Analysis of the Influence of Interest Rate Effectiveness, Inflation, and Exchange Rates in Stimulating Economic Growth in Indonesia
(Vina Ramadhani Siregar, Bakhtiar Efendi, Rusiadi Rusiadi)
DOI : 10.70062/harmonieconomics.v2i3.297
- Volume: 2,
Issue: 3,
Sitasi : 0 09-Jul-2025
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| Last.06-Aug-2025
Abstrak:
This study investigates the impact of interest rate effectiveness, inflation, and exchange rates on economic growth in Indonesia between 2014 and 2023. Using a simultaneous equation model and the Two-Stage Least Squares (TSLS) estimation technique, the research analyzes the interrelationships among key macroeconomic indicators. The results show that exports and investment significantly influence GDP, whereas the exchange rate and money supply have no notable effect. Furthermore, GDP growth is identified as a significant determinant of investment, while interest rates and inflation are found to be statistically insignificant. The diagnostic tests confirm that the regression model satisfies the classical assumptions of normality and absence of autocorrelation. These findings highlight the importance of promoting exports and enhancing investment to support Indonesia’s sustainable economic development. Policymakers are encouraged to focus on trade performance and investment climate, as these factors have a stronger direct impact on growth compared to inflation and interest rates during the observed period.
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2025 |
Analisis Keterkaitan Fintech Innovation, Financial Inclusion, Green Finance, dan Balance of Trade di Indonesia
(Budi Rusdianto, Bakhtiar Efendi, Rusiadi Rusiadi, Lia Nazliana Nasution)
DOI : 10.58192/wawasan.v2i4.2610
- Volume: 2,
Issue: 4,
Sitasi : 0 18-Oct-2024
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| Last.07-Jul-2025
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This research aims to look at the relationship between Fintech Innovation, Financial Inclusion, Green Finance, and Balance of Trade in Indonesia. Financial technology innovation is experiencing very rapid development. Green Finance or a sustainable green economy itself can be interpreted as anything that can be enjoyed not only now but for the long term into the future which ultimately aims to improve the Indonesian economy and play a positive role in the growth of the trade balance. The research method in this research is using the VAR method. The VAR model is a model that is used without emphasizing the problem of exogeneity of the variables used in the analysis. The VAR model makes it easy to provide answers and provide empirical and more complex evidence of the long-term reciprocal relationship of economic variables that contribute to one another. The research results in this study are that the variables are related to each other.
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2024 |
Analysis Of The Influence Of Port Export And Import Volume On Economic Growth In North Sumatera And West Sumatera Provinces
(Nuri Rahayu Ningsih, Andria Zulfa, Bakhtiar Efendi, Lia Nazliana Nasution, Rusiadi Rusiadi)
DOI : 10.62951/ijecm.v1i4.276
- Volume: 1,
Issue: 4,
Sitasi : 0 11-Oct-2024
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| Last.27-Jul-2025
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Using a quantitative approach, this study investigates the effect of port export and import volumes on economic growth in North Sumatra and West Sumatra Provinces. Time series data from the World Bank and the Central Statistics Agency (BPS) from 2006 to 2023 are used as secondary data. The analysis uses the ARDL Panel model, which allows for analysis of data dynamics across time and regions. The results show that the three main indicators that affect economic growth (GRDP) in both provinces, both in the short and long term, are export volume, inflation, and exchange rates. In North Sumatra, export volume has a positive impact on GRDP, while import volume has a negative impact, indicating a risk of dependence on imports. Controlled inflation also has a positive impact, while the exchange rate shows a diversion. Policy recommendations are expected to improve global competitiveness and exchange rate stability through coordination of fiscal and monetary policies, support for the Export Capacity Building Program and MSMEs through the Regional Comprehensive Economic Framework (RCEP), and export diversification to reduce dependence on certain commodities. This study emphasizes that policies that are responsive to changes in trade at the national to international levels are an important foundation for stabilizing sustainable economic growth.
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2024 |
The Influence of Interest Rates, Consumption, Investment, Unemployment, and Renewable Energy on Inflation and GDP in Indonesia
(Putri Valentine, Rusiadi Rusiadi, Lia Nazliana Nasution)
DOI : 10.62951/ijecm.v1i4.184
- Volume: 1,
Issue: 4,
Sitasi : 0 19-Aug-2024
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| Last.27-Jul-2025
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This research aims to determine the influence of interest rates, consumption, investment, unemployment and renewable energy on inflation and gross domestic product (GDP) in Indonesia. The variables in this research are Interest Rates, Consumption, Investment, Unemployment and Renewable Energy as independent variables, while the variables Inflation and Gross Domestic Product (GDP) are the dependent variables. The research period is 1993 - 2023. The data analysis technique used is the Simultaneous model, with testing using Eviews 10. Based on the results of the simultaneous analysis, the variables Interest Rate, Consumption and GDP have a positive and significant effect on Inflation. Meanwhile, the Investment Variable does not have a positive and significant effect on Inflation. The Renewable Energy and Inflation variables have a positive and significant effect on GDP. Meanwhile, the unemployment variable does not have a positive and significant effect on GDP.
