Most African countries have been affected due to economic crises regarding hyperinflation and low... more Most African countries have been affected due to economic crises regarding hyperinflation and lower agricultural productivity, civil war, lower infrastructural and transportation systems, social and domestic violence, food insecurity due to bad agricultural systems, social and religious inequality, mismanagement of governing systems with defective bureaucracy, environmental degradation and lower practice for sustainable development. In this paper, the author tries to find out two research objectives i) To measure the good governing variables on women literacy between East and West African countries ii) To measure the joint impact of good governance and GDP level between these two countries. The author uses secondary dataset from The World Bank site on quantitative analysis where the author uses multiple regression model for general regression and integrated regression model.
This research examines the influence of the economic complexity index, GDP per capita, gross high... more This research examines the influence of the economic complexity index, GDP per capita, gross higher education participation ratio, government spending on education, and fertility rates on income inequality in G20 Forum member countries from 2010 to 2019. The dynamic panel data regression method with the two-step System Generalized Method of Moments (SYS-GMM) estimation technique is used to analyze the data in this study. The findings reveal that the economic complexity index, GDP per capita squared, government spending on education, and fertility levels have a negative and significant effect on income inequality. Meanwhile, GDP per capita and gross enrollment rates in tertiary education have a significant positive effect on income inequality. This study shows that the economic complexity index and the quality of human resources can reduce income inequality. Therefore, policies that focus on improving the quality of human resources need to be considered to encourage innovation, increase GDP per capita, and ultimately reduce income inequality.
The financial stability of young adults worldwide is under threat due to widespread impulsive onl... more The financial stability of young adults worldwide is under threat due to widespread impulsive online purchasing and the economic strain brought on by the COVID-19 pandemic. This study, therefore, examines the role of financial literacy as a mediator between financial behavior and the financial well-being of young adults, specifically in Nigeria. The research involved 120 respondents, 60 undergraduate and 60 postgraduate students from three selected universities in Western Nigeria. Information was gathered through a structured questionnaire. Data analysis was conducted using Structured Equation Modeling with STATA version 15. The findings reveal a positive association between financial behavior and financial well-being, although this relationship lacks statistical significance. However, significant positive correlations are observed between financial literacy (FL) and financial well-being (FW), as well as between financial behavior (FB) and financial literacy (FL). Furthermore, the analysis uncovers a positive indirect effect of financial literacy on the relationship between financial behavior and financial well-being. This suggests that while the direct link between financial behavior and well-being may be weak, improved financial behavior can indirectly enhance well-being through heightened financial literacy. In essence, the study underscores the crucial role of financial literacy in improving young adults' financial behaviors and well-being. By investing in education, support services, and policies that encourage positive financial behaviors, both individuals and policymakers can collaborate toward constructing a more financially secure future for the younger generation.
Researchers analyzed government spending on health, education, and infrastructure in influencing ... more Researchers analyzed government spending on health, education, and infrastructure in influencing the human development index in NTT Province. The research data is panel data in 22 districts/cities, namely health, education, and infrastructure expenditure data for 2010-2022. Panel data regression analysis used the pooled least square method to analyze government spending. The results found that government spending on health, education, and infrastructure together (simultaneously) significantly influenced the human development index in districts/cities in NTT province. Another analysis found that government spending on health and education partially influenced the human development index significantly in the districts/municipalities of the NTT province. However, spending on infrastructure partially had no significant effect on the human development index in the districts/municipalities of the NTT province. The implications of the research are improvements in health, education, and infrastructure that can increase development.
This study aims to analyze the effect of foreign direct investment and inflation on economic grow... more This study aims to analyze the effect of foreign direct investment and inflation on economic growth in ASEAN countries. The analytical method used is a quantitative approach with multiple linear regression panel data method based on secondary data from foreign direct investment, inflation, and economic growth variables in 2009-2020. The analysis results show that FDI has no significant impact on the economic growth variable, and the inflation rate has a significant positive impact on the economic growth variable.
