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JDE (Journal of Developing Economies)
Published by Universitas Airlangga
ISSN : 25411012     EISSN : 25282018     DOI : -
Core Subject :
The Journal of Developing Economies (JDE) is a journal published by the Department of Economics, Faculty of Economics and Business, Airlangga University with the ISSN 2541-1012 (print version) and 2528-2018 (online version). This journal is published every 6 months, June and December, through a review process from both internal (Airlangga University) and external reviewers.
Arjuna Subject : -
Articles 166 Documents
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Determinants of Economic Growth in 8 ASEAN Countries 2008-2022 Yahya, Padli Pawaid; Wau, Taosige; Badriati , Baiq El
Journal of Developing Economies Vol. 10 No. 2 (2025)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jde.v10i2.73069

Abstract

Objective: This research aims to further examine the influence of investment, corruption, inflation, labor, and trade openness, and it can be seen that these are the determinants of economic growth through several of these variables in the ASEAN region countries for the 2008-2022 period.Methods: Panel data regression is analyzed using three approaches: the Common Effect Model (CEM), the Fixed Effect Model (FEM), and the Random Effect Model (REM). Model selection is determined through the Chow, Hausman, and Lagrange Multiplier tests. Classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation) and significance tests (F-test, t-test, and R²) are conducted using EViews 10. Findings: Summarize the key results of your analysis. Highlight the main empirical relationships, theoretical outcomes, or trends identified in the study. Focus on the economic significance of these findings, how they contribute to understanding behaviors, mechanisms, or policy effects relevant to the research question. Originality/value: So that statistical results can be found by showing various variants, especially in the variables of corruption and inflation have no effect on economic growth, while the other three variables together, investment, labor and trade openness have a positive and significant effect on economic growth. Practical/Policy implication: Outline the practical implications of your findings for economic policy, regulation, or institutional decision-making. Suggest how policymakers, economists, or public institutions might apply your results. Where applicable, indicate how your research could guide future interventions, policy design, or economic reforms.
Financial Inclusion and Income Inequality in Asia: A Quantile Panel Analysis Rosalina, Linda; Wibowo, Wisnu
Journal of Developing Economies Vol. 10 No. 2 (2025)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jde.v10i2.73105

Abstract

Objective: This empirical study investigates the heterogeneous impact of financial inclusion on income inequality across the economically and institutionally diverse Asian region. Specifically, it examines how the effect of financial inclusion varies across different segments (quantiles) of the inequality distribution, a dimension largely unexplored by prior research.Methods: Utilizing an annual panel dataset spanning 29 Asian countries from 2010 to 2022, the study employs the Panel Quantile Fixed Effect model. This robust econometric approach is selected to effectively control for unobserved country-specific heterogeneity and to address the non-normal, outlier-prone nature typical of income inequality data. Analysis is focused on the lower (Q10), median (Q50), and upper (Q90) quantiles.Findings: Estimation results consistently demonstrate that financial inclusion significantly reduces income inequality across all tested quantiles (Q10 ,Q50, Q90), with statistical significance maintained across the board (e.g., Q10: p=0.031, : Q90:p=0.059). The most substantial mitigating impact is identified at the median quantile (Q50), exhibiting a large negative coefficient of -4.9404 (p=0.000). This key finding suggests that FI is most effective in countries characterized by moderate levels of inequality. Among the control variables, trade openness significantly exacerbates inequality at the Q50 level, while other macroeconomic factors are generally insignificant.Originality: The primary novelty lies in the application of the Panel Quantile Fixed Effect method to a broad 29-country Asian sample to precisely capture FI’s differentiated impact. By providing nuanced, quantile-specific estimations, this research significantly advances beyond conventional mean-based studies (such as OLS and GMM), confirming that financial inclusion’s role in inequality reduction is heterogeneous and conditional on a country’s initial inequality level.Policy implication: These findings underscore the critical need for adaptive, non-uniform financial inclusion policies. Policymakers in Asia must tailor their financial inclusion strategies—including the types of services offered—based on the specific level of inequality they currently confront. This targeted approach is essential to maximizing the effectiveness of financial inclusion in promoting sustainable income equality.
Regional Inequality in Daerah Istimewa Yogyakarta Province 2014-2024: A William Index Analysis Ghomzah, Khofifah; Putri, Faza Safira Mahardika; Fauziah, Berliana Ranti Fara
Journal of Developing Economies Vol. 10 No. 2 (2025)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jde.v10i2.73818

