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"This study analyzes foreign direct investment (FDI) and economic growth in fifteen West Sub-Saharan African countries’ relationship from 1990 to 2020, with secondary panel data from the World Bank (2022), at the expense of both interest rate and exchange rate effect. The main model used is Panel VECM. The results shows that FDI helps enhance economic growth in the long run, as the estimate in the long-run indicates an increase of -121.16, which can be interpreted inversely with a 1% level of significance, with t-statistics at -14.94, despite FDI’s negative impact in the short run with an estimate of -3.5 with a level of significance of -2.16. Likewise, the effect of interest rate with t-statistics of -0.1 for economic growth and 0.1 for FDI and exchange rate with t-statistics of -0.43 for economic growth and -0.12 for FDI. Thus, both parameters are deemed insignificant. Therefore, policymakers should adopt policies that will support FDI for the long term to enhance economic growth, and reduce interests rate and exchange rates by establishing usage of a single currency or flexible exchange rates. This study aims to help policymakers and analysts determine the advantages of monitoring changes in macroeconomic fundamentals and economic growth for attracting FDI. The results of the study have significant policy repercussions, particularly for fiscal and monetary policy, particularly to resolve problems of slow economic growth to a low proportion of appropriate FDI in West Sub-Saharan African countries and other developing countries."

"The study involves the application of Vector Error Correction Models (VECM) to analyze macroeconomic dimension of fiscal policy on economic growth in Indonesia and Turkey. Furthermore, it attempts to depict the paths of fiscal policy and GDP evolution in the two economies by providing data for the period 1980-2022. It uses Augmented Dickey Fuller (ADF) tests and Johansen co-integration tests to check against the stationarity and the long-run relationships between fiscal policy variables and economic growth. The result of Granger causality analysis was used to address the two-way relationship between these variables. Data discloses that the fiscal policy of Indonesia does not significantly affects economic development directly, as Turkey’s case where government expenditure does have a positive relationship with economic growth in the short term. Despite the common unstable connection between government participation, government revenue and economic growth, there exists a long-term inimical correlation in both countries. The results of the study indicate the impact of fiscal policy as non-immediate measure is not effective with regards to Indonesia economic growth. This calls attention to the role of resource reallocation in creating a lasting development rate. That is why the relationship between public spending and short-term growth shows significant effectiveness of certain fiscal policy monetary measures aimed at increasing the rates of material production and growth in the country. The research indicates that long period of government expenditure maybe unbeneficial for developing economies. Contrary to this, it is governments’ duty to determine the etymologically sound methodologies of prudent fiscal plans that will enable privatization, investments, and economic growth."

"This paper investigates the role of financial technology (FinTech) in propelling economic growth in Indonesia from 1998 to 2018. The FinTech industry employs a technology-based business model to provide financial services, including lending, payment, investment, and financing services. The study is motivated by endogenous growth theory, which seeks to explain technology as the most important driver of economic growth. The study finds that FinTech startups are positively correlated with Indonesia’s economic growth. FinTech firms in their first year are found to be disruptive, but they fail to have serious consequences on Indonesia’s economic growth; however, they seem to significantly encourage economic growth in their second year. These findings are derived after accounting for other important growth determinants, namely, capital per labor, foreign direct investment (FDI), stock market development, and trade openness."

"This paper empirically investigates the separates effects of vertical and horizontal export diversification on economic growth based on a panel data of 41 countries from sub-saharan Africa (SSA) and East Asia...."

"Penelitian ini ditujukan untuk menganalisis hubungan kausalitas dinamis antara perkembangan sektor keuangan, pertumbuhan ekonomi dan penurunan kemiskinan di Indonesia periode 2000Q1 sampai dengan 2010Q4. Dalam penelitian ini, pengukuran perkembangan sektor keuangan menggunakan tiga proksi yaitu rasio uang beredar secara luas (M2) terhadap PDB, rasio kredit sektor swasta terhadap PDB dan rasio total kredit usaha kecil terhadap PDB.Model yang digunakan dalam penelitian ini adalah uji kausalitas Granger dan trivariate VECM untuk dapat menjawab tujuan penelitian. Dari hasil studi diperoleh bahwa pertumbuhan ekonomi dan perkembangan sektor keuangan mempunyai hubungan jangka panjang dengan penurunan tingkat kemiskinan di Indonesia. Pengaruh pertumbuhan ekonomi dan perkembangan sektor keuangan terhadap penurunan tingkat kemiskinan tidak terjadi seketika, tetapi ada time lag yang lama tergantung pada situasi perekonomian di negara yang bersangkutan.Penelitian ini juga menemukan bahwa perkembangan sektor keuangan menyebabkan pertumbuhan ekonomi dan mendukung supply leading hypothesis di Indonesia.

