Bank Indonesia

As countries with the largest Muslim populations, Indonesia and Malaysia are committed to being the leaders of the halal cosmetics business in the world. Their government regulation stated that Muslim consumers must use halal cosmetics, while the intention to purchase halal cosmetics among Muslim Gen Z, as a massive user of cosmetics, is still low. Therefore, what should the two countries do to realize their commitment? This research aims to compare Indonesian and Malaysian Muslim Gen Z’s purchase intentions for halal cosmetics and to examine the moderating effect of their respective governments’ regulations on these intentions. The Multiple Linear Regression statistical analysis tool was applied with 120 Gen. Z Muslim respondents, each from Indonesia and Malaysia. The findings conclude that Gen Z’s intention to buy halal cosmetics is influenced by religiosity, halal awareness, price, promotion, and brand image, with government regulation also moderating this relationship. Malaysian Gen Z purchase intention is stronger than Indonesian Gen Z. It is hoped that the two countries may become the center of the global halal cosmetics industry, as Gen Z purchase intention for halal cosmetics and its sales increase. From the researchers’ knowledge, this is the first study to use this framework.

This systematic review critically explores the relationship between climate justice, economic inequality, and globalization, especially in the Global South from 2000 to 2024. As climate change is becoming more critical, it not only disrupts environmental processes but also serves as a threat multiplier, which increases pre-existing socioeconomic inequalities in line with historical and contemporary processes of globalization. Following the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) guidelines, this systematic review uses 127 articles from peer-reviewed journals listed in Scopus, Web of Science, and UGC-CARE. It explores and analyzes how climate change impacts, measured by temperature change, extreme weather events, and agricultural volatility, influence income inequality and wealth accumulation in developing economies. The systematic review demonstrates the "Triple Climate Inequality Crisis," which consists of an inequality of responsibility, where the Global North and elites are responsible for climate change; an inequality of vulnerability, where developing nations and low-income groups are more vulnerable to climate change impacts; and an inequality of capacity, where global financial architecture restricts developing nations from adapting to climate change. The econometric results from this systematic review show a non-linear relationship between temperature change and economic inequality, especially in agrarian economies like South Africa, where temperature change disproportionately affects low-income groups. Moreover, this systematic review critically analyzes the "Just Transition" framework and identifies significant shortcomings in its financing mechanism, especially in Just Energy Transition Partnerships (JETPs) in Indonesia, South Africa, and Vietnam. The systematic review concludes that climate change and environmental injustice are consequences of neoliberal globalization, which relies on ecologically unequal exchange. Hence, there is a need for a significant change in the global financial architecture, especially in wealth taxation and loss and damage financing.

Background: The development of bullion business and its increasing digitalization are widely promoted as instruments for financial inclusion and regional welfare enhancement, yet empirical evidence on their actual welfare effects remains limited and spatially heterogeneous. This study aims to examine whether bullion business development, particularly through digital access, contributes to regional welfare in West Java and to identify the conditions under which such development strengthens resilience without generating new systemic risks. Building on theories of asset-based welfare, financial resilience, and digital finance adoption. Methods: The research employs a mixed quantitative approach combining macro-financial indicators, provincial and municipal welfare data, and household-level survey evidence. The analysis utilizes monthly national gold price data, inflation, interest rates, exchange rates, provincial economic indicators, and a structured survey of respondents representing all 27 regencies and municipalities in West Java, complemented by spatial clustering and scenario-based stress testing. Findings: The findings indicate that gold ownership functions primarily as a risk-mitigation asset rather than a growth driver, with welfare effects becoming more pronounced during inflationary and income-shock periods. Physical gold holders demonstrate higher crisis utilization rates than digital users, reflecting stronger behavioral resilience despite lower liquidity. Digital bullion access improves transaction efficiency and inclusion in regions with high digital readiness but amplifies volatility transmission and welfare reversals under stress scenarios, particularly in urbanized areas. Spatial analysis reveals uneven welfare outcomes, where digitally advanced municipalities benefit during price appreciation phases yet face sharper contractions during crises, while low digital readiness regions display greater stability through reliance on physical bullion. Conclusion: The study concludes that bullion digitalization contributes to regional welfare only under conditional designs incorporating hybrid access, spatial differentiation, and crisis-mode governance. Novelty/Originality of this article: The originality of this article lies in empirically positioning bullion access as a spatial welfare variable and demonstrating that digital efficiency does not automatically translate into systemic resilience.

