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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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The Analysis of Inclusive Green Growth In Indonesia Aminata, Jaka; Nusantara, Dzulfikar Ilham Kusuma; Susilowati, Indah
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.v23i1.13811

Abstract

The concept of economic growth that has increased social welfare needs to be expanded in terms of its meaning and benchmarks. It focuses not only on economic activities but also on how they impact all of society in the present and the future. This study aims to analyze Indonesia’s inclusive green growth in 2015 and 2019. The method used to obtain the analysis is the Inclusive Green Growth Index (IGGI), conducted by Asian Development Bank (ADB). IGGI is a composite index consisting of three pillars: economic growth, social equity, and environmental sustainability. The study showed that Indonesia’s inclusive green growth was getting better where its average score in 2015 was 3.21, increasing to 3.36 in 2019. However, the improvement is not ideal yet because its mainly influenced by the economic growth pillar. In contrast, the average score of the environmental sustainability pillar declined from 4.19 in 2015 to 4.00 in 2019, accompanied by the decreasing social equity pillar score in 15 out of 34 provinces. All Efforts to achieve a better-balanced IGGI are improving and maintaining environmental quality, improving access to economic and political activities, improving public service and infrastructure in various provinces, and increasing superior and potential sectors to pursue economic disparity inter-provincial.
The impact of digitalization and economic openness on economic growth in ASEAN countries Nurdiana, Erwin Dwi; Hariyani, Happy Febrina; Boedirochminarni, Arfida
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 2: October 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i2.18335

Abstract

Digitalization with the Sustainable Development Goals (SDGs) Program is an essential means of encouraging the government to operate more openly and effectively, which can increase global economic growth. This research aims to assess how education, digitalization, and trade openness affect the economic development of ASEAN. This study uses independent variables in the form of government spending on education, individual internet users, foreign direct investment and consumer price inflation. The dependent variable is economic growth. This study uses the panel data regression method, from 2001 to 2020, with a cross-section of 7 ASEAN countries (Indonesia, Malaysia, Thailand, Laos, Singapore, the Philippines and Cambodia). According to the study, the economic growth in seven ASEAN countries is significantly influenced by government expenditure on education, individual internet users, and foreign direct investment. Empirical evidence confirms that digitalization positively impacts both the economy and society, as reflected in lower unemployment rates, improved quality of life, and increased access to public services and information. Furthermore, digitalization simplifies learning about various aspects and activities related to conducting trade, thereby contributing to economic growth. The limitation of the study is that there is no categorizing between developed and developing countries with different income groups that lead to different digital technology developments.
Dynamics effect of volatility index, interest rates, and commodity prices on Indonesian bond yields Darsono, Susilo Nur Aji Cokro; Firman, Afrizal; Nugraha, Pazri; Isnaini, Nurul; Wardani, Dyah Titis Kusuma
Jurnal Ekonomi & Studi Pembangunan Vol 25, No 1: April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i1.22189

Abstract

Several factors influence the movements and dynamics of bond yields in financial markets. The determination of monetary policy, specifically the decisions regarding interest rates made by central banks, is a critical factor. Moreover, bond yields can be influenced by various factors such as geopolitical events, financial volatility, market sentiment, and investor risk appetite. These factors can impact the demand and supply dynamics in bond markets. This research aims to analyze the influence of Interest Rates, IDR to USD Exchange Rates, Volatility Index (VIX), Gold and Oil Prices on Bond Yields in Indonesia. The data used in this research is secondary data, which consists of time series data from 2019-2023. This research investigates the impact of financial and commodity prices on bond yields in Indonesia by using the autoregressive distributed lag (ARDL) model to examine both the long-run correlation and short-run effect. Empirical results found that Interest Rate, Volatility Index (VIX), and Oil Prices have a significant positive influence. Meanwhile, the Gold Price variable has a significant negative influence. This research has several crucial policy implications for investors concerning the national monetary policy, exchange rate fluctuation, and global volatility index to create profitable and sustainable portfolio strategies. Moreover, investment managers and investors should be concerned about the global commodities prices that will affect bond yield performances. This research contributes to the recent literature presenting causal relations of global volatility index (VIX) on Indonesian bond yield. 
Dynamics effect of volatility index, interest rates, and commodity prices on Indonesian bond yields Darsono, Susilo Nur Aji Cokro; Firman, Afrizal; Nugraha, Pazri; Isnaini, Nurul
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 1: April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i1.22189