Abstract

Objective: Economic growth is an important aspect that reflects the success of a country or region’s economic development. The economy of Yogyakarta Province tends to increase from 2014 to 2024 based on the increasing GRDP per capita data, but there is still a problem of inequality. Income inequality between regions can lead to development problems and economic instability. The purpose of this study is to determine the level of inequality between regencies/cities in Yogyakarta Province from 2014 to 2024. This study includes empirical studies that make important contributions by providing the latest empirical evidence on the condition of regional inequality in the Special Region of Yogyakarta and by analyzing the characteristics of economic growth in the region. Methods: The data used in this study is time series data from the Gross Regional Domestic Product per capita and Total Population of Regency/City in the Province of DIY for the period 2014-2024. To determine and analyze inequality, the Williamson Index is used.Findings: The average inequality between regions in DIY Province is 0.8296, which, according to the criteria (WI > 0.5), indicates a high level of inequality between regencies/cities. This value indicates that inequality among the regencies/cities in Yogyakarta Province is high, or economic growth between regions is uneven.Originality/Value: This study provides updated evidence for Yogyakarta’s unique context. This study offers a novel approach by extending the analysis period to 11 years, from 2014 to 2024, including the latest data.Policy Implication: Recommendations include evaluating and reformulating strategic policies for economic development based on leading sectors, prioritizing equitable infrastructure development, improving access to education and healthcare, and fostering potential sector development in underdeveloped areas to reduce regional disparities.
Impacts of Capital Formation, Labor, Human Development, and Tourism on Economic Growth in Yogyakarta Province Setiyani, Zulaekha; Panjawa, Jihad Lukis; Prakoso, Jalu Aji; Septiani, Yustirania
Journal of Developing Economies Vol. 10 No. 2 (2025)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jde.v10i2.74812

Abstract

Objective: This study investigates the determinants of regional economic growth in the Special Region of Yogyakarta, focusing on five districts and cities during the period 2011–2024. The research addresses the problem of persistent interdistrict disparities despite Yogyakarta’s consistently higher economic growth than the national average. The main objective is to identify the key factors influencing regional growth and to assess their relative contributions within a tourism-driven economy. This empirical research is relevant to the broader macroeconomic context of regional development and income distribution.Methods: An empirical analysis using static panel data regression with a Fixed Effect Model (FEM) is employed. The dataset covers annual observations from 2011 to 2024 for five administrative areas. Variables include Gross Fixed Capital Formation (GFCF), the Human Development Index (HDI), labor force participation, and tourism income. The FEM method effectively controls for regional and temporal heterogeneity, yielding robust estimates of growth determinants.Findings: Empirical results reveal that GFCF, HDI, and tourism income have significant, positive effects on regional economic growth, underscoring the importance of investment, human capital, and tourism as primary drivers of growth. Conversely, the labor force variable shows no statistically significant impact. These findings underscore the distinct structure of Yogyakarta’s economy, where capital formation and tourism-based income play a more dominant role than labor quantity in driving growth. Originality/Value: This study enriches existing literature by reassessing growth determinants using updated data and emphasizing Yogyakarta’s tourism-based regional economy. It fills gaps in prior studies marked by mixed findings and limited tourism-focused analyses, offering new empirical insights into the tourism growth nexus at the subnational level.Policy Implication: Findings suggest that local governments should strengthen investment, human capital, and tourism development to achieve inclusive and sustainable growth. Policy efforts focusing on infrastructure, education, and tourism promotion are essential to reducing interdistrict disparities and fostering balanced regional development.  
Rising Food Inflation in Nigeria: Do Monetary Policy Interventions Matter? Nzeh, Innocent Chile
Journal of Developing Economies Vol. 10 No. 2 (2025)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jde.v10i2.75884