This research aims to determine the response of the household sector and industrial sector to ele... more This research aims to determine the response of the household sector and industrial sector to electricity demand when there are changes in prices and income. The influence of price and income on electricity demand from both sectors can be seen through their elasticity. The approach used in this study is panel data from 33 provinces in Indonesia for the 2010-2020 time period. Panel data regression estimation techniques are used in this study to estimate the elasticity value. The results show that price elasticity in the household and industrial sectors is negative inelastic, but price does not significantly influence household electricity demand. Unlike price, income elasticity has a much higher value and positively and significantly influences electricity demand in both sectors. The number of customers, which reflects the increasing electrification ratio and population growth, significantly impacts electricity demand in the household and industrial sectors. Based on the results, it was found that the number of customers most influences electricity demand in the household sector. At the same time, income has the most significant influence on electricity demand in the industrial sector.
The purpose of this study is to examine income inequality in ASEAN countries. Income ... more The purpose of this study is to examine income inequality in ASEAN countries. Income inequality is the dependent variable in this study, whereas the independent variables are FDI, GDP per capita, personal remittances, and economic openness. The scope of this research is ASEAN countries from 2009 to 2021. This research uses the panel data regression method. The estimation results in this study show that FDI and GDP per capita variables significantly affect income inequality in ASEAN. Meanwhile, personal remittance and economic openness have no significant effect.
Economic effects are just one of the many effects of the massive infrastructure investment in Ind... more Economic effects are just one of the many effects of the massive infrastructure investment in Indonesia made over the past ten years. The aim of connecting Indonesia between regions is the basis for massive infrastructure growth, especially toll road infrastructure. Several funding schemes have been implemented to build toll road infrastructure, including the Public-Private Partnership (PPP) financing scheme. This PPP financing scheme was also implemented in the Balikpapan-Samarinda toll road construction. Therefore, this research attempts to capture the impact of the construction of the Balikpapan-Samarinda toll road with a PPP scheme on the formation of the economic structure in East Kalimantan province using the Input-Output (I-O) table. The investment value for the Balikpapan-Samarinda toll road is IDR 9.97 trillion was injected (shock) into gross fixed capital formation in the construction sector. The calculation results in this research show that the construction of the Balikpapan-Samarinda toll road contributed 9.8% of total demand. Apart from that, there is a significant impact on the economic structure of East Kalimantan Province, as seen from the expenditure multiplier figure with an output total of IDR 15,111 billion, a total income of IDR 2,471 billion, and a total workforce of 25,095 workers due to investment in the construction of the Balikpapan-Samarinda toll road.
The shadow economy poses a significant threat to government revenue and the effectiveness of econ... more The shadow economy poses a significant threat to government revenue and the effectiveness of economic policies. This paper investigates the causes of the shadow economy and its influence on foreign direct investment (FDI). Our study employs the currency demand approach, a component of the indirect method, to identify the determinants of the shadow economy in a dataset covering 105 countries from 2001 to 2017. These countries are categorized into four income groups: high-income, upper-middle-income, lower-middle-income, and low-income. Parameter estimation is conducted using the Generalized Method of Moments (GMM) model, with robustness tests incorporating reference estimates from Partial Least Squares (PLS) and Fixed Effects Model (FEM). Our findings indicate that a higher GDP and lower interest rates are associated with reduced shadow economy activity. Elevated market interest rates increase the cost of funds in the informal sector, discouraging engagement in shadow economic activities due to reduced profitability. Furthermore, higher tax revenues correlate with intensified regulatory enforcement, increasing the risks associated with shadow economy involvement. A larger workforce and lower unemployment rates similarly diminish shadow economy activity. In the context of foreign direct investment (FDI), the shadow economy positively affects FDI flows when formal institutions, including legal frameworks, property rights protection, and regulatory systems, are either weak or overly burdensome. In such scenarios, economic actors may opt for informal channels like the shadow economy, offering a flexible and cost-effective alternative to the formal sector, a crucial consideration for foreign investors.
Society 5.0 is resulting in transformation across a wide range of sectors, including manufacturin... more Society 5.0 is resulting in transformation across a wide range of sectors, including manufacturing, education, healthcare, and services. Through the adoption of artificial intelligence, machines can carry out tasks that previously could only be performed by humans, resulting in significant changes in the types of jobs and skills available in the labor market. This research aims to detail and identify how technological changes affect the labor market, as well as explore solutions and strategies to capitalize on opportunities and deal with challenges that arise from these changes for society’s overall well-being. This research uses a literature study method with a predictive approach. The results showed that in the era of Society 5.0, people must improve their skills through education and training to adapt to the changes. Cross-sectoral cooperation between the government, the private sector, and the community is crucial. Joint efforts to formulate supportive policies and innovation in creating new sustainable jobs are vital to mitigating the negative impacts and harnessing the positive potential of technological change in the labor market. This research is expected to have a significant impact, ranging from policy development to improving social welfare, by comprehensively understanding how technology affects life and work in modern society.
