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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 15 Documents
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Search results for , issue "Vol 24, No 1: April 2023" : 15 Documents clear
The COVID-19 pandemic and the exchange rate: a lesson learned from Indonesia Sunaryati, Sunaryati; Munandar, Aris
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 1: April 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i1.16110

Abstract

This paper aims to capture the relationship between the COVID-19 pandemic and the exchange rate. We utilized high-frequency data by utilizing daily data from January 21st, 2020, through June 29th, 2022. In contrast to the vast majority of research that disregards the incubation period of COVID-19 in the number of daily transmission cases, we use the growth of COVID-19 as a 14-day moving average of confirmed cases as the main independent variables. Findings indicate that the devaluation of the rupiah exchange rate is long-term associated with the increase in COVID-19 cases and deaths. According to the efficient market hypothesis, the rupiah depreciates due to the increase of COVID-19 transmission, which is publicized by the media. In the midst of the debate over the impact of the pandemic on the exchange rate and using Indonesia as a lesson learned for emerging market economies, our research is a recent study that examines this topic with completed data-generating processes – when the pandemic entered its last wave phase. In regard to exchange rate behavior, the disease outbreak channel exists. The government must restrict widespread media coverage of data on the spread of COVID-19 while focusing on accelerating measures to control the pandemic. A low-interest rate imposed by the monetary authorities as an effort to stimulate economic recovery can also exert pressure on the exchange rate, necessitating the optimization of other instruments, such as foreign exchange intervention.
Determinants of short and long-term exchange market pressure in Indonesia Wahyudi, Heru; Palupi, Widia Anggi; Suparta, I Wayan
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 1: April 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i1.16131

Abstract

A decrease in a country's export prices and foreign exchange reserves is symptomatic of exchange rate market pressures, which would be described as an oversupply or disequilibrium in the money market. The method used in this study is the Vector Error Correction Model (VECM) to investigate Exchange Market Pressure (EMP) in Indonesia. This study utilizes secondary data obtained from Statistics Indonesia and Bank Indonesia (BI) website since 2008Q1-2021Q4. The findings of this study demonstrate a strong positive long-term relationship between domestic credit growth and the BI rate, a large negative long-term relationship between GDP growth and the BI rate, and no significant relationship between the current account balance and the exchange rate.
The impact of logistic performance on intra-ASEAN trade Ardine, Vedy; Revindo, Mohamad Dian; Rezki, Jahen F.; Dewi, Calista Endrina
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 1: April 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i1.16546

Abstract

ASEAN has gone a long way in deepening its regional economic cooperation, particularly its trade liberalization. However, ASEAN has comparatively less intraregional trade than the European Union, whose economic integration model they aspire to emulate. As reducing tariffs was no longer an efficient way to increase trade, this study analyzes logistics performance as another factor that may affect trade. Using the gravity model with bilateral trade data from 10 ASEAN member states from 2007 to 2018 with gaps, the results show that the majority of improvements in logistics performance, by both the private sector and government alike, have positive and significant impacts on export value. This finding implies that the collaboration between the private sector and government agencies to improve logistics performance in each ASEAN member state is imperative to foster ASEAN intra-regional trade further.
A time-varying of property residential price in Indonesia: a VAR approach Khoirudin, Rifki; Kurniawan, Mahrus Lutfi Adi
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 1: April 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i1.17750

Abstract

The crisis of 2008 started with asset price bubbles which spread to other sectors, thus driving a recession. Turmoil in the housing sector can directly harm the domestic economy and financial stability. The research aims to analyze macroeconomic variables that can affect asset prices in Indonesia and how the inflation-targeting framework directly affects asset prices. This study contributes to the current research, such as the early warning system for the asset sector that the crisis of 2008 started with asset price bubbles. The Inflation Targeting Framework (ITF) policy used by the Central Bank has shown its effectiveness in the property sector. It can be seen that a negative response is shown from property prices when there are inflationary shocks. The response of interest rates to fluctuations in housing prices is stronger than the response of housing prices to fluctuations in interest rates. It indicates that the interest rate stimulus is more reactive to changes in housing prices as an accommodation of housing price volatility. GDP and money supply will respond negatively to property price fluctuations, which can lead to a crisis because GDP responds negatively. The strengthening of fiscal and monetary policy can soften the volatility of asset prices.
The perceptions and satisfaction index of Yogyakarta’s citizens on congestion and air pollution Ristanti, Putri Wulan; Suryanto, Suryanto
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 1: April 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i1.16394

