Scholarly Works - Economics

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https://hdl.handle.net/20.500.14576/30

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Open Access
A bibliometric analysis of sukuk using vosviewer in Indonesia with publish or perish (pop)
(Department of Islamic Economics, IPB University, 2024-06-27) Shellvy Lukito; Egi Arvian Firmansyah
The subject matter of sukuk has elicited increasing attention from both academic researchers and professionals within the industry. The employment of sukuk financing is effectively facilitating the progression of economic growth. The primary objective of this research endeavor is to integrate mapping analysis techniques with the utilization of VOSviewer software to conduct a comprehensive bibliometric analysis of scholarly literature pertaining to sukuk. The acquisition of research data is facilitated through the utilization of the Publish or Perish (PoP) application. The data collected has been derived from an examination of search outcomes pertaining to the keyword "sukuk" obtained from scholarly journals indexed by Google Scholar. A total of 997 articles, spanning the period from 2018 to 2022, have been identified in the present study. Based on the research findings, it has been observed that there has been a consistent upward trend in the number of studies conducted over the period 2018 to 2022. Islamic bonds, commonly referred to as sukuk, play a pivotal role in facilitating and propelling this expansion. The present study showcases the significance of bibliometric analysis in furnishing analytical data about occurrences. This study provides guidelines and serve as a valuable resource for researchers engaged in the exploration and identification of research themes.
Open Access
Analyzing the determinants of trade balance : an empirical investigation of Indonesia's economic dynamics
(2024-05) Nyange, Asia Khamis; Jonas, Ajibu
The study investigates the determinants of Indonesia's trade balance focusing on five key factors: money supply, foreign direct investment, exchange rate, carbon dioxide emissions, and government expenditure. Utilizing secondary time-series data from 1990 to 2022 and employing vector error correction model analysis, the research reveals significant insights. In the short term, only the money supply notably influences trade balances, while the other factors show no significant impact. However, in the long term, foreign direct investment, exchange rate, carbon dioxide emissions, and government expenditure positively affect the trade balance, with the money supply displaying an insignificant impact. The study's conclusions offer policy suggestions to address these findings. These suggestions include putting policies in place to lower carbon emissions and encourage sustainable growth, making sure government funding for sustainable development initiatives is used effectively, luring foreign direct investment, keeping exchange rates stable, and being cautious when controlling the money supply to preserve price stability. The objective of these recommendations is to improve Indonesia's trade balance sustainability. However, the analysis admits its limitations in not accounting for all macroeconomic factors, such as GDP, interest rates, and industrial production, that affect trade balance. Notwithstanding these drawbacks, the study provides insightful information to help policymakers develop plans for enhancing the dynamics of Indonesia's trade balance.
Embargo
Analyzing the market conditions and long-term dynamics in the biodiesel industry
(Taylor & Francis, 2024-07-02) Muhammad, Mansur; Herbert Wibert Victor Hasudungan
The Indonesian energy industry is working towards achieving net zero emissions by reducing energy composition between renewables and non-renewables. Based on this background, this study investigates the biodiesel market conditions and its long-term sustainability using monthly data from January 2014 to October 2023. The study applies the 3SLS, Johansen and bound test approach to cointegration for estimations. Findings from the study show that demand for biodiesel in Indonesia is price inelastic, which implies that the response of demand on small price changes is high due to the availability of substitute products. The Walrasian coefficient is negative and statistically significant, suggesting a partial disequilibrium in the biodiesel market. Furthermore, the blending mandatory of biodiesel is found to be sustainable in the long run as shown by the bound f-statistics and Johansens’ trace statistics. The increasing prices of crude palm oil, catalysts, methanol, and glycerin have a devastating effect on biodiesel production. Exchange rate depreciation is also a negative function of biodiesel production. These findings are crucial for industry stakeholders and policymakers to make informed decisions about resource allocation, cost management, and strategies to enhance the sustainability and efficiency of biodiesel production processes.