The primary purpose of this study is to analyze the effects of the money supply on exchange rates... more The primary purpose of this study is to analyze the effects of the money supply on exchange rates in ASEAN-5 and whether there is an exchange rate overshooting phenomenon with the application of the Dornbusch Overshooting Model. This study uses the Autoregressive Distributed-Lag (ARDL) method to analyze the short and long-term effects and uses time series data from 1980 to 2021 in ASEAN-5. The results of this study are still ambiguous in finding the overshooting phenomenon in ASEAN-5. In the short term, the research results support overshooting in two countries, Malaysia and Thailand. However, in the long term, no positive and significant influence was found between the money supply gap and exchange rate misalignment in ASEAN-5. Besides that, the inflation gap, interest rate gap, and output gap also greatly influence changes in exchange rate misalignment and have different significant effects in the short and long term.
Although stated as one of the influential actors in international relations and discussed in many... more Although stated as one of the influential actors in international relations and discussed in many previous studies, MDB had yet to be comprehensively depicted. Through this research, the author intended to fill this gap by comparing the World Bank as a traditional MDB and the New Development Bank as a Neo MDB within the international economic order. By comparing the political and economic anatomy such as ownership structure, distribution of voting power in decision-making, establishment objectives, types of financing services, operational coverage, sources of funding, private sector options, and service customization and examining them using an organizational political-economy approach, the author found both MDBs had significant differences in carrying out their functions as cross-border financial institutions.
This study analyzes the effect of Gross Fixed Capital Formation (GFCF), Imports, Exports, and Gov... more This study analyzes the effect of Gross Fixed Capital Formation (GFCF), Imports, Exports, and Government Expenditure of selected G20 member countries on Gross Domestic Product (GDP) using historical data from 1981 to 2021. The detailed analysis aims to explore the relationship between short-term and long-term causality that begins with examining and testing the degree of integration, Unit Root Test, Johansen cointegration test, and causality test. The Vector Error Correction Model (VECM) test results with a 95% confidence interval show that Gross Fixed Capital Formation causes Australia's and South Africa's long-term GDPs to have reached a balance point. In addition, Government Spending also causes the European Union's Gross Domestic Product to achieve a balance point. Imports affect the GDP of the United States, China, and South Africa towards a balance point, and exports affect the GDP of Australia, China, and South Africa. The test results using VECM also conclude that GDP, GFCF, exports, and imports affect GDP growth in the short term. However, on the contrary, on the Australian continent, only GDP, GFCF, and imports which in the previous year had an impact on Australia's GDP in the short term-concluded that differences in government policies in each country in regulating the economy could affect the causal relationship between the independent variable and GDP in the short and long term.
The main purpose of this study is to analyze the effects of symmetry and asymmetry of the exchang... more The main purpose of this study is to analyze the effects of symmetry and asymmetry of the exchange rate pass-through in Middle-Income and High-Income countries that implement inflation-targeting policies. This study uses a sample of Middle
After the 2008 subprime crisis, financial institutions in the Congo (Brazzaville) underwent a ser... more After the 2008 subprime crisis, financial institutions in the Congo (Brazzaville) underwent a series of significant adjustments and reforms in line with their regulatory traditions of systemically important financial institutions, the evolution of the regulatory system, and the country's financial development needs. This paper needs to analyze and study financial regulation in the Republic of Congo. This paper mainly analyzes the current situation of the financial regulatory system of the Republic of the Congo (Brazzaville), finds the problems in the financial regulatory system, collects accessible financial data and financial indicators, and constructs the financial regulatory system of the Republic of the Congo (Brazzaville) with principal component analysis. This paper uses the GARCH-CoVaR model to assess the contribution of banks' systemic risk in Congo Brazzaville. Then, it constructs a risk assessment system for Congo based on the indicator method. The results show that banks' systemic risk is not limited to the systemic risk of individual banks. The systemic risk of banks in the Republic of Congo mainly originates from six major banks: the Central Bank of the
This study aims to analyze the impact of economic growth, education, unemployment, and HDI on pov... more This study aims to analyze the impact of economic growth, education, unemployment, and HDI on poverty in the Special Region of Yogyakarta (DIY) Province during 2015-2021. This study uses panel data linear regression analysis using data from five districts/cities in DIY Province. The Central Bureau of Statistics website was the source of information. The analysis techniques used include a model selection test, stationarity or unit root test, classical assumption test, panel data regression analysis, and hypothesis testing using a trial and coefficient of determination (R2) test. The research findings show that economic growth, education, and unemployment do not significantly affect poverty. In contrast, the Human Development Index shows a significant effect on poverty.