Abstract

Yogyakarta City is one of Indonesia's most popular tourist destinations. The tourism sector is the highest tax revenue for local government. Besides, tourism gives high revenue but also negatively impacts the citizens as hosts, such as congestion and pollution. This study was conducted to determine the importance level of each attribute on the quality of congestion and air pollution management services in Yogyakarta based on the citizen's perception by utilizing the Importance Performance Analysis (IPA) method. This study also aimed to determine the Yogyakarta citizens' satisfaction level with managing congestion and air pollution using the Customer Satisfaction Index (CSI) method. This study implemented a purposive sampling technique which was then obtained from the population sample of 100 respondents with 86 saturated samples. Based on the perception of the Yogyakarta citizens, The results showed that a high level of attributes included wide and comfortable pavements, trees that block the sunlight and have a cooling effect, motorists who obeyed traffic signs, and drivers who drive well. The Yogyakarta Citizens' satisfaction index result showed 60.54%, which has the category of "very poor".
Rupiah exchange rate: the determinants and impact of shocks on the economy Pratiwik, Erida; Prajanti, Sucihatiningsih Dian Wisika
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 1: April 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i1.18016

Abstract

The repetition of policy dynamics on Quantitative Easing (QE) and interest rate by The Fed potentially cause fluctuations in the exchange rate, including in Indonesia. Therefore, this study aims to analyze the determinants and impacts of exchange rate shocks. Inflation (INF), Money Supply (LJUB), Open Market Operations (OPT), Foreign Exchange Reserves (LCD), Expected Inflation (LEHU) and Interest Rates (SB) were used to analyze the determinants of Exchange Rate (NT) through Auto Regressive Distributed Lag (ARDL). The impact of NT shocks was analyzed using Vector Auto Regressive (VAR) by LEHU, Residential Property Price Index (PIHPR), Stock Transactions (LTRANS), and Banking Credit Volume (VK). The Expected Inflation variable and incorporation of ARDL-VAR are novelties in this study. In the secondary time series data for 2014M1 – 2022M9 period, the ARDL results showed that INF and LJUB had positive effect on NT in both long and short run, while OPT, LCD and SB had negative effect. LEHU had negative effect in the short run, but positive in the long run. The speed of adjustment in the model was 49.86% per month. Shock of NT had impacted VK until 15 months, PIHPR at 7 months, LTRANS at 10 months, and LEHU at 14 months. Based on these results, it can be implied that the monetary authority must maintain stability of NT, especially by INF and LJUB transmission. Next, shock's impact must also be overcome, especially on VK. This research is only focused on monetary sector, further research will be refined with other macroeconomic variables.
Deforestation-induced the EKC framework: The role of corruption control and trade openness in Southeast Asia Destiartono, Mohamad Egi; Ekananda, Mahjus
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 1: April 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i1.16798

Abstract

Reducing the deforestation rate and formulating sustainable forest governance are still challenging for Southeast Asia. This empirical research intends to explore the dynamic connection between GDP, trade openness, corruption, and deforestation within the EKC framework by considering controls over agriculture and population. This article uses panel data from nine countries from 1996 to 2018. Pooled Mean Group (PMG) procedure and Dumitrescu-Hurlin (DH) causality tests were applied to examine the variables’ long-term relationships and the direction of the causality. This article also features the unit root and cointegration tests. The estimation supports the EKC hypothesis that the nexus between economic growth and deforestation forms an inverted-U curve. The turning point of the per capita GDP is USD 26785, i.e., the advanced stage of development. Other findings are that trade openness is a driver of deforestation, while control of corruption is an effective instrument to reduce the deforestation rate in the long run. Deforestation will still occur in Southeast Asia because only Brunei Darussalam has passed the turning point. However, implementing development programs while reducing the deforestation rate can be done because the bidirectional causality between GDP and deforestation is not confirmed. Improving trade regulations and governance is a necessary scheme to reduce deforestation rates in the future.
The role of sharia microfinance in micro business development Fathurrahman, Ayif; Mutmainah, Choironi
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 1: April 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i1.17856

