E-commerce transactions and economic growth in Indonesia: a simultaneous panel data model approach

Abstrak: Pasar sukuk telah mengalami pertumbuhan yang pesat, terutama di sebagian besar negara dengan mayoritas penduduk Muslim. Oleh karena itu, Asia Tenggara menjadi pasar sukuk yang paling cepat berkembang di dunia, di mana industri keuangan syariah berkembang pesat di Malaysia, Indonesia, dan Brunei. Berbagai studi menunjukkan bahwa keuangan syariah merangsang pertumbuhan ekonomi. Namun, masih terbatas penelitian murni tentang hubungan antara sukuk dan pertumbuhan ekonomi. Untuk alasan ini, serta sebagai perluasan dari studi mengenai sukuk dan pertumbuhan ekonomi, penelitian ini menganalisis hubungan antara pembiayaan sukuk dan pertumbuhan ekonomi dalam kerangka model pertumbuhan endogen. Penelitian ini secara empiris meneliti dampak pembiayaan sukuk sebagai faktor eksogen terhadap pertumbuhan ekonomi dalam model pertumbuhan endogen. Oleh karena itu, makalah ini adalah yang pertama mengeksplorasi hubungan antara pembiayaan sukuk dan pertumbuhan ekonomi dalam kerangka model pertumbuhan endogen, dan diyakini bahwa penelitian ini akan memberikan kontribusi yang signifikan. Metode penelitian yang digunakan adalah analisis korelasi dan regresi linier sederhana. Dapat disimpulkan bahwa variabel Penerbitan Sukuk Nasional (X) memiliki pengaruh positif terhadap variabel Pertumbuhan Ekonomi (Y) di Indonesia (b = 0,68). Korelasi antara Penerbitan Sukuk Nasional dan Pertumbuhan Ekonomi adalah 0,942. Oleh karena itu, dapat disimpulkan bahwa terdapat korelasi positif dan kuat antara Penerbitan Sukuk Nasional dan Pertumbuhan Ekonomi di Indonesia. Kata kunci: Sukuk, Pertumbuhan Ekonomi, Pembiayaan, Pasar Modal Syariah Abstract: The Sukuk market has experienced massive growth, particularly in most countries with a majority Muslim population. Therefore, Southeast Asia is the world's most rapidly growing Sukuk market, where the Islamic finance industry has flourished across Malaysia, Indonesia, and Brunei. Numerous studies indicate that Islamic finance stimulates economic growth. However, there is limited pure research on the relationship between Sukuk and economic growth. For this reason, and as an extension of Sukuk and economic growth studies, this research analyzes the relationship between Sukuk financing and economic growth within the framework of an endogenous growth model. It empirically investigates the impact of Sukuk financing as an exogenous factor on economic growth in the endogenous growth model. Therefore, this paper is the first to explore the relationship between Sukuk financing and economic growth within the endogenous growth model framework, and it is believed that this research will make a significant contribution. The research method employed is the analysis of correlation and simple linear regression. It can be concluded that the variable of National Sukuk Issuance (X) has a positive influence on the variable of Economic Growth (Y) in Indonesia (b = 0.68). The correlation between National Sukuk Issuance and Economic Growth is 0.942. Therefore, it can be concluded that there is a positive and robust correlation between National Sukuk Issuance and Economic Growth in Indonesia. Kata kunci: Sukuk, Economic Growth, Financing, Islamic Capital Market

This study examines inflation, consumption, and economic growth before COVID-19 to see a causal relationship between inflation, consumption, and economic growth in Indonesia so as to provide an overview of the economic impact of post-covid-19 inflation. This research examines data from 2000 until 2020 to be able to produce "autoregressive vectors" that may be used to evaluate the causal link between variables. Based on secondary data from the World Bank, the following multivariate regression model was used to investigate the causal link between Inflation, Gross Domestic Product, and Consumption expenditure in Indonesia. We found that inflation has a significant impact on economic growth and the real sector in Indonesia. Indonesia with a large population contributes greatly to economic growth. The results of this study are quite surprising where inflation actually encourages economic growth and consumption in Indonesia. However, the results of this study need to be confirmed regarding people's purchasing power during the research period. From the period 2000 to 2020, Indonesia has escaped the 1997 Asian crisis so Indonesia's economy is quite stable during the study period. And in 2020 when covid 19 began to spread in Indonesia, online-based purchases supported Indonesian consumption, so inflation during this research period actually boosted economic growth and consumption in Indonesia.

