Signifikan: Jurnal Ilmu Ekonomi
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The Impact of Central Bank Policy Mix on Banking Risk Behavior
Full text linkResearch Originality: The study investigates the impact of a coordinated policy mix on Banking Risk Behavior in creating credit.Research Objectives: This research aims to determine the effect of the policy mix on lending and the role of risk behavior in Indonesia.Research Methods: We use the Structural Vector Autoregression (SVAR) estimation technique for data 2012Q1-2021Q3.Empirical Results: The study found that monetary policy does not affect credit directly through credit interest rates. Monetary policy affects credit indirectly through its ability to influence an internal variable of banks and strengthen it through interaction with macroprudential policies. The study found that deposit and capital determine the amount of credit disbursed. The study results found that the policy mix of monetary and macroprudential policies effectively influenced recognition in Indonesia. Mixed policies reinforce one another.Implications: To manage bank risk behavior in distributing credit, a mix of monetary and macroprudential policies is needed. When coordinated, both policies reinforce each other and are more effective than when done separately.JEL Classification: E52, E580, E510How to Cite:Wijaya, M. B. L., Wibisana, G. A. & Utama, C. (2025). The Impact of Central Bank Policy Mix on Banking Risk Behavior. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 1-16. https://doi.org/10.15408/sjie.v14i1.4133
Investment Dynamics in the Economies of Selected ASEAN Countries
Full text linkResearch Originality: This research is original in its dynamic panel analysis of investment efficiency determinants in ASEAN+8 economies during 2019-2023, revealing persistent efficiency patterns and nonlinear governance effects.
Research Objectives: This study investigates the impact of foreign direct investment, governance quality, trade openness, and capital intensity on investment efficiency (ICOR) in ASEAN economies.
Research Methods: This study employs System GMM estimation on panel data from 8 ASEAN countries. Key variables include ICOR, FDI inflows, the Corruption Perception Index, trade openness (% of GDP, and capital per worker.
Empirical Results: The analysis reveals strong persistence in investment efficiency over time. While foreign direct investment has only a limited short-term effect, trade openness is a critical long-run driver of efficiency. The relationship with governance quality is complex and nonlinear. Furthermore, capital per worker was not a significant determinant of investment efficiency in the region.
Implications: These results suggest ASEAN policymakers should combine FDI quality targeting with institutional reforms and maintain long-term trade liberalization commitments to enhance investment efficiency.
JEL Classification: F21, O16, O53, C23
How to Cite:Yaqinah, N. I., Wilantari, R. N., & Yuliati, L. (2025). Investment Dynamics in the Economies of Selected ASEAN Countries. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 279-290. https://doi.org/10.15408/sjie.v14i2.45231
Unlocking Sustainability in Informal Micro Enterprises: Capital Access in The Fintech Era
Full text linkResearch Originality: This study offers a unique exploration of how capital access mediates the impact of financial literacy and fintech peer-to-peer (P2P) lending on the sustainability of micro and small enterprises (MSEs) in traditional markets, utilizing SDG-based indicators.
Research Object: This study examines the effects of financial literacy and fintech P2P lending on capital access and sustainability of MSEs in traditional markets.
Research Methods: The study employed a quantitative approach, utilizing Structural Equation Modeling analysis, using 232 MSEs in Jakarta.
Empirical Results: The findings indicate that financial literacy and fintech P2P lending have a positive impact on both capital access and the sustainability of MSEs. However, capital access did not significantly affect the sustainability of MSE or mediate either factor.
Implications: The Financial Services Authority (OJK) must enhance legislation protecting MSEs from fintech risks and promote financial literacy. The OJK must coordinate P2P platforms, cooperatives, and MSE offices. Creating an inclusive fintech ecosystem for traditional market MSEs, with microloans and mentorship, is essential for viable financing.
