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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 309 Documents
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How Important is Environmentally Sustainable Tourism? Evidence in Indonesia from 1974-2018 Using NARDL Cointegration Setiawati, Nadya; Pamungkas, Eksa
Jurnal Ekonomi & Studi Pembangunan Vol 23, No 2: October 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v23i2.15238

Abstract

Tourism is one of the most important sectors of the Indonesian economy because it is one of the mainstay sectors in obtaining foreign exchange, which is expected to increase economic growth. However, along with its positive impact on economic growth, the expansion of the tourism industry is also a significant contribution to rising CO2 emissions and energy consumption. This study focuses on assessing the impact of the tourism sector as proxied by the number of international tourist visits on GDP per capita and the environment as seen from CO2 emissions and total energy consumption. This study uses data covering 44 years (1974 - 2018). The Nonlinear Autoregressive Distributed Lag (NARDL) method was used in this study. The results indicate that an increase in total foreign tourist arrivals has a positive impact on real GDP per capita and total energy consumption in the short term, whereas a decrease has a beneficial effect on reducing real GDP per capita, CO2 emissions, and total energy consumption. In the long term, an increase in total international tourist arrivals is known to have a positive effect on increasing real GDP per capita, CO2 emissions, and total energy consumption; then, the decrease has a positive effect on reducing real GDP per capita and CO2 emissions. The result of this study demonstrates that an increase in total international tourist arrivals has a positive effect on short- and long-term impact on real GDP per capita and total energy consumption. There are several policy implications as a consideration of the results of this study, such as the use of carbon-neutral transportation and hybrid energy as well as tax breaks or low-cost financing opportunities to purchase and install green technology.
Money Demand in Indonesia: Does Economic Uncertainty Matter? Kurniawan, Mahrus Lutfi Adi; A'yun, Indanazulfa Qurrota; Perwithosuci, Winny
Jurnal Ekonomi & Studi Pembangunan Vol 23, No 2: October 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v23i2.15876

Abstract

Since the global financial crisis of 2008, there has been a rise in economic uncertainty and money demand research. The money demand is vital in monetary policy, which has implications for the regional economy. This study aims to analyse the money demand in Indonesia in the middle of global economic uncertainty, as well as the contribution of the study, which includes the economic and monetary policy uncertainty in a separate model for an enhanced money demand function. The study used a structural vector autoregressive (SVAR) approach. The results indicate that monetary demand is negatively affected by economic uncertainty. With the development of the financial sector, the impact of economic uncertainty and the unpredictability of US monetary policy drives people to be more cautious, resulting in a movement of "wealth" to other instruments. The current study implies that the monetary policy in the form of interest rates as the response to the global condition should consider monetary aggregates in terms of money demand as a precautionary measure to maintain money demand. The study revealed that stable money demand suggests inflation targeting as a monetary policy that can enhance monetary policy in the face of rising economic uncertainty.
Does Monetary Policy Respond to Macroeconomic Shocks? Evidence from Indonesia Arintoko, Arintoko; Kadarwati, Nunik
Jurnal Ekonomi & Studi Pembangunan Vol 23, No 2: October 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v23i2.14881

Abstract

The activist policy is believed by policymakers and economists that monetary policy can respond to macroeconomic shocks to stabilize the economy. This study aims to find evidence and discuss the response of monetary policy to macroeconomic shocks. For this reason, the effects of GDP shocks, inflation shocks, and exchange rate shocks on policy interest rates in the implementation of monetary policy are discussed through vector error correction model (VECM) analysis along with policy interest rate responses involving the long-run relationships. The study period 2001Q1 – 2020Q1 is used as the policy implementation period using the policy interest rate. The results of the analysis show that based on the magnitude of the impact and its contribution, inflation shock and exchange rate shock are the most important macroeconomic variable shocks in influencing the monetary policy stance in Indonesia. Inflation shocks and exchange rate shocks need to be a priority focus for monetary policymakers in an economic environment where uncertainty is increasing and rapidly changing. In addition to the interests of the domestic economy, monetary policy also needs to remain focused on considering and adapting to increasingly dynamic global economic and financial developments.
Economic Growth, Human Capital, Public Investment, and Poverty in Underdeveloped Regions in Indonesia Wau, Taosige
Jurnal Ekonomi & Studi Pembangunan Vol 23, No 2: October 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v23i2.15307