The purpose of this research is to analyze the effect of lending and an educated workforce on economic growth in Indonesia. This study uses secondary data, namely Credit Distribution and Educated Labor Against Economic Growth in Indonesia in 1982-2012 from the Indonesian Central Bureau of Statistics and Bank Indonesia. This study uses a multiple linear regression model. The results of the study show that (1) Credit Distribution has a significant effect on Economic Growth in Indonesia with a probability value of 0.0000 <?=0.05 (2) Educated Workforce has a significant effect on Economic Growth in Indonesia where the probability value is 0.0000> ?=0.05 Credit Distribution and Labor Educated work has a joint effect on economic growth in Indonesia by 99 percent.

This research aims to find out: (1) Influence of Workers on Economic Growth in Indonesian. (2) The Effect of Incoming Migration on Economic Growth in Indonesia (3) Effect of Health Expenditures on Economic Growth in Indonesian (4) Effects of Educational Expenditures on Economic Growth in Indonesian (5) The Influence of Labor, Entry Migration, and Human Development in the field of education and health together Towards Economic Growth in Indonesian. This type of research is descriptive and associative. Data type is secondary data. This study uses panel data which is using 33 provinces in Indonesia using the Common Effect Model (CEM) approach. The results of this study indicate that (1) Labor has a positive and not significant effect on economic growth in Indonesia.(2) Incoming Migration has a negative and not significant effect on Economic Growth in Indonesia (3) Health Expenditures have a negative and not significant effect on Economic Growth in Indonesia(4) Health Expenditures have a negative and not significant effect on Economic Growth in Indonesian.

Indonesia targets economic growth to increase continuously every year, but on the other hand, state revenues depend on taxes. Almost 80% of state revenue comes from taxes and this will certainly have an impact on economic growth in Indonesia. The amount of tax applied to society can have a positive or negative effect on economic growth, depending on how the country uses the tax revenue. In theory, a country's economic growth can be seen from the amount of regional tax revenue in that country, the regional work participation rate, the human development index in the region, the poverty level in the region, and the regional Gini ratio. So, in this research, the author wants to test the influence of the factors above on economic growth in Indonesia. The author uses secondary data from 34 provinces in Indonesia from 2018 to 2022 which comes from the Directorate General of Fiscal Balance (Ministry of Finance) and Statistics Indonesia. The results of this research show that regional tax revenues have a negative effect on economic growth in Indonesia. The same thing is also shown by the factors of work participation rate, human development index in the region, poverty level in the region, and regional Gini ratio which have a negative influence on economic growth.

This study is motivated by the phenomenon of the development of economic growth in Indonesia over the past fifteen years experienced fluctuations and the development of Islamic financing that helps the community in increasing its economic activities in consumption and production, as well as people's choices in choosing Islamic financing due to increased public awareness in Sharia transactions, as well as the encouragement of Sharia trends in Indonesia that increase investment and consumption in Indonesia. For this reason, academically, the researchers tried to parse it by analyzing the influence of Sharia financing, NPF and HDI through investment and consumption on economic growth in Indonesia. This study uses a quantitative type of research, with data sources in the form of secondary data in the form of time series data, namely 15 years in Indonesia in the period 2009-2023. in this study the approach to processing using Path Analysis model as multiple data regression model with the help of SPSS Software. The results of this study indicate that Islamic finance, NPF and HDI have a positive and significant effect on investment and only Islamic finance is significant for consumption and economic growth. While NPF and HDI have a positive and insignificant effect on consumption and economic growth. However, Sharia financing, NPF and HDI through investment and consumption have a positive and significant effect on economic growth in Indonesia. Keywords: Economic Growth, Islamic Financing, NPF, HDI, Investment, Consumption

