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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 12 Documents
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Search results for , issue "Vol. 26 No. 2: October 2025" : 12 Documents clear
Clustering of Regions in Lampung Province based on social and economic aspects using the K-Means algorithm with PCA optimization
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 2: October 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v26i2.26212

Abstract

Regional planning aims to create balanced and sustainable development by considering each region’s unique socio-economic characteristics. Lampung Province, as a resource-rich area in Sumatra, faces regional disparities and underdeveloped districts despite its potential. This study applies regional clustering to support development strategies by categorizing districts/cities based on social and economic factors. A quantitative machine learning approach is employed using the K-Means algorithm optimized with Principal Component Analysis (PCA) to enhance clustering accuracy. The research utilizes secondary data from 2019 to 2023, encompassing economic indicators such as Gross Regional Domestic Product (GRDP) and inflation rates, alongside social factors including the Human Development Index (HDI) and poverty rates. The results reveal two distinct clusters that is urban-centered districts with higher economic growth but greater income inequality, and rural-oriented districts with slower economic development yet relatively stable social conditions. This classification highlights the necessity for inclusive development policies tailored to regional characteristics, emphasizing investment in productive sectors, human resource development, and infrastructure improvement to bridge socio-economic disparities. The study underscores the importance of localized policy interventions to foster balanced regional development in Lampung Province.
Does globalization affect human development index? Evidence from high-corruption and low-corruption countries
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 2: October 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v26i2.26439

Abstract

The impact of globalization on human development is widely debated, with corruption shaping whether its benefits are realized or undermined. While previous studies have typically examined globalization’s effects by classifying countries according to income level, development status, or regional grouping, little is known about how these effects differ across countries with varying degrees of corruption severity. This study examines how economic and social globalization influence the Human Development Index (HDI) in countries classified as low, moderate, and high corruption. Using panel data from 68 countries between 2005 and 2022, the analysis applies Fixed Effects, Random Effects, and Feasible Generalized Least Squares (FGLS). The most striking finding is that FDI has a negative and significant effect on HDI in low-corruption countries—many of which are advanced economies—contradicting conventional expectations that FDI fosters development under good governance. This result may reflect structural challenges such as aging populations, the refugee crisis, and geopolitical shocks that limit the developmental gains from foreign capital. By contrast, FDI shows no significant impact in moderate and high corruption countries, where weak institutions prevent investment benefits from being widely shared. Other results show that exports consistently enhance HDI across all corruption levels, imports matter only in moderately corrupt countries, internet access drives improvements in all groups, and tourism contributes positively only in high-corruption countries. The practical implication is that low-corruption countries must align FDI with demographic and labor-market strategies to ensure inclusive outcomes, while high and moderate corruption countries should strengthen institutions to unlock FDI’s potential.
Decision analysis of students’ smoking behavior in Yogyakarta: Attitudes, knowledge, and health-economic safety
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 2: October 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v26i2.26571

Abstract

Smoking remains a major global health concern and continues to be prevalent among university students. This study aims to analyze the determinants of smoking behavior among students from four Islamic universities in Yogyakarta by examining the influence of attitudes, knowledge, community well-being, and health-related economic safety on smoking decisions. A cross-sectional quantitative survey was conducted involving 426 respondents selected through accidental sampling. Data were collected using a Likert-scale questionnaire and analyzed using binary logistic regression with SPSS software. The results revealed that 38.5% of respondents were smokers, with notable differences across campuses. Attitudes toward smoking had the strongest effect on smoking decisions (p = 0.000), indicating that negative attitudes significantly reduce the likelihood of smoking. Knowledge of smoking risks was not statistically significant (p = 0.553), while community well-being and economic safety showed varying influences on smoking behavior. This study extends the literature on health economics and behavioral decision-making by integrating psychosocial and economic safety dimensions into the analysis of student smoking behavior in Islamic university contexts. The findings suggest that anti-smoking interventions emphasizing attitude formation may be more effective than those solely focused on knowledge dissemination. University administrators and policymakers should develop culturally sensitive, campus-specific health education programs to reduce smoking prevalence. The cross-sectional design limits causal inference, and the sample may not fully represent all Indonesian universities. Future research could adopt longitudinal designs or incorporate qualitative approaches to better understand behavioral change mechanisms.
The impact of monetary policy on income inequality in Indonesia
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 2: October 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v26i2.26873