Technological advances are currently proliferating; financial technology is no exception. The dev... more Technological advances are currently proliferating; financial technology is no exception. The development of financial technology has led to changes in payment system innovation from a cash payment system to a non-cash payment system. This research aims to determine how non-cash payment transactions influence the economic growth of five ASEAN countries. The economic growth variable in this study is calculated through the growth of real GDP published by the World Bank (WDI). The variable of noncash payments in this study is assumed to be through the growth of the transaction value of debit cards, credit cards, e-money, and cheques issued by the Bank International of Settlement (BIS). This study utilizes secondary data in panel data, cross-section data (5 ASEAN countries), and time series data (2012-2019). The analysis is carried out using the panel data regression method. This research found that the growth in the value of non-cash payment transactions in the form of debit cards and e-money has proven to encourage economic growth in these countries. Meanwhile, credit card and cheque payments had no impact on economic growth. This is because debit cards provide direct access to consumers' funds, making it easier for the public to consume goods and contributing to economic growth. E-money, an electronic payment instrument, has offered benefits as an alternative payment, particularly for micro and retail purchases. Through the use of e-money, the government's income can increase from the increasing number of customers who have used e-money payments, which can encourage economic growth.
The COVID-19 pandemic epidemic that the Indonesian state experienced caused a crisis in the econo... more The COVID-19 pandemic epidemic that the Indonesian state experienced caused a crisis in the economy that has negatively impacted the country's economy. 2020 has seen a slowdown in the rate of economic growth, which has made it more difficult for MSMEs operations to get bank capital loans. Every year, sharia commercial banks have allocated less finance to MSMEs. Because of this, many MSMEs encounter a capital shortage during their production process. Due to this, the aim of this study is to investigate how macroeconomic variables-interest rates, inflation, and the impact of the economic crisis-act as financial factors and how much of the channel sharia commercial banks can finance MSMEs. sharia commercial banks that are registered with the Financial Services Authority (OJK) between 2019 and 2021 are the object of this study. This study uses secondary data in a quantitative research. In this study, data analytic techniques included multiple linear regression analysis, hypothesis testing, and classical assumption testing. The findings indicate that the interest rate variable and the effects of the economic crisis had a significant negative impact on the MSMEs financing. On the other hand, the MSMEs finance was significantly positively impacted by the inflation variable.
The purpose of this research is to determine the effectiveness of monetary transmission on inflat... more The purpose of this research is to determine the effectiveness of monetary transmission on inflation in Indonesia through the interest rate and the exchange rate channel over a period of 2015Q1-2022Q4. This research analysis approach uses the variance decomposition and Vector Error Correction Model (VECM) methods. Quantitative methods are utilized, and the estimation tool used is Eviews 12. The findings of the variance decomposition analysis in this research indicate that to reduce inflation in Indonesia, monetary transmission through exchange rates is more effective than through the interest rate channel.
Various efforts to overcome poverty have been carried out by the government but the number of poo... more Various efforts to overcome poverty have been carried out by the government but the number of poor people is still quite high. Based on the 1945 Constitution, the Indonesian government has a mandate to realize social welfare for all people. Well-being is characterized by the fulfillment of the material, spiritual, and social needs of citizens. In other words, prosperity can be achieved through poverty alleviation. In alleviating poverty, existing policies have not interpreted the poverty line based on division in Indonesia. This study analyzes more deeply the role of urban and rural poverty lines in the division of regions in Indonesia. The method used is descriptive statistics by grouping provinces into 7 categories of large islands in Indonesia. In addition, the MANOVA analysis method was also used in this study to answer the role of the region on the size of the poverty line. What is interesting about this study is the finding that regional differences play a significant role in influencing the size of the poverty line. This research also revealed the fact that the poverty line gap between regional categories is wide at a significance level below 0.05 in the MANOVA test of between subjects effects.
