Signifikan: Jurnal Ilmu Ekonomi
Not a member yet
327 research outputs found
Sort by
The Future of Health Expenditure in ASEAN Countries: A Forecasting Analysis with ARIMA
Full text linkResearch Originality: The primary contribution of this research is its novel analysis and forecasting of health expenditure in the ASEAN region, which has been previously underexamined by scholars.
Research Objectives: This research forecasts per capita health expenditure across three ASEAN countries, broken down by government, private, and out-of-pocket sources.
Research Methods: This study employs a time series ARIMA model approach using secondary data from the World Bank for the period 2000 to 2021
Empirical Results: The findings indicate that projections for all three countries significantly increase across all health expenditure categories. Singapore is expected to see a sharp surge in all health expenditure components. At the same time, Indonesia is forecasted to achieve the highest growth rate in percentage terms, but lags in nominal terms. Conversely, Malaysia is projected to experience moderate growth in health expenditure.
Implications: This research underscores the financing disparities and the urgent need for health system reform.
JEL Classification: I18, C22, O53
How to Cite:Melati, A. P. S., & Sihaloho, E. D. (2025). The Future of Health Expenditure in ASEAN Countries: A Forecasting Analysis with ARIMA. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 449-466. https://doi.org/10.15408/sjie.v14i2.46420
Empowering Loan Awareness: The Role of Sharī‘ah Financial Literacy, Blockchain, and Fintech Trust
Full text linkResearch Originality. Despite extensive research on Sharī‘ah financial literacy and fintech trust, their combined impact on illegal loan awareness remains unexplored. This study bridges that gap by analyzing their interaction in financial decision-making amid rising predatory lending, offering a novel perspective on their protective role against unethical financial practicesResearch Objectives. This study aims to examine the effect of Sharī‘ah financial literacy on awareness of illegal online loans, with blockchain technology understanding and Sharī‘ah fintech trust as mediating variables.Research Methods. An associative quantitative approach was employed, utilizing a survey of 519 Indonesian millennial Muslims, selected through simple random sampling. Data analysis was conducted using structural equation modeling (SEM) to explore the relationships among variables.Empirical Results. The findings indicate that Sharī‘ah financial literacy significantly influences blockchain understanding, fintech trust, and awareness of illegal online loans. Blockchain understanding enhances fintech trust but does not directly impact loan awareness, whereas trust in Sharī‘ah fintech positively affects awareness of illegal online lending risks.Implications. This study underscores the importance of improving Sharī‘ah financial literacy and blockchain understanding to strengthen consumer trust in Sharī‘ah fintech and raise awareness of illegal online lending risks. However, further research with broader samples is recommended to validate these findings.JEL Classification: G41, G28, O33, Z12, D83How to Cite:Sumar’in, Ardi. P, Sumin, & Kusnadi, I. (2025). Empowering Loan Awareness: The Role of Sharī‘ah Financial Literacy, Blockchain, and Fintech Trust. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 179-196. https://doi.org/10.15408/sjie.v14i1.44735
Heterogeneous Effects of Islamic Finance: A Multilevel Analysis for Policy Optimization in Developing Economies
Full text linkResearch Originality: This study addresses a gap in the literature by examining the heterogeneous impact of Islamic financial instruments. It incorporates various contextual factors and employs panel data regression to control for cross-country and temporal heterogeneity, offering a broader perspective on Islamic finance and economic growth.Research Objectives: This study analyzes the impact of Islamic financial instruments on economic growth in developing countries with different income levels over time.Research Methods: A quantitative approach is applied using panel data regression with pooled data classification to account for variations in data treatment.Empirical Results: The findings reveal that Islamic financial instruments, particularly Total Islamic Financing and Islamic Banking Assets, significantly enhance economic growth. Demographic factors, such as population size, also play a key role, while inflation has no significant impact. Additionally, Fixed Effects (Cross) values, which adjust for country- and year-specific heterogeneity, show substantial variation, with positive and negative values across countries and periods.Implications: These findings offer policy insights to help governments and regulators develop responsive, economic policies that promote financial inclusion, strengthen regulatory frameworks, and support sustainable growth through Islamic finance.JEL Classification: C33, F43, G21, O16How to Cite:Supriadi, I., & Wany, E. (2025). Heterogenous Effect of Islamic Finance: A Multilevel Analysis for Policy Optimization in Developing Economies. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 197-216. https://doi.org/10.15408/sjie.v14i1.44736
Sharia Supervisory Board and Islamic Banking Performance in Indonesia: Does Size Matter?