Pentingnya kinerja karyawan dalam mendukung efektivitas operasional pada maskapai perintis khususnya di Divisi Interdependen yang memiliki beban kerja tinggi dan lingkungan kerja dinamis. Dalam konteks industri penerbangan yang menuntut ketepatan, keselamatan dan koordinasi lintas divisi, faktor beban kerja dan lingkungan kerja menjadi aspek krusial yang dapat memengaruhi produktivitas individu maupun tim. Namun, pengaruh kedua faktor tersebut tidak selalu bersifat langsung melainkan dapat dimediasi oleh tingkat motivasi kerja karyawan. Oleh karena itu, penelitian ini bertujuan untuk menganalisis hubungan antara beban kerja dan lingkungan kerja terhadap kinerja karyawan dengan motivasi kerja sebagai variabel mediasi pada divisi interdependen maskapai perintis “X” guna memberikan gambaran empiris mengenai strategi peningkatan kinerja yang efektif. Adapun konsep dalam penelitian ini dimana dilakukan penelitian kuantitatif pada variabel independen terhadap dependen. Penelitian ini menggunakan subjek divisi karyawan suatu perusahaan yang memiliki hubungan yang terikat secara langsung. Hasil data akan dianalisis secara statistik deskriptif. Berdasarkan hasil penelitian dapat disimpulkan bahwa baik beban kerja maupun lingkungan kerja secara langsung berpengaruh positif dan signifikan terhadap kinerja karyawan di divisi interdependen maskapai perintis "X". Motivasi kerja tidak memiliki pengaruh langsung yang signifikan namun, variabel ini terbukti berperan sebagai mediator yang menjembatani pengaruh tidak lintas dari kedua variabel independen terhadap kinerja.

The transition toward low-carbon construction materials is essential for achieving decarbonization target, yet adoption of green cement remains limited in many developing countries. This study aims to examine how regulatory and institutional misalignment affects the adoption of green cement in Indonesia’s construction sector. Using a mixed-method approach combining eight in-depth stakeholder interviews, a perception survey of 51 respondents, and regulatory document analysis, the research identifies key structural and institutional barriers influencing adoption. The findings reveal strong coercive pressures on cement producers to decarbonize, contrasted by the absence of mandatory requirements, technical guidelines, and procurement incentives for cement consumers, such as contractors and public project owners. Despite high stakeholder awareness and conditional readiness to adopt green cement, limited trialability, performance validation, and policy alignment constrain diffusion. To address these gaps, the study proposes four integrated interventions: a structured national pilot program, a green public procurement framework, national technical guidelines for green cement application, and ecosystem-wide capacity-building initiatives. The study contributes to sustainability transition and policy adoption literature by highlighting regulatory asymmetry as a central constraint and offers policy-relevant recommendations for accelerating low-carbon construction materials in Indonesia and comparable emerging economies.

Indonesia's archipelagic geography presents unique challenges in managing a maritime-based nation. The complexity and disparities are particularly challenging and require a greater budget and commitment from the government, stakeholders, and all Indonesian people. The 1957 Djuanda Declaration, ratified by the 1982 UN Convention on the Law of the Sea (UNCHLOS), marked international recognition of Indonesia's status as a large archipelagic nation. However, the utilization of marine resources has not been maximized, necessitating comprehensive, holistic, and integral efforts, including strengthening port governance through smart ports.Smart ports are expected to improve the performance of ports throughout Indonesia, meet international standards, and be highly competitive. Governance must be strengthened in such a way as to achieve good governance, while simultaneously strengthening the quality of human resources and utilizing digital technologies in the maritime sector, such as smart ports.Smart ports, as a port subsystem, have been implemented in various ports worldwide, such as the Port of Rotterdam Authority, Singapore's Maritime and Port Authority (MPA), and the Port of Hamburg, including ports in Indonesia managed by PELINDO.This study employed a qualitative descriptive design with a thematic narrative approach to identify and describe efforts to strengthen smart port-based port governance in Indonesia. Data were collected from various publications from credible official institutions for literature review. The data were then analyzed qualitatively and narrated based on similar themes and comprehensively compared.The data analysis concluded that strengthening smart port-based port governance in Indonesia is being implemented through various efforts, including: strengthening smart port-based port governance has significant potential to improve the efficiency, transparency, and competitiveness of Indonesian ports. Implementation includes strengthening: a) Operational Digitalization; b) Service Optimization: Use of Smart Vision 3D, Berth Monitoring, and Gate & Weighbridge (Weighbridge); c) Data Integration; c) Strengthening Digital Infrastructure; d) Talent Human Resource Development; e) Electrification and Equipment Digitalization; f) Eco-Friendly Terminals.