Abstract

Several factors influence the movements and dynamics of bond yields in financial markets. The determination of monetary policy, specifically the decisions regarding interest rates made by central banks, is a critical factor. Moreover, bond yields can be influenced by various factors such as geopolitical events, financial volatility, market sentiment, and investor risk appetite. These factors can impact the demand and supply dynamics in bond markets. This research aims to analyze the influence of Interest Rates, IDR to USD Exchange Rates, Volatility Index (VIX), Gold and Oil Prices on Bond Yields in Indonesia. The data used in this research is secondary data, which consists of time series data from 2019-2023. This research investigates the impact of financial and commodity prices on bond yields in Indonesia by using the autoregressive distributed lag (ARDL) model to examine both the long-run correlation and short-run effect. Empirical results found that Interest Rate, Volatility Index (VIX), and Oil Prices have a significant positive influence. Meanwhile, the Gold Price variable has a significant negative influence. This research has several crucial policy implications for investors concerning the national monetary policy, exchange rate fluctuation, and global volatility index to create profitable and sustainable portfolio strategies. Moreover, investment managers and investors should be concerned about the global commodities prices that will affect bond yield performances. This research contributes to the recent literature presenting causal relations of global volatility index (VIX) on Indonesian bond yield. 
The impact of gross domestic product, exchange rates and ACFTA implementation on Indonesia’s trade intensity index Wardani, Dyah Titis Kusuma; Huda, Adinda Salshabilla Zhauza; Duasa, Jarita
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 1: April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i1.22191

Abstract

The ASEAN-China Free Trade Area (ACFTA) represents a critical agreement between ASEAN member countries and China, aimed at fostering economic integration by eliminating or reducing trade barriers, enhancing service market access, refining investment regulations, and bolstering economic cooperation. This framework is designed to strengthen economic ties and enhance welfare across the involved nations. This study evaluates the impact of the ACFTA on trade dynamics by analyzing the Trade Intensity Index (TII), GDP, exchange rates, and a dummy variable representing the ACFTA's implementation. Utilizing annual data from 2001 to 2021, sourced from the UN-Comtrade Database and the World Bank, the research employs the Ordinary Least Squares (OLS) method to provide insights into the trade relationships under the ACFTA framework. The findings indicate a divergent impact, while Indonesia experiences a negative and significant influence from GDP, exchange rates, and ACFTA implementation, the ASEAN-6 countries display a positive and significant effect. Moreover, the study reveals that Indonesia's Trade Intensity Index with other ACFTA members is comparatively lower than Malaysia’s. This suggests a need for targeted trade policies in Indonesia aimed at amplifying export volumes in sectors where it holds a comparative advantage. Such strategies could significantly enhance Indonesia's trade intensity within the ACFTA, fostering greater economic integration and benefits under this expansive regional trade agreement.
The impact of covid-19 on poverty alleviation: Empirical evidence from Somalia Razak, Dzuljastri Bin Abdul; Nor, Bile Abdishalan
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 2: October 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i2.22193

Abstract

This study provides valuable insights into the impact of COVID-19 on poverty alleviation in Somalia, focusing on three factors namely, government Intervention, financial literacy and digital financial inclusion are linked to poverty alleviation. This study utilized a quantitative research approach employing a descriptive research design. The data collection aspect was carried out by the researchers through face to face and an online self-administered questionnaire which can be filled out by respondents from various backgrounds. A survey was conducted with 277 micro-entrepreneurs using both on line and face to face methods. The data obtained is process using SPSS. The findings indicated positive and significant relationship with all three factors namely government intervention, financial literacy and digital financial inclusion in Somalia. The findings of this study suggest that the government of Somalia should focus on these three areas to help to alleviate poverty. By providing social safety nets, increasing financial literacy, and promoting digital financial inclusion, the government can help to improve the lives of millions of people in Somalia. To achieve long-term poverty reduction and development, it is crucial for Somalia to move away from dependency on external assistance and prioritize self-sufficiency. One limitation of this study is its relatively small sample size of 277 micro-entrepreneurs. In a larger sample size, there could be more diverse perspectives and experiences that could potentially yield different results. Therefore, further research with a larger sample size is needed to obtain a more comprehensive understanding of the impact of COVID-19 on poverty alleviation in Somalia.
Dynamic of Economic Motives of Indonesia’s Migrant Workers’ Remittances As'ad, As'ad; Ekananda, Mahjus
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 2: October 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i2.22610