JEL Classification: G21, G53, L26, O16, Q01
How to Cite:Ispriyahadi, H., Zaenudin, Wati, L. N. (2025). Unlocking Sustainability in Informal Micro Enterprises: Capital Access in the Fintech Era. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 467-488. https://doi.org/10.15408/sjie.v14i2.46421
Impacts of Rural Development on Human Development in Indonesia
Full text linkResearch Originality: This study presents a new analysis of the determinants of human development to implement the government’s vision of building Indonesia from the village and grassroots.Research Objectives: This study aims to determine the effects of rural development and fiscal policy on human development in Indonesia.Research Methods: This study uses data from 434 municipalities for the 2017-2023 period. The study employs panel data analysis with the Common Effect Model, Fixed Effect Model, Random Effect Model, and Generalized Estimating Equation.Empirical Results: The findings suggest that rural development, economic development, and expenditures on goods & services contribute to human development. In contrast, the COVID-19 pandemic and capital expenditures affect human development negatively. The negative effects of capital expenditures become positive after they become assets.Implications: The finding implies the important role of rural development in fostering human development. Short-run objectives might be achieved by goods & services expenditures. Capital expenditures should be directed toward long-run objectives. The central government may accelerate human development by transferring assets to the local government.JEL Classification: E62, H75, I38, O15How to Cite:Hadiwibowo, Y., Setiya, T., & Raharjo, T. (2025). Impacts of Rural Development on Human Development in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 53-64. https://doi.org/10.15408/sjie.v14i1.44453
Fiscal Sustainability and Country Risk Profile: Empirical Evidence in Indonesia
Full text linkResearch Originality: This research examines fiscal sustainability by considering the fiscal behavior of different government regimes and analyzing the correlation between fiscal sustainability and a country\u27s risk profile using the VARX method, with the real effective exchange rate (REER) as an exogenous variable.Research Objectives: This study aims first to determine whether Indonesia\u27s fiscal conditions are sustainable across different government regimes. It then investigates whether a significant link exists between Indonesia\u27s fiscal sustainability and its country\u27s risk profile, as reflected by sovereign spreads from 2005 to 2024.Research Methods: This study used the Vector Autoregressive Exogenous (VARX) method to capture endogeneity, exogeneity, simultaneity, direct effects, indirect effects, and shock-response of the variables used to measure the relationship between fiscal sustainability and sovereign risk.Empirical Results: The findings indicate a significant relationship between fiscal sustainability and country risk, where an increase in the primary balance raises investor risk perception. Meanwhile, if debt management policies are implemented prudently and effectively, a rise in the debt-to-GDP ratio does not always widen the sovereign spread.Implications: These results suggest that, despite differences in government regimes, policymakers should focus on strengthening the government\u27s ability to manage debt prudently and either generate a primary balance surplus or reduce the deficit by sustainably enhancing revenue and spending policies to maintain fiscal sustainability and lower the country\u27s risk profile.JEL Classification: H62, H60, H63, C32How to Cite:Mufid, A.H., & Widyawati, D. (2025). Fiscal Sustainability and Country Risk Profile: Empirical Evidence in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 163-178. https://doi.org/10.15408/sjie.v14i1.45801
Do Coffee Exports Have an Impact on Economic Growth in Indonesia?
Full text linkResearch Originality: The novelty lies in exploring an under-researched topic, with limited studies on the impact of coffee exports from 1993 to 2024, considering key events such as the Asian financial crisis and the COVID-19 pandemic.
Research Objectives: This study examines the short-term and long-term effects of exchange rates and coffee exports on economic growth.
Research Methods: This study utilizes data from 1993 to 2024 on exchange rates, coffee exports, recessions, and economic growth in Indonesia. The analysis is conducted using the ARDL model.
Empirical Results: Exchange rate depreciation has a negative impact on GDP in the short term, while past depreciation has a positive effect on economic growth. The value of coffee exports has a marginal positive effect on GDP, while the volume of coffee exports shows inconsistent impacts. Recession does not significantly affect GDP, likely due to policy responses. Long-term estimates show a stable relationship among the variables, with adjustments occurring at a rate of 35.43% per period.
Implications: The government should thoroughly evaluate existing policies with a focus on promoting economic growth, while enhancing the quality of Indonesian coffee exports to remain competitive globally.
JEL Classification: C32, E01, F10, O11
How to Cite:Hikmatias, N.A., Zahra, Z.N., Octariyadi, N.U., & Sahara. (2025). Do Coffee Exports Have an Impact on Economic Growth in Indonesia?. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 489-504. https://doi.org/10.15408/sjie.v14i2.46425
Examining the Model for Enhancing E-Loyalty in Digital Banks
Full text linkResearch Originality: This research novelty lies in applying the Stimulus-Organism-Response (S-O-R) theory to measure e-loyalty among digital banking customers in Indonesia. This approach has not been widely explored in Indonesia\u27s digital banks\u27 context.Research Objectives: This research evaluates e-loyalty among digital banks\u27 customers in Indonesia using the SOR theory\u27s direct and indirect measurement methodologies.Research Methods: The sample consists of 130 participants drawn from customers of both Islamic and conventional digital banks in Indonesia. This research applies PLS-SEM through SmartPLS software for structural model analysis.Empirical Result: The results show that e-CRM, e-trust, and e-satisfaction directly enhance e-loyalty. E-CRM and e-trust also influence e-loyalty indirectly through e-satisfaction. Moreover, e-satisfaction mediates these relationships, highlighting its crucial role in strengthening customer loyalty in Islamic and conventional digital banks.Implications: Digital banks need to enhance e-CRM by improving application features and usability to maintain customer interaction. Additionally, e-trust is crucial to continuously strengthening security systems to reduce customer concerns. Moreover, services must consistently meet or even exceed customer expectations to achieve high satisfaction and foster customer loyalty.JEL Classification: G21, M31, D91How to Cite:Mahfuzh, M. A., Setyono, J., & Riza., A. F. (2025). Examining the Model for Enhancing E-Loyalty in Digital Banks. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 247-264. https://doi.org/10.15408/sjie.v14i1.44901
What are the Spatial Linkage Patterns in East Kalimantan Region?
