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Journal of State Economic Research
Published by Yayasan Cerdas Pedia Indonesia
ISSN : -     EISSN : 31103863     DOI : https://doi.org/10.65101/jser
Core Subject : Economy,
Economics, Econometrics & Finance
The Journal of State Economic Research (JSER) is a peer-reviewed, open-access journal dedicated to the publication of high-quality, original research in the fields of state and public economics. JSER provides a scholarly platform for researchers, academics, policymakers, and practitioners to disseminate empirical and theoretical studies that explore the economic roles of the state and their impact on the economy. The journal encourages contributions that offer rigorous analysis and provide significant insights into economic policy and governance. The scope of the journal is centered on, but not limited to, the following key areas: Public Economics and Finance: This includes studies on government expenditure, taxation, public debt, and fiscal policy. Submissions may analyze the efficiency and equity implications of fiscal instruments and their role in economic stabilization and growth. State-Owned Enterprises (SOEs) and Governance: Research in this area may focus on the performance, regulation, and privatization of state-owned enterprises. The journal welcomes articles that examine the corporate governance of SOEs and their contribution to national and regional economies. Regional and Development Economics: This encompasses research on regional economic development, intergovernmental fiscal relations, and the economic challenges of sub-national governments. Topics of interest include regional inequality, urban economics, and the impact of state-level development policies. Monetary Policy and Central Banking: The journal publishes articles on the conduct of monetary policy, the role of central banks in economic stability, and the interaction between monetary and fiscal policies. This includes studies on inflation, interest rates, and financial regulation at the state level. Industrial Organization and Regulation: This area covers research on market structure, competition policy, and the economic regulation of industries. JSER is particularly interested in studies that analyze the role of the state in shaping market outcomes and promoting competition. International and Political Economy: Submissions may explore the economic dimensions of international relations, including trade policy, foreign investment, and the political economy of policymaking. The journal encourages comparative studies that analyze the economic functions of the state in different national contexts. JSER welcomes manuscripts that employ a variety of research methodologies, including econometric analysis, theoretical modeling, and case studies. All submissions undergo a rigorous double-blind peer-review process to ensure the quality and originality of the published research. The journal is committed to promoting a deeper understanding of the complex and evolving role of the state in the economy.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 14 Documents
 1   2 
Effectiveness of Islamic Monetary Instruments in Controlling Inflation: Evidence from Indonesia's Experience: Efektivitas Instrumen Moneter Syariah dalam Pengendalian Inflasi: Bukti Empiris Komprehensif dari Indonesia Riri Aprilia Nur Afifah
Journal of State Economic Research Vol. 1 No. 1 (2025): Journal of State Economic Research 
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jser.v1i1.34

Abstract

This study examines the effectiveness of Islamic monetary instruments in controlling inflation within Indonesia’s dual monetary framework. Utilizing monthly data from January 2017 to December 2022, a Vector Error Correction Model (VECM) is estimated to capture both short- and long-run dynamics between Consumer Price Index inflation and three core Shariah instruments: the Shariah Bank Indonesia Certificate (SBIS), the Shariah Deposit Facility (FASBIS), and the Islamic Interbank Money Market rate (PUAS). Unit root and Johansen cointegration tests confirm all series are I(1) and cointegrated, validating the VECM approach. Long-run coefficients reveal that FASBIS and PUAS exert significant negative impacts on inflation, whereas SBIS exhibits a counterintuitive positive association. Impulse Response Functions and Forecast Error Variance Decomposition further demonstrate that PUAS contributes most to inflation variance, followed by FASBIS, with SBIS contributing minimally. The findings suggest that liquidity-focused instruments (FASBIS and PUAS) are more reliable for inflation control, while SBIS’s structural limitations hinder its effectiveness. Policy implications include shifting emphasis towards interbank liquidity management and strengthening transmission channels for Shariah monetary policy.
The Influence of Human Resource Competence in Marketing on Sales Performance of (SMEs) in Indonesia: Pengaruh Kompetensi Sumber Daya Manusia dalam Pemasaran terhadap Kinerja Penjualan (UKM) di Indonesia M. Fadillah
Journal of State Economic Research Vol. 1 No. 1 (2025): Journal of State Economic Research 
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jser.v1i1.49

