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Optimum: Jurnal Ekonomi dan Pembangunan
Published by Universitas Ahmad Dahlan
ISSN : 14116022     EISSN : 26139464     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
The Optimum: Jurnal Ekonomi dan Pembangunan aims to publicize the results of research concerning economics and development at national, and international levels with particular emphasis on the application of quantitative and qualitative analysis.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 136 Documents
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Global commodity price shocks and Indonesia’s exchange rate dynamics during the Russia-Ukraine conflict: A VECM analysis Yuniar Farida; Fadiah Irene Dwiana
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 16 No. 2 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v16i2.15857

Abstract

The Russia–Ukraine conflict has disrupted global commodity markets, particularly crude oil, natural gas, wheat, and corn, leading to increased price volatility and affecting exchange rate dynamics. This study aims to analyze the  Granger-causal relationship between global commodity prices and the USD/IDR exchange rate using the Vector Error Correction Model (VECM). Monthly data from November 2013 to September 2023 are employed to examine both short-run dynamics and long-run equilibrium relationships.   The results show that, in the long run, crude oil prices have a negative relationship with the USD/IDR exchange rate, indicating an appreciation of the Indonesian Rupiah, while natural gas, wheat, and corn prices have positive effects, contributing to currency depreciation. In the short run, only crude oil prices significantly influence the exchange rate. The Granger causality test reveals a unidirectional relationship from crude oil prices to the exchange rate. Furthermore, the model demonstrates high predictive accuracy, with MAPE values of 1.54% (exchange rate), 6.91% (crude oil), 10.54% (natural gas), 6.92% (wheat), and 4.50% (corn). These findings highlight the dominant role of energy commodities and confirm that global commodity shocks significantly influence exchange rate movements, providing important insights for policymakers in managing economic stability.
Environmental risk, natural disasters, and economic growth management in Indonesia: A satellite-based analysis Devi Anggrayni; Wahyu Widodo; Hastarini Dwi Atmanti
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 16 No. 2 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v16i2.15927

Abstract

This study examines how environmental risk and natural disasters affect economic performance in a disaster-prone emerging economy. It focuses on the short-run and long-run impacts of flood exposure, forest loss, and spatial economic expansion on Indonesia’s economic growth, with implications for investment stability and growth management.  The study integrates satellite-based indicators of flood exposure, forest loss, and night-time light intensity with national time-series macroeconomic data for Indonesia over the period 1960–2024. These variables are analyzed using a dynamic time-series framework to capture both short-run adjustments and long-run equilibrium relationships between environmental risk and economic performance.  The results show that environmental factors affect economic performance in differentiated ways. Forest loss exhibits a statistically significant long-run association with economic growth, reflecting the continued role of land conversion and resource utilization in Indonesia’s development process. In contrast, disaster-related indicators do not display robust long-run negative effects at the aggregate level, suggesting that adaptive mechanisms such as reconstruction activity and economic diversification mitigate their macroeconomic impact. Short-run effects of environmental variables are generally limited.  This study contributes to the business and management literature by reframing environmental risk as a structural constraint on economic performance and investment stability. By integrating satellite-based environmental data into macroeconomic analysis, it provides a novel, management-oriented framework for assessing disaster-related economic risk in emerging economies.
Comparing borrower-based and institution-based tools: Regulatory trade-offs in the pursuit of innovation-led growth Agus Salim; Lestari Sukarniati
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 16 No. 2 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v16i2.16093

Abstract

This study examines the "stability paradox" in 18 Asian economies (1990-2024), focusing on how rules like Reserve Requirements (RR) and Loan-to-Value (LTV) affect the innovation-growth relationship. Using FE-DK and FE-2SLS methods to ensure reliability, the results identify a paradox between innovation and growth, where new patents initially slow growth due to high catch-up costs. Most importantly, tightening financial rules—especially RR—triggers a stability paradox by weakening the synergy between innovation and progress. This occurs because RR drains the pool of available lending and causes risk filtering, in which banks favor safe sectors over innovative ones. These findings suggest that Asian authorities must balance financial safety with economic renewal to avoid stifling long-term technological progress.
Economic viability of closed house and open house systems among medium-scale broiler farms in Malaysia Norzalila Kasron; Mohd Nur Hafiz Mat Azmin
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 16 No. 2 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v16i2.16153