Abstract

Objective: The rising cost of food in Nigeria, especially in recent times, has increased the level of hunger and frustration among Nigerians. Consequently, several policies have been put in place to increase food productivity on the one hand and reduce the high level of food inflation on the other. This study examined the response of food inflation to the CBN’s manipulation of monetary policy tools. The novelty introduced in this study is the use of the vector autoregressive (VAR) model in the analysis of the response of food inflation to the manipulation of monetary policy tools in Nigeria. Methods: The study used monthly data that spanned the period from 2007M12-2024M5, while the VAR framework was adopted for analysisFindings: The study found that food inflation responded positively to shocks in the broad money supply (M2) across all periods, except period one. It was also found that, while food inflation responded negatively to the monetary policy rate (MPR), the Treasury bill rate (TBR), and bank reserves in the majority of periods, its response to the exchange rate was positive in all periods. In another respect, the findings indicate that the monetary authorities responded positively to shocks in food inflation by manipulating the MPR, TBR, and the exchange rate. In particular, the MPR, TBR, and exchange rate responded positively to shocks in food inflation during the study period.Originality/Value: This study contributes to extant literature through methodology. It applies the vector autoregressive (VAR) model in the analysis to take care of the possible feedback arising from the implementation of monetary policy. This approach departs from previous studies in Nigeria which adopted frameworks such as the autoregressive distributed lag (ARDL) model and the non-linear ARDL. Practical/Policy implication: Address food inflation using monetary policy tools and complementing them with fiscal policies. In addition, the exchange rate policy should be adjusted to favour food imports in the short run, while the long-run target should be to increase domestic food production through various measures.
Efficiency of Indonesian Government Education Spending: A Stochastic Frontier Analysis Approach Dwipatna, I Made Jyotisa Adi
Journal of Developing Economies Vol. 10 No. 2 (2025)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jde.v10i2.77487

Abstract

Objective: Education serves as a foundation of human development and a key driver of national competitiveness, with community outcomes significantly shaped by the allocation and efficiency of government education expenditure. Design/Methods/Approach: This study evaluates the effectiveness and efficiency of government education spending in relation to educational outcomes. Using panel data from 34 provinces in Indonesia for the period 2016–2023, sourced from the Indonesian Central Bureau of Statistics and the Ministry of Finance, the analysis applied the Stochastic Frontier Analysis framework with the Maximum Likelihood Estimation approach. Findings: Government spending on education positively and significantly affects educational outcomes, with an average technical efficiency score of 0.8365. Furthermore, per capita GRDP, poverty levels, and the population growth rate are also found to positively influence educational outcomes in Indonesia. Originality/Value: This study uniquely applies Stochastic Frontier Analysis to provincial-level data, filling gaps left by previous correlation-based research. Using SFA provides a deeper understanding of efficiency variations across provinces, offering insights that extend beyond simple correlations.Practical/Policy implication: The findings of this study have significant implications for Indonesian education policy. Government spending on education demonstrates a positive impact on educational outcomes, emphasizing the need for more efficient and equitable budget allocation across regions. With a technical efficiency level of 83.65 percent, there remains a 16.35 percent margin for improvement to achieve optimal resource utilization. Policymakers should strengthen fiscal governance by enhancing transparency, accountability, and adopting performance-based allocation mechanisms. Stronger coordination between central and local governments, supported by the integration of technology in planning and monitoring processes, can further improve efficiency and reduce regional disparities. Overall, education expenditure should be directed not only toward achieving technical efficiency but also toward ensuring equitable educational outcomes that strengthen human capital development and national competitiveness.

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