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Economics Note
Published by Lembaga Penelitian dan Pendidikan (LPP) Kalibra
ISSN : -     EISSN : 31102514     DOI : https://doi.org/10.70716/econote
Core Subject : Economy,
Economics, Econometrics & Finance
Economics Note (ECONOTE) is a peer-reviewed open-access journal published by Lembaga Penelitian dan Pendidikan (LPP) Kalibra with registered number of e-ISSN 3110-2514, dedicated to advancing scholarly and practical knowledge in the field of economics. ECONOTE publishes both theoretical as well as empirical articles related to the development and the dynamics of the economy studies. Specific research areas or fields covered by ECONOTE include, but are not limited to: economic globalization challenges, digitalization of the economy, e-commerce and fintech, development of rural and village economies, development of creative economies, international trade and finance, public fiscal and finance, macroprudential and monetary economics, financial services institutions, financial penetration and financial inclusion, sharia economics and finance, Islamic economic studies, infrastructure and domestic connectivity, maritime economic development, revitalization of manufacturing and economic competitiveness, empowerment of SMEs and cooperatives, tourism development, and labor and demography.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 14 Documents
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Peran UMKM dalam Memacu Pertumbuhan Ekonomi Daerah Rina Sari
Economics Note Vol. 2 No. 1 (2026): Economics Note, January 2026
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

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Abstract

Micro, Small, and Medium Enterprises (MSMEs) play a pivotal role in regional economic development by generating employment, stimulating local income, and promoting inclusive growth. This study investigates the role of MSMEs in accelerating regional economic growth. Utilizing a mixed‑methods approach, quantitative data from regional economic statistics and qualitative interviews with MSME actors and policy makers were collected in a selected province from 2022 to 2024. The analysis shows that MSMEs contribute significantly to Gross Regional Domestic Product (GRDP), absorb labor especially in non‑formal sectors, and foster local value chains. However, their potential is constrained by limited access to finance, weak managerial capacity, and infrastructure deficits. The findings suggest that well‑targeted policies, capacity building, and institutional support can enhance the effectiveness of MSMEs in driving regional growth. In conclusion, MSMEs are not merely complementary actors but central drivers of regional economic performance, provided that enabling ecosystems are strengthened.
Monetary Policy Transmission and Credit Allocation to Productive Sectors in Indonesia Ardian Pratama; Mei Sulfia Nurinda
Economics Note Vol. 2 No. 1 (2026): Economics Note, January 2026
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/econote.v2i1.205

Abstract

Monetary policy transmission plays a crucial role in shaping credit allocation and economic performance in emerging economies. Indonesia provides a relevant case due to its bank dominated financial system and long standing reliance on interest rate based monetary instruments. This study examines how monetary policy transmission mechanisms influence credit allocation to productive sectors in Indonesia. The research adopts a qualitative empirical synthesis supported by prior econometric evidence from Vector Autoregression, panel data, and impulse response studies. The analysis focuses on key transmission channels including interest rates, bank lending, asset prices, and inflation expectations. The findings show that the interest rate and bank lending channels significantly affect investment credit distribution to productive sectors such as manufacturing, agriculture, and services. However, transmission effectiveness varies across bank size, capitalization, and economic periods. Large banks exhibit weaker credit responses to policy shocks, while smaller banks transmit policy signals more effectively. Asset price and expectation channels influence inflation dynamics but show limited direct impact on sectoral credit allocation. The study concludes that monetary policy effectiveness in Indonesia depends on institutional banking characteristics and policy credibility. Strengthening financial intermediation and improving transmission speed are essential to enhance productive sector financing and sustain long term economic growth.
The Effect of Inflation Volatility on Household Consumption Expenditure in Emerging Economies Ragantara Zubaidi; Logan Charbonneau
Economics Note Vol. 2 No. 1 (2026): Economics Note, January 2026
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/econote.v2i1.206

Abstract

This study examines the effect of inflation volatility on household consumption expenditure in emerging economies. It focuses on price instability rather than inflation levels. The analysis uses balanced panel data from selected emerging economies in Asia, Africa, and Latin America over the period 2000 to 2023. Inflation volatility is estimated using a GARCH(1,1) model to capture time-varying uncertainty in price dynamics. The empirical model applies fixed effects panel regression with robust standard errors to control for unobserved country characteristics and heteroskedasticity. The results show a clear and statistically significant negative relationship between inflation volatility and household consumption expenditure. Higher price instability reduces household spending by increasing uncertainty about future real income. This effect remains robust after controlling for real income, exchange rate volatility, and financial inclusion. The findings support uncertainty-based consumption theory and precautionary saving behavior. Financial inclusion weakens the negative impact of inflation volatility, indicating that access to financial services helps households smooth consumption under macroeconomic shocks. The study contributes to the literature by providing cross-country evidence that isolates the role of inflation volatility in shaping consumption behavior. The results highlight that inflation stability matters beyond average inflation control. Policy implications suggest that monetary authorities in emerging economies should prioritize reducing inflation volatility while expanding financial inclusion to protect household welfare and sustain aggregate demand.
Fiscal Decentralization and Regional Economic Growth: Empirical Evidence from Indonesian Districts Ahmad Fauzi Rahman; Rachmad Kresna Sakti; Michael J. Thompson
Economics Note Vol. 2 No. 1 (2026): Economics Note, January 2026
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/econote.v2i1.207

Abstract

Fiscal decentralization has become a central policy instrument in Indonesia’s regional development strategy since the early 2000s. However, empirical findings on its impact on regional economic growth remain inconclusive. This study examines the effect of fiscal decentralization on economic growth across Indonesian districts by synthesizing evidence from panel data–based empirical studies and contextualizing them within decentralization theory. The study adopts a qualitative systematic review and comparative empirical synthesis approach, focusing on indicators such as regional own-source revenue, intergovernmental transfers, and government expenditure. The findings indicate that fiscal decentralization generally exerts a positive influence on regional economic growth, particularly through increased local revenue capacity and productive government spending. However, the impact varies across regions due to differences in fiscal capacity, governance quality, and dependency on central government transfers. Several studies also reveal that excessive reliance on general allocation funds may weaken growth incentives. This study contributes to the literature by integrating diverse empirical results into a coherent analytical framework and highlighting policy conditions under which fiscal decentralization promotes sustainable regional growth. The findings support the need for strengthening local fiscal autonomy while improving accountability and expenditure efficiency at the district level.

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