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Analyzing Economic Resilience of Rural Tourism in Indonesia Using Synthetic Composite Index
No full textResearch Originality: This study used a new method, namely the Adjusted Mazziotta-Pareto Index (AMPI) to measure and categorize economic resilience using clustering analysis. In addition, the innovative method had not been previously applied to tourism resilience in Indonesia, making this study the first to measure tourism village resilience.Research Objectives: This study aimed to analyze economic resilience of tourism village destinations in Indonesia from 2019 to 2022 during the COVID-19 pandemic. Research Methods: The procedures were carried out using a quantitative method to determine resilience index of tourism village in Indonesia during the COVID-19 pandemic. Data were obtained from form management documents as well as 24 tourism villages across Java, Bali, and West Nusa Tenggara Provinces. Empirical Results: The results showed that the majority of villages were significantly impacted in the initial year of COVID-19, but were able to recover, demonstrating strong capacity and performance in recovering from the pandemic shock. In addition, economic aspects of capacity and performance showed high adaptability after the pandemic, indicating relative resilience to the shock. Implications: The results of this study could inform policies to enhance tourism village resilience in Indonesia. JEL Classification: O18, Z32, Z38How to Cite:Ariyani, N., & Fauzi, A. (2024). Analyzing Economic Resilience of Rural Tourism in Indonesia Using Synthetic Composite Index. Etikonomi, 23(2), 415 – 432. https://doi.org/10.15408/etk.v23i2.33355
Islamic Banks Stability in Indonesia: Assesing the Role of Islamicity Performance Amidst the Pandemic Challenges
No full textResearch Originality: Islamicity performance reflects adherence to Sharia principles, which are fundamental to Islamic banking operations. Research that emphasizes the contribution of Islamicity performance to the stability of Islamic bank requires additional studies.Research Objectives: This research examines the influence of banks’ internal factors, Islamicity performance, and macroeconomic factors on the Islamic bank stability amidst the pandemic challenges using financial intermediation theory.Research Methods:A random effects test was performed on a balanced panel data covering the period of 2017.1-2023.3 on 10 Islamic banks continuously publishing quarterly financial reports.Empirical Results: Credit risk and eficiency affect stability. Higher expenses enhance stability during pandemic. Reserves for uncollectible debt reduce stability. Islamicity performance in profit-sharing financing may reduce stability. Economic growth and inflation negatively affect stability pre-pandemic. Interest rate and dummy variables have positive effects.Implications: These findings imply the significance of preemptive risk management, cost-effective operations, prudent reserves allocation, and regulatory compliance to enhance stability in Islamic bank across varying economic circumstances.JEL Classification: E4, G21, B22How to Cite:Amaroh, S., Masykuroh, E., Husnurrosyidah., & Ali, M., (2024). Islamic Banks Stability in Indonesia: Assesing the Role of Islamicity Performance Amidst the Pandemic Challenges. Etikonomi, 23(2), 317 – 332. https://doi.org/10.15408/etk.v23i2.37269
How Does Nuclear Energy Affect Environmental Pollution? Evidence from the United States
No full textResearch Originality: Nuclear power plant installation activities, which have gained momentum since the 1970s, have made the use of nuclear energy widespread, and especially the US ranks first in the world in the nuclear energy use. This article contributes to the existing literature on environmental economics by incorporating environmental technologies and globalization into the investigation of the impact of nuclear energy on environmental pollution. Research Objectives: The aim of this study is to analyze the effects of nuclear energy consumption, environmental technologies and globalization on environmental pollution in the US.Research Methods: The paper use ARDL