Abstract

This study examines the impact of human resource (HR) competencies in marketing on the sales performance of small and medium enterprises (SMEs) in Indonesia. Data were collected through a survey of 100 SMEs across various sectors and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The HR competencies assessed include product positioning, relational marketing, and channel management, which were tested against four performance indicators: sales growth, profitability, operational efficiency, and customer satisfaction. The findings indicate that HR marketing competencies exert a positive and significant influence on all performance dimensions, with the strongest effects on sales growth (β=0.621) and profitability (β=0.581), followed by operational efficiency (β=0.541) and customer satisfaction (β=0.491). These results are consistent with prior studies highlighting the role of marketing-oriented HR competencies in enhancing firm revenues. Theoretically, this study reinforces the Resource-Based View (RBV) and Dynamic Capabilities Theory within the SME context, while practically recommending investments in competency-based training and the adoption of simplified performance evaluation systems to foster sustainable SME growth.
The Economics of Innovation Ecosystems in Indonesia: Policy, Entrepreneurship, and inclusive Growth: Ekonomi Ekosistem Inovasi di Indonesia: Kebijakan, Kewirausahaan, dan Pertumbuhan Inklusif M. Andika Yuda Pratama
Journal of State Economic Research Vol. 1 No. 1 (2025): Journal of State Economic Research 
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jser.v1i1.57

Abstract

Innovation ecosystems are pivotal for economic growth and competitiveness, especially in emerging economies where entrepreneurship underpins employment and inclusion. Indonesia’s digital economy has expanded rapidly, driven by MSMEs, startups, and fintech platforms, yet structural impediments persist. This study investigates how policy and entrepreneurship shape Indonesia’s innovation ecosystem and foster inclusive growth. Employing a qualitative design, policy content analysis was combined with secondary data from RPJMN, OJK, BI, Kominfo, Kemenkop UKM, BPS, Startup Ranking, Katadata, and the World Bank. Findings reveal that flagship initiatives Making Indonesia 4.0 and the National Financial Inclusion Strategy provide an essential foundation but suffer from institutional incoherence, financing gaps for MSMEs, and uneven digital literacy. These deficiencies undermine the ecosystem’s capacity to deliver broad-based benefits. To unlock its full potential, Indonesia requires enhanced policy coordination, incentives targeted at inclusive startups, expanded digital skills training, and reinforced Triple Helix collaboration among government, industry, and academia. Such integrated strategies are critical for translating digital transformation into sustainable, inclusive development and inform both policymakers and practitioners.
State Fund Placement Policy as an Instrument of Economic Stimulation: An Analysis of the Minister of Finance Decree No. 276 of 2025: Kebijakan Penempatan Dana Negara sebagai Instrumen Stimulasi Ekonomi: Analisis Keputusan Menteri Keuangan Nomor 276 Tahun 2025 Inarotudduja
Journal of State Economic Research Vol. 1 No. 1 (2025): Journal of State Economic Research 
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jser.v1i1.63

Abstract

This study examines the effectiveness of the Indonesian Government’s State Fund Placement Policy under Minister of Finance Decree No. 276/2025 as a counter-cyclical fiscal stimulus to accelerate bank credit to the real sector. Amid abundant banking liquidity and slowing credit growth, the policy injected IDR 200 trillion of government idle funds into state-owned banks to lower funding costs and boost lending. Drawing on secondary data from OJK, Bank Indonesia, the Ministry of Finance, and international institutions, a descriptive-analytic policy analysis assesses the design, governance, and transmission via the bank lending channel. Historical evidence from the 2020 Economic Recovery Program (PEN) and macro-financial indicators reveal demand-side constraints and regulatory gaps that may limit impact. The study finds that without clear technical regulations, robust oversight, and simultaneous improvements in investment sentiment, the policy risks suboptimal credit expansion. Strengthening governance frameworks and targeting priority sectors are critical to realize the multiplier effect and ensure efficient allocation.
Synergistic Integration of Human Capital, Transportation Optimization, and Digitalization in Logistics Efficiency: Integrasi Sinergis Modal Manusia, Optimasi Transportasi, dan Digitalisasi dalam Efisiensi Operasional Logistik Muhammad Sodik
Journal of State Economic Research Vol. 1 No. 1 (2025): Journal of State Economic Research 
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jser.v1i1.74

