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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 14 Documents
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Search results for , issue "vol. 27 no. 1: april 2026" : 14 Documents clear
Left behind in the bounce-back? Informal sector vulnerability in Indonesia’s post-pandemic rebound Anandari, I Gusti Agung Ayu Apsari; Budiningsih, Ni Ketut; Yudistira, Dewa Bagus Putu Diva Ananda; Putri, Kadek Sri Mirah Yusita
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v27i1.26924

Abstract

The COVID-19 pandemic has had a profound impact on labor markets, particularly on those working in the informal sector. In Indonesia, informal workers account for more than half of the total workforce and face considerable risks due to the absence of adequate safety nets and limited access to social protection. Considering the large share of informal workers and their vulnerability during crises such as the pandemic, this study seeks to analyze how the pandemic influenced Indonesian workers’ sectoral mobility and to examine its effects on informal workers’ engagement in the social security program (BPJS Ketenagakerjaan). The analysis relies on data from the Survei Angkatan Kerja Nasional (Sakernas), a large-scale household survey conducted regularly by Badan Pusat Statistik (Statistics Indonesia) to monitor the labor market. Specifically, the study uses Sakernas August 2020 and Sakernas August 2022 to compare labor conditions during the pandemic and the post-pandemic period. A binary logit model is employed to assess Indonesian workers’ sectoral mobility and to examine the likelihood of informal workers’ participation in the social security program relative to formal sector workers. The findings indicate that, in the post-pandemic period, the inclination toward formal sector employment has increased, reflecting a rebound after the pandemic. However, the results also show that informal workers remain significantly less likely to participate in the social security program compared to their formal sector counterparts. These findings highlight the need for policy interventions that expand access and incentives for informal workers to join social security schemes and promote pathways from informal to formal employment. Such measures are critical for sustaining labor market recovery, broadening social protection coverage, and reducing vulnerabilities among Indonesia’s workforce.
Does tertiary education alleviate unemployment in middle-income countries? Insights from a dynamic panel data Pratysto, Tangguh; Destiartono, Mohamad Egi; Kafabih, Anim
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v27i1.29792

Abstract

Unemployment remains a significant issue in these middle-income countries, constraining poverty alleviation, labor productivity, and the supply of decent work amid skills mismatches and underemployment. This study examines the impact of higher education on unemployment rates in 54 middle-income countries over the period 1999–2022. This study applies the System Generalized Method of Moments (System-GMM) to dynamic panel data and controls for endogeneity and lagged effects. The controls include lagged unemployment, per capita GDP growth, CPI inflation, and government final consumption expenditure (in % of GDP). Findings indicate that a 1% increase in tertiary education leads to a 0.035% decrease in unemployment in the short run and a 0.130% decrease in the long run (both significant at the 1% level). Per capita GDP growth and inflation also reduce unemployment. At the same time, government consumption raises unemployment based on large-scale dynamic analysis in middle-income countries during the post-financial crisis era. The previous literature tends to focus on high-income and static environments. Tertiary education continues to play a key role in addressing unemployment and skills mismatches, according to this research. The authors recommend that greater effort should be directed toward investments in higher education in the context where skills are least aligned with labor market needs, as a big part of public expenditure to generate more employment opportunities.
A linkage of welfare: industry, small business, and job creation Suliswanto, Muhammad Sri Wahyudi; Firmansyah, Muhammad; Rofik, Mochamad; Kurniawan, Mahrus Lutfi Adi; Flejterski, Stanislaw
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v27i1.29081

Abstract

This study aims to analyze the relationship between industry, small businesses, job creation, and welfare within an integrated analytical framework. This study uses a quantitative approach using Partial Least Squares Structural Equation Modeling (PLS-SEM) analysis, with primary data obtained from questionnaires distributed to 80 respondents in the industrial area of Gresik Regency, East Java, Indonesia. The results of this study indicate that industry significantly influences welfare, both directly and indirectly through small business development and job creation. In this case, small businesses act as a key mediating variable influencing industry's impact on job opportunities and improved welfare. The novelty of this study lies in the development of an empirical model that simultaneously integrates the roles of industry, small business development, job creation, and welfare within a single analytical framework, using small business and job creation as mediating variables. This research contributes to the development economics literature, particularly on inclusive growth. It provides a policy perspective on the importance of effective integration between industry and small businesses as a strategy for improving public welfare.
Dynamic linkages between woman labor participation and economic growth in ASEAN Muttaqin, Ecky Imamul; Widyasari, Maya; Aulia, Sulthonul; Adzimatinur, Fauziyah; Cheong, Jia Qi
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v27i1.31370