approach with the data of 1970-2018 period. Empirical Results: According to the findings, nuclear energy consumption negatively affects environmental quality in the US both in the short and long run. On the contrary, while environment-related technologies contribute positively to environmental quality with a reducing effect on carbon footprint in the long run. Also, globalization has an insignificant effect on environment in both short and long run.Implications: It is thought that environmental quality will improve as a result of supporting environmental technologies and exchanging nuclear energy with renewable energy sources in the US.JEL Classification: Q43, C32How to Cite:Atay Polat, M., Savranlar, B., Arslan, F. (2024). How Does Nuclear Energy Affect Environmental Pollution? Evidence from US. Etikonomi, 23(2), 511 – 526. https://doi.org/10.15408/etk.v23i2.37692
Unleashing the Central Bank Digital Currency Revolution and its Impact on Exchange Rate: A Monetary Approach Synthesis
No full textResearch Originality: The introduction of CBDC by the Central Bank of Indonesia has increased the intensity of news about CBDC. Besides aiming to introduce the future direction of the payment system, the news potentially causes uncertainty and speculation in the market, which may impact the rupiah exchange rate.Research Objectives: This research analyzes the impact of CBDC news on the rupiah exchange rate, synthesizing a sticky price version of the monetary approach to the exchange rate. Research Methods: A CBDC News Index is constructed based on a compilation of news data from major online media between 2018 and 2023. The structural VAR (SVAR) method is thenemployed to investigate the impact of CBDC news on the exchange rate dynamic.Empirical Results: The results suggest a trend consistent with the hypothesis, indicating that news about CBDC may lead to pressure on the domestic currency, resulting in depreciation. However, the impact is not statistically convincing as the coefficient is not statistically different from zero. The monetary approach synthesis findings suggest that raising the policy rate is likely efficacious in counteracting the pressure of domestic currency depreciation. Meanwhile, other monetary approach variables exhibit anomalies related to exchange rate dynamics.Implications: As the central bank plans to implement a Central Bank Digital Currency (CBDC), it must carefully control the dissemination of information about what the CBDC will entail and how it will be rolled out. CBDC blueprint and official disclosure help reduce uncertainty and speculation about implementing CBDC.JEL Classification: D80, E58, F31How to Cite:Kurnia, A. S. & Assidiq, M. A. (2024). Unleashing the Central Bank Digital Currency Revolution and Its Impact on Exchange Rate: A Monetary Approach Synthesis. Etikonomi, 23(2), 271-286. https://doi.org/10.15408/etk.v23i2.3778
“Demographic Winter”: Does it Have an Impact on Indonesia? Population Economic Records
No full textThe originality of this paper focuses on existing material. It has implications for uncovering Indonesia\u27s barriers to population growth, which are associated with economic components such as employment, wages, and happiness. On this basis, the orientation of this study is centered on cycles in the "demographic winter" of Indonesia. Short-term data for 2016–2021 is applied. This research is using multiple regression. In its actualization, population composition has a positive effect on the aging population, the aging population has a positive effect on the young workforce, and the young workforce affects wages. Another direct effect found a positive effect between fertility on marriage and birth productivity. From other moments, it is evident that being married positively affects birth productivity, and life expectancy and birth productivity positively affect happiness. In theoretical construction, the findings suggest further identification beyond the existing premise. The research in the next edition is growing by including other non-economic factors such as health, migration, mortality, and education.JEL Classification: C12, C22, J10, J21, I31How to Cite:Rosyadi, R., Wijayanti, T. C., & Jiuhardi, J. (2023). “Demographic Winter”: Does it Have an Impact on Indonesia? Population Economic Records. Etikonomi, 22(2), 389 – 408. https://doi.org/10.15408/etk.v22i2.31264