Open Access
Determinants of bond market development in Nigeria
(Formosa Publisher, 2024-04-30) Baita, Abubakar Jamilu
Capital market is of paramount importance in financing the activities of public and private sectors in both developed and developing economies. Consequently, this research analyzed the long run equilibrium relationships between bond market development (BMD) and a set of fiscal, macroeconomic and financial variables in Nigeria using Granger causality test and Johansen cointegration model. The findings reveal the importance of macroeconomic and financial variables in facilitating the development of Nigeria’s bond market. The study recommended that policy makers should ensure macroeconomic stability and financial soundness in order to develop bond market in the country.
Open Access
Determinants of private consumption expenditure in Australia : ARDL study
(ZAIN Publications, 2023-08) Abdul Zahoor Ahmadi; Walid Qarar; Hasibullah Atiqi
This paper studies the relationship among non-public intake expenditure and independent variables that encompass GDP, population number, interest price, and inflation price in Australia at some point of the duration from 1960 to 2022using the Autoregressive disbursed Lag version (ARDL). The studies additionally ambitions to take a look at the impact of displacement among non-public intake spending and government consumption spending using a model (ARDL). The have a look at determined that there may be an advantageous and enormous dating between personal intake spending and each output and populace in the end. Ultimately, a 1% growth in GDP is related to a zero.8% boom in private consumption pending, and a 1% boom in populace is associated with a zero.3% increase in private consumption spending. However, there is an inverse and tremendous dating among private consumption spending and both interest rate and government consumer spending in the long run. Ultimately, a 1% boom in the interest rate is associated with a 0.2% lower in private consumption spending, and a 1% growth inside the inflation rate is related to a 0.1% lower in private consumption spending. Inside the quick term, there's a high-quality and substantial dating between private consumption spending and both output and population. Within the short term, a 1% increase in GDP is associated with a zero.6% growth in private consumer spending, and a 1% increase in population is associated with a 0.2% growth in private consumer spending. However, there is an inverse dating among private consumer spending and short-time period interest rate, within the quick term, a 1% increase within the interest price is related to a 0.1% decrease in private consumer spending. The findings of this study advise that the imperative financial institution can use financial coverage equipment order to persuade the intermediate objective of monetary policy and have an effect private consumer spending and aggregate demand. Taxes can also be used as one of the fiscal coverage gear to persuade disposable income which will change private client spending and combination demand.
Open Access
Do household consumption and literacy rate impact the fluctuation of the unemployment in Indonesia?
(Universitas Ahmad Dahlan, 2024-01-22) Muhammad Ismail Sunni; M. Indre Wanof; Angga Kusuma Wijaya
This paper aims to investigate the linkage and explore what has determined the unemployment rate in Indonesia from 2000 to 2021 which include literacy rate, school enrolment, labour force participation and household and non-profit institutions serving households (NPISHs) as the main explanatory variables. To control factors of unemployment and avoid spurious or misleading results, other than FDI, we include other macroeconomics variables such inflation, trade and interest rate. This study deploys timeseries regression and Ordinary Least Square (OLS) as the regression technique to estimate the coefficients of the linear function that best fits the data. To assess the model's assumptions and diagnose any potential issues that may affect the model's reliability and validity, the author applied heteroscedasticity, normality, multicollinearity, and autocorrelation test. All data are attained from World Development Index (WDI). Overall, HNC is the only determinant significantly increase level of Indonesia unemployment. While the increase of FDI may exacerbate Indonesia’s unemployment rate, LFP plays significant role in reducing the unemployment rate in Indonesia. The contribution of this paper lies in providing a nuanced understanding of the specific determinants of unemployment, with a particular emphasis on the significant impact of NPISHs. Based on the findings, policymakers should think about making investments in NPISHs to spur growth in the economy while generating job opportunities.