Abstract

Broiler production is a major contributor to Malaysia’s livestock industry, accounting for approximately 52% of total national livestock production. However, rising feed prices and increasing production costs have intensified the need for more efficient and financially sustainable production systems. This study evaluates the economic viability and operational efficiency of the Closed House System (CHS) and the Open House System (OHS) using projected cash flow analysis and partial budgeting. Primary data were collected through face-to-face interviews with three medium-scale commercial broiler farms, each managing 25,000–30,000 birds per production cycle. Financial feasibility was evaluated over a 35-year project horizon using a 10% discount rate. The findings indicate that CHS requires substantially higher initial capital investment than OHS but provides greater production capacity due to lower floor space requirements (0.7–0.9  ft² per bird) compared with OHS (1.0–2.0  ft² per bird), enabling annual production of approximately 185,714 birds compared with 100,000 birds under OHS. Operationally, CHS demonstrated superior performance, recording lower mortality (<5%), reduced labour costs (RM0.25 per bird compared with RM0.47 under OHS), and improved production efficiency. Financial analysis confirmed that both systems were economically viable, with positive Net Present Values (NPV) and Internal Rates of Return (IRR) exceeding 25%. Nevertheless, CHS exhibited stronger financial performance, achieving an NPV of RM2,392,982 and a payback period of 3.5 years. Despite its higher initial investment, CHS offers superior long-term profitability, greater resource utilization, and improved production efficiency, making it a more sustainable and competitive housing system for medium-scale broiler production in Malaysia while providing empirical evidence to support investment and policy decisions on broiler housing modernization.
Does regional competitiveness promotes economic growth? Marsheila Nurul Khasanah; Muhammad Arif
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 16 No. 2 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v16i2.15403

Abstract

The relationship between regional competitiveness and economic growth is often assumed to be positive and mutually reinforcing. However, empirical evidence at the sub-provincial level, particularly in developing regions with heterogeneous economic structures, remains limited and inconclusive. This study examines the effects of industrial value added, infrastructure, regional competitiveness, and district/city minimum wages on Gross Regional Domestic Product (GRDP) across districts and cities in Central Java during the period 2022–2024. Using panel data regression and employing the Fixed Effect Model based on Chow and Hausman test results, this study finds that industrial value added and minimum wages exert a positive and statistically significant effect on GRDP, underscoring the importance of real economic activity and household purchasing power in driving short-run regional growth. Infrastructure shows a positive but statistically insignificant effect, while regional competitiveness exhibits a negative and significant relationship with GRDP. These findings suggest that improvements in competitiveness indicators do not always translate into immediate economic gains, particularly when structural readiness and sectoral integration remain uneven. This study contributes to the regional development literature by providing district-level evidence that challenges the conventional assumption of competitiveness-led growth and highlights the dominance of tangible economic factors in shaping short-term regional economic performance.
Village funds and poverty reduction in South Sumatra: A geographically weighted regression analysis Sukanto Sukanto; Suwardi Suwardi; Muhammad Ferdy Oktavianto
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 16 No. 2 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v16i2.17004

Abstract

Poverty alleviation is the main agenda of development programs in Indonesia. Most of the implemented programs are non-spatial in nature and thus not yet optimal. This study looks into spatial patterns and area-based approaches to reducing poverty in South Sumatra Province. The geographically weighted regression (GWR) method using poverty data from 2022-2024 was employed in this study. The study finds an assembled spatial poverty pattern where areas (sub-districts) with high poverty levels are surrounded by regions with high poverty levels. Therefore, the poverty alleviation strategy of each region is aligned with each influencing factor.

Page 14 of 14 | Total Record : 136

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