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Contact Name
Faisal Hidayat
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faisalhidayat72@gmail.com
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+6285363466196
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admin@manarulilmi.org
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INDONESIA
Uang: Journal of Fiscal and Monetary Studies
ISSN : "_"     EISSN : 31091237     DOI : https://doi.org/10.65128/uang
Uang: Journal of Fiscal and Monetary Studies is a peer-reviewed scholarly journal that provides a platform for high-quality research on fiscal and monetary economics with clear relevance for both national and global policy debates. The journal covers a broad range of topics including fiscal policy design and evaluation, public finance and taxation, fiscal sustainability and debt management, monetary policy and transmission mechanisms, inflation dynamics, exchange rates, financial intermediation and banking, macroprudential policy, financial stability, payment systems, and the interactions and coordination between fiscal and monetary authorities. With a global scope Uang seeks to publish rigorous original research articles, review papers, and policy-oriented case studies that advance academic literature and generate practical insights for policy making. The journal welcomes contributions from academics, researchers, and practitioners—including policymakers and professionals from public and private institutions—regardless of institutional affiliation or geographic location.
Articles 2 Documents
Search results for , issue "Vol. 1 No. 2 (2025): Desember 2025" : 2 Documents clear
Efficiency or Illusion? Reading the 2025 DIPA Block and TKD Reserve from the Perspective of Spending Review and Ibn Khaldun Miftahurrahmah
UANG: Journal of Fiscal and Monetary Studies Vol. 1 No. 2 (2025): Desember 2025
Publisher : Yayasan Lembaga Studi Manarul Ilmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65128/uang.v1i2.187

Abstract

Budget efficiency in 2025 has become a key term in Indonesia's fiscal governance as spending space narrows, while the need for public services and priority programs increases. However, efficiency is often debated: is it really spending better or just administrative cuts that risk suppressing productive spending and shifting the burden of adjustment to the regions? This study aims to analyze the design of the 2025 efficiency policy and its implications for spending composition and governance integrity, using a synthesis of the spending review framework and the perspective of Ibn Khaldun (mulk, adl, umran, taraf, fasad). The method used is qualitative with directed qualitative content analysis of policy documents and supporting documents on budgeting and supervision (Presidential Instruction 1/2025, operational provisions for adjustments, and summaries of related documents). The findings show that efficiency is designed as a front-loaded spending control regime through DIPA blocking at ministries/agencies and TKD reserves, with a focus on cutting bureaucratic transaction costs in the regions. This policy has the potential to improve spending discipline, but it also poses the risk of false efficiency if it is not accompanied by program evaluation, protection of basic services, transparency of criteria, and risk-based oversight that prevents wasteful substitution.
Moral Hazard and Fiscal Gambling : An Analysis of Radical Tax Aggressiveness as a Survival Strategy in Multinational Corporations Facing Terminal Distress Aldi Adi Pratama; Muhammad Azzmi; Rakha Ramadhana A.B.
UANG: Journal of Fiscal and Monetary Studies Vol. 1 No. 2 (2025): Desember 2025
Publisher : Yayasan Lembaga Studi Manarul Ilmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65128/uang.v1i2.191

Abstract

During the period of global economic turmoil from 2020 to 2025, tax avoidance fundamentally transformed from a routine cost-efficiency effort into a vital element for corporate survival. For multinational corporations (MNCs) facing terminal distress, tax management often shifts toward fiscal gambling, where extreme tax aggressiveness is utilized to instantly secure internal liquidity and meet urgent short-term obligations. This research aims to analyze the shift in corporate tax strategies in response to debt market tightening and to identify the trade-off between instant cash savings and the inflated cost of capital resulting from information opacity. Employing a descriptive-analytical qualitative approach, the study positions financial metrics specifically ETR, CETR, BTD, and DTAX as signals of strategic managerial behavior reflecting the tension between fiscal obligations and survival. The results reveal that in emergency situations, supervisory boards may consciously endorse radical tax strategies as part of a restructuring plan to save the company from insolvency, reflecting a manifestation of moral hazard where short-term survival is prioritized over sustainable compliance. However, the study concludes that global regulatory frameworks, such as the OECD’s Pillar Two global minimum tax and digital fiscal monitoring, are increasingly constricting the latitude for such aggressive maneuvers. Ultimately, while these desperate maneuvers attempt to forestall insolvency, they often create a "vicious cycle" of heightened legal exposure and the erosion of market confidence, making transparent compliance an existential necessity for MNCs aiming to endure from 2025 onward.

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