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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 314 Documents
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Does tertiary education alleviate unemployment in middle-income countries? Insights from a dynamic panel data Pratysto, Tangguh; Destriartono, Mohamad Egi; Kafabih, Anim
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

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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
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

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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.
Geopolitical risks, bitcoin, economic policy uncertainty, and global commodity prices as determinants of sustainable stock market performance: Evidence from Brazil 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

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Abstract

This study investigates 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). Employing monthly data from January 2019 to December 2024 and the Autoregressive Distributed Lag (ARDL) bounds-testing framework, the analysis reveals asymmetric and time-horizon-dependent dynamics. In the short run, gold prices exert a statistically significant negative effect on the ISE B3, consistent with asset-substitution behavior under market stress, whereas the DJSI exerts a positive and significant influence, reflecting the transmission of global sustainability sentiment. In the long run, EPU and oil prices impose significant negative effects, while GPR and Bitcoin exert significant positive effects on the index. A robustness specification excluding DJSI confirms that the core results for EPU, oil, GPR, and Bitcoin are stable, while revealing that omitting the global sustainability benchmark modestly amplifies the estimated magnitudes of GPR and Bitcoin suggesting partial overlap in the channels through which global sentiment affects the ISE B3. These findings contribute to the nascent literature on the macrofinancial determinants of emerging-market sustainability indices and provide actionable insights for portfolio managers, ESG-oriented investors, and policymaker’s.

Page 32 of 32 | Total Record : 314

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