Factors Impact of the Stock Market Performance During the Covid-19 Crisis
No full textResearch originality: This research adds the exchange rate variable and the use of the Vector Autoregressive (VAR) model that can add to the financial literature.Research Objectives: This study examines how macroeconomics can impact a business during a crisis. The stock market has associated access with new COVID-19 cases and new deaths in Indonesia. During the pandemic, the exchange rate is critical, so this study observes the exchange rate of IDR against USD. This paper investigates the relationship between new cases, new deaths, and the exchange rate with the stock market index.Research Methods: The study retrieves the daily data from March 2, 2020, to June 30, 2022, from Our World in Data, Indonesia\u27s stock exchange, and Indonesia\u27s Statistic Central Bureau. We have used the ADF, Vector Autoregressive (VAR) Model, impulse response function, and the Toda Yamamoto causality test. Empirical Results: The findings reveal a significant negative impact of new COVID-19 cases, new deaths, and exchange rates on the stock market. Toda Yamamoto\u27s causality analysis reveals substantial evidence of unidirectional daily growth of new COVID-19 deaths in the stock market and a bidirectional causality of new COVID-19 cases and new COVID-19 deaths.Implications: The policy implications of this study are to stabilize markets, impact overall financial stability, support entrepreneurship, and develop a competitive market environment that can encourage innovation. JEL Classification: C5, E31, F31How to Cite:Goh, T. S., Henry, H., & Erika, E. (2024). Factors Impact of the Stock Market Performance During the Covid-19 Crisis. Etikonomi, 23(1), 47 – 62. https://doi.org/10.15408/etk.v23i1.3200
Antecedents of Behavioral Intention to Adopt Sharia Digital Services in ZISWAF Distribution
No full textResearch Originality: Indonesia, the fourth-most populous country after India, China, and the USA, has the largest Muslim population in the world, with a population of 231 million Muslims, or almost 13% worldwide. The number of millennial Muslim generations is around 59.415 million, or 85 percent of the total number of millennials, making it a potential market. This paper contributes to the existing behavioral intention literature by focusing on the integration of Acceptance and Use of Technology 2 (UTAUT2), Diffusion of Innovation (DOI) theory, and Perceived Security (PS) theory towards sharia digital services.Research Objectives: This research examines the antecedents of behavioral intention to adopt sharia digital services in ZISWAF distribution among the millennial Muslim generation in Indonesia.Research Methods: This study used a quantitative approach with the Structural Equation Modeling (SEM) analysis method and involved 350 respondents in Indonesia. By adopting the theories of Theory of Acceptance and Use of Technology 2 (UTAUT2), Diffusion of Innovation (DOI) theory, and Perceived Security (PS).Empirical Results: The study results show that performance expectancy, habit, price value, and compatibility have a positive and significant effect on behavioral intention to adopt sharia digital services in ZISWAF distribution. Furthermore, the price value variable is the strongest predictor of behavioral intention to adopt sharia digital services in ZISWAF distribution.Implications: This research has important meaning for the Indonesian government, ZISWAF institutions, and application providers because it provides valuable insight into considering accelerating ZISWAF distribution among the millennial Muslim generation.JEL Classification: Z12, L31How to Cite:Hariyanto., Ratnasari, R. T., Rusgianto, S., & Pitchay, A. A. (2024). Antecedents of Behavioral Intention to Adopt Sharia Digital Services in ZISWAF Distribution. Etikonomi, 23(1), 109 – 128. https://doi.org/10.15408/etk.v23i1.33892
The Importance Level of Islamic Tourism Attributes: Will Religiosity Distinguish?