The growth of the blue economy in Indonesia is inseparable from the role of coastal communities, especially fishermen's cooperatives, which are the main forum in the management of fisheries businesses and the distribution of marine products. However, financial management practices in fishermen's cooperatives still face various challenges, such as low financial literacy of management, weak transparency of records, and limited access to formal capital institutions. This study aims to evaluate the financial management practices of coastal fisher cooperatives and examine their contribution in supporting blue economic growth. The research method uses a mixed approach, with the collection of quantitative data from the financial statements of fisher cooperatives and qualitative data through in-depth interviews with administrators and members. A total of 12 fishermen's cooperatives in the coastal areas of Central Java and South Sulawesi were selected purposively with the 2020–2023 observation period. The results of the study show that cooperatives that have a neater financial recording system, a savings and loan mechanism run well, and are able to access revolving funds from the government and Islamic financial institutions have succeeded in increasing working capital, expanding environmentally friendly fishing and aquaculture businesses, and contributing to marine resource conservation. In contrast, cooperatives with traditional financial management and dependence on member dues often experience limited liquidity, internal conflicts, and difficulty adapting to blue economy programs that demand efficiency and sustainability. These findings confirm that strengthening financial management practices through financial literacy education, the use of digital accounting technology, and regulatory support can strengthen the role of fishermen's cooperatives as key actors in supporting an inclusive and sustainable blue economy.

This study aims to analyze the influence of perceived ease of use and perceived usefulness of QRIS on consumptive behavior, with impulsive buying as a mediating variable and digital financial literacy as a moderating variable. Using a quantitative approach with Structural Equation Modeling–Partial Least Squares (SEM-PLS) on 93 bank employees in Jakarta, the findings indicate that perceived ease of use decreases consumptive behavior but increases impulsive buying, while perceived usefulness significantly affects impulsive buying but does not directly influence consumptive behavior. Impulsive buying is shown to increase consumptive behavior and serves as a partial mediator in the relationship between perceived ease of use and consumptive behavior, and as a full mediator in the relationship between perceived usefulness and consumptive behavior. Moreover, digital financial literacy plays a moderating role by weakening the effect of impulsive buying on consumptive behavior, thereby helping to control excessive consumption tendencies and contributing to a deeper understanding of the behavioral implications of digital payment technologies.

Financial confidence represents a critical determinant in investment decision-making among stock market participants. This study examines the influence of financial socialization and psychological characteristics on financial confidence among stock investors in Jakarta, mediated by digital financial literacy and financial behavior. A quantitative research approach was employed, utilizing SmartPLS 3 software for data analysis through Partial Least Squares Structural Equation Modeling. The sample comprised 50 active stock investors residing in Jakarta, with data collected through structured questionnaires using five-point Likert scales. The analysis revealed four principal findings. First, financial socialization does not significantly influence digital financial literacy (p = 0.200), contradicting conventional socialization theory expectations. Second, psychological characteristics exert a strong positive influence on digital financial literacy (β = 0.902, p < 0.001). Third, digital financial literacy significantly affects financial behavior (β = 0.732, p < 0.001). Fourth, financial behavior strongly influences financial confidence (β = 0.799, p < 0.001). These findings suggest that intrinsic psychological factors serve as more powerful drivers of financial confidence development than external social learning processes among equity investors. The research contributes theoretical insights regarding financial confidence formation in emerging markets and provides practical implications for financial institutions, regulators, and investors. The study recommends that investor education programs prioritize psychological skill development and experiential learning rather than conventional information dissemination approaches.