Full text linkResearch Originality: This study is amongst a few studies empirically examining the impact of the Sharia Supervisory Board\u27s (SSB) characteristics on the financial performance of Islamic banks in Indonesia. This attribute concerns regulators and market players due to its importance in Shariah governance and Islamic banks\u27 performance. This study encompasses both full-fledged and dual-banking Islamic financial institutions.Research Objectives: This study investigates the impact of the Sharia Supervisory Board\u27s characteristics on the financial performance of Islamic banks in Indonesia.Research Methods: This study utilizes random-effects GLS unbalanced panel data regression analysis with panel data from 30 Islamic banks in Indonesia (13 full-fledged Islamic banks and 17 dual-banking Islamic banks) from 2018 to 2023.Empirical Results: The study highlights the pivotal role of SSB size in enhancing the financial performance of Islamic banks. The results suggest that the size of SSB has a significant positive influence on the financial performance of Islamic banks in Indonesia during the 2018- 2023 period.Implications: It provides additional rationale for the newly issued regulation regarding the SSB size in Indonesia. It also offers actionable insights into the necessity of effective governance structures to ensure the sustainable growth of Islamic banking institutions.JEL Classification: G21, G28, G34How to Cite:Pessiwarisa, J. A., & Kasri, R. A. (2025). Sharia Supervisory Board and Islamic Banking Performance in Indonesia: Does Size Matter?. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 231-246. https://doi.org/10.15408/sjie.v14i1.44740
Shaping a Sustainable Future: How Energy Consumption and Carbon Emissions Drive Low-Carbon Development
Full text linkResearch Originality: The study examines the impact of deforestation, energy use, transportation, and industrialization in North Sumatra from 1991 to 2021 on low-carbon development. It aims to understand environmental change drivers and propose strategies to mitigate their negative effects on development.Research Objectives: This research aims to explore the relationship between deforestation, energy consumption, land transportation, and industrialization as factors influencing low-carbon development.Research Methods: The study examines factors influencing low-carbon development in North Sumatra from 1991 to 2021, including energy consumption, land transportation, industrialization, and deforestation, influenced by population density and property rights.Empirical Results: The study reveals that deforestation, energy consumption, land transportation, and industrialization significantly impact low-carbon development in North Sumatra, with population density positively influencing deforestation.Implications: The research suggests that the government should implement policies to reduce deforestation, increase public transportation usage, and promote electric vehicles to achieve low-carbon development, promote efficient energy consumption, and encourage environmentally friendly technological innovation.JEL Classification: F21, F43, G18, H21, R23How to Cite:Siregar, E. S. (2025). Shaping a Sustainable Future: How Energy Consumption and Carbon Emission Drive Low-Carbon Development. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 93-110. https://doi.org/10.15408/sjie.v14i1.44779
The Rising Food Prices in Ramadan and Its Impact on Inflation
Full text linkResearch Originality: This study proposes a new contribution by analyzing the seasonal pattern of rising food prices in Ramadan and its impact on inflation over the period 2018–2024. This data range allows for more recent and relevant identification.
Research Objectives: This study aims to describe food prices before, during, and after Ramadan and to analyze their impact on inflation, using data from January 2018 to May 2024.
Research Methods: This research uses descriptive statistical methods to analyze food prices and inflation, and multiple linear regression to examine the impact of food prices on inflation.
Empirical Results: This study found that prices of all food commodities tended to increase before, during, and after Ramadan, especially in Ramadan 2022. Descriptively, inflation also showed an increasing pattern before, during, and after Ramadan in most observation years, except 2020. Multiple linear regression analysis revealed that only chicken prices had a significant effect on inflation, while the other nine foods did not.
Implications: These findings suggest that the government prioritize controlling the prices of strategic commodities like chicken during Ramadan by stabilizing supply and disseminating price information equitably. Furthermore, education on wise consumption and support for food access for poor groups can help mitigate price fluctuations on the demand side.
JEL Classification: Q110, E310, E210
How to Cite:Mutiara, T., Al Arif, M. N. R., & Anwar, M. (2025). The Rising Food Prices in Ramadhan and Its Impact on Inflation. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 407-422. https://doi.org/10.15408/sjie.v14i2.46417
How Macroeconomic Indicators Drive Food Production in OIC Countries?
Full text linkResearch Originality: This research prioritizes a more in-depth analysis of OIC member countries with different income categories. The research also focuses on developing a more robust and integrated modeling framework that can capture the dynamic interactions between inflation, economic growth, and food production.
Research Objectives: This study investigates the impact of economic growth and inflation on food production in both the short and long term.
Research Methods: This study uses panel data from 40 OIC member countries from 1992 to 2021. This study employs Panel Autoregressive Distributed Lag (PARDL) and categorizes OIC member countries based on income classifications: High-Income, upper-middle, lower-middle, and Low-Income countries.
Empirical Results: The findings indicate that economic growth and inflation substantially impact food production over the long term. Certain countries exhibit a beneficial impact, whereas others demonstrate a detrimental effect.
Implications: This research can provide new insights into the complex relationship between macroeconomic indicators and food availability, and it can be used to inform policymaking recommendations. In addition, the findings can support policymakers in formulating more effective strategies to shift policy towards sustainability.