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This study aimed to analyze the dynamic causal relationship between financial sector development, economic growth and poverty reduction in Indonesia period 1996Q1 to 2009Q4. In this study, measurement of financial sector development using three proxies, namely the ratio of broad money supply (M2) to GDP, the ratio of private sector credit to GDP and the ratio of total credit for small business to GDP.

The model used in this study is the Granger causality test and trivariate VECM in order to answer the research objectives. From the results of the study found that economic growth and development of the financial sector has a long-term relationship with poverty reduction in Indonesia. Effect of economic growth and development of the financial sector to poverty reduction does not happen instantly, but there is a long lag time depending on the economic situation in the country.This study also finds that development of financial sector development leds to economic growth and support the supply leading hypothesis for Indonesia."

"ABSTRAKStudi ini meneliti pengeluaran pemerintah untuk pendidikan dan kesehatan di Indonesia dan pengaruhnya terhadap pertumbuhan ekonomi menggunakan panel kointegrasi dan analisis kausalitas. Selain itu, penelitian ini juga menggunakan regresi data panel standar dan panel data regresi dengan variabel instrumen. Hasil menunjukkan bahwa adanya kausalitas dua arah antara pengeluaran pendidikan dan produk domestik regional bruto (PDRB) serta pengeluaran kesehatan dan PDRB. Dari hasil regresi data panel dengan variabel instrumen, belanja pendidikan memiliki hubungan positif dengan pertumbuhan ekonomi dan secara statistik signifikan. Sebaliknya, pengeluaran kesehatan hanya memiliki tanda positif tetapi secara statistik tidak signifikan. Temuan ini memiliki implikasi kebijakan utama seperti kebutuhan untuk meningkatkan alokasi anggaran daerah terutama untuk sektor pendidikan dan kesehatan dan sektor-sektor produktif lainnya. Provinsi-provinsi dengan tingkat pertumbuhan ekonomi yang rendah harus memperkuat keuangan daerah dengan pendapatan asli daerah sehingga mereka dapat meningkatkan PDRB dan mengalokasikan anggaran lebih untuk pendidikan dan kesehatan.

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ABSTRACT

This study investigates government's expenditure on education and health in Indonesia and its effect on economic growth using panel cointegration and causality analysis. Furthermore, this study also employs standard panel data regression and panel data regression with instrument variable. The results show that the existence of bidirectional causality among education expenditure and gross regional domestic product (GRDP) as well as health expenditure and GRDP. From the result of panel data regression with instrument variable, education expenditure has a positive relationship with economic growth and statistical significance. On the contrary, health expenditure only has a positive sign but is statistically not significant. These findings have main policy implications such as the need to increase the allocation of the local budget especially for education and health sectors and other productive sectors. Indeed, the low-growth provinces should strengthen their regional finance with local own revenue so that they can increase GRDP and allocate more budget for education and health."

"Tujuan dari penelitian ini adalah untuk menganalisis efek dari kebijakan desentralisasi fiskal terhadap beberapa indicator ekonomi seperti pertumbuhan ekonomi dan tingkat kesenjangan ekonomi di Indonesia. Secara teori desentralisasi fiskal dapat menyebabkan pertumbuhan ekonomi karena kebijakan tersebut menciptakan suatu efisiensi dengan cara mendekatkan pemerintah kepada masyarakat (Musgrave, 1959). Penelitian ini berargumen bahwa selain memberikan efek langsung, desentralisasi fiskal juga dapat memberikan efek tidak langsung terhadap pertumbuhan ekonomi melalui indikator ekonomi lain seperti tingkat kesenjangan ekonomi. Terdapat beberapa indikator yang dapat digunakan untuk mengukur desentralisasi fiskal, seperti yang dijelaskan oleh IMF dalam dokumen 'Government Financial Statistics' (2001), dan penelitian ini menggunakan salah satu indicator tersebut dalam mengukur tingkat desentralisasi fiskal yaitu tingkat desentralisasi fiskal berdasarkan total penerimaan provinsi dibagi dengan total produk domestik bruto provinsi tersebut. Dan dalam rangka melakukan test 'robust' terhadap hasil pengukuran, penelitian ini juga menggunakan indikator lain dari desentralisasi fiskal dalam dokumen IMF tersebut yaitu tingkat desentralisasi fiskal berdasarkan total pengeluaran provinsi dibagi dengan total produk domestik bruto provinsi tersebut. Penelitian ini akan melakukan analisis terhadap efek dari desentralisasi fiskal di 33 provinsi di Indonesia dari tahun 2004 hingga 2013. Penelitian ini menggunakan jenis data panel dan metode 'Seemingly Unrelated Regression' (SUR) dalam proses analisis untuk mengakomodasi efek tidak langsung yang diberikan oleh desentralisasi fiskal terhadap pertumbuhan ekonomi melalui tingkat kesenjangan. Hasil estimasi menunjukkan bahwa desentralisasi fiskal terbukti memiliki efek yang cukup signifikan terhadap pertumbuhan ekonomi baik secara langsung maupun tidak langsung. Hasil estimasi menunjukkan bahwa Efek langsung dari desentralisasi fiskal terhadap pertumbuhan ekonomi adalah negatif, namun efek tidak langsung dari desentralisasi fiskal terhadap pertumbuhan ekonomi melalui penurunan tingkat kesenjangan ekonomi adalah positif, dan apabila dianalisis lebih lanjut, total efek yang diberikan oleh desentralisasi fiskal terhadap pertumbuhan ekonomi secara langsung dan tidak langsung adalah positif.