Open Access
Do macroeconomic factors influence household consumption expenditure in the Gambia? ARDL-error correction regression approach
(Eastasouth Institute, 2024-06-28) Jallow, Mamadou Salieu; Hamadou, Issa
Consumption constitutes a larger part of GDP and contributes immensely in enhancing economic growth and development of a country. This study examines the influence of macroeconomic factors on household consumption expenditure in the Gambia. To achieve our objective, we employ ARDL estimation method with Bounds tests to analyze our study using secondary times series data collected from World Bank’s World Development Indicators database from 2000 to 2020. The findings reveal that GDP, inflation, direct credit to private sector, remittances and population all have significant effect on household consumption expenditure in the short run because their p values are less than 0.05 at 5% level of significance. For the long run effect, the CointEq (-1)* is negative and statistically significant. It means that the short run is adjusted with high speed in the run approximatively 108%. Therefore, GDP, inflation, direct credit to private sector, inflation, remittances and population are all significantly affecting household consumption in the long run. Thus, the study recommends that Government of the Gambia to use a mix macroeconomic policy method to stimulate and increase household consumption expenditure in order to help in achieving economic growth and development. The study further recommends future researchers to include other macroeconomic variables like unemployment and interest rate.
Open Access
Drivers of halal certification value chain : PLS-SEM approach
(Program Studi Ekonomi Syari'ah, Fakultas Agama Islam, Universitas Siliwangi, 2024-06) Shellvy Lukito
The growth of micro, small, and medium-sized enterprises (MSMEs) in Depok City is very promising, but many MSMEs in the city do not yet view halal certification as a matter of business ethics. This study intends to identify the factors that impede the implementation of the value chain for halal certification in Depok City in order to better understand how to improve the halal certification process for micro, small, and medium-sized enterprises (MSMEs) in Depok city. This study employs a mixed-methods, case-study research design. Using 102 questionnaires and in-depth interviews, researchers gathered information for this study. The results of this research are Government, Identity, and Product Originality are Significant in Relation to Halal Awareness. Thus, the government should increase the quota for halal certificates again, aggressively spread halal certification information, and strengthen its readiness to implement it.
Open Access
Enhancing supply chain resilience through digital integration : a case study of Moroccan businesses
(ZAIN Publications, 2024-01) Fatih, Fatima Zahra; Junejo, Safiullah
This study examines Moroccan enterprises' digital transformation and supply chain resilience. To adapt to changing market situations, we examine digital integration attitudes and approaches. The results demonstrate that digital technologies are increasingly essential to corporate operations, responding strategically to market changes and strengthening supply chain resilience. This study offers a fresh perspective after the COVID-19 pandemic exposed global supply chain flaws. Digital technologies, remote supplier relationship management, and data security's rising importance in supply chain security are examined. Detailed supply contract analysis and supplier diversification are also critical. Health, safety, and operational continuity are stressed in this context, and effective staff management is essential to solving modern problems. Combining theoretical foundations with empirical investigation, this research examines digital integration and supply chain resilience. It advises Moroccan firms to enhance their defences against possible attacks. Digital transformation and strategic measures may help firms survive and thrive in today's dynamic business climate while maintaining a stable supply chain.
Open Access
Factors influencing the success and sustainability of threesided markets : a qualitative case study of postmates company
(ISRG Publishers, 2024-09-17) Fazlullah Ihza Qaseem; Chikara Nurilmi Syam; Emil Haraki
Three-sided markets, which facilitate interactions between consumers, service providers, and platform operators, have emerged as an important model in the platform economy. This research explores the factors influencing the success and sustainability of these markets, with a focus on Postmates, a key player in the gig economy. Utilizing a qualitative case study approach, the paper analyzes existing literature and company data to examine how Postmates operates and sustains interactions between its users. Key factors identified include platform design, user experience, and the role of network effects, where the platform’s value increases as more users join. The study also highlights the significant impact of three-sided platforms on consumer behavior, with convenience and variety driving customer loyalty. In terms of gig economy dynamics, the research underscores the need for balancing flexibility and income stability for couriers. This study provides practical insights for platform operators, policymakers, and researchers, emphasizing the need for continuous innovation to adapt to evolving market conditions and regulatory frameworks. The findings conclude with recommendations for overcoming challenges in three-sided markets and suggest future research directions, including broader case studies and the integration of primary data.