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2024 |
The Influence of Green Banking on Financial Inclusion and Sharia Banking Growth in Indonesia
(Winsi Fadiah Putri, Bakhtiar Efendi, Rusiadi Rusiadi)
DOI : 10.62951/ijecm.v1i4.177
- Volume: 1,
Issue: 4,
Sitasi : 0 08-Aug-2024
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| Last.27-Jul-2025
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The banking industry has a very important role in a country's economy. One of the things related to the banking sector is operational activities towards the environment. The increasing environmental damage that occurs is a form of human indiscipline in managing natural resources. Therefore, efforts that banks can make to implement environmentally friendly practices in their operational activities are green banking by considering the 5P aspects, namely People, Planet, Partnership, Peace and Prosperity. Even though banks do not contribute directly to environmental pollution, sectors that carry out business activities cannot possibly operate if they do not have capital to finance their operations and one of the financial institutions that provides capital in the form of financing is banks. So, indirectly banks play an important role in environmental sustainability. This research aims to investigate the impact of green banking on financial inclusion and the growth of Islamic banking in Indonesia. The data analysis method employed is the Seemingly Unrelated Regression (SUR) method. The research approach is associative/quantitative, utilizing secondary data obtained and processed from annual reports and sustainability reports available on the official websites of the respective companies. Additionally, references from scientific journals and previous studies on selected Islamic banks are used. The sample includes PT. Bank Central Asia Sharia Tbk, PT. Bank KB Bukopin Syariah Tbk, PT. Bank Mega Syariah Tbk, PT. Bank Muamalat Indonesia Tbk, PT. Bank Panin Dubai Syariah Tbk, and PT. Bank National Retirement Savings Account Sharia Tbk, covering the period from 2019 to 2023.
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2024 |
Analisis Pengaruh Pendalaman Sektor Keuangan dan Cadangan Devisa Terhadap Nilai Tukar Mata Uang Indonesia, Malaysia, dan Filipina
(Kardina Siregar, Yuli Ariani, Rusiadi Rusiadi, Suhendi Suhendi, Lia Nazliana Nasution)
DOI : 10.61132/jeap.v1i2.125
- Volume: 1,
Issue: 2,
Sitasi : 0 25-May-2024
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This research aims to analyze the influence of financial sector deepening and foreign exchange reserves on currency exchange rates in Indonesia, Malaysia and the Philippines. The variables in this research are exchange rate, GDP, credit interest rates, money supply, foreign exchange reserves. This research uses secondary data taken from WorldBank in 2005-2022. The data analysis technique used is the Autoregressive Distributed Lag (ARDL) panel. The research results from the ARDL model analysis show that the countries that are able to become lead indicators for KURS tariff stability are Indonesia and Malaysia. This is because all the variables or indicators in the research, namely (Foreign Exchange Reserves, GDP, JUB and Credit Interest Rates) in these countries have a significant effect on the KURS, while CDV, GDV and JUB do not have a significant effect on the KURS. in the Philippines, only the SBK variable has a significant effect on the KURS in the Philippines. If we look at short-term and long-term stability, the Unemployment Rate variable, both short-term and long-term, has a significant effect on KURS stability.
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2024 |
Integration Of Green Monetary and Green Fiscal Policies In Supporting The Effectiveness Of Economic Transformation Towards Development Sustainable In Indonesia
(Putri Valentine, Sabilayana Sabilayana, Rusiadi Rusiadi, Suhendi Suhendi, Lia Nazliana Nasution)
DOI : 10.61132/ijema.v1i2.52
- Volume: 1,
Issue: 2,
Sitasi : 0 13-May-2024
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| Last.06-Aug-2025
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This research aims to determine Renewable Energy, Emission Intensity, Life Expectancy, and Unemployment Rate on Gross National Income (GNI) in Estonia, Finland, Germany, Hungary, and Norway. The variables in this research are Renewable Energy, Emission Intensity, Life Expectancy, and Unemployment Rate as independent variables, while the Gross National Income variable is the dependent variable. This research uses secondary data taken from the OECD from 2011-2023. The data analysis technique used is the Autoregressive Distributed Lag (ARDL) panel. The research results from the ARDL model analysis show that the country that is able to become a leading indicator for the stability of the GNI rate is only Norway. This is because all the variables or indicators in the research, namely (Renewable Energy, Life Expectancy, and Unemployment Rate), this country has a significant effect on GNI. while the Emission Intensity variable does not have a significant effect on GNI. If we look at the stability of the short run and long run, the Unemployment Rate variable, both in the short and long term, significantly controls the stability of GNI.