Most African countries have been affected due to economic crises regarding hyperinflation and low... more Most African countries have been affected due to economic crises regarding hyperinflation and lower agricultural productivity, civil war, lower infrastructural and transportation systems, social and domestic violence, food insecurity due to bad agricultural systems, social and religious inequality, mismanagement of governing systems with defective bureaucracy, environmental degradation and lower practice for sustainable development. In this paper, the author tries to find out two research objectives i) To measure the good governing variables on women literacy between East and West African countries ii) To measure the joint impact of good governance and GDP level between these two countries. The author uses secondary dataset from The World Bank site on quantitative analysis where the author uses multiple regression model for general regression and integrated regression model.
This research examines the influence of the economic complexity index, GDP per capita, gross high... more This research examines the influence of the economic complexity index, GDP per capita, gross higher education participation ratio, government spending on education, and fertility rates on income inequality in G20 Forum member countries from 2010 to 2019. The dynamic panel data regression method with the two-step System Generalized Method of Moments (SYS-GMM) estimation technique is used to analyze the data in this study. The findings reveal that the economic complexity index, GDP per capita squared, government spending on education, and fertility levels have a negative and significant effect on income inequality. Meanwhile, GDP per capita and gross enrollment rates in tertiary education have a significant positive effect on income inequality. This study shows that the economic complexity index and the quality of human resources can reduce income inequality. Therefore, policies that focus on improving the quality of human resources need to be considered to encourage innovation, increase GDP per capita, and ultimately reduce income inequality.
The financial stability of young adults worldwide is under threat due to widespread impulsive onl... more The financial stability of young adults worldwide is under threat due to widespread impulsive online purchasing and the economic strain brought on by the COVID-19 pandemic. This study, therefore, examines the role of financial literacy as a mediator between financial behavior and the financial well-being of young adults, specifically in Nigeria. The research involved 120 respondents, 60 undergraduate and 60 postgraduate students from three selected universities in Western Nigeria. Information was gathered through a structured questionnaire. Data analysis was conducted using Structured Equation Modeling with STATA version 15. The findings reveal a positive association between financial behavior and financial well-being, although this relationship lacks statistical significance. However, significant positive correlations are observed between financial literacy (FL) and financial well-being (FW), as well as between financial behavior (FB) and financial literacy (FL). Furthermore, the analysis uncovers a positive indirect effect of financial literacy on the relationship between financial behavior and financial well-being. This suggests that while the direct link between financial behavior and well-being may be weak, improved financial behavior can indirectly enhance well-being through heightened financial literacy. In essence, the study underscores the crucial role of financial literacy in improving young adults' financial behaviors and well-being. By investing in education, support services, and policies that encourage positive financial behaviors, both individuals and policymakers can collaborate toward constructing a more financially secure future for the younger generation.
Researchers analyzed government spending on health, education, and infrastructure in influencing ... more Researchers analyzed government spending on health, education, and infrastructure in influencing the human development index in NTT Province. The research data is panel data in 22 districts/cities, namely health, education, and infrastructure expenditure data for 2010-2022. Panel data regression analysis used the pooled least square method to analyze government spending. The results found that government spending on health, education, and infrastructure together (simultaneously) significantly influenced the human development index in districts/cities in NTT province. Another analysis found that government spending on health and education partially influenced the human development index significantly in the districts/municipalities of the NTT province. However, spending on infrastructure partially had no significant effect on the human development index in the districts/municipalities of the NTT province. The implications of the research are improvements in health, education, and infrastructure that can increase development.
This study aims to analyze the effect of foreign direct investment and inflation on economic grow... more This study aims to analyze the effect of foreign direct investment and inflation on economic growth in ASEAN countries. The analytical method used is a quantitative approach with multiple linear regression panel data method based on secondary data from foreign direct investment, inflation, and economic growth variables in 2009-2020. The analysis results show that FDI has no significant impact on the economic growth variable, and the inflation rate has a significant positive impact on the economic growth variable.
