Jurnal Ekonomi dan Studi Pembangunan (JESP)
Jurnal Ekonomi dan Studi Pembangunan focuses on scientific papers related to development economics include critical analysis of economic development issues, local economic development, community economic development, economic growth, international trade and finance, fiscal and monetary policy, welfare economy, and development policy concering the Small and Medium Entreprises. Special consideration is given to research paper that critically studies using multi perspectives such as sosio-economic, cultural-economic, political-economic, historical and geographical, and technological perspectives.
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<![CDATA[The Impact of the Russia and Ukraine War on Indonesian Economic and Trade Performance ]]>
<![CDATA[Arif Darmawan]]>;
<![CDATA[Nairobi Nairobi]]>;
<![CDATA[Roby Rakhmadi]]>;
<![CDATA[Ghania Atiqasani]]>
<![CDATA[ Jurnal Ekonomi dan Studi Pembangunan Vol 15, No 1 (2023) ]]>
Publisher : <![CDATA[Universitas Negeri Malang ]]>
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DOI: 10.17977/um002v15i12023p036
<![CDATA[The Russian military invasion of Ukraine surprisingly impacted the world's geopolitical situation. The conflict that started at the end of February is ongoing, potentially disrupting economic and trade performance in the global sector, including Indonesia. The battle has the opportunity to increase some food commodity prices, thus hampering the total imports carried out. In addition, other leading commodities (non-oil and gas) such as gold, oil, and coal will also experience significant turmoil due to the conflict that has continued to heat up recently. The study provides an overview of the systemic impact on Indonesia's economic conditions by predicting the short-term possibilities. This study investigates the Russia-Ukraine conflict's initial estimate of the net import value of the two countries and other trading partners. This study uses independent variables, namely oil and gas commodities and gold prices over eleven years (2000-2021). Error Correction Model (ECM) is an analytical method used in this study. This research expects to give an overview to academia, business, industry, and the government in anticipating Indonesia's economic and trade performance to the crisis in Russia and Ukraine. Thus, it is hoped that this research can be used as an illustration of the government to make decisions in allocating import values amid the polemic between Russia and Ukraine so that trade values can be optimal.]]>
<![CDATA[Utilization of The Ayung Watershed (DAS) as A Sustainable Tourism Attraction In Gianyar Regency ]]>
<![CDATA[Waridin Waridin]]>;
<![CDATA[I Putu Astawa]]>;
<![CDATA[Made Ika Prastyadewi]]>;
<![CDATA[Ika Suciati]]>;
<![CDATA[Zulfikar Al-Hafidz]]>
<![CDATA[ Jurnal Ekonomi dan Studi Pembangunan Vol 15, No 1 (2023) ]]>
Publisher : <![CDATA[Universitas Negeri Malang ]]>
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DOI: 10.17977/um002v15i12023p143
<![CDATA[This study aims to make a list of rules governing the existence and use of watersheds (DAS) in Ubud, try to internalize externalities of watershed utilization, and examine the role of stakeholders in managing watershed utilization in the tourism sector. The sample was selected through ABGC snowball sampling (Academic, Business, Government, and Community). Two types of data are used. Direct observation and in-depth interviews were used to collect primary data. Secondary data is taken from satellite imagery and MAPID.id. The analytical techniques used in this research include stakeholder analysis, descriptive analysis, and literature review. As a consequence of this study, the Tri Hita Karana idea, which was later ratified in a local regulation, was taken into consideration by the management of the Ayung Watershed in the tourism business. Rafting excursions are the only direct use of the Ayung watershed. In addition, the agropolitan and agro-tourism zones of Payangan Regency use water from the Ayung River. To combat the negative externalities associated with the use of the Ayung watershed for tourism, Tri Hita Karana is used. Stakeholders who have great influence and interest in protecting the Ayung Watershed include agriculture, LMDH Pesanggem, and Perhutani.]]>
<![CDATA[The Mundell-Fleming Trilemma Combination on Middle-Income Countries ]]>
<![CDATA[Rinny Apriliany Zakaria]]>;
<![CDATA[Ghozali Maski]]>;
<![CDATA[Putu Mahardika Adi Saputra]]>;
<![CDATA[Ahmed Mohamed Annegrat]]>
<![CDATA[ Jurnal Ekonomi dan Studi Pembangunan Vol 15, No 1 (2023) ]]>
Publisher : <![CDATA[Universitas Negeri Malang ]]>
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DOI: 10.17977/um002v15i12023p050
<![CDATA[The Mundell-Fleming trilemma hypothesis stated that a country could not simultaneously achieve exchange rate stability, financial integration, and monetary independence. The fixed exchange rate policy, free capital mobility, and monetary independence are trade-offs and impossible to run simultaneously. This research aims to identify the combination of the Mundell-Fleming trilemma formed in middle-income countries. Using the panel ARDL model, we found that the Mundell-Fleming trilemma tends to converge in the short run. While on the long run, middle-income countries tend to choose monetary independence and financial integration, resulting in a less stable exchange rate, as mentioned in the hypothesis]]>