Abstract

This study investigates empirical evidence regarding the economic motives underlying remittances from Indonesian migrant workers. Economic motives play a crucial role in remittances behavior, as they determine the amount of money workers send to their families in their home country based on various economic indicators. Although extensive research exists on this topic, there remains no definitive consensus about the economic motivations behind migrant workers’ remittances. This research provides additional perspectives on these economic motives, particularly in the Indonesian context. Using a fixed effects model to overcome individual effect bias, this study finds evidence of investment motives in Indonesian’s migrant workers’ remittances. However, these findings are contingent upon Indonesia’s economic condition. The motivations tend to be individualistic during periods of economic stability and altruistic during economic uncertainty. The knowledge gained from understanding these economic motives can help related parties formulate strategies for economic activities involving migrant workers' remittances in accordance with Indonesia's economic conditions.
Unveiling the dynamics of economic growth, carbon emissions, and energy consumption in Indonesia: a wavelet analysis model Muttaqin, Ecky Imamul; Primambudi, Ganjar; Darsono, Susilo Nur Aji Cokro
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 2: October 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i2.23136

Abstract

Climate-related economic growth has been a major topic to current economic development issues. This study tries to examine the causal relationship between economic growth, carbon emissions, and energy consumption in Indonesia using annual data from 1978 to 2022. The data is taken from the World Bank and BP-Statistical Review of World Energy. This study employs wavelet analysis to investigate the complex, time-dependent links among economic growth, carbon emissions, and energy consumption in Indonesia, offering insights into their dynamic interactions across several temporal scales. Granger causality is applied to help uncover temporal relationships and their strength, while wavelet coherence reveals frequency-specific associations across different time scales. This includes analysing cross wavelet power and cross wavelet transform. The study provides a set of research findings, economic growth in Indonesia is still supported by carbon emissions and fuel energy consumption. It shows that fossil fuels continue to dominate the economic growth engine. The consumption of coal and oil is still the leading cause of carbon emissions. This study suggests that the government should enforce consistent regulations, promote collaboration among institutions, and engage public awareness to renewable energy sources. Allocating resources to green investments and incentivizing private industry through financial instruments like carbon trading and green bonds. It can stimulate economic growth while preserving the environment. Moreover, emphasizing the long-term benefits will help establish a sustainable framework for the transition to net-zero emissions.
Driving regional economy: Digital technology adoption's role for effective distribution of islamic social finance in Indonesia Munifatussaidah, Asma; Zahara, Jihan Nabila; Resiana, Rani Surya; Ningsih, Lita Ayudha
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 2: October 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i2.23838

Abstract

Indonesia holds significant potential in leveraging the vast collection of Islamic social funds. Amid the widespread digital transformation within financial institutions, it is critical to examine the impact of the adoption of digital technology in affecting the distribution of Islamic social finance and its subsequent impact on regional economic development in Indonesia. The research utilized data from 21 provinces in Indonesia to construct a regression model that investigates and evaluates the performance of Islamic social fund distribution concerning regional economic growth. This study integrates a moderation effect model to assess the impact of digital adoption on this relationship. Grouped regression models were used to investigate further regional variations, with robustness checks conducted across different fundraising levels. The findings reveal a significant influence of Islamic social fund distribution on regional economic development, with digital adoption—measured by access to and use of digital technology—acting as a considerable moderator. Further heterogeneity analysis reveals that provinces with lower GINI coefficients experience a more pronounced dampening effect of Islamic social fund distribution on regional economic development, moderated by the extent of digital adoption. This research offers new insights into the relationships between Islamic social fund distribution and digital adoption (ICT) in regional economic development, providing strategic implications for philanthropic institutions and policymakers considering Islamic social fund management.
Revitalizing Green Economic Capability to Maintain the Financial Stability of MSMEs in Bira Beach Sharon, ST Salmah; Monalisa, Monalisa; Muchtar, Muchtar; Firman, Afrizal; Basir, Mustika Kusuma; Arif, Muh
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 1: April 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

To maintain the financial stability of Micro, Small and Medium Enterprises (MSMEs) is a vital issue which needs a revitalization of green economic capability. This study explores the impact of Green Economy Capability (GEC) on the financial stability of MSMEs in the coastal region of Bira Beach, with a focus on the mediating role of government support. A SmartPLS-SEM used in this study to investigate the survey involving 150 MSMEs. The key variables measured include GEC, financial stability, and government support, with the data analyzed through descriptive and inferential statistical techniques. The findings indicate that GEC significantly influences government support, which in turn has a positive effect on financial stability. However, GEC does not have a direct impact on MSMEs' financial stability. These findings underscore the critical role of government policies in supporting the adoption of sustainable practices among MSMEs, particularly in regions heavily dependent on tourism. This research contributes to the literature by providing empirical evidence of the indirect relationship between GEC and financial stability through government support in the coastal MSME sector. In results, we offered two solutions. First, the policymakers must prioritize initiatives that strengthen MSME’s capacity for sustainable practices. Second, the need for tailored support systems in coastal areas like the adoption of green practices which must be integrated with local economic strategies to yield both environmental and financial benefits.

Page 28 of 31 | Total Record : 309

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