This research aims to determine the response of the household sector and industrial sector to ele... more This research aims to determine the response of the household sector and industrial sector to electricity demand when there are changes in prices and income. The influence of price and income on electricity demand from both sectors can be seen through their elasticity. The approach used in this study is panel data from 33 provinces in Indonesia for the 2010-2020 time period. Panel data regression estimation techniques are used in this study to estimate the elasticity value. The results show that price elasticity in the household and industrial sectors is negative inelastic, but price does not significantly influence household electricity demand. Unlike price, income elasticity has a much higher value and positively and significantly influences electricity demand in both sectors. The number of customers, which reflects the increasing electrification ratio and population growth, significantly impacts electricity demand in the household and industrial sectors. Based on the results, it was found that the number of customers most influences electricity demand in the household sector. At the same time, income has the most significant influence on electricity demand in the industrial sector.
The purpose of this study is to examine income inequality in ASEAN countries. Income ... more The purpose of this study is to examine income inequality in ASEAN countries. Income inequality is the dependent variable in this study, whereas the independent variables are FDI, GDP per capita, personal remittances, and economic openness. The scope of this research is ASEAN countries from 2009 to 2021. This research uses the panel data regression method. The estimation results in this study show that FDI and GDP per capita variables significantly affect income inequality in ASEAN. Meanwhile, personal remittance and economic openness have no significant effect.
Economic effects are just one of the many effects of the massive infrastructure investment in Ind... more Economic effects are just one of the many effects of the massive infrastructure investment in Indonesia made over the past ten years. The aim of connecting Indonesia between regions is the basis for massive infrastructure growth, especially toll road infrastructure. Several funding schemes have been implemented to build toll road infrastructure, including the Public-Private Partnership (PPP) financing scheme. This PPP financing scheme was also implemented in the Balikpapan-Samarinda toll road construction. Therefore, this research attempts to capture the impact of the construction of the Balikpapan-Samarinda toll road with a PPP scheme on the formation of the economic structure in East Kalimantan province using the Input-Output (I-O) table. The investment value for the Balikpapan-Samarinda toll road is IDR 9.97 trillion was injected (shock) into gross fixed capital formation in the construction sector. The calculation results in this research show that the construction of the Balikpapan-Samarinda toll road contributed 9.8% of total demand. Apart from that, there is a significant impact on the economic structure of East Kalimantan Province, as seen from the expenditure multiplier figure with an output total of IDR 15,111 billion, a total income of IDR 2,471 billion, and a total workforce of 25,095 workers due to investment in the construction of the Balikpapan-Samarinda toll road.
The shadow economy poses a significant threat to government revenue and the effectiveness of econ... more The shadow economy poses a significant threat to government revenue and the effectiveness of economic policies. This paper investigates the causes of the shadow economy and its influence on foreign direct investment (FDI). Our study employs the currency demand approach, a component of the indirect method, to identify the determinants of the shadow economy in a dataset covering 105 countries from 2001 to 2017. These countries are categorized into four income groups: high-income, upper-middle-income, lower-middle-income, and low-income. Parameter estimation is conducted using the Generalized Method of Moments (GMM) model, with robustness tests incorporating reference estimates from Partial Least Squares (PLS) and Fixed Effects Model (FEM). Our findings indicate that a higher GDP and lower interest rates are associated with reduced shadow economy activity. Elevated market interest rates increase the cost of funds in the informal sector, discouraging engagement in shadow economic activities due to reduced profitability. Furthermore, higher tax revenues correlate with intensified regulatory enforcement, increasing the risks associated with shadow economy involvement. A larger workforce and lower unemployment rates similarly diminish shadow economy activity. In the context of foreign direct investment (FDI), the shadow economy positively affects FDI flows when formal institutions, including legal frameworks, property rights protection, and regulatory systems, are either weak or overly burdensome. In such scenarios, economic actors may opt for informal channels like the shadow economy, offering a flexible and cost-effective alternative to the formal sector, a crucial consideration for foreign investors.
Society 5.0 is resulting in transformation across a wide range of sectors, including manufacturin... more Society 5.0 is resulting in transformation across a wide range of sectors, including manufacturing, education, healthcare, and services. Through the adoption of artificial intelligence, machines can carry out tasks that previously could only be performed by humans, resulting in significant changes in the types of jobs and skills available in the labor market. This research aims to detail and identify how technological changes affect the labor market, as well as explore solutions and strategies to capitalize on opportunities and deal with challenges that arise from these changes for society’s overall well-being. This research uses a literature study method with a predictive approach. The results showed that in the era of Society 5.0, people must improve their skills through education and training to adapt to the changes. Cross-sectoral cooperation between the government, the private sector, and the community is crucial. Joint efforts to formulate supportive policies and innovation in creating new sustainable jobs are vital to mitigating the negative impacts and harnessing the positive potential of technological change in the labor market. This research is expected to have a significant impact, ranging from policy development to improving social welfare, by comprehensively understanding how technology affects life and work in modern society.
