to health services across various geographical contexts. Findings demonstrate that educational level, social stratification, and income disparities significantly shape individuals' ability to seek and receive healthcare. Cultural beliefs and stigmas further limit service utilization, especially for chronic and stigmatized conditions. Moreover, policies that are not evidence-based or fail to account for local realities often exacerbate existing inequities. Although countries like Sweden have implemented successful universal health programs, their replication requires context-sensitive adaptation. The discussion reveals that bureaucratic inefficiencies and systemic inequalities perpetuate inaccessibility, highlighting the need for more responsive and community-centered health policies. In conclusion, this study calls for integrative approaches that combine education, policy reform, and culturally aligned interventions to bridge healthcare gaps. It recommends future research on localized service models and the expansion of digital health education tools to enhance access and equity.
Fiscal Policy and Debt Management: A Narrative Review of Global Lessons Lestari, Putri Ayu; Andika, Cruift
Moneta : Journal of Economics and Finance Vol. 3 No. 1 (2025): January 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i1.885

Abstract

This narrative review investigates global practices and lessons learned regarding fiscal policy and public debt sustainability, aiming to identify institutional, structural, and strategic factors that influence long-term fiscal balance. The study draws upon peer-reviewed empirical studies, panel data analyses, and case studies sourced from Scopus, Google Scholar, and other academic databases, using keywords such as "fiscal policy," "public debt," "fiscal sustainability," and "debt analysis." Studies were selected based on inclusion criteria that focused on national-level fiscal management and policy effectiveness, with particular emphasis on comparative and empirical analyses. Findings indicate that high debt-to-GDP ratios reduce fiscal space and hinder governments' ability to respond effectively to economic crises. Structural vulnerabilities, including institutional weaknesses and income inequality, further aggravate the sustainability of public debt. Effective strategies identified include the adoption of fiscal rules, independent fiscal councils, tax system reforms, and long-term investments in infrastructure and innovation. Comparative perspectives show that Nordic countries and selected Asian nations have achieved greater fiscal discipline through integrated institutional and policy frameworks. This review underscores the urgent need for systemic reforms that prioritize transparency, policy coordination, and inclusive economic growth. Future research should explore tailored debt sustainability frameworks and assess the political economy dimensions of fiscal governance. The findings provide evidence-based insights for policymakers seeking sustainable pathways to manage public debt without compromising developmental goals.
The Role of Governance and Technology in Shaping Equitable Fiscal Policy Pradono, Nuswantoro Setyadi
Moneta : Journal of Economics and Finance Vol. 2 No. 1 (2024): January 2024
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v2i1.890

Abstract

This review addresses the gap in fiscal sustainability studies by analyzing how governance and technology jointly shape equitable fiscal outcomes across regions. Unlike prior reviews that remain descriptive, this paper integrates findings into a conceptual lens that highlights digital inclusion and participatory governance as underexplored drivers of fiscal resilience. By synthesizing evidence from diverse contexts, the study provides a novel perspective on bridging institutional and technological divides in fiscal systems. These measures are essential to achieving sustainable fiscal outcomes and reducing disparities in access and service delivery across global contexts.
Institutional and Market Forces in Wage Inequality: A Narrative Review Cupiadi, Hedi
Moneta : Journal of Economics and Finance Vol. 3 No. 1 (2025): January 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i1.891