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The purpose of this study is to analyze the effect of fiscal decentralization policy on regional economic indicators such as economic growth and inequality in Indonesia. Theoretically, fiscal decentralization can lead to economic growth because it creates efficiency by bringing government closer to the public (Musgrave, 1959). This study argues that besides directly affect economic growth, fiscal decentralization also indirectly affects economic growth through other economic indicators such economic inequality. There are several indicators can be used to measure fiscal decentralization as explained by IMF Government Financial Statistics (2001), this study uses one of them, which is fiscal decentralization as a total provincial revenue as a share of GDP as fiscal decentralization measurement, and for robustness test, this study uses the other indicator measurement from the IMF which is fiscal decentralization as a total provincial expenditure as a share of GDP. Furthermore, this study analyzes the effect of fiscal decentralization across 33 provinces in Indonesia from 2004 to 2013. This study uses panel data and seemingly unrelated regression method in the analysis to accommodate the indirect effect of fiscal decentralization on economic growth through inequality. The result shows that fiscal decentralization does have a significant relationship with economic growth directly and indirectly through inequality level. The direct effect of fiscal decentralization on economic growth is negative, but the positive effect of fiscal decentralization in reducing inequality levels indirectly improves economic growth, which makes the actual total effect of fiscal decentralization on economic growth is positive. Relevance to Development Studies Fiscal decentralization was first implemented in Indonesia in 2001, and after more than a decade, this policy should have given positive impact to Indonesian economy. If it does not have positive impact on the economy then Government of Indonesia should discover what went wrong with this policy. Because of that reason, this study try to analyze do the fiscal decentralization policy in Indonesia can improve their economic growth and reduce inequality level across provinces after more than years of implementation. Improving economic growth means creating more wealth for people and by reducing inequality all people can experience the effect equally. One of the purposes of Development Studies is to improve and create equal welfare for the people especially in the poor and developing countries. Because of that reason, this study is very relevance to development studies because it analyzes the impact of fiscal decentralization policy in Indonesia in improving economic growth and creating economic equality across provinces to improve their people wealth. "

"ABSTRAK

Penelitian ini bertujuan untuk menganalisis efek dari investasi asing langsung dan ekspor terhadap pertumbuhan ekonomi (dihitung dari PDB per kapita riil) 7 negara OKI selama tahun 2000-2012, yang didasarkan pada teori pertumbuhan endogen. Penelitian ini menggunakan model panel dengan efek tetap sebagai perbandingan terhadap model lain yang menggunakan PDB harga saat ini dan variabel indikator keanggotaan OPEC, hasil penelitian menunjukkan bahwa pada model pertama investasi asing langsung mempengaruhi pertumbuhan PDB secara positif, namun tidak signifikan, sementara ekspor terlihat lebih mempengaruhi pertumbuhan PDB dibandingkan investasi asing langsung. Selanjutnya, semua variable kontrol menunjukkan kontribusi yang positif dan signifikan terhadap PDB, kecuali variabel pendidikan. Pada akhirnya, model kedua mengkonfirmasi relevansi dari model pertama

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ABSTRACT

This research aims to analyze the effects of FDI and exports on economic growth (measured by real GDP per capita constant) of seven selected OIC countries during 2000-2012, based on the endogenous growth theory. Employing a panel fixed effect model in comparison to that with GDP at current PPP and dummy variable of OPEC, the result from the former model shows that FDI positively affects GDP growth, but not significant, while Exports seem to be more growthenhancing. Meanwhile, all the control variables also show positive and significant contribution to GDP, except that of education. Eventually, the later model confirms the relevance of the former.

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"Empirical studies on the impact of decentralization on economic growth have resulted in mixed findings....."

"This paper considers a dynamic model with human capital accumulation, for which both firm - specific skills and general skills are sources of growth....."