Full text linkResearch Originality: This research is original research that examines the spatial linkage between regions in East Kalimantan Province comprehensively
Research Objectives: This study examines economic concentration and inter-regional connectivity and their impact on growth dynamics in East Kalimantan.
Research Methods: This research uses a Spatial Autocorrelation Analysis based on Moran’s Index, Herfindahl-Hirschman Index, and Gravity Index. Data was analyzed from 10 regencies/cities in East Kalimantan from 2017 to 2023.
Empirical Results: The study results indicate weak spatial integration among regencies/cities in East Kalimantan. Moran’s Index shows low positive spatial autocorrelation, suggesting limited economic spillover from high-GRDP regions. Market structure analysis reveals sectoral dominance, particularly in mining, leading to low diversification and oligopolistic tendencies. Gravity Index findings highlight strong spatial interaction between Kutai Kartanegara and Samarinda, while Mahakam Ulu remains isolated.
Implications: This study shows that spatial linkages between regions in East Kalimantan remain weak, with the dominance of extractive sectors leading to a concentrated market structure and regional disparities. To address this, strategic regional planning is needed through improved connectivity, economic diversification, and the strengthening of non-extractive sectors. An inclusive and integrative policy approach is essential to achieve equitable and sustainable growth across the region.
JEL Classification: O1, O18, R11, R12
How to cite:
Lestari, E. K., Muslihatinningsih, F., & Shidqy, A. F. A (2025). What are the Spatial Linkage Patterns in East Kalimantan Region?. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 303-324. https://doi.org/10.15408/sjie.v14i2.45607
Undesirable Output in Environmental Efficiency: Evidence from ASEAN Countries
Full text linkResearch Originality: This study enriches the environmental efficiency literature by applying a DEA model that considers undesirable outputs, to produce more comprehensive and accurate efficiency estimates, especially in the context of the ASEAN region
Research Objectives: To evaluate and compare the relative environmental efficiency of ASEAN countries using the Data Envelopment Analysis (DEA) method
Research Methods: This study applies the DEA approach to measure environmental efficiency in ASEAN countries from 2000 to 2022, using population and industry as inputs, and GDP and CO2 emissions as outputs
Empirical Results: The findings indicate variations in environmental efficiency among ASEAN countries, reflecting differences in industrial policies and levels of economic development. Singapore emerges as the most efficient country, while Indonesia is identified as one of the ASEAN countries that needs to focus on improving its environmental efficiency.
Implications: The research results show significant variation in environmental efficiency across ASEAN countries. This finding emphasizes the importance of formulating development policies that are not solely oriented toward economic growth but also address resource efficiency and emission reduction. Countries with low efficiency, such as Indonesia, need to develop more comprehensive, data-driven green transition strategies.
JEL Classification: C31, G21, I32, O18
How to Cite:Kusumawardhani, H. A. (2025). Undesirable Output in Environmental Efficiency: Evidence from ASEAN Countries. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 339-358. https://doi.org/10.15408/sjie.v14i2.45828
Dynamic Analysis on the Determinants of Prevalence of Undernourishment in Indonesia: A System GMM Approach
Full text linkResearch Originality: This original study examines the determinants of undernourishment in Indonesia with mediating variables.Research Objectives: This study examines the impact of food production, inflation, unemployment, and social food assistance on undernourishment with people\u27s purchasing power as a mediating variable.Research Methods: Dynamic panel analysis with the Generalized Method of Moment (GMM) and Sobel test examines direct and mediation relationships for the data period 2018-2023.Empirical Results: The results show the direct and indirect effects of inflation, unemployment, and social food assistance on the prevalence of undernourishment in Indonesia through the mediation of people’s purchasing power. Meanwhile, food production has no effect either directly or indirectly.Implications: This study implies that the government must maintain stable inflation, create jobs, effectively target food assistance, and reduce reliance on social food assistance.JEL Classification: C31, G21, I32, O18How to Cite:Geubrina, Y., Suriani., & Seftarita, C. (2025). Dynamic Analysis on the Determinants of Prevalence of Undernourishment in Indonesia: A System GMM Approach. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 111-130. https://doi.org/10.15408/sjie.v14i1.42524