The primary purpose of this study is to analyze the effects of the money supply on exchange rates... more The primary purpose of this study is to analyze the effects of the money supply on exchange rates in ASEAN-5 and whether there is an exchange rate overshooting phenomenon with the application of the Dornbusch Overshooting Model. This study uses the Autoregressive Distributed-Lag (ARDL) method to analyze the short and long-term effects and uses time series data from 1980 to 2021 in ASEAN-5. The results of this study are still ambiguous in finding the overshooting phenomenon in ASEAN-5. In the short term, the research results support overshooting in two countries, Malaysia and Thailand. However, in the long term, no positive and significant influence was found between the money supply gap and exchange rate misalignment in ASEAN-5. Besides that, the inflation gap, interest rate gap, and output gap also greatly influence changes in exchange rate misalignment and have different significant effects in the short and long term.
Although stated as one of the influential actors in international relations and discussed in many... more Although stated as one of the influential actors in international relations and discussed in many previous studies, MDB had yet to be comprehensively depicted. Through this research, the author intended to fill this gap by comparing the World Bank as a traditional MDB and the New Development Bank as a Neo MDB within the international economic order. By comparing the political and economic anatomy such as ownership structure, distribution of voting power in decision-making, establishment objectives, types of financing services, operational coverage, sources of funding, private sector options, and service customization and examining them using an organizational political-economy approach, the author found both MDBs had significant differences in carrying out their functions as cross-border financial institutions.
This study analyzes the effect of Gross Fixed Capital Formation (GFCF), Imports, Exports, and Gov... more This study analyzes the effect of Gross Fixed Capital Formation (GFCF), Imports, Exports, and Government Expenditure of selected G20 member countries on Gross Domestic Product (GDP) using historical data from 1981 to 2021. The detailed analysis aims to explore the relationship between short-term and long-term causality that begins with examining and testing the degree of integration, Unit Root Test, Johansen cointegration test, and causality test. The Vector Error Correction Model (VECM) test results with a 95% confidence interval show that Gross Fixed Capital Formation causes Australia's and South Africa's long-term GDPs to have reached a balance point. In addition, Government Spending also causes the European Union's Gross Domestic Product to achieve a balance point. Imports affect the GDP of the United States, China, and South Africa towards a balance point, and exports affect the GDP of Australia, China, and South Africa. The test results using VECM also conclude that GDP, GFCF, exports, and imports affect GDP growth in the short term. However, on the contrary, on the Australian continent, only GDP, GFCF, and imports which in the previous year had an impact on Australia's GDP in the short term-concluded that differences in government policies in each country in regulating the economy could affect the causal relationship between the independent variable and GDP in the short and long term.
The main purpose of this study is to analyze the effects of symmetry and asymmetry of the exchang... more The main purpose of this study is to analyze the effects of symmetry and asymmetry of the exchange rate pass-through in Middle-Income and High-Income countries that implement inflation-targeting policies. This study uses a sample of Middle
After the 2008 subprime crisis, financial institutions in the Congo (Brazzaville) underwent a ser... more After the 2008 subprime crisis, financial institutions in the Congo (Brazzaville) underwent a series of significant adjustments and reforms in line with their regulatory traditions of systemically important financial institutions, the evolution of the regulatory system, and the country's financial development needs. This paper needs to analyze and study financial regulation in the Republic of Congo. This paper mainly analyzes the current situation of the financial regulatory system of the Republic of the Congo (Brazzaville), finds the problems in the financial regulatory system, collects accessible financial data and financial indicators, and constructs the financial regulatory system of the Republic of the Congo (Brazzaville) with principal component analysis. This paper uses the GARCH-CoVaR model to assess the contribution of banks' systemic risk in Congo Brazzaville. Then, it constructs a risk assessment system for Congo based on the indicator method. The results show that banks' systemic risk is not limited to the systemic risk of individual banks. The systemic risk of banks in the Republic of Congo mainly originates from six major banks: the Central Bank of the
This study aims to analyze the impact of economic growth, education, unemployment, and HDI on pov... more This study aims to analyze the impact of economic growth, education, unemployment, and HDI on poverty in the Special Region of Yogyakarta (DIY) Province during 2015-2021. This study uses panel data linear regression analysis using data from five districts/cities in DIY Province. The Central Bureau of Statistics website was the source of information. The analysis techniques used include a model selection test, stationarity or unit root test, classical assumption test, panel data regression analysis, and hypothesis testing using a trial and coefficient of determination (R2) test. The research findings show that economic growth, education, and unemployment do not significantly affect poverty. In contrast, the Human Development Index shows a significant effect on poverty.