The purpose of this research is to see how far the influence of external factors toward the economic growth in Indonesia and also to see any external factors that can decreasing economic growth in short and long term. The method is used in this research is Ordinary Least Square with use Error Correction Model (ECM) test and Cointegration. Based on analysis data was obtained three conclusions were; The first is based on the results of multiple regression, foreign investment and world oil prices and a significant positive effect on economic growth in Indonesia, while the exchange rate and foreign debt and no significant positive effect on economic growth in Indonesia at the 5% significance level. The second is in the short term through the Error Correction Model (ECM) test, the world oil price and foreign direct investment to boost economic growth while exchange rate USD / $ (NTR) and External Debt (ED) can shocks the economic growth in Indonesia. The third is in the long term through cointegration test, the variables included in the model and no significant negative effect on economic growth

This study aims to examine how the influence of foreign direct investment, labor and government spending on economic growth partially and simultaneously on economic growth in Indonesia. This research uses descriptive quantitative with the population and sample used, namely the country of Indonesia in 2001-2020. The data analysis technique used in this study is multiple regression analysis using SPSS version 19. The results of this study indicate that foreign direct investment (X1) partially has a negative and insignificant effect on economic growth in Indonesia with a significance of 0.918. Labor (X2) partially has a positive and significant influence on economic growth in Indonesia with a significance of 0.003. Government spending (X3) partially has a positive and significant influence on economic growth with a significance of 0.008. Simultaneously foreign direct investment, labor and government spending have a positive and significant effect on economic growth in Indonesia with a significance value of 0.013.

This study aims to analyze the effect of Regional Financing, Unexpected Expenditures, and Subsidy Expenditures on economic growth in Indonesia. The data used is secondary data for 1990-2021 accessed from the Indonesia’s Central Bureau of Statistics and the World Bank. The data analysis method used is Autoregressive Distributed Lag (ARDL) using Eviews 10 software. The results of this study indicate that in the estimation of the ARDL model, in the short term Regional Financing and Unexpected Expenditures are not detected. In the short term at lag 0, Lag 1, and Lag 2 Subsidy spending has a negative and significant effect on economic growth in Indonesia. Meanwhile, in lag 3 Subsidy Spending has a positive and significant effect on economic growth in Indonesia in the current year. In the long term Subsidy Expenditures do not have a significant effect on economic growth in Indonesia. Based on the results of this study, it is suggested that the government conduct better management of subsidy spending so that it is right on target, so that it can encourage more optimal economic growth.

This study aims to determine the effect of domestic investment, foreign investment and transportation infrastructure on economic growth in Indonesia. This type of research is quantitative research. The data used are secondary data from 1980 to 2019 collected through documentation and related agencies. . This study uses multiple linear regression analysis and Error Correction Model (ECM). The results of this study indicate that: (1) domestic investment has no significant effect on economic growth in Indonesia; (2) foreign investment has a significant effect in increasing economic growth in Indonesia; (3) Transportation infrastructure has a significant effect in increasing economic growth in Indonesia.