Abstract

This study analyses the dynamic interplay between women's labor market attributes and economic growth in Southeast Asia, specifically in Indonesia, Thailand, Malaysia, and Singapore, from 2000 to 2023. This study, inspired by modernisation theory and ongoing gender inequalities in labor markets, examines the interplay between female vulnerable employment, female self-employment, and the female-to-male labor force participation ratio in relation to GDP growth. A Panel Vector Autoregression (PVAR) model, estimated via the Generalised Method of Moments (GMM), utilises data from the World Development Indicators to identify bidirectional and dynamic causal links among the variables. The estimation results indicate that female vulnerable employment and female self-employment positively and significantly influence GDP growth, while the female-to-male labor force participation ratio demonstrates a negative but statistically negligible effect. Impulse response functions indicate that shocks to female self-employment have a positive impact on GDP in the short term, but shocks to female vulnerable employment first decrease GDP before stabilising. Forecast error variance decomposition reveals that GDP fluctuations are predominantly influenced by their own shocks, but female self-employment progressively contributes to GDP variance with time. The findings underscore the significant yet diverse impact of women's labor patterns on economic growth, highlighting the necessity for measures that mitigate vulnerability and enhance the quality of female work in ASEAN countries.
Asymmetric and time-horizon effects of geopolitical risk, digital assets, economic policy uncertainty, and commodity prices on Brazil’s sustainability index Darsono, Susilo Nur Aji Cokro; Handayani, Sintia; Mutiara, Intan; Nguyen, Tran Thai Ha; Chong, Fennee; Johari, Sobar M.
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v27i1.31388

Abstract

This study examines the short run and long run effects of geopolitical risk (GPR), Bitcoin (BTC) prices, economic policy uncertainty (EPU), world oil prices, world gold prices, and the Dow Jones Sustainability Index (DJSI) on Brazil’s Corporate Sustainability Index (ISE B3). Using monthly data from January 2019 to December 2024 and applying the Autoregressive Distributed Lag (ARDL) bounds testing framework, the analysis identifies asymmetric and time horizon dependent relationships. In the short run, gold prices exert a statistically significant negative effect on the ISE B3, consistent with asset substitution behaviour during periods of heightened uncertainty. By contrast, the DJSI displays a positive and significant influence, reflecting the transmission of global sustainability sentiment. In the long run, economic policy uncertainty and oil prices exert significant negative effects on the index, while geopolitical risk and Bitcoin prices have significant positive impacts. A robustness specification excluding the DJSI confirms the stability of the core results for EPU, oil prices, GPR, and Bitcoin. However, omitting the global sustainability benchmark modestly amplifies the estimated magnitudes of GPR and Bitcoin, indicating partial overlap in the channels through which global investor sentiment influences the ISE B3. These findings contribute to the emerging literature on the macro financial determinants of sustainability indices in emerging markets and provide actionable insights for portfolio managers, ESG oriented investors, and policymakers.
Harmonization of monetary and multidimensional poverty through a threshold alignment approach Setyawan, Novi Andy Dwi; Sulistyaningrum, Eny; Arsyad, Lincolin
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v27i1.26768

Abstract

Two principal methodologies for poverty measurement are extensively used internationally: the direct approach, encompassing multidimensional indicators, and the indirect approach, based on monetary metrics. However, empirical evidence has demonstrated that the simultaneous application of both methods produces substantial discrepancies in poverty identification results. This discrepancy can be attributed to the lack of a common threshold between the two approaches. The present study addresses this issue by implementing a threshold alignment method using receiver operating characteristic (ROC) analysis. This threshold alignment method also indirectly mitigates the arbitrariness in determining the indicator thresholds commonly associated with the Alkire–Foster (AF) method. Furthermore, this study aims to eliminate arbitrariness in indicator weight determination through multiple correspondence analysis (MCA), thereby reducing potential researcher subjectivity in the calculation process. This study compared four methodologies: AF, ROC, AF-MCA, and ROC-MCA. The findings indicate that the ROC-MCA method yields superior evaluation results compared to alternative methods. Therefore, these findings suggest that the ROC-MCA method more accurately identifies poor households and improves upon the multidimensional poverty measurement approach originally proposed by Alkire and Foster.
Integrating financial inclusion and digital technology to foster inclusive economic development in Indonesia Anindyntha, Firdha Aksari; Rusdianasari, Fitri
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v27i1.28256

Abstract

Equitable economic development is reflected in sustainable economic growth and equitable income distribution. The financial sector plays an important role in supporting inclusive development, which prioritizes financial inclusion among its main policy objectives. Despite the banking sector's digital transformation in Indonesia, regional disparities in financial access and digital penetration persist, particularly in remote areas, thereby hindering the achievement of inclusive development. This study aims to analyze the role of financial inclusion and digital innovation in promoting equitable economic development, as reflected in economic growth and income inequality. This study employs a Fixed Effects Model (FEM) for panel data regression across 33 provinces in Indonesia during 2018-2023 periods. The FEM is used to control for unobserved regional heterogeneity and to ensure more consistent and unbiased estimation. Our research results show that economic growth is positively affected by financial inclusion, particularly through the availability of bank branches and lending. In addition, the adoption of digital technology also significantly contributes to driving economic growth. Furthermore, our findings reveal that the synergy between digital innovation and financial services effectively narrows the income gap across provinces. This study makes a significant scientific contribution by demonstrating that digital innovation serves not only as a technological tool but also as a key factor in enhancing the effectiveness of financial inclusion in driving economic growth and reducing income inequality. These findings provide empirical policy guidance for the development of a digital financial ecosystem to promote more inclusive and equitable economic development in Indonesia.
The synergy of political stability, trade liberalization, and macroeconomic factors in attracting FDI to Pakistan Haidari, Adila; Junejo, Safiullah; Wicaksono, Teguh Yudo
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v27i1.28365