JEL Classification: C31, E23, O13
How to Cite:Luthfi, F., Ardelia, A. S., & Arminingsih, D. (2025). How Macroeconomic Indicators Drive Food Production in OIC Countries: A Panel ARDL Analysis. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 325-338. https://doi.org/10.15408/sjie.v14i2.45673
Household Food Consumption and Poverty Reduction After Earthquakes: Evidence from Lombok
Full text linkResearch Originality: This study contributes to the literature by examining how household food consumption mitigates the poverty impact of earthquakes, an area that remains underexplored in post-disaster economic studies.Research Objectives: The study aims to analyze the role of per capita household food consumption in poverty reduction after the Lombok earthquake and to highlight its importance for economic recovery.Research Methods: This study uses panel data from 10 districts/cities in West Nusa Tenggara (2011-2019) to employ the First-Difference Generalised Method of Moments (FDGMM) to address potential endogeneity and estimate the causal relationship between food consumption and poverty.Empirical Results: The results show that per capita food consumption significantly reduces poverty under normal conditions and after a disaster. Meanwhile, economic growth positively impacts poverty, suggesting that the observed growth is not inclusive. The study also finds that the direct effect of the earthquake on food consumption is statistically insignificant, suggesting that other factors, such as relief programs, may have played a role in stabilizing consumption.Implications: These findings underscore the importance of policies that enhance food security and equitable distribution, particularly in post-disaster contexts. Strengthening social protection programs and ensuring inclusive economic growth is essential for long-term poverty reduction in disaster-prone areas.JEL Classification: C33, I32, Q54How to Cite:Pratama, A. W., Sari, D. W., & Awwalin, I. (2025). Household Food Consumption and Poverty Reduction After Earthquakes: Evidence from Lombok. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 65-76. https://doi.org/10.15408/sjie.v14i1.43926
Dynamic Panel Data Analysis of Income Inequality in Indonesia
Full text linkResearch Originality: This study examines the short-term and long-term relationships between macroeconomic variables and income inequality, adopting a broader approach than previous research, which has primarily focused on partial and simultaneous influences on income inequality.Research Objectives: This study aims to analyze the dynamic variables that affect income inequality in Indonesia.Research Methods: This study uses panel data from 34 provinces in Indonesia from 2015 to 2023 and employs the Generalized Method of Moments Arellano Bond (GMM-AB) approach. This method was selected to address endogeneity and heteroscedasticity issues commonly encountered in panel data analysis.Empirical Results: The findings reveal that the Indonesian Democracy Index and the Gender Inequality Index significantly impact income inequality. Meanwhile, the ICT Development Index and the Human Development Index also exhibit significant influences. These results reinforce the argument that enhancing access to education and promoting gender equality are essential strategies for reducing income inequality.Implications: The study provides valuable insights for policymakers, emphasizing the need to strengthen democratic institutions and empower women through improved access to education and economic opportunities as key measures to mitigate income inequality.JEL Classification: D63, J16, O15, O32, P16How to Cite:Syafitri, A. E., Endang, E., & Susilo, J. E. (2025). Dynamic Panel Data Analysis of Income Inequality in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 149-162. https://doi.org/10.15408/sjie.v14i1.44943
Do Tourism-Related Sectors Drive Most of the Economy in Toba Regency? A RAS-based Regional Input-Output Analysis
Full text linkResearch Originality: This study constructs the first regional Input–Output (RIO) table for Toba Regency in 2023, utilizing the iterative RAS technique to adapt provincial coefficients to local macroeconomic data.
Research Objectives: To estimate sectoral interlinkages, multiplier effects, and labor intensity for Toba Regency, and to identify strategic sectors that can drive regional economic growth and inform evidence-based policymaking.
Research Methods: The 2016 North Sumatra I–O table was regionalized into a 22-sector Toba Regency table through RAS, with row and column sums adjusted to match Toba Regency GRDP by industry and expenditure. The resulting table was analyzed to calculate backward and forward linkages, output multipliers, and labor intensity.
Empirical Results: The local economy is primarily driven by paper manufacturing, agriculture, and construction, while the tourism sector contributes only 6.2 percent of output and exhibits weak forward linkages. This finding suggests limited integration of tourism-related activities into the local supply chain. Electricity, business services, and agriculture emerge as growth drivers, while wage disparities persist in low-productivity service sectors.
Implications: The approach can guide other subnational governments in producing localized Input–Output (I–O) tables, thereby enhancing evidence-based policymaking.
JEL Classification: D57, R15, R58
How to Cite:Susanti, H., Revindo, M.D., Iskandar, S.D., Nusantoro, N., & Sabrina, S. (2025). Do Tourism-Related Sectors Drive Most of the Economy in Toba Regency? A RAS-based Regional Input-Output Analysis. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 521-536. https://doi.org/10.15408/sjie.v14i2.46490