Abstract

This study examines the influence of monetary policy on income inequality in Indonesia, as measured by the Gini coefficient, across both the financial and real sectors. The study employed a Structural Vector Autoregression (SVAR) model using semi-annual data from 34 provinces spanning the period from 2011 to 2022. This study emphasizes the influence of monetary policy on income inequality through the income channel, wherein families that own financial assets benefit from implementing contractionary monetary policy, while wage-dependent households experience no impact. The results indicate that expansionary monetary policy reduces income inequality, while contractionary monetary policy exacerbates it. This research suggests that a monetary policy conducive to economic development should be implemented with low interest rates. Low interest rates may mitigate income inequality in Indonesia.
Inclusiveness of economic development in the multidimensional perspective in provinces in Indonesia
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 2: October 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v26i2.27485

Abstract

Achieving genuinely equitable and sustainable national progress depends on understanding and effectively measuring inclusive economic development, a complex and often elusive goal. Despite Indonesia's sustained economic growth over the past decade, questions persist about the extent to which this progress has translated into inclusive outcomes across regions and dimensions of well-being. This study addresses the empirical gap in comprehensive measurement by developing and applying a rigorous quantitative framework to estimate the Inclusive Economic Development Index across 34 Indonesian provinces from 2011 to 2023. Using national data from Statistics Indonesia (BPS) and supplementary records from other government bodies, we construct province-level inclusive development scores that encompass multiple dimensions of inclusive economic development, including economy, social factors, political aspects, ICT, governance, and the environment. The findings reveal significant variation in inclusive development across provinces, with West Sumatra, West Java, and Bali leading in the 4-dimensional model; West Sumatra, Maluku, and Aceh in the 5-dimensional model; and Maluku, East Nusa Tenggara, and East Kalimantan in the 6-dimensional model. Despite these provincial disparities, overall inclusivity levels demonstrate relative consistency. Nationally, the index fluctuated during the period, peaking at 4.65 in 2011 and hitting a low of 3.75 in 2022, resulting in an average of 4.18. These results underscore that inclusive development remains a persistent systemic and structural challenge for Indonesia.
Factors influencing the quality of grassroots trade union presidents in Vietnamese private enterprises
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 2: October 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v26i2.28168

Abstract

Amidst Vietnam’s rapid economic growth and deepening international integration, the private sector has emerged as a vital engine for development. This dynamism, however, presents complex labor relations challenges, highlighting the effectiveness of grassroots trade unions under the spotlight. The quality of Grassroots Trade Union Presidents (GTUPs) is paramount in mediating these relations and ensuring workers' rights, yet the determinants of their effectiveness remain underexplored. This study addresses this critical gap by systematically analyzing the factors influencing GTUP quality. Drawing on quantitative data from a comprehensive survey of 393 trade union officials in Vietnamese private enterprises, the study proposes and tests a framework comprising four influential domains: trade union organization, enterprise characteristics, socio-economic context, and demographic attributes. The findings confirm that all four domains significantly shape GTUP quality. Critically, factors internal to the workplace—namely trade union organization and the enterprise environment—emerge as the most potent predictors of leadership effectiveness. Furthermore, an ANOVA analysis reveals significant variations in GTUP quality across different industry sectors and enterprise sizes, underscoring the inadequacy of a 'one-size-fits-all' approach to leadership development. This study provides crucial empirical evidence for policymakers and stakeholders. It calls for integrated solutions, including targeted training programs, competitive remuneration policies, and a strengthened legal framework. Enhancing the capacity of GTUPs is not merely an internal union affair but a strategic imperative for fostering harmonious labor relations, improving enterprise productivity, and contributing to the sustainable development of Vietnam's private sector.
Export-led growth and growth-led export in ASEAN: A panel VECM causality analysis
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 2: October 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v26i2.28357