Abstract

The determinants of foreign direct investment (FDI) in Pakistan remain a subject of ongoing debate, particularly regarding the relative influence of political stability compared to economic factors. This study investigates the interplay between political stability, trade liberalization, and macroeconomic factors in shaping FDI inflows in Pakistan from 1990 to 2023. Employing a quantitative approach using multiple linear regression on time-series data, this study evaluates the impact of political stability, trade liberalization, exports, imports, and inflation on FDI. The empirical findings indicate that political stability does not exert a statistically significant influence on foreign direct investment (FDI) in Pakistan, whereas export growth, trade liberalization, and price stability emerge as key determinants. A 1% increase in exports is associated with a 0.78% increase in FDI, underscoring the importance of economic fundamentals relative to political considerations. These results suggest that economic fundamentals may play a more decisive role in shaping FDI dynamics in the context of Pakistan. From a policy perspective, the findings underscore the importance of strengthening trade openness, promoting export diversification, and maintaining macroeconomic stability to improve the country’s investment environment. By examining the combined effects of several relatively underexplored determinants of FDI in Pakistan, this study contributes to the literature by providing additional empirical evidence on the drivers of foreign investment in developing economies facing similar structural and macroeconomic challenges.
The impact of R&D tax incentives on corporate innovation in developing ASEAN countries Hayati, Sri Rezki; Nuryakin, Chaikal
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v27i1.29177

Abstract

Innovation is widely recognized as a key source of growth and competitiveness, particularly in developing countries, making policies such as R&D tax incentives increasingly important. This study analyzes the impact of implementing R&D tax incentives on firms' propensity to innovate in five selected developing ASEAN countries (Indonesia, Malaysia, Vietnam, Cambodia and the Philippines), and how variations in designs and mechanisms affect this relationship. The study uses firm-level data from the two most recent rounds of the World Bank Enterprise Survey (WBES), and applies a panel logit fixed-effects model to a dataset of 483 firms to facilitate comparative analysis over time. This study therefore fills a significant gap in the literature by offering cross-country, firm-level evidence on how changes to R&D tax incentive design can affect innovation outcomes across firms located within developing ASEAN economies. Findings suggest that firms in countries with R&D tax incentives are 4.38 times more likely to innovate than those in countries without such policies. Nonetheless, the success of such incentives is conditional on macro and microeconomic circumstances as well as the mechanism of the incentives. Specifically, the analysis differentiated input-based incentives linked to firms' R&D expenditures from output-based incentives that are based on achieving specific innovation outputs (patents or new products) by firms. The results suggest that output-based mechanisms lead to less innovation than expenditure based schemes. The overall results reinforce that it is not just the adoption but also the design of R&D tax incentive policies that matters, suggesting that policymakers in developing countries should invest in flexible, input-based approaches rather than rigid approaches tied to specific innovation outputs.
The role of triple helix synergy, access to capital, and financial literacy on sustainable MSMEs economic growth Arif, Muh; Amir, Amir; Sharon, St Salmah; Basir, Mustika Kusuma
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v27i1.29551

Abstract

In the context of increasing economic uncertainty, digital disruption, and the global transition toward a green economy, understanding the key drivers of sustainable Micro, Small, and Medium Enterprise (MSME) growth remains a critical research agenda, particularly in developing economies where MSMEs serve as the backbone of economic resilience. This study aims to analyse the influence of triple helix synergy, access to capital, and financial literacy on sustainable MSME economic growth. The research employs a quantitative approach using Partial Least Square (PLS) analysis on MSME actors. The results indicate that the measurement model meets the required validity and reliability criteria. Furthermore, the structural model reveals that triple helix synergy and financial literacy have a significant positive effect on sustainable MSME economic growth, while access to capital does not show a significant influence. These findings highlight that sustainable MSME growth is not merely determined by the availability of financial resources but is more strongly driven by effective cross-sector collaboration and the capacity of MSME actors to manage financial resources in an accountable and strategic manner. The study confirms that collaboration among government, academia, and businesses, alongside enhanced financial literacy, plays a crucial role in fostering sustainable economic growth of MSMEs. Accordingly, this research underscores the importance of integrating institutional synergy and financial capability development as strategic policy instruments to strengthen MSME competitiveness in the green and digital economy era.

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