Open Access
Food security in D8 countries : comparative challenges and sustainable strategies
(ISRG Publishers, 2024-09-12) Fazlullah Ihza Qaseem; Melani Sukma Yuridis
Food security is a critical global issue, and the D8 countries (Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey) represent a significant group of emerging economies with diverse agricultural systems and challenges. The purpose of this paper is to investigate the determinants of food security in the D8 countries using panel data regression analysis. The study utilizes a panel dataset covering a time period of 9 years (2012-2020) for the eight members of D8 countries, except Iran, with variables representing the proportion of agriculture's added value to GDP, the value of agricultural production per capita, the share of agricultural exports to total exports, and land productivity. The panel data regression analysis employs appropriate econometric techniques, which is random effects model, to account for cross-country and time-series variations. The result of the study shows that the value of agricultural production per capita has a positive relationship with Food Security variable. While the variables of the share of the added value of agriculture in GDP and the share of export of agricultural products in total export have a negative correlation with Food Security. There is also no correlation between land productivity and food security. The results of this paper will provide valuable information for policymakers and stakeholders to formulate effective strategies and interventions to improve food security in the region. The results of this research will also provide implications for other developing countries facing similar challenges in ensuring food security for their populations.
Open Access
Human capital for economic development : a study of education production performance (EPP) in Khairpur
(ZAIN Publications, 2024-02) Junejo, Safiullah; Ayaz, Maria
The analysis of education production performance involves evaluating the inputs of faculty, teachers, and students to determine the academic achievement of students. This study aims to estimate the education production performance of both state and private higher secondary schools in Khairpur and identify the factors that affect instructional outcomes in the region. Education is crucial for development, as a highquality education system is essential for increasing people's skills, knowledge, and abilities, ultimately contributing to the growth of human capital. In a developing country like Pakistan, where policymakers face challenges such as a rapidly growing population, low levels of education, and limited resources, improving educational efficiency is critical to achieving progress. A thorough understanding of the factors that contribute to instructional success is essential in this regard. To construct the model, a cross-sectional dataset was used, and a standard least squares method was employed with annual examination results as the output variable and school inputs, student characteristics, family background, and teacher characteristics as the input variables for both private and public schools. The results of the study indicate that student characteristics, teacher qualities, and family background, except for the mother's education, career, and income, have a statistically significant impact on students' academic performance. The findings of this study have significant policy implications for Khairpur and Pakistan as a whole. Improving educational outcomes will be critical in enhancing the human capital stock, which, in turn, is essential for economic growth and improving living standards. By understanding the factors that contribute to instructional success, policymakers can devise effective strategies to address the challenges faced by the education sector and improve overall educational efficiency
Open Access
Influential factors of Indonesian cocoa export : evidence from FMOLS and DOLS approaches
(Science Publishing Group, 2024-12-11) Agbolosoo, John Atsu; Midamba, Dick Chune; Massaquoi, Ibrahim; Ratna Mega Sari
The study investigated the determinants of cocoa exports using both FMOLS and DOLS approaches. The time series data were obtained from FAOSTAT and ICCO websites from the year 1990 to 2022. ADF and PP stationary unit roots were conducted to examine the stationarity of the variables while Johansen cointegration was used to verify the cointegrating among the variables. The outcome of the Johansen cointegration analysis suggests the existence of a cointegration relationship among the eight variables, indicating the presence of long-run relationships among the variables. The estimated results revealed that cocoa productivity, domestic cocoa production, domestic cocoa supply, exchange rates, and world cocoa prices affect Indonesian cocoa exports. Based on the estimated results and discussion, the study draws a conclusion that cocoa productivity, domestic cocoa production, exchange rates, and world cocoa prices positively and statistically significantly influenced cocoa exports while domestic cocoa supply negatively affected Indonesian cocoa exports. The study recommends that the government of Indonesia should stabilize the fluctuating exchange rates and encourage cocoa production via higher productivity by practicing farm rehabilitation practices to increase productivity and cocoa beans for exports. Moreover, the supply of cocoa beans should also be increased by increasing domestic producer prices. These key determinants are crucial for policymakers and industry stakeholders to understand and address to enhance the competitiveness and growth of the cocoa export industry in Indonesia.