Abstract

This study conducts a narrative review to investigate the interplay of institutional and market forces shaping wage inequality in contemporary labor markets. The primary objective is to assess how educational background, gender, informal employment, migration, and labor market regulations contribute to wage disparities across different socioeconomic contexts. A comprehensive literature analysis was employed, reviewing peer-reviewed articles, cross-national studies, and policy documents sourced from major academic databases. The review identifies formal education as a fundamental determinant of upward wage mobility, while acknowledging the growing relevance of non-formal skills in bridging employment gaps. Gender bias continues to influence wage distribution, sustained by institutional inertia and underdeveloped enforcement mechanisms. Informal sector employment and migrant labor status remain critical barriers to equitable wages, largely due to the absence of legal safeguards and systemic exclusion from labor protections. Labor market policies—particularly minimum wage enforcement and social protection mechanisms—have shown varying degrees of effectiveness. Their success is highly contingent on implementation quality and institutional robustness. Interactions between market dynamics and institutional frameworks are pivotal in shaping labor outcomes. The review highlights the need for integrated policy approaches that combine education reform, labor protections, and inclusive economic planning to address the structural roots of wage inequality. Further interdisciplinary research is necessary to inform context-sensitive, long-term solutions.
The Role of Socioeconomic and Regulatory Factors in Industrial Digitalization: A Narrative Review Indiworo, Rr. Hawik Ervina
Moneta : Journal of Economics and Finance Vol. 2 No. 3 (2024): July 2024
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v2i3.892

Abstract

This narrative review investigates the multi-dimensional nature of digital transformation in industrial sectors, focusing on regulatory policies, socioeconomic conditions, and technological innovations. The study aims to analyze the enabling and limiting factors that influence digitalization processes in both advanced and developing economies. Literature was gathered from Scopus, PubMed, and Google Scholar using keywords such as "Digital Transformation," "Industry 4.0," "SMEs," and "Blockchain," applying Boolean logic and strict inclusion-exclusion criteria. Findings indicate that proactive policies, such as state-sponsored infrastructure and digital education programs, significantly enhance industrial readiness for digital technologies. Countries like Germany and Japan demonstrate how comprehensive policy frameworks facilitate seamless adoption of innovations. In contrast, regions with inadequate infrastructure and lower digital literacy face major implementation barriers. Socioeconomic disparities further shape perceptions and outcomes of digital investments, with small enterprises often perceiving high risks and uncertain returns. Technological tools like IoT, big data, and blockchain prove instrumental in improving operational efficiency and decision-making, yet their effectiveness is context-dependent. Systemic issues such as misaligned regulations and lack of skilled labor continue to impede progress. The review underscores the urgency for integrative policies, skill development, and cross-sector collaboration to ensure equitable and effective digital transformation. It calls for future research into scalable models and policy innovations tailored to specific industrial contexts.
Artificial Intelligence and the Future of Financial Governance Lestari, Putri Ayu; Andika, Cruift
Moneta : Journal of Economics and Finance Vol. 3 No. 2 (2025): April 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i2.916

Abstract

Artificial Intelligence (AI) is increasingly recognized as a transformative force in financial decision-making, with applications spanning risk prediction, portfolio optimization, fraud detection, corporate financial reporting, consumer finance, and market sentiment analysis. This narrative review aims to synthesize current knowledge on the opportunities and risks associated with AI adoption in the financial sector. Literature was collected from leading academic databases, including Scopus, Web of Science, and Google Scholar, using keywords such as “Artificial Intelligence,” “Financial Decision-Making,” “Risk Management,” and “Portfolio Optimization.” Inclusion criteria prioritized peer-reviewed studies published between 2010 and 2025. Findings reveal that AI consistently outperforms traditional approaches in risk prediction and credit assessment, with neural networks and hybrid models achieving predictive accuracies exceeding 85%. AI-driven robo-advisors provide higher investment returns and expand financial inclusion by reducing cost barriers. In fraud detection, adaptive algorithms achieve accuracy rates up to 90% and improve resilience against evolving threats. Corporate reporting benefits from AI-driven transparency, particularly when supported by high-quality auditing. Moreover, AI tools promote sustainable financial practices by aligning investment strategies with social and environmental objectives, while advanced models like GPT enhance market sentiment analysis. However, the review also identifies key challenges, including black-box opacity, algorithmic bias, systemic vulnerabilities, and regulatory uncertainties. Addressing these issues requires explainable AI, algorithmic audits, representative datasets, and collaborative governance mechanisms. This review concludes that while AI holds enormous potential to transform global financial systems, its sustainable and equitable integration depends on balancing innovation with regulatory adaptation, transparency, and fairness.

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