Abstract

This study aims to determine how the differences in sales turnover, the number of workers, the number of goods sold, and the number of customers before and after receiving financing at BMT Artha Amanah Sanden. This research is a type of quantitative descriptive research. The subjects in the study were micro-entrepreneurs who received the financing at BMT Artha Amanah Sanden. Regarding the fundamental issues in microbusiness which are capital and connections, this research is important to show the real form of establishing an effective and mutually reinforcing Islamic economic ecosystem. In this study, a sample of 50 micro-entrepreneurs were selected by the survey method. The data collection techniques in this study used questionnaires and interviews. The analytical tool used was non-parametric analysis method of the Wilcoxon Sign Rank Test. Based on the results of the analysis, it is found that: (1) There is a difference between sales turnover before and after financing from BMT Artha Amanah KC Sanden. (2) There is a difference between the number of workers before and after financing from BMT Artha Amanah KC Sanden. (3) There is a difference between the number of goods sold before and after financing from BMT Artha Amanah KC Sanden. (4) There is a difference between the number of customers before and after financing from BMT Artha Amanah KC Sanden.
Market share and efficiency: Causality test in Indonesian general insurance industry Jamil, Iqram Ramadhan; Setiawan, Maman
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 1: April 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i1.17092

Abstract

This study aims to analyze the relationship between market share and technical efficiency in the Indonesian general insurance industry. The data for the period 2010-2020 is used, which was obtained from the Indonesian Financial Services Authority (OJK). The results show that efficient companies emerged from the category of industry possessing comparatively higher and lower market shares. Furthermore, the panel Granger-causality test indicates a one-way direction of causality, where only the market share has an impact on the technical efficiency score. The panel regression using the Feasible Generalized Least Square (FGLS) model shows that market share has a negative impact on technical efficiency scores. Other variables, such as the age of the industry, merger, and acquisition are listed in the stock exchange and do not have a significant effect on the efficiency score. Based on the aforementioned findings, it can be inferred that the quiet-life hypothesis is applicable within the Indonesian general insurance sector. Consequently, the government must foster competition among the businesses operating within the industry.
Fix effect sur to analyze economic growth in developed and developing countries Pratama, Muhamad Liswansyah; Fitriani, Rahma; Astutik, Suci
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 1: April 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i1.17821

Abstract

This study aims to identify the relationship between population density, inflation, and unemployment rates on the human development index, GNP, export-import, and urbanization in the developed and developing countries category using the Fix Effect Seemingly Unrelated Regression (FE SUR) with a dummy variable as the slope component. This research necessitates the development of the Seemingly Unrelated Regression model, specifically the Panel Seemingly Unrelated Regression (Panel SUR) model with a dummy variable as the slope component, due to the dynamic nature of the data and the fact that the same set of predictor variables explains the five response variables. The Panel, the Seemingly Unrelated Regression model with dummy variables, can accommodate research objectives where the SUR model can explain the influence between variables, differences in characteristics between countries can be explained by fixed effect models, and differences in the effect of population density, inflation, and unemployment rates on the human development index, GNP, exports imports and urbanization in the categories of developed and developing countries can be explained by slope dummy variables. The results showed that 98.46% of the diversity of response variables (human development index, GNP, exports, imports, and urbanization) could be explained by predictor variables (population density, inflation, and unemployment rate), while the other 1.54% was explained by other factors not included in the fixed effect SUR model. In addition, the results show that population density has a significant positive relationship with GNP, imports, and exports. However, there is a significant negative relationship between unemployment and GNP. There are large differences in the relationship between the unemployment rate and GNP in developed and developing countries, whereas in developed countries, there is a larger and negative relationship compared to developing countries.

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