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INDONESIA
Jurnal Ekonomi & Studi Pembangunan
Published by Universitas Muhammadiyah Yogyakarta
ISSN : 14119900     EISSN : 25415506     DOI : https://doi.org/10.18196/jesp
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal Ekonomi & Studi Pembangunan (JESP) focuses on research papers relating to development economics and multidisciplinary concern to systemic problems in developing countries particularly using quantitative or theoretical work in which novelty is essential. JESP does not publish manuscripts in critical review and book review. Nevertheless, we accept in-depth studies of specific cases, events, or regions that are likely to bring more benefits on developing economics.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 13 Documents
 1   2 
Search results for , issue "Vol 22, No 2: October 2021" : 13 Documents clear
Debit and Credit Cards: Money Velocity Risks Putra, Hari Setia; Huljannah, Mutia; Anis, Ali; Azhar, Zul
Jurnal Ekonomi & Studi Pembangunan Vol 22, No 2: October 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v22i2.11208

Abstract

Payment system innovations as the efforts to meet the people’s needs have recently risen several new non-cash-based payment instruments, such as card-based payment transactions. The upheaval of card-based non-cash transactions has indirectly shifted the role of cash in the society. This research aims to see the effect of cards as payment instruments represented by both debit and credit cards on money velocity in Indonesia within the period of 2016M1 to 2020M6 using the VECM (Vector Error Correction Model) analysis method. The research findings show that long-run card-based payment instrument has a significant effect on money circulation in Indonesia. It means that money velocity in Indonesia is not constant. Money velocity is a key concept in monetary theories and an important element for monetary analysis. Therefore, it is important for central bank to monitor and understand the money velocity trends to provide long-term benefits. The research findings are also expected to provide an additional insight to policymakers, especially central bank as monetary authority doe to the possibly occurring risks caused by the money circulation instability in economy.
Dynamic Tourism in ASEAN Countries: Do Institutional Indicators Matter? Sari, Vita Kartika; Cahyadin, Malik
Jurnal Ekonomi & Studi Pembangunan Vol 22, No 2: October 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v22i2.11282

Abstract

Tourism is one of the fastest-growing industries. Tourism is able to move the economy forward at the micro-level such as encouraging the informal sector and local potential while at the macro level it can increase currency transactions. In various countries, the tourism sector is able to increase domestic and foreign demands as well as to encourage transportation, hospitality, and manufacturing industries. This study examines the effect of institutional indicators on tourism in ASEAN countries during 2000-2018 under dynamic panel estimation. The number of observations was about 180, namely: time series from 2000-2018 and cross-section of 10 countries. ASEAN as one of the destinations in the world requires an increase in institutional quality to be able to compete and provide world-class tourism services. The six institutional indicators were employed such as voice and accountability, political stability and absence of violence, government effectiveness, regulatory quality, rule of law, and control of corruption. Moreover, the dynamic panel estimation was expressed by Pooled OLS and REM estimations. Interestingly, the findings show that political stability compromises the number of tourist arrivals while government effectiveness can stimulate tourist arrivals. Similarly, GDP per capita can hinder the number of tourist arrivals, while the exchange rate leads increasing of tourism arrivals. Thus, the governments in ASEAN countries can promote and cooperate together to develop tourism in the regional level. The GDP per capita of ASEAN countries should be increased, and the level of exchange rate can be maintained at a stable range. Besides, the governments should also improve the quality of institutions.
Fertility and Female Labor Force Participation in Asian Countries; Panel ARDL Approach Nazah, Nawalin; Duasa, Jarita; Arifin, Muhammad Irwan
Jurnal Ekonomi & Studi Pembangunan Vol 22, No 2: October 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v22i2.11142

Abstract

Fertility has a close relationship with female labor force participation and is predicted to be the prominent factor affecting female labor force participation in rich and emerging countries. The decline in fertility worldwide, accompanied by increased female education, is assumed to increase female labor force participation. The increase in the female labor force participation rate can improve economic incentives for the country. Therefore, this study estimates the effect of fertility and female education on female labor force participation in cross-country panel datasets from 39 Asian countries, using panel ARDL analysis from 1990-2018. This study also examines the panel causality between the variables employing Dumitrescu and Hurlin’s (2012) Granger non-causality test. According to the Hausman test, among the three models in panel ARDL, DFE is the preferred model compared to the PMG and MG. The results revealed that fertility was negatively significant on female labor participation in the short run but not in the long run. In contrast, female education was positively significant on female labor participation in the long run but not in the short run. Meanwhile, the panel causality showed a bidirectional relationship between female labor participation and fertility, female labor participation and education, and fertility and female education.
Fiscal Policy, Private Consumption, and Economic Growth among the Economic Community of West African States Adelowokan, Oluwaseyi Adedayo
Jurnal Ekonomi & Studi Pembangunan Vol 22, No 2: October 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v22i2.10966