Abstract

Poverty is a worldwide issue since its effects are widespread. In Indonesia, most pockets of poverty are found in rural or underdeveloped areas. This research is essential as a reference for addressing the issue of poverty in Indonesia's undeveloped regions, as few studies have analyzed the causes of poverty in underdeveloped regions. This study analyses the impact of economic growth, human capital, and public investment on the alleviation of poverty in Indonesia’s undeveloped regions. This study employs panel data from 62 underprivileged regions in Indonesia according to Presidential Decree No. 63 of 2020 with an observation period of 2010-2020. The analytical method used is the ECM panel model. The unit root test indicates that the research data is steady and cointegrated at the first level of differentiation. This study demonstrates that economic growth does not have a substantial influence on poverty levels in underdeveloped areas of Indonesia, although human capital and public investment do, both in the short and long term. Human capital contributes more to reducing poverty in disadvantaged areas, but state investment increases the number of poor in Indonesia's underdeveloped regions.
The Determinants of Islamic Banks’ Non-Performing Financing in the Small-Medium Enterprises (SMEs) Sector Fakhrunnas, Faaza; El Hasanah, Lak Lak Nazhat
Jurnal Ekonomi & Studi Pembangunan Vol 23, No 2: October 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v23i2.15562

Abstract

The performance of Islamic banks in financing activities is determined by many factors, including macroeconomic variables and internal factors, such as the financial performance of the bank. The study investigates the determinant of non-performing financing (NPF) of Islamic banks in Indonesia, particularly in Small-Medium Enterprises (SMEs) sector. Adopting the panel data analysis, the data comprise 33 provinces in Indonesia starting from 2016m1 to 2021m07, equal to a 2211 observation period. The study reveals that the size of the bank’s asset and financing to deposit ratio (FDR) of Islamic banks has a significant relationship to NPF value in SMEs sector, and the impact remains unchanged in the period before and during the COVID-19 pandemic. From the regional viewpoint, the size of the bank’s assets also has a significant influence on NPF in the provinces located in Java but not outside of Java. As a policy implication, the study suggests that the size of a bank’s assets must be enhanced with prudent risk management in financing activities in the SME sector. Surely, the policy can be implemented in a top-down approach through government and financial authority; then it also can be applied bottom-up approach through the bank’s business activities. Finally, as the limitation of the research, the study only utilizes limited variables and uses a single-country analysis which can be improved and extended for future study.
Dynamization Analysis of Capital Inflow, Credit Allocation, and Banking Performance using Panel Vector Autoregressive Ekananda, Mahjus
Jurnal Ekonomi & Studi Pembangunan Vol 23, No 2: October 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v23i2.16014

Abstract

The direction of globalization and the integration of the financial system continue to increase, in line with the increasing capital flows, which is the focus of discussion in this research. This study applies panel data analysis to analyze banking behavior in order to improve its performance. The analysis uses panel data from 1991 to 2020 in 39 countries. Return on Equity (ROE) as a measure of the success of banking operations is determined by various interrelated factors. One of the variables closely related to banking performance is the share of non-financial business loans, the share of capital inflows entering the banking sector, and the share of capital inflows entering the non-bank sector. Economic variables that support good banking performance are GDP growth, bank concentration, inflation, leverage, and bank efficiency. This article applies a Panel Vector Autoregressive to capture the dynamization, and heterogeneity. The most exciting results were obtained by dividing the sample into subgroups, which helped the researcher understand each regime's different roles and transmissions. The changes in capital inflows to the non-bank sector will significantly reduce ROE and increase leverage for the next five periods. The results of the study imply that nowadays, bank managers should be aware while the changes in capital inflows change very quickly. Bank managers in countries with high capital inflows must always be aware of changes in capital inflows to the non-bank sector—steps to bank management by diversifying sources of funds efficiently from other parties in the transmission of credit channel.
The Determinants of International Tourism: Evidence from European Countries and China’s Provinces Cheng, Zhang; Nahar, Faiza Husnayeni
Jurnal Ekonomi & Studi Pembangunan Vol 23, No 2: October 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v23i2.15714