Open Access
Institutional quality and Islamic financial development
(Modern Finance Institute in cooperation with Poznan University of Economics and Business, 2024-02-08) Muhammad, Mansur; Baita, Abubakar Jamilu; Hussain, Tufail
The Islamic financial system has become an important source of financing for many Muslim and non-Muslim countries. Therefore, this paper examines the role of institutions in facilitating the development of Islamic financial institutions. The study covers the period 2013-2021 for a panel of 11 leading economies in Islamic finance and employs fixed effects with the Driscoll and Kraay (1998) estimator. The results show a positive impact of effective governance on the development of Islamic finance. However, regulatory quality has a significant negative impact on the development of Islamic finance. Thus, we argue for the improvement of critical institutions that include political, legal, governmental, and regulatory aspects.
Open Access
Internet users and macroeconomic factors’ impact on Indonesia-Malaysia islamic finance index
(Universitas Airlangga, 2024-06-30) Milhatun Nisa'; Muhammad Ismail Sunni
Introduction: The rise of the internet has revolutionized the way businesses operate and people interact globally, without exception, including Islamic finance. This paper aims to investigate whether or not the level of internet users, GDP per capita, exchange rate, labor force, and poverty are the determinants of the increase of the Islamic Finance Index (IFI) in Indonesia and Malaysia. Methods: This research is a quantitative study that employs a balance panel regression and causality tests for the period 2013 to 2020 quarterly. Results: It is empirically found that there was a relationship between internet users and other macroeconomic variables on IFI in the long term, which was significant. However, only the labor force and exchange rate have significantly and negatively impacted IFI. While the remaining variables were expected to be positive, poverty uniquely did not contribute to the performance of Islamic finance. Furthermore, the empirical findings portrayed that all determinants influenced the endogenous variable, but not the contrary. Conclusion and suggestion: By analyzing and delving into the link between internet users, macroeocnomic factors and Islamic finance, this study fills the literature gap which will be a guide for both policymakers and academies to grasp what dominant variables to prioritize for the acceleration of Islamic finance rectification in both Indonesia and Malaysia, aligned with the increasing rate and impact of internet users.
Open Access
Islamic banking and financial development : a cross-country analysis
(Universitas Muhammadiyah Yogyakarta, 2024-07-29) Baita, Abubakar Jamilu
Islamic banking has become an integral part of the modern financial system. Therefore, this study examined the effect of Islamic banking on financial development in countries with a matured practice of Islamic finance. These countries include Iran, Saudi Arabia, Malaysia, UAE, Kuwait, Qatar, Turkey, Bangladesh and Indonesia. Besides, we collected data on Islamic banks' assets and financial development indicators over nine (9) years between 2012 and 2020. The study applied heteroscedastic panel corrected standard errors (HPCSE) regression model to estimate results. The findings indicated that Islamic banks contribute significantly to improving financial development after controlling for banking characteristics (credit risk and capital adequacy ratio) and macroeconomic factors (real per capita GDP, inflation and trade openness). Due to data limitations, this study covers only nine countries over nine years (2012 -2020). The findings provided insight into the contribution of Islamic banks to financial development, which can motivate regulatory authorities and policymakers to improve the practice of Islamic banking and finance through the provisions of enabling and motivational regulations and policies. This study provided a novel contribution as this issue is underresearched. Most existing studies concentrate on the macroeconomic and institutional determinants of financial development, thus relegating the role of Islamic banking in spurring financial development.
Open Access
Leverage, capital adequacy, and financial stability in the fintech industry : evidence from Indonesia
(Modern Finance Institute in cooperation with Poznan University of Economics and Business, 2024-07-14) Baita, Abubakar Jamilu; Diah Bardiah; Suhail; Basalma, Ebrahim Omar
The paper examined the influence of leverage and capital adequacy on fintech's financial stability in Indonesia. We utilize both quantitative and qualitative methods. The findings showed that leverage significantly constrained the financial stability of the fintech industry in the short run. Contrarily, capital adequacy has no significant effect on financial stability. Specifically, the qualitative results indicated that a high liability-to-asset ratio depressed the financial stability of the fintech industry. However, the influence of the asset-to-equity ratio on financial stability depends on asset quality, liquidity, and riskiness. Furthermore, the respondents noted the insufficiency of capital requirements in the fintech industry. Thus, fintech firms should focus on asset quality, while regulators should tighten capital regulation.