Abstract

This study examines the impact of fiscal policy and private consumption on economic growth among the Economic Community of West African States (ECOWAS) spanning from 1988 to 2017 using the Panel Pool Mean Group. The results depicted that the government’s recurrent expenditure for growth was inversely but significant to economic growth, while capital expenditure was positively and statistically significant to explain economic growth in Nigeria. It can be seen that capital expenditure is vital for economic growth. Besides, private consumption’s negative effect on economic growth was a disconnection between economic output and private consumption. The results further showed that tax revenues in ECOWAS countries had a positive and significant influence on economic growth. Therefore, the study recommends re-visit government policy(ies) channeling government spending to increase ECOWAS output rates and spur regional economic growth.
Testing the Existence of Natural Resource Curse in Indonesia: The Role of Financial Development Ridena, Sedwivia; Nurarifin, Nurarifin; Hermawan, Wawan; Komarulzaman, Ahmad
Jurnal Ekonomi & Studi Pembangunan Vol 22, No 2: October 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v22i2.10977

Abstract

Natural resources may become a blessing that can contribute to societies’ welfare increases. Yet natural resource abundance could also become a curse for countries’ economic development. Numerous studies have investigated the relationship between natural resources and economic performance. However, the results remain ambiguous and have no consensus in the literature. In specific, most literature focused only on testing the curse’s existence, while studies that involve the role of financial development in mediating the nexus remain scarce. To the best of our knowledge, this is a pioneer study in a developing country endowed by natural resources. Using panel data of 33 provinces from 2012 to 2018, this study implements the Generalized Method of Moments (GMM) technique to examine the existence of the natural resource curse and scrutinize the role of financial development in mitigating the curse. Results show that Indonesia potentially experiences a natural resource curse. Nonetheless, the negative effect of natural resources on economic growth could be mitigated by enhancing the role of financial development to reach a certain threshold over economic output. This study recommends policymakers to not only increase financial development across the provinces but also pay more serious attention to other factors causing the natural resource curse in Indonesia.
Productivity Growth and Local Content Requirement of the Manufacturing Industry in Banten Province Yusuf, Diasitta; Firdaus, Muhammad; Asmara, Alla
Jurnal Ekonomi & Studi Pembangunan Vol 22, No 2: October 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v22i2.11369

Abstract

Productivity growth needs to be optimized not only to produce quality products, increase exports, and reduce dependence on imports but also to support the performance of the manufacturing sector. This study aims to determine the manufacturing industry map in Banten Province, measure manufacturing industry productivity growth, and analyze the effect of Local Content Requirement (LCR) on manufacturing industry productivity growth from 2005 to 2017 by employing the use of K-Means cluster and panel data regression analysis. For this purpose, Total Factor Productivity (TFP) is the indicator used to measure productivity growth. The LCR is known as the percentage of local raw and auxiliary materials used in the production process. According to K-Means cluster analysis results, industrial companies are grouped into three clusters with different characteristics. The result of panel data regression analysis shows that the TFP of all manufacturing industry sub-sectors has increased and was influenced by LCR, total production, domestic investment, import, and provincial minimum wage. As a result, the government should integrate the LCR and other policies, such as the Indonesian National Standard, to increase productivity growth.
Four Dimensions of Women’s Empowerment in Tourism: Case Study of Indrayanti Beach, Yogyakarta, Indonesia Wardhani, Arisanti Ayu; Susilowati, Indah
Jurnal Ekonomi & Studi Pembangunan Vol 22, No 2: October 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v22i2.10745