<![CDATA[Threshold Levels of Poverty and Unemployment Rates on Economic Growth in Indonesia during COVID-19 Pandemic ]]>
<![CDATA[Vita Kartika Sari]]>;
<![CDATA[Malik Cahyadin]]>;
<![CDATA[Aranka Ignasiak-Szulc]]>;
<![CDATA[Riayati Ahmad]]>
<![CDATA[ Jurnal Ekonomi dan Studi Pembangunan Vol 15, No 1 (2023) ]]>
Publisher : <![CDATA[Universitas Negeri Malang ]]>
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DOI: 10.17977/um002v15i12023p074
<![CDATA[During the COVID-19 pandemic, poverty and unemployment rates obstruct economic growth in Indonesia. Therefore, this study examines the threshold levels of poverty and unemployment rates on economic growth for 34 provinces in Indonesia in 2020 and 2021. Cross-section threshold regression is employed. Besides, the robustness check sets a non-linear cross-section regression. The findings reveal that threshold poverty rates in 2020 and 2021 were about 13.97% and 6.38%, respectively. At the same time, threshold unemployment rates were about 3.09% and 4.71%, respectively. Poverty and unemployment rates contributed significantly under U-shape in 2021 and 2020, respectively. The local government can emphasize lower poverty and unemployment rates to enhance economic growth in the long-term. ]]>
<![CDATA[Monetary Reaction Function in Indonesia During Inflation Targeting Period ]]>
<![CDATA[Aloysius Deno Hervino]]>;
<![CDATA[Insukindro Insukindro]]>;
<![CDATA[Amirullah Setya Hardi]]>;
<![CDATA[Sekar Utami Setiastuti]]>
<![CDATA[ Jurnal Ekonomi dan Studi Pembangunan Vol 15, No 1 (2023) ]]>
Publisher : <![CDATA[Universitas Negeri Malang ]]>
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DOI: 10.17977/um002v15i12023p060
<![CDATA[This study analyzes the monetary reaction function with shocks and the fear of floating phenomenon in the inflation targeting period in Indonesia. This study uses a new neoclassical synthesis approach. The unit root test result explains that all variables are stationary or I(0), and the long-run regression model is estimated. The results show that interest rates respond positively to future inflationary (counter-cyclical) in the log-run. The effect of triple shocks on interest rates in Indonesia is estimated using the Forward-Looking Model (FLM) and Error Correction Model (ECM). Using a predictive model performance (informal test), the best model in this study is FLM. In the short-run, only fluctuations in world oil prices significantly affect interest rates (counter-cyclical policy). Furthermore, BI's response to future inflation cannot be compared with BI's response to economic fluctuations, so this study has not been able to explain the significant effect of economic fluctuations on deposit interest rates. It means that the fear of the floating phenomenon cannot be explained in this study.]]>
<![CDATA[The Effects of Institutions on Economic Growth in East Asia ]]>
<![CDATA[Ahmad Syarief Iskandar]]>;
<![CDATA[Muhammad Nur Alam Muhajir]]>;
<![CDATA[Ambas Hamida]]>;
<![CDATA[Erwin Erwin]]>
<![CDATA[ Jurnal Ekonomi dan Studi Pembangunan Vol 15, No 1 (2023) ]]>
Publisher : <![CDATA[Universitas Negeri Malang ]]>
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DOI: 10.17977/um002v15i12023p087
<![CDATA[Penelitian ini bertujuan untuk menganalisis pengaruh kelembagaan terhadap pertumbuhan ekonomi di negara-negara Asia Timur dengan menggunakan komponen kelembagaan. Data penelitian dikumpulkan dari 5 negara di Asia Timur dari tahun 2005-2020. Analisis model dilakukan dengan menggunakan data panel dinamis menggunakan pendekatan Generalized Method of Moment Arellano-Bond. Hasil penelitian menunjukkan bahwa Voice and Accountability, Political Stability and Absence of Violance, Government Effectiveness, dan Rule of Law tidak berpengaruh terhadap pertumbuhan ekonomi di Asia Timur. Sementara itu, Regulatory Quality dan Control of Corruption berpengaruh signifikan terhadap pertumbuhan ekonomi di Asia Timur.Variabel kualitas regulasi memiliki pengaruh elastisitas jangka panjang terhadap pertumbuhan ekonomi di negara-negara Asia Timur.]]>
<![CDATA[Public Health Financing, Remittances, and Inclusive Growth in Resource-rich Countries: Evidence from Nigeria and Mozambique ]]>
<![CDATA[Sunday Osahon Igbinedion]]>;
<![CDATA[Favoured Mogbolu]]>
<![CDATA[ Jurnal Ekonomi dan Studi Pembangunan Vol 15, No 1 (2023) ]]>
Publisher : <![CDATA[Universitas Negeri Malang ]]>
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DOI: 10.17977/um002v15i12023p019
<![CDATA[The persistent challenge of accelerating economic growth via government health expenditure has been widely acknowledged in extant literature. Though such government expenditures have impacted growth in some cases, but the desire to further stimulate growth has brought about the need to explore more options in that regard. Interestingly, remittance has evolved over time as an alternative. Yet, the relative impact of these two covariates in promoting inclusive growth in natural resource rich countries remains understudied in Africa.The study therefore examines the relative impact of both government health expenditure and personal remittances received on inclusive growth in the two resource-rich countries of Nigeria and Mozambique. Utilizing the Fully Modified Ordinary Least Square Method (FMOLS) and the error correction mechanism on time series data for each of the two countries, the results revealed that economic fundamentals like government health expenditure, personal remittances received, and per capita income are of considerable significance in the task of enthroning inclusive growth in theresource-rich countries of Nigeria and Mozambique.]]>