Abstract

Tourism has been reported as one of the largest economic sectors in the world. It is shown by more than hundreds of jobs involved in this sector which directly escalate the welfare and economic growth of a country. Thus, government will support any actions that could improve competitiveness and profitability of tourism industry. The main objective of this paper is to determine the significant factors of international tourism receipts by 18 European countries and 12 provinces of Western China between 1995 and 2019. Based on data, Europe known as the world’s largest international tourist receipt in 2019 followed by Asia and the Pacific including China. It is interesting to note that China, particularly in western part, has contributed more on achieving tourism receipt. China has potential to grow its tourism sector in significant trend due to its large land size and massive human resources that might further defeat Europe’s total tourist receipt. By using panel Autoregressive Distributed lag (ARDL) model, there would be different responses related to determinant factors of tourism over long run and short run. The result revealed that population, carbon dioxide emission and trade openness have positive effect to the international tourism receipt in Europe in the long run while the rest explanatory variables such as transportation infrastructure and energy consumption have negative effect to the international tourism receipt in Europe. While in case of China, population and energy consumption are statistically significant and positive to international tourism receipt in the long-run correlation, but the rest variables are having negative effect. Unfortunately, in the short-run effect, it was found that all variables are not statistically significant at least at the ten percent significance level in both Europe and China. From the result, the Europe and Chinese policy makers can evaluate the policy based on each result. For instance, the fact that the high level of population density could reach larger tourism receipt is not always true, government need to provide some training for the party who will be involved in tourism industry to gain knowledge and encourage them to be more creative and innovative. Hence the good quality of listed tourism destination would attract more tourist to the destination country
Does Technopark Play a Role in Local Economic Development? Case Study in Samosir Regency Kuntias, Agisa; Novianti, Tanti; Fariyanti, Anna
Jurnal Ekonomi & Studi Pembangunan Vol 23, No 2: October 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v23i2.15799

Abstract

Local economic development is one of the development policies that is considered appropriate and strategic in the context of regional development in Indonesia by optimally utilizing local resources. In line with this concept, the Government of Samosir Regency established a technopark as a centre for innovation based on inland fishery resources to encourage local economic activities for the community. The purpose of this study is to examine the strategy of the local government of Samosir Regency in developing the local economy through technopark based on inland fishery resources. The analytical tool used by the Analytical Network Process (ANP) includes analysis of aspects of factors, problems, solutions, and alternative strategies. Based on the results of the ANP analysis, the collaboration factor is the most influencing factor in strategy development. Meanwhile, in the problem aspect, the problem of limited infrastructure, low public interest and weak commitment, are the main problems that need to be resolved, so that the solution aspect becomes a priority is building trust between stakeholders, allocation of financing for infrastructure and socialization of coaching programs to the community. The formulation of the main strategy for local economic development through the development of technoparks based on the results of the ANP analysis is to build multi-stakeholder synergy to support local economic development in Samosir Regency.
Do Poverty and Economic Growth Matter for Income Inequality Reduction in Yogyakarta Province? Maurilla, Athari; Suriani, Suriani; Nasir, Muhammad
Jurnal Ekonomi & Studi Pembangunan Vol 23, No 2: October 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v23i2.15859

Abstract

It has been observed that income inequality is an economic element that may impede a nation's economic development. In general, Indonesia's Gini ratio has remained low for nearly a decade, although one region, Yogyakarta Province, unexpectedly exceeds the national average. The provincial government of Yogyakarta must focus more on reducing income inequality. Therefore, this study employs the Poverty-Growth-Inequality Triangle model approach to investigate the complexity of income inequality in Yogyakarta Province. The data is collected from five cities in Yogyakarta Province from 2010 to 2021. For the quantitative study, a Simultaneous Equation Model analysis with three iterations of least squares is performed. The results indicate that there is no causal relationship between income inequality and economic growth or poverty. According to the model of income inequality, education and the district minimum wage have a significant impact on income inequality. Therefore, local governments are advocated to evaluate policies aimed at reducing income inequality through education system reform, equity in district minimum wage and economic growth, and efficiency in the utilization of income inequality-related funds.
Regional Energy Master Plan based on Low Emission Scenarios: Case Study of Central Java Province, Indonesia Setiartiti, Lilies; Rachmawatie, Dessy
Jurnal Ekonomi & Studi Pembangunan Vol 23, No 1: April 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v23i1.14070

Abstract

The current energy crisis momentum is the right time to redesign energy policy; otherwise, the energy deficit will continue and influence economic activities. For this reason, this research took Central Java Province as a case study. This research aims to estimate energy demand, the dominance of energy use, and energy efficiency. In this study, energy demand was modeled by sector using the intensity approach to calculate the energy used per activity unit. Low Emissions Analysis Platform (LEAP) model was then utilized to figure out future trends in energy demand and energy structure from 2015 to 2030 under different scenarios, including Business as Usual (BAU), Moderate (MOD), and Optimistic (OPT) scenarios. The results uncovered that energy demand in Central Java has grown by 5.6% per year, and the overall final energy demand is 1,683,091.24 thousand BOE. In this case, the transportation and household sectors are the largest and second-largest consumers, while premium and electricity are the dominant components in this province. In addition, efficiency energy could be achieved in 2021 and 2017, respectively, under the MOD and OPT scenarios. From the utilization of renewable energy, Central Java also contributes 1.17% to the utilization of renewable energy nationally. Overall, this research provides important insights and highlights possible steps for policymakers in developing energy efficiency policies.

Page 22 of 31 | Total Record : 309

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