Abstract

This study examines the synergistic integration of human capital, transportation optimization, and digitalization in enhancing logistics efficiency. Employing a mixed-methods approach, quantitative data were collected from 150 logistics firms across Indonesia through structured questionnaires and analyzed using structural equation modeling. Qualitative interviews with industry experts complemented the findings, offering contextual insights into operational challenges. The results indicate that human capital competencies significantly influence transportation optimization strategies, while digitalization acts as a critical mediator that amplifies the impact of both factors on logistics performance. Specifically, investment in employee training and skill development improves route planning and resource allocation, whereas advanced digital platforms facilitate real-time tracking, data analytics, and process automation. The integrated model explains 68% of the variance in logistics efficiency, highlighting the importance of coordinated investment across human, physical, and technological resources. Implications for policymakers and practitioners include prioritizing workforce development and digital infrastructure to achieve sustainable competitive advantage in the logistics sector.
Psychometric Analysis: Validation of the ASCDI Instrument for Traditional Craft SMEs Harry Yulianto
Journal of State Economic Research Vol. 1 No. 3 (2026): Journal of State Economic Research
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jser.v1i3.111

Abstract

Digital transformation presents a challenge and an opportunity for traditional craft SMEs, requiring adaptation without eroding cultural values. This study aims to develop and validate the Adaptive Socio-Cultural Digital Innovation (ASCDI) instrument to measure socio-cultural digital innovation capacity and enterprise resilience. The instrument development method involved 350 traditional craft SMEs in Makassar through several stages: content validation by experts, empirical testing, exploratory and confirmatory factor analysis, and reliability testing. The results produced a final instrument consisting of 30 items divided into six dimensions: Adaptive Digital Literacy, Socio-Cultural Preservation, Collaborative Governance (for the innovation capacity variable), and Business Competitiveness, Cultural Sustainability, and Market Expansion (for the resilience variable). All items proved to meet content validity (Aiken's V > 0.80), construct validity (loading factor > 0.70), and excellent reliability (Cronbach's Alpha = 0.949). The validated and reliable ASCDI instrument was expected to be a dependable measurement tool for researchers, practitioners, and policymakers in assessing and developing sustainable digital innovation strategies for traditional craft SMEs.
Analisis Pengaruh Investasi, Tenaga Kerja dan Belanja Pemerintah Daerah terhadap Pertumbuhan Ekonomi Kabupaten/Kota di Provinsi Sulawesi Tenggara Teguh Permana; Andriani Puspitaningsih
Journal of State Economic Research Vol. 1 No. 2 (2025): Journal of State Economic Research
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jser.v1i2.116

Abstract

This study aims to examine the effects of investment, labor, and regional government expenditure on economic growth at the regency/city level in Southeast Sulawesi Province during the 2021–2023 period. The data used are panel data obtained from official publications of Statistics Indonesia (BPS). The analysis was conducted using the panel data regression method with a Fixed Effect Model (FEM) approach, selected based on the results of the Chow, Hausman, and Lagrange Multiplier tests as the most appropriate model. The estimation results indicate that regional government expenditure has a positive and significant effect on economic growth, while labor and investment have positive but insignificant effects. These findings suggest that improving the effectiveness of regional government spending plays an important role in accelerating economic growth in Southeast Sulawesi. Meanwhile, the contribution of labor remains limited due to low productivity in some areas. Therefore, it is necessary to enhance productive investment and ensure more efficient management of regional expenditures to support sustainable economic growth.
Dampak Penurunan Transfer ke Daerah terhadap Belanja Pegawai Kabupaten Jembrana Veronika Nadia Andriyani
Journal of State Economic Research Vol. 1 No. 2 (2025): Journal of State Economic Research
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jser.v1i2.130