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2024 |
The Effectiveness Of A Mixed Economic Model In Controlling The Financial System In 7 Emerging Market Countries
(Audre Aprillia, Winsi Fadiah Putri, Nurul Syahfia, Rusiadi Rusiadi, Diwayana Putri Nasution, Bakhtiar Efendi, Lia Nazliana Nasution)
DOI : 10.62951/ijecm.v1i3.100
- Volume: 1,
Issue: 2,
Sitasi : 0 30-Apr-2024
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| Last.06-Aug-2025
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This research aims to analyze the effectiveness of the mixed economic model in controlling financial system stability in 7 emerging market countries. Where the monetary policy variables are the money supply and interest rates. Then the microprudential variables are Return On Equity and Return On Assets, the macroprudential variables are Capital Adequacy Ratio and Non Performing Loans. The financial system stability variables are the inflation level and exchange rate. The data analysis model in this research is the Simultaneous model. This research uses secondary data or time series, namely from 2019 to 2023. This analysis is significant for controlling the financial system by ensuring the data meets normality assumptions through the Jarque-Bera test, which allows for more precise financial planning and risk management decisions. The absence of autocorrelation effects, as proven in the residual test, also strengthens the reliability of the model in understanding market trends. The Two-Stage Least Squares method in simultaneous regression analysis provides in-depth insight into the relationship between economic variables such as the inflation rate and the exchange rate, supporting effective economic policy making. Understanding the elasticity of key variables to the inflation rate and exchange rate is also important for optimizing risk control strategies and financial resource allocation.
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2024 |
ARDL PANEL MODEL OF INTERNATIONAL FINANCIAL SYSTEM AND MONETARY POLICY OF ASIA PASIIFIC ECONOMIC COOPERATION
(Rusiadi Rusiadi, Ade Novalina, Bhaktiar Effendi, Anita N Hutasoit)
DOI : 10.55606/iceb.v1i2.185
- Volume: 1,
Issue: 1,
Sitasi : 0 28-Jun-2022
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| Last.19-Aug-2025
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The financial system plays an important role in the economy. An unstable financial system will be vulnerable to various problems that disrupt the rotation of a country's economy and be vulnerable to economic problems such as the global crisis in various countries. The problem that occurs is the occurrence of Covid-19 causing various fluctuations in the level of inflation, money supply, imports, the occurrence of unstable inflation from January 2019 to August 2021, low inflation resulting in a decrease in imports and an increase in the money supply in Mexico. , Vietnam, Philippines, Hongkong, Indonesia, Canada, Malaysia, Singapore, Peru, and China. The analytical method in this study uses the ARDL Panel (Autoregression Distributed Lag) approach. The ARDL Panel Model determines which country models from APEC countries are able to control long-term financial system-based economic fundamentals in Mexico, Vietnam, the Philippines, Hong Kong, Indonesia, Canada, Malaysia, Singapore, Peru, and China and the Different Test for modeling the impact of covid-19 19 on the economic fundamentals of the financial system. The results of the research found the ARDL Panel prediction model in modeling the impact of Covid-19 on economic fundamentals in the financial system. The main Leading Indicator of variable effectiveness in controlling Inflation In TAPEC is JUB where Vietnam, the Philippines, Hong Kong, Japan, Malaysia, Singapore, Peru and China have a significant influence in controlling Inflation. Then overall in the long term (Long Run) it turns out that only the JUB and CDV variables have an effect on INF In TAPEC, while in the short term (Short Run) it is JUB that influences Inflation In TAPEC.
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2022 |
ARDL PANEL MODEL IN CONTROL OF EXCHANGE RATE SYSTEMS THROUGH POST-COVID-19 OPEN ECONOMY MODEL
(Abdiyanto Abdiyanto, Ronald Farel Siahaan, Rusiadi Rusiadi, Ade Novalina, Bhaktiar Efendi, Lia Nazliaan Nasution, Suhendi Suhendi, Diwayana Putri Nasution)
DOI : 10.55606/iceb.v1i1.181
- Volume: 1,
Issue: 1,
Sitasi : 0 28-Jun-2022
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| Last.19-Aug-2025
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Destination from study this that is for test variable Interest Rates, Inflation , Total Money Supply and GDP how much big in take effect to EXCHANGE variable . And for knowing is panel level _ ethnic group interest , inflation , money supply , unemployment , investment , and GDP have an effect positive and significant to exchange rates in America, Australia, China, Canada , Indonesia, Japan , South Korea, Malaysia, Singapore, Russia and Thailand. Approach study this is study associative / quantitative with the Simultaneous model and the ARDL Panel where aim see linkages Among independent variables and dependent variables that spread panel in Top Major Exchange Rate countries in 11 APEC Countries. Study this conducted against 11 countries with exchange rate strongest in the APEC countries in the world (America, Australia, Malaysia, Singapore, South Korea, Japan , China, Indonesia, Canada , Russia , and Thailand). The ARDL Panel Analysis results show that the Leading Model Control indicators Exchange Rate System Through the Post -Covid-19 Open Economy Model, the Top Major Exchange Rates in Eleven Apec Countries (Varies) are JUB and GDP. this _ due to the results data processing , the ROE variable is variable that gives stable influence , ie _ effect on the inside period long nor period short in give influence significant to score exchange , which is assessed from level short run and long run stability in the table result .
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2022 |