Development takes place to improve the welfare of local communities. As a developing country, the Indonesia government is focusing on infrastructure development. The Indonesia government considers the development of physical infrastructure to be a key area to achieve equality and high economic growth. Increased infrastructure development is excepted to boost Indonesia’s economic growth. The purpose of this article is to determine the impact of infrastructure development on economic growth in Indonesia. The method used to write this article was to review the literature presented in the form of a narrative and read various news sources presented in a narrative explaining the impact of infrastructure development on economic growth in Indonesia is. The conclusion is 1). Progress in infrastructure development will promote economic growth in indonesia. The increase in infrastructure development is reflected in the increase in the road index, which is one if the main indicators, in line with the efforts of the Indonesia government to continue building roads within the Indonesian terriotory in recent years, indicating that roads make a positive contribution to the development of society. Doing this increase in gross domestic product. Products that serve as indicators of economic growth in indoensia 2). Indonesia’s economic growth is accompanied by increased economic equality. Increased economic growth is reflected in a significant increase in gross domestic product (GDP) and increased economic equality, which is reflected in a key indicator growth in per capita income.

Purpose – This study aims to identify the contribution of Islamic social finance (Zakat, Infaq, and Shadaqah or ZIS) to economic growth in Indonesia, both in the long-term and short-term models. Based on previous studies, government expenditure; investment; and trade openness are also included in the model as control variables.Methodology – Annual time series data for 21 years from 2002 to 2022 were analyzed using the Error Correction Model (ECM) approach to determine the long-term and short-term effects of independent variables on economic growth.Findings – The main findings of this study confirm that Islamic social finance (ZIS) is a financial instrument that benefits the economy. ZIS can be an alternative fund for overcoming various problems of the Muslim Ummah and revitalizing the economy, even more so in a country with a majority Muslim population like Indonesia where ZIS instruments such as Zakat are obligatory to be issued to able-bodied Muslims. The study results show that the effect of ZIS on economic growth in Indonesia is felt in the long term, while in the short term, it has no significant impact.Implication – This research provides insight for related parties (especially National Board of Zakat/Badan Amil Zakat Nasional, BAZNAS) further to optimize the potential of ZIS into productive sectors to improve the economy.Originality – Most previous studies used panel data with a limited period to estimate the effect of Islamic social finance on economic growth, while this research utilized time series data with the ECM approach for a longer period.

This study's background is an effort from the government to implement economic stabilization from economic growth instruments. Economic growth is influenced by economic factors such as investment, monetary policy, zakat, infaq , and sadaqah (ZIS). This study analyses investments, monetary policy, and ZIS (Zakat, Infaq , Sadaqah ) on economic growth in the Indonesia period of 2013-2018. The Data collection method is done through data retrieval from the Statistical Center (BPS), Financial Services Authority (OJK), Bank Indonesia (BI), the National Amil Zakat Agency (BAZNAS). This study uses the linear regression method. The results of this research show that mutual fund (investment) has a negative effect, the exchange rate (monetary policy) has not significant, and ZIS (Zakat, Infaq, Sedekah) has not signed on economic growth in Indonesia

This research aims to analyze the influence of the labor force, inflation, unemployment and poverty on economic growth in Indonesia for the period (2014-2022). The variables used are Inflation as the dependent variable, Money Supply (JUB) and Interest Rates as the independent variables. The data used in this research is secondary data obtained from publications by the Indonesian Central Bureau of Statistics. The analytical method used is a multiple linear regression model or Ordinary Least Square (OLS). In processing the data, the author used the help of Eviews 10 software. Based on the estimation results, it was found that there is a relationship between Labor Force, Inflation, Unemployment and Poverty on economic growth in Indonesia and the variables Labor Force, Inflation, Unemployment and Poverty have a positive and significant effect on Economic Growth in Indonesia .

This study examines the influence of foreign debt and foreign investment on economic growth in Indonesia from 2015 to 2020. The study was conducted with a quantitative approach. The research sample was conducted in 2 cities, namely, Malang and Jogjakarta with 200 respondents. Analysis tool using Structural Equation Modeling. The results of the study state that foreign debt has a positive and insignificant effect on economic growth in Indonesia, Foreign investment has a positive and significant impact on economic growth in Indonesia. The government needs to take steps to reduce foreign debt and try to increase investment in Indonesia so that development in Indonesia is more advanced. The government needs to increase foreign investment to support economic growth.