Technological advances are currently proliferating; financial technology is no exception. The dev... more Technological advances are currently proliferating; financial technology is no exception. The development of financial technology has led to changes in payment system innovation from a cash payment system to a non-cash payment system. This research aims to determine how non-cash payment transactions influence the economic growth of five ASEAN countries. The economic growth variable in this study is calculated through the growth of real GDP published by the World Bank (WDI). The variable of noncash payments in this study is assumed to be through the growth of the transaction value of debit cards, credit cards, e-money, and cheques issued by the Bank International of Settlement (BIS). This study utilizes secondary data in panel data, cross-section data (5 ASEAN countries), and time series data (2012-2019). The analysis is carried out using the panel data regression method. This research found that the growth in the value of non-cash payment transactions in the form of debit cards and e-money has proven to encourage economic growth in these countries. Meanwhile, credit card and cheque payments had no impact on economic growth. This is because debit cards provide direct access to consumers' funds, making it easier for the public to consume goods and contributing to economic growth. E-money, an electronic payment instrument, has offered benefits as an alternative payment, particularly for micro and retail purchases. Through the use of e-money, the government's income can increase from the increasing number of customers who have used e-money payments, which can encourage economic growth.
The COVID-19 pandemic epidemic that the Indonesian state experienced caused a crisis in the econo... more The COVID-19 pandemic epidemic that the Indonesian state experienced caused a crisis in the economy that has negatively impacted the country's economy. 2020 has seen a slowdown in the rate of economic growth, which has made it more difficult for MSMEs operations to get bank capital loans. Every year, sharia commercial banks have allocated less finance to MSMEs. Because of this, many MSMEs encounter a capital shortage during their production process. Due to this, the aim of this study is to investigate how macroeconomic variables-interest rates, inflation, and the impact of the economic crisis-act as financial factors and how much of the channel sharia commercial banks can finance MSMEs. sharia commercial banks that are registered with the Financial Services Authority (OJK) between 2019 and 2021 are the object of this study. This study uses secondary data in a quantitative research. In this study, data analytic techniques included multiple linear regression analysis, hypothesis testing, and classical assumption testing. The findings indicate that the interest rate variable and the effects of the economic crisis had a significant negative impact on the MSMEs financing. On the other hand, the MSMEs finance was significantly positively impacted by the inflation variable.
The purpose of this research is to determine the effectiveness of monetary transmission on inflat... more The purpose of this research is to determine the effectiveness of monetary transmission on inflation in Indonesia through the interest rate and the exchange rate channel over a period of 2015Q1-2022Q4. This research analysis approach uses the variance decomposition and Vector Error Correction Model (VECM) methods. Quantitative methods are utilized, and the estimation tool used is Eviews 12. The findings of the variance decomposition analysis in this research indicate that to reduce inflation in Indonesia, monetary transmission through exchange rates is more effective than through the interest rate channel.
Various efforts to overcome poverty have been carried out by the government but the number of poo... more Various efforts to overcome poverty have been carried out by the government but the number of poor people is still quite high. Based on the 1945 Constitution, the Indonesian government has a mandate to realize social welfare for all people. Well-being is characterized by the fulfillment of the material, spiritual, and social needs of citizens. In other words, prosperity can be achieved through poverty alleviation. In alleviating poverty, existing policies have not interpreted the poverty line based on division in Indonesia. This study analyzes more deeply the role of urban and rural poverty lines in the division of regions in Indonesia. The method used is descriptive statistics by grouping provinces into 7 categories of large islands in Indonesia. In addition, the MANOVA analysis method was also used in this study to answer the role of the region on the size of the poverty line. What is interesting about this study is the finding that regional differences play a significant role in influencing the size of the poverty line. This research also revealed the fact that the poverty line gap between regional categories is wide at a significance level below 0.05 in the MANOVA test of between subjects effects.
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