Abstract

This study examines the bidirectional relationship between exports and economic growth in five ASEAN countries: Indonesia, Malaysia, Thailand, Singapore, and the Philippines. The analysis applies the Export-Led Growth (ELG) and Growth-Led Export (GLE) frameworks using annual panel data from 1971 to 2023. The Vector Error Correction Model (VECM) and panel Granger causality tests are employed to identify short-term dynamics and long-term equilibrium relationships. Stationarity is tested using the Levin-Lin-Chu, Im-Pesaran-Shin, and Phillips-Perron methods, while long-run cointegration is examined using the Kao and Pedroni approaches. The findings confirm a stable long-run relationship between exports and economic growth across ASEAN countries. In the short run, causal directions vary among countries. The Export-Led Growth pattern appears in Indonesia, Singapore, and Thailand, whereas the Growth-Led Export pattern is evident in the Philippines, while Malaysia shows a weaker short-term interaction. Long-run estimates reveal a two-way adjustment mechanism between exports and growth, suggesting that structural differences and trade openness determine the strength and direction of causality. The novelty of this research lies in the simultaneous testing of ELG and GLE hypotheses within a panel-based VECM framework that integrates short-run and long-run dynamics using Python-based econometric modelling. The study contributes new empirical evidence and policy insights for designing context-specific trade and growth strategies across ASEAN economies.
Does financial literacy affect investment decisions? Evidence from Gen Z of vocational program
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 2: October 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v26i2.28404

Abstract

The rampant fraudulent investment that occurs among college students of various ages in Indonesia has heightened concerns regarding financial literacy, despite their educational backgrounds. This situation prompts synergy between universities and the government to improve financial literacy. This study explores the influence of financial literacy on the investment decisions of generation Z vocational students in Indonesia, who possess more practical skills than theoretical knowledge. Adequate financial literacy is theorized to increase students’ interest in investing, which subsequently influences their investment decisions. This study examines four dimensions of financial literacy: saving literacy, financial behavior literacy, capital market knowledge, and types of investment literacy. This study uses a quantitative approach, with data collected and analyzed using Structural Equation Modeling (SEM) via AMOS. The results show that saving literacy and capital market knowledge have no significant effect on investment interest. Conversely, financial behavior literacy and types of investment literacy positively affect investment interest, which in turn has positive effect on investment decisions. Collaboration is needed between educational institutions and the government to enhance financial literacy, thereby encouraging wiser investment decisions among university students.
Does Indonesia’s SDGs bonds allocation maximize economic returns through high multiplier sectors?
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 2: October 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v26i2.28670

Abstract

The financing gap in achieving the Sustainable Development Goals (SDGs) 2030 has led the Government of Indonesia to issue thematic government securities, known as SDGs Bonds, as an innovative financing alternative. The economic effectiveness of this instrument, nevertheless, remains a critical issue. The objective of this study is to evaluate the economic impact of SDGs Bonds allocations during the 2021–2023 period. To this end, an Input-Output (IO) approach with the RAS adjustment method was employed. The analysis demonstrated that SDG Bonds have been systematically allocated to social sectors, namely education, health, and social protection, selected for their high absorption capacity and robust development narratives. Despite this focus, IO analysis revealed that the economic impact extends to 52 sectors, as marked by significant increases in gross value added (GVA) and aggregate income each year. However, it has been estimated that approximately 2 to 3% of the impact flows into sectors not aligned with sustainability principles, and there is unrealized GVA potential ranging from 2.3% to 5.41% due to suboptimal allocation to high-multiplier sectors. Policy simulations suggest that increased allocations to social sectors, when not balanced with sectoral efficiency considerations, can lead to greater unrealized economic potential. Consequently, a sectoral IO-based approach should be considered as a complementary tool in the project selection process. This integration has the capacity to facilitate financing decisions that are not only socially driven but also economically impactful and sustainable in the long term.
Assessing the interaction of transparency and digital infrastructure on provincial budget performance in Indonesia
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 2: October 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v26i2.28681

Abstract

Budget underperformance remains a persistent problem in Indonesia’s decentralized fiscal system, where many provinces struggle to achieve efficient and accountable spending despite transparency initiatives. Weak digital infrastructure often limits citizens’ ability to access and monitor fiscal information, reducing the effectiveness of open governance efforts. This study investigates the determinants of provincial budget performance by focusing on the interplay between fiscal transparency and digital infrastructure. Using panel data from 34 provinces from 2014 to 2024, a two-way fixed-effects regression model examines how transparency, internet penetration, and their interaction influence budget realization. Control variables include budget adaptability, GDP per capita, population size, and intergovernmental transfer ratios. The findings indicate that both transparency and internet penetration significantly improve budget performance, and their interaction strengthens this effect, suggesting that digital readiness amplifies the benefits of transparency. Conversely, budget adaptability, population, and transfer dependency hinder performance, while higher GDP per capita enhances it. These findings confirm that fiscal reforms are context-dependent and require enabling technological conditions. Future research should employ mixed-methods or experimental designs to examine the causal mechanisms linking digital inclusion and fiscal accountability, particularly in less-connected provinces seeking to improve public financial management outcomes.

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