<![CDATA[Assessing Fiscal Sustainability in Indonesia ]]>
<![CDATA[Nur Widiastuti]]>;
<![CDATA[Ardyanto Fitrady]]>;
<![CDATA[Tri Widodo]]>
<![CDATA[ Jurnal Ekonomi dan Studi Pembangunan Vol 15, No 1 (2023) ]]>
Publisher : <![CDATA[Universitas Negeri Malang ]]>
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DOI: 10.17977/um002v15i12023p101
<![CDATA[Fiscal sustainability is a concern in many economies, especially with increasing government debt in many countries, including Indonesia. This study aims to analyze fiscal sustainability in Indonesia for the 1970-2018 period. There are two methods to measure fiscal sustainability: testing the stationarity of government debt using government budget constraints and estimating fiscal sustainability using the fiscal reaction function. Error Correction Model is used to estimate the fiscal reaction function. The fiscal sustainability test with the debt stationarity test and the fiscal reaction function had consistent results, indicating fiscal sustainability in Indonesia. The government responded well to the increase in debt by increasing the primary surplus. This study proves that the relationship between debt and primary balance is not linear or quadratic. It shows that initially, the government responds to an increase in debt by increasing its primary surplus. However, at a certain threshold, the government’s ability to respond will weaken, so the government needs to pay attention and maintain the size of the government debt ratio towards Gross Domestic Product with fiscal discipline and fiscal reform through strict regulations and prudent debt management. However, strict debt regulations can limit economic growth. Therefore, an accurate threshold calculation is needed to determine the maximum debt to encourage optimal economic growth.]]>
<![CDATA[Intergovernmental Transfers Reduction Policy and Flypaper Effect: Case of Covid-19 Pandemic in Indonesia ]]>
<![CDATA[Sherlita Nurosidah]]>;
<![CDATA[Mohamad Khusaini]]>;
<![CDATA[Ferry Prasetyia]]>
<![CDATA[ Jurnal Ekonomi dan Studi Pembangunan Vol 15, No 1 (2023) ]]>
Publisher : <![CDATA[Universitas Negeri Malang ]]>
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DOI: 10.17977/um002v15i12023p001
<![CDATA[This study empirically examines the influence of intergovernmental transfers and the fall of it to local government’s expenditure in Indonesia as well as the possibility of flypaper effect occurrence over pandemic. Over the years, in general, intergovernmental transfers in Indonesia was increasing since decentralization was applied in 2000 till the pandemic hit the country which made the regulator for the first time in 20 years decided to cut overall transfers for municipalities in order to recover economically. A set of cross-section data used in this study is the year 2020 from 34 provinces, 417 regencies, dan 91 cities. The result of pooled OLS regression model shows that flypaper effect does appear for all types of expenditures, such as total expenditure, capital expenditure, and operational expenditure of the local government. Asymmetric response of those three are quite varied. Total expenditure shows asymmetry whereas capital and operational expenditures find the opposite. ]]>
<![CDATA[The Risk-Taking Channel and Monetary Transmission Mechanisms in Indonesia ]]>
<![CDATA[Pristanto Silalahi]]>;
<![CDATA[Telisa Aulia Falianty]]>
<![CDATA[ Jurnal Ekonomi dan Studi Pembangunan Vol 15, No 1 (2023) ]]>
Publisher : <![CDATA[Universitas Negeri Malang ]]>
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DOI: 10.17977/um002v15i12023p124
<![CDATA[This study aims to analyze monetary and macroprudential policies through risk taking banks in Indonesia. The importance of risk-taking channel analysis in the transmission mechanism of monetary policy is that it is a newer route and is different from the bank lending channel that has been previously proposed in monetary policy theory. This risk-taking channel affects the supply of credit by banks through the bank's decision to channel credit based on changes in bank behavior in dealing with bank risk. The study also recognizes the impact of monetary and macroprudential policies and the role of the characteristics of banks, as well as macroeconomic conditions such as economic growth and inflation rates. The analytical method used is fixed effects through panel data in the period 2012-2019. This study uses 3 types of proxies to measure risk, first with the Z-score measurement method, second with the ratio of the number of risky assets to total assets and third, the ratio of the number of bad loans to total assets. The results of this study found that the impact of monetary policy and macroprudential policy significantly affects bank risk. In addition to the main variables, this study also uses GDP growth and inflation variables as control variables for macroeconomic conditions that significantly effect on bank risk, liquidity, and bank size variables as control of bank characteristics which also significantly affect bank risk. So, it can be concluded that the risk-taking channel exists in Indonesia’s banking.]]>
