Main Article Content
Abstract
Purpose – This paper aims to analyze the effect of electronic money payment instruments and macroeconomic variables - inflation, exchange rates, foreign direct investment, and the labor force - economic growth.
Methods – This study uses the Vector Error Correction Model (VECM) method to determine the relationship amongst variables in the long and short run. The data is a quarterly time series for the period 2011:1-2020:4.
Findings – The research finds that transactions using electronic money have a positive and significant impact in the long term. In addition, foreign direct investment has also a positive and significant impact in the long term. Inflation and the labor force have a negative effect on economic growth in the long run, while the exchange rate has a negative effect in the short term.
Implication – This research recommends that electronic money can promote economic growth in Indonesia.
Originality – This study contributes to empirical literatures on the relationship between electronic money and economic growth in Indonesia.
Abstrak
Tujuan – Penelitian ini bertujuan untuk mengkaji pengaruh penggunaan alat pembayaran dengan uang elektronik serta variabel makroekonomi yaitu inflasi, kurs, foreign direct investment, dan angkatan kerja terhadap Produk Domestik Bruto (PDB) sebagai proksi dari pertumbuhan ekonomi.
Metode –Penelitian ini menggunakan metode Vector Error Corection Model (VECM) untuk mengetahui hubungan antar variabel dalam jangka panjang maupun pendek dengan seri waktu kuartalan periode 2011:1-2020:4.
Temuan – Hasil penelitian menunjukkan bahwa transaksi mengguakan uang elektronik dan foreign direct investment memiliki dampak positif dan signifikan dalam jangka panjang. Inflasi dan angkatan kerja berpengaruh negatif terhadap pertumbuhan ekonomi dalan jangka panjang, sedangkan kurs berpengaruh negatif dalam jangka pendek.
Implikasi – Penelitian ini mendukung bahwa perkembangan teknologi, dalam penelitian ini yaitu uang elektronik dapat digunakan sebagai alat untuk meningkatkan pertumbuhan ekonomi.
Orisinalitas – Kajian ini memberikan kontribusi literature mengenai hubungan uang elektronik dan pertumbuhan ekonomi di Indonesia.
Keywords
Article Details
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References
- Auranen, Andreas, J., & Hernando, I. (1997). Inflation and economic growth : some evidence for the OECD countries 1 Javier Andrés and Ignacio Hernando. NBER Conference on “The Costs and Benefits of Achieving Price Stability,” 364–385.
- Arsyad, L. (2016). Ekonomi Pembangunan (3rd ed.). UPP STIM YKPN.
- Basuki, A., & Prawoto, N. (2016). Analisis Regresi Dengan Pendekatan VECM. PT RajaGrafindo Persada, 1–25. https://ekonometrikblog.files.wordpress.com/2016/05/model-vecm.pdf
- Dinh, T. T.-H., Vo, D. H., The Vo, A., & Nguyen, T. C. (2019). Foreign Direct Investment and Economic Growth in the Short Run and Long Run: Empirical Evidence from Developing Countries. Journal of Risk and Financial Management, 12(4), 176. https://doi.org/10.3390/jrfm12040176
- Fadlillah, F. F. (2018, March 29). Sudah Saatnya Beralig ke E-Money, Alat Pembayaran Zaman Now.
- Bank Indonesia. https://www.kemenkeu.go.id/publikasi/artikel-dan-opini/sudah-saatnya- beralih-ke-e-money-alat-pembayaran-zaman-now/
- Fikirte, T. (2012). Economic Growth and Inflation A panel data analysis. Economics, 1–44.
- Hery, F. (2007). The Impact of Technological Growth on Economic Performance in Indonesia. Economic Journal of Emerging Markets, 5(1), 14–24.
- Karahan, Ö. (2020). Influence of Exchange Rate on the Economic Growth in the Turkish Economy. Financial Assets and Investing, 11(1), 21–34. https://doi.org/10.5817/fai2020-1-2
- Kartika, V. T., & Nugroho, A. B. (2015). Analysis On Electronic Money Transactions On Velocity Of Money In Asean-5 Countries. In Journal Of Business And Management (Vol. 4, Issue 9).
- Kogid, M., Asid, R., & Lily, J. (2012). The Effect of Exchange Rates on Economic Growth: Empirical Testing on Nominal Versus Real. IUP Journal of Financial Economics, 10(1),7–12.
- Krugman, Paul R, Maurice Obsfeld, and M. J. M. (2012). International Economics: Theory & Policy. 9th ed. London: Pearson.
- Lilimanatik, E. (2017). Buku Ajar Ekonomi Sumberdaya Manusia. FPK UNLAM.
- Mallik, G., Chowdhury, A., & Wai, T. (2001). Inflation and Economic Growth : Evidence From Four South Asian Countries. 8(1), 123–135.
- Mankiw, N. G. (2015). Principles of Economics: A Guided Tour.
- Mashabi, M., & Wasiaturrahma, W. (2021). Electronic Based Payment Systems And Economic Growth In Indonesia. Jurnal Ilmu Ekonomi Terapan, 6(1), 97. https://doi.org/10.20473/jiet.v6i1.26287
- Muryani, & Pamungkas, P. A. (2018). The Impact Of Unemployment Rate, Labor Force, Capital, Inflation Rate, And Government Expenditure On Economic Growth In Indonesia. American Journal of Engineering Research (AJER), 7(3), 109–119.
- Naomi, P. (2020). Analisis Pengaruh E-Money terhadap Pertumbuhan Ekonomi Indonesia. Universitas Sumatera Utara.