Open Access
Measuring procyclicality behavior on Islamic and conventional banks in Indonesia
(Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta, 2024-04) Dimas Bagus Wiranatakusuma; Ecky Imamul Muttaqin
Research Originality: This study contributes to capturing credit cycle movements during the COVID-19 pandemic and compares sizes of credit and business cycles to promote banking stability. Research Objectives: This study attempts to examine banking behavior on amplitude and frequency indicators by focusing on the credit property of Islamic and conventional banks. Research Methods: This study utilizes ordinary least square regression and time series analysis on monthly data from 2014 to 2020 to examine the procyclical behaviour in both Islamic and conventional banking. The construction and measurement of generated cycles are achieved through the utilization of frequency-based filtering and turning point analysis. Empirical Results: This study unveiled that the size of an Islamic bank’s amplitude was higher than conventional bank’s amplitude. Meanwhile, the size of the frequency of Islamic banks had a longer frequency than conventional banks, given Islamic banks rely on real sector-based financing which has a longer period of economic expansion. Implications: It is also argued that conventional banks have a riskier leverage indicated by a higher percentage of amplitude. Thus, it is recommended to Indonesian banking sectors to promote the growth of Islamic banks to achieve financial stability. This research is significance in showing the Islamic banking’s contribution on stability given Indonesia is taking serious effort becoming the epicentrum of Islamic finance growth in the world.
Open Access
Monetary policy dynamics and economic growth an empirical analysis of Indonesia's economy using time-series data and error correction model (ECM)
(ZAIN Publications, 2024-03) Fazlullah Ihza Qaseem
This study investigates the relationship between monetary policy variables and GDP growth in Indonesia using time-series data from 1986 to 2021. Employing the Error Correction Model (ECM) framework, the research explores the presence of a long-run relationship among the variables and identifies significant monetary policy instruments that drive economic growth. The findings reveal a robust long-run relationship between monetary policy variables and GDP growth, indicating the sustained impact of monetary policy on Indonesia's economic performance. Specifically, the core finding highlights the significance of the inflation rate, exchange rate, and total reserves as influential monetary policy instruments driving growth in Indonesia. This finding helps policymakers better understanding about the relationship between monetary policy and economic development in the context of Indonesia by offering insightful information. By utilizing an extensive time-series dataset and employing the ECM methodology, this study contributes to the existing literature on the role of monetary policy in shaping economic growth, particularly in Indonesia.
Open Access
Navigating the digital wave : mapping the research trends of digital finance (fintech) through a bibliometric lens
(ZAIN Publications, 2024-03) Hamza, Ali; Saleh, Husny Gibreel Musa
In the wake of swift digitalization and technological progress, individuals worldwide have embraced the notion of digital finance. While academic literature has extensively explored various facets of financial digitalization, there remains a scarcity of research examining these services through a bibliometric lens. Thus, this study endeavours to provide a bibliometric analysis of adoption of digital finance, drawing insights from the Scopus database's literature review spanning from 2003 to 2023. The charts are directly extracted form scoups Analysis tab but for visualization VOSviewer software is used. The results highlight a dynamic and collaborative research environment with global impact, featuring diverse contributions from different countries and individuals in the evolving field of Financial Technology and Digital Money Publications. China has taken a lead with approximately 1400 publications, reflecting its substantial role in contributing to the field. However, recent collaborations, though fewer in number, have emerged from Pakistan and Malaysia, signifying diverse contributions .A significant portion of research, 20.1%, is categorized under Computer Science, showcasing the interdisciplinary nature of the field. "Sustainability Switzerland" stands out as a preeminent journal, housing 118 documents in the Scopus database, and is a prominent choice for collaboration among authors, alongside "Finance Research Letters. Asian educational institutions dominate the institutional landscape in terms of publication count, indicating a strong commitment to advancing research. Individual contributions are also notable, with "Rabbani" emerging as a foremost author, contributing 20 documents to the Scopus database.