No full textResearch Originality: How Islamic attribute fulfilment may influence Muslim tourists\u27 preferences has been widely known. Yet, the way the model is examined the other way around is relatively scarce in halal tourism literature. The originality of this research lies in the model use in testing the effect of companion type and destination choice, moderated by different levels of religiosity, on Muslim tourists’ assessment of the importance of Islamic attributes in halal tourism.Research Objectives: This study aims to examine the effect of Muslim tourists’ preferences in terms of companion type and destination choice, moderated by their level of religiosity, on their assessment of the importance of Islamic attributes in halal tourism. Research Methods: Friedman and Cochran\u27s Q non-parametric tests were conducted on 189 data collected online to examine the direct effects of companion type, destination choice, and religiosity on Muslim tourists’ assessment of the importance of Islamic attributes. Model 1 of the Hayes Process Macro with binary logistic was employed to examine the moderating effect of religiosity.Empirical Results: The results showed that companion type, religiosity, and destination choice significantly affected Indonesian Muslim travellers\u27 assessment of the importance of Islamic attributes. However, the moderating role of religiosity was not observed.Implications: The findings have implications for Muslim travellers\u27 decision-making literature and may offer better strategies for tourism businesses to attract and retain more Muslim tourists.JEL Classification: C14, C83, Z12, Z32How to Cite:Suci, A., Wiyati, R., Siregar, I. F., & Nanda, S. T. (2024). The Importance Level of Islamic Tourism Attributes: Will Religiosity Distinguish? Etikonomi, 23(2), 433 – 448. https://doi.org/10.15408/etk.v23i1.34369
Enhancing Human Development Quality in Indonesia: Socio-Economic and Technological Capabilities
No full textResearch Originality: Human development is a complex issue faced by various countries worldwide. Technology is considered to have the potential to significantly impact the landscape of human development due to its potential for penetration. This research contributes to the development literature in Indonesia by focusing on the important aspects of the influence of socio-economic factors and technological capabilities on the quality of human development.Research Objectives: This research aims to analyse how socio-economic and technological capabilities influence the quality of human development in Indonesia.Research Methods: Using panel data from 34 provinces spanning the period from 2015 to 2022, the research employs a Panel Data Regression Analysis model with the best-fitted Fixed Effect model.Empirical Results: The results of this study indicate that socio-economic factors, as seen through unemployment and poverty, significantly negatively impact Indonesia\u27s Human Development Index (HDI). Economic growth has an insignificant effect on Indonesia\u27s HDI. Technological capabilities, measured through the ICT Development Index, and the proportion of adolescents and adults aged 15-59 with ICT skills, have a significantly positive impact on Indonesia\u27s HDI.Implications: The results of this research identify factors that can either encourage or hinder HDI, offering valuable insights for government policymakers to enhance HDI in Indonesia, particularly in each region.JEL Classification: O15, O30, O47How to Cite:Setyowati, I. Y., Malik, N., & Suliswanto, M.S.W. (2024). Enhancing Human Development Quality in Indonesia: Socio-Economic and Technological Capabilities. Etikonomi, 23(1), 93 – 108. https://doi.org/10.15408/etk.v23i1.35508
Volatility Connectedness of MOVE Index and Bond Returns
No full textResearch Originality: To the best of our knowledge, this is the first study which measures the impact of the MOVE index on bond yield volatility by comparing its effect on both short-term and long-term. The paper contributes to the existing literature by providing a better understanding of the relationship between maturity and volatility spillover. Research Objectives: This study examines the dynamic volatility connectedness between 2 and 10-year bond yields and the MOVE Index. Furthermore, it is aimed at detecting the transmitter of volatility among variables. Research Methods: Using a data set from 2010 to 2022, the study utilizes a Time-Varying Parameter Vector Autoregression (TVP-VAR) model to analyse the dynamics and relationship between bond yields and the MOVE Index. Empirical Results: The study finds a significant volatility spillover between the MOVE Index and Türkiye\u27s bond yields. Notably, the linkage between the MOVE Index and the 10-year bond rates is stronger than with the 2-year rates. Additionally, the MOVE Index emerges as the primary transmitter of volatility, impacting both bond yields. Implications: This study sheds light on the complexity and dynamics of volatility spread in Türkiye\u27s bond market, providing essential insights for forecasting bond yields and shaping financial policies.JEL Classification: G17, C22, G12How to Cite:Baykut, E., Gökgöz, H. (2024). Volatility Connectedness of MOVE Index and Bond Returns. Etikonomi, 23(1), 27 – 46. https://doi.org/10.15408/etk.v23i1.36131