- Sarwedi. (2002). Investasi Asing Langsung di Indonesia dan Faktor yang Mempengaruhinya. Jurnal Akuntansi Dan Keuangan, 17–35(1), 617–621. http://puslit.petra.ac.id/journals/accounting/
- Sitompul, P., & Sitio, V. (2020). The Analysis of Inequality on Economic Growth in Indonesia.
- Randwick International of Social Science Journal, 1(3), 499–512. https://doi.org/10.47175/rissj.v1i3.103
- Sukirno, S. (2013). Teori Pengantar Makroekonomi (3rd ed.). Rajawali Pers. Sukirno, S. (2016). Mikro Ekonomi Teori Pengantar (3rd ed.). Rajawali Pers.
- Tee, H. H., & Ong, H. B. (2016). Cashless payment and economic growth. Financial Innovation, 2(1). https://doi.org/10.1186/s40854-016-0023-z
- Widarjono, A. (2018). Ekonometrika (5th ed.). UPP STIM YKPN.
- Wiriani, E. M. (2020). Pengaruh Inflasi dan Kurs terhadap Pertumbuhan Ekonomi Indonesia. Jurnal Samudra Ekonomika, 4(1), 41–50. https://doi.org/10.0123/jse.v4i1.2222
References
Auranen, Andreas, J., & Hernando, I. (1997). Inflation and economic growth : some evidence for the OECD countries 1 Javier Andrés and Ignacio Hernando. NBER Conference on “The Costs and Benefits of Achieving Price Stability,” 364–385.
Arsyad, L. (2016). Ekonomi Pembangunan (3rd ed.). UPP STIM YKPN.
Basuki, A., & Prawoto, N. (2016). Analisis Regresi Dengan Pendekatan VECM. PT RajaGrafindo Persada, 1–25. https://ekonometrikblog.files.wordpress.com/2016/05/model-vecm.pdf
Dinh, T. T.-H., Vo, D. H., The Vo, A., & Nguyen, T. C. (2019). Foreign Direct Investment and Economic Growth in the Short Run and Long Run: Empirical Evidence from Developing Countries. Journal of Risk and Financial Management, 12(4), 176. https://doi.org/10.3390/jrfm12040176
Fadlillah, F. F. (2018, March 29). Sudah Saatnya Beralig ke E-Money, Alat Pembayaran Zaman Now.
Bank Indonesia. https://www.kemenkeu.go.id/publikasi/artikel-dan-opini/sudah-saatnya- beralih-ke-e-money-alat-pembayaran-zaman-now/
Fikirte, T. (2012). Economic Growth and Inflation A panel data analysis. Economics, 1–44.
Hery, F. (2007). The Impact of Technological Growth on Economic Performance in Indonesia. Economic Journal of Emerging Markets, 5(1), 14–24.
Karahan, Ö. (2020). Influence of Exchange Rate on the Economic Growth in the Turkish Economy. Financial Assets and Investing, 11(1), 21–34. https://doi.org/10.5817/fai2020-1-2
Kartika, V. T., & Nugroho, A. B. (2015). Analysis On Electronic Money Transactions On Velocity Of Money In Asean-5 Countries. In Journal Of Business And Management (Vol. 4, Issue 9).
Kogid, M., Asid, R., & Lily, J. (2012). The Effect of Exchange Rates on Economic Growth: Empirical Testing on Nominal Versus Real. IUP Journal of Financial Economics, 10(1),7–12.
Krugman, Paul R, Maurice Obsfeld, and M. J. M. (2012). International Economics: Theory & Policy. 9th ed. London: Pearson.
Lilimanatik, E. (2017). Buku Ajar Ekonomi Sumberdaya Manusia. FPK UNLAM.
Mallik, G., Chowdhury, A., & Wai, T. (2001). Inflation and Economic Growth : Evidence From Four South Asian Countries. 8(1), 123–135.
Mankiw, N. G. (2015). Principles of Economics: A Guided Tour.
Mashabi, M., & Wasiaturrahma, W. (2021). Electronic Based Payment Systems And Economic Growth In Indonesia. Jurnal Ilmu Ekonomi Terapan, 6(1), 97. https://doi.org/10.20473/jiet.v6i1.26287
Muryani, & Pamungkas, P. A. (2018). The Impact Of Unemployment Rate, Labor Force, Capital, Inflation Rate, And Government Expenditure On Economic Growth In Indonesia. American Journal of Engineering Research (AJER), 7(3), 109–119.
Naomi, P. (2020). Analisis Pengaruh E-Money terhadap Pertumbuhan Ekonomi Indonesia. Universitas Sumatera Utara.
Sarwedi. (2002). Investasi Asing Langsung di Indonesia dan Faktor yang Mempengaruhinya. Jurnal Akuntansi Dan Keuangan, 17–35(1), 617–621. http://puslit.petra.ac.id/journals/accounting/
Sitompul, P., & Sitio, V. (2020). The Analysis of Inequality on Economic Growth in Indonesia.
Randwick International of Social Science Journal, 1(3), 499–512. https://doi.org/10.47175/rissj.v1i3.103
Sukirno, S. (2013). Teori Pengantar Makroekonomi (3rd ed.). Rajawali Pers. Sukirno, S. (2016). Mikro Ekonomi Teori Pengantar (3rd ed.). Rajawali Pers.
Tee, H. H., & Ong, H. B. (2016). Cashless payment and economic growth. Financial Innovation, 2(1). https://doi.org/10.1186/s40854-016-0023-z
Widarjono, A. (2018). Ekonometrika (5th ed.). UPP STIM YKPN.
Wiriani, E. M. (2020). Pengaruh Inflasi dan Kurs terhadap Pertumbuhan Ekonomi Indonesia. Jurnal Samudra Ekonomika, 4(1), 41–50. https://doi.org/10.0123/jse.v4i1.2222