Abstract

The Indonesian government plans to significantly cut Regional Transfers (TKD) by 24.7-29.34% in the 2026 Draft State Budget (RAPBN), from IDR 864.1 trillion to IDR 650 trillion. This study analyzes the impact of the TKD reduction on employee spending in Jembrana Regency, which has the lowest Regional Original Income (PAD) in Bali Province. Using a quantitative descriptive-analytical approach with 2024-2026 Regional Budget (APBD) data obtained from SIPD RI and the Ministry of Finance's DJPK Portal, this study maps the composition of employee spending and projects fiscal implications. The findings indicate that Jembrana's employee spending reached 38.78% of the APBD in 2026, far exceeding the maximum standard limit of 30% mandated by Law No. 1 of 2022. The 16.7% reduction in General Transfer Funds and the elimination of DAU allocations for PPPK salaries, education, and health create an acute fiscal dilemma. This study recommends a comprehensive strategy: imposing a moratorium on ASN recruitment, organizational restructuring, advancing digitalization, increasing PAD, and strengthening advocacy efforts to the central government.
Harmonizing Global Digital Trade: Integrating Tax Governance and Consumer Protection Regulatory Frameworks Dipangshu Dev Chowdhury; Nabaraj Bhowmik
Journal of State Economic Research Vol. 1 No. 3 (2026): Journal of State Economic Research
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jser.v1i3.132

Abstract

Digital trade transformation creates deep structural dissonance within international law, clashing outdated normative systems against modern commercial realities. This study employs doctrinal legal research to examine the erosion of national tax bases and the degradation of consumer protection in cross-border transactions. Findings reveal that conventional taxation theories relying upon permanent establishment have become obsolete, thus facilitating aggressive profit shifting and fiscal injustice against developing nations. Simultaneously, consumers face systemic vulnerabilities due to information asymmetry, algorithmic manipulation, and a vacuum in extraterritorial redress mechanisms. Although multilateral initiatives like the OECD policies aim for regulatory harmonization, global governance remains trapped within continuous multilateral fragmentation. Consequently, this research proposes a reconstructive framework integrating Regulatory Technology, specifically Blockchain and Artificial Intelligence, alongside institutional capacity building and ethical platform governance. This holistic approach is absolutely essential to effectively bridge jurisdictional gaps and ensure an equitable, inclusive, and resilient global digital economy for future generations worldwide.
Peran Akuntansi Keperilakuan dalam Evaluasi Kebijakan Fiskal dan Efektivitas Pengelolaan Keuangan Publik Dewa Dewa; Muh Erwinsyah; Ernawati Usman; Jurana Jurana; Mustamin Mustamin
Journal of State Economic Research Vol. 1 No. 2 (2025): Journal of State Economic Research
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jser.v1i2.178

Abstract

Traditional fiscal policy relies on rational neoclassical models; however, reality demonstrates significant budget deviations stemming from individual cognitive limitations. This research addresses the urgent gap in applying behavioral theories within Public Financial Management. Using Systematic Literature Review and conceptual methods, the study synthesizes Behavioral Accounting, Public Administration, and Fiscal Economics from reputable secondary data. Results identify that cognitive biases, such as Overconfidence and Loss Aversion, inherently undermine budget credibility through unrealistic projections. This study formulates a Choice Architecture framework as an intervention tool to mitigate these biases in public financial reporting systems. Utilizing nudge strategies effectively enhances transparency, accountability, and fiscal compliance. Ultimately, integrating Behavioral Accounting into public standards and performance audits is crucial for ensuring rational, efficient, and transparent resource allocation to achieve high-quality national financial governance while fostering greater institutional trust through data-driven decision-making processes to stabilize the macroeconomy and enhance long-term public welfare outcomes for the state.

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