Abstract

The emergence of sustainable tourism has led to a new tourism concept called ecotourism. Ecotourism has the principle of environmental preservation and the local communities’ welfare produces a significant impact on indigenous people in the area. This is because the local community is involved in managing sustainable tourism. Women who are part of the community have the same opportunities as men in accessing opportunities from ecotourism activities. Based on empirical research results, tourism activities create alternative jobs for women to be more independent economically, including the fact that the participation of women in tourism activities has a positive impact on them socially. Empowering women is an important part of community welfare efforts in the scope of tourism, so that women’s empowerment is important in the tourism development process. This study aims to analyze the ongoing empowerment of women and what factors are the drivers and barriers to empowerment in Indrayanti Beach as one of the leading destinations in Gunungkidul Regency as seen from four dimensions (economic, social, political, and psychological). The mixed-method approach has been used in research. It was found that the level of women’s empowerment in Indrayanti Beach had shown a good enough score with the highest average score in the economic dimension, namely 7.64, where women economically have received a positive impact from Indrayanti Beach. The lowest average score is on the political dimension, with a value of 5.82. Women politically still do not have awareness if their role is important for the sustainability of Indrayanti Beach tourism. For the social dimension, the average is 6.81, and the psychological dimension on average is 7.47, where women feel socially and psychologically empowered quite well. The main driver of women’s empowerment is the opportunity and permission from their families to participate in tourism activities. The main obstacle to women’s empowerment is the low self-confidence due to skills that have not been maximized. 
Infrastructure, Gross Regional Domestic Product, and Convergence of Human Development Index Susanto, Joko
Jurnal Ekonomi & Studi Pembangunan Vol 22, No 2: October 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v22i2.7619

Abstract

Due to a disparity in Human Development Index (HDI) among regencies and cities in Special Region of Yogyakarta, this study aimed to examine whether HDI convergence occurred in this province. The data were sourced from the Statistics of Special Region of Yogyakarta, including HDI, infrastructure, and gross regional domestic product in four regencies and one city from 2001 to 2019. The infrastructure consists of installed electricity, education, and health facilities. The results showed an absence of HDI convergence between regions in the Special Region of Yogyakarta. Furthermore, HDI growth in the impoverished region was slower than in leading ones, resulting in a gap. The infrastructure gap made the impoverished region unable to catch up with leading ones, causing an HDI divergence. In contrast, Gross Regional Domestic Product (GRDP) has no impact on HDI. Therefore, the government needs to improve infrastructure in disadvantaged areas to increase HDI.
The Impact of Population Density and Economic Growth on Environmental Quality: Study in Indonesia Wafiq, Abdulloh Nashiruddin; Suryanto, Suryanto
Jurnal Ekonomi & Studi Pembangunan Vol 22, No 2: October 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v22i2.10533

Abstract

Sustainable economic growth is followed by an improvement in environmental quality. The purpose of this study is to identify the correlation between economic growth and population density on the environmental quality index (EQI) in Indonesia. In addition, it also aims to determine the impact of economic growth and population density on the environmental quality Index. This study uses a quantitative method with secondary data from 33 provinces in Indonesia from 2010 to 2016. Data were analyzed using Pearson correlation and panel data regression. The result showed that the correlation between economic growth and population density on the quality of the environment was moderate. It has a significant negative impact on environmental quality.
The Role of Foreign Tourists in Economic Growth: Evidence from Indonesia Azizurrohman, Muhammad; Hartarto, Romi Bhakti; Lin, Yih-Ming; Nahar, Faiza Husnayeni
Jurnal Ekonomi & Studi Pembangunan Vol 22, No 2: October 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v22i2.11591

Abstract

Foreign tourism is indicated as one of the important instruments to encourage economic growth in several countries, including Indonesia. However, some studies only focus on the influence of tourist arrivals. Thus, the main objective of this study is to take a deeper look at the contribution of foreign tourism indicators to economic growth in Indonesia. Using panel data analysis from 33 countries between 2006 and 2016, this study applies three models: Pooled Least Square (PLS), Fixed Effect Model (FEM), and Random Effect Model (FEM). Based on the fixed-effect model, this study reveals that foreign tourist arrivals have a significant and positive effect on economic growth. However, other tourism indicators such as length of stay and expenditure of foreign tourists appear to have no contribution to economic growth. From these findings, it can be implied that the Indonesian government should not only attract more tourists to come but also design strategies to encourage tourists to spend more money and stay longer. This study also finds that depreciation of Indonesian currency and visa-free policies have a significant contribution to higher economic growth.

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