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Spatial Analysis Of Transportation And Communication Sector Competitiveness In Jember District Sebastiana Viphindrartin; Endah Kurnia Lestari; Imro'atul Husna Afriani
MediaTrend Vol 16, No 2 (2021): OKTOBER
Publisher : Trunojoyo University of Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/mediatrend.v16i2.11697

Abstract

This study investigates the comparative advantage between sub-districts in the district of Jember using the shift-share analysis method with data periods from 2009 to 2013. From the results of the shift-share analysis, it can be seen that there are several sub-districts in Jember Regency that have competitive advantages in the transportation and communication sector and sub-districts that do not have a competitive advantage in the transportation and communication sector.
Kausalitas Perdagangan Internasional dan Pertumbuhan Pasar Saham Terhadap Pertumbuhan Ekonomi di ASEAN 3 Periode Tahun 2000-2015 Sebastiana Viphindrartin
MediaTrend Vol 13, No 1 (2018): Maret
Publisher : Trunojoyo University of Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/mediatrend.v13i1.3543

Abstract

Economic growth is one of the important indicators used to measure the country's development. The participation of Indonesia, Philippines, and Thailand in an inter-state or ASEAN cooperation encourages economic integration. The existence of economic integration then encourages the existence of internationaltrade and capital inflows from outside the territory of the country. Investment is one of the factors affecting economic growth. International trade and stock market developmnet is one of the factors of economic growth for developed countries, while ASEAN 3 is criticized as a developing country.The purpose of this research is to know the causal relationship between international trade and economic growth. Ad know the causal relationship between growth of stock market with economic growth in ASEAN 3.This study variables of international trade, stock market growth, and economic growth. The data used are annual panel data from 2000 to 2015. Using Granger causality analysis. The results of the study show abidirectional linkage between international trade and economic growth and there is no mutual relationship between stock market growth and economic growth in ASEAN 3.
MODEL PENDEKATAN MODAL SOSIAL KELOMPOK PEMINJAM UNTUK OPTIMALISASI REPAYMENT RATE PADA LEMBAGA KEUANGAN MIKRO-SWADAYA MASYARAKAT (SOCIAL CAPITAL APPROACHING MODEL OF THE LENDING GROUP FOR REPAYMENT RATE OPTIMIZATION ON COMMUNITY’S MICROFINANCE INSTITUTI) VIPHINDRARTIN, SEBASTIANA
Prosiding Seminas Vol 1, No 2 (2012): Seminas Competitive Advantage II
Publisher : Unipdu Jombang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (53.663 KB)

Abstract

ABSTRAK Kredit macet yang tinggi (non performing loan) dan tingkat pengembalian (repayment rate) dana bergulir yang rendah pada kelompok peminjam di wilayah tapal Kuda Jawa Timur pada program Lembaga Keuangan Mikro Swadaya Masyarakat (LKM-SM) disebabkan pelaksanaan program pinjaman dana bergulir program Lembaga Keuangan Mikro Swadaya Masyarakat masih berdasarkan pada tataran proyek bukan tataran program yang berarti aspek pemberdayaan serta partisipasi masyarakat, yang menjadi prioritas utama tujuan program pinjaman dana bergulir, sering kali terabaikan akibat tuntutan proyek yang harus dipenuhi. Padahal tingkat pengembalian pinjaman kelompok peminjam  dipengaruhi secara langsung oleh institusi-institusi informal, yaitu peraturan adat (norma dan sanksi sosial), kohesi sosial dan penggunaan mekanisme sosial dalam menyeleksi pelamar kredit dan menegakkan pelunasan melalui keterlibatan tokoh masyarakat yang berperan penting dalam menegakkan kemauan nasabah mengembalikan pinjaman. Karena dalam hal pembentukan kelompok peminjam seringkali didasari kesamaan budaya dan latar belakang masing-masing anggota kelompok. Alternatif solusi dari permasalahan di atas adalah dengan menggunakan pendekatan modal sosial. Menganalisis berbagai kegagalan pendekatan dalam memecahkan persoalan pengembalian pinjaman, Modal Sosial dinilai efektif dalam memberikan dorongan keberhasilan bagi berbagai kebijakan, baik yang dilakukan oleh pemerintah maupun oleh pihak swasta. Keyakinan ini didasarkan pada kekuatan yang dimilikinya guna merangsang masyarakat membangun secara swadaya yang hasilnya akan memaksimalkan pencapaian dari setiap kebijakan pembangunan yang dibuat oleh pemerintah. Penelitian ini menggunakan metode kuantitatif yang ditunjang dengan data-data kualitatif, model yang dipakai adalah model kausalitas yang menggunakan Model Persamaan Struktural (structural equation modelling-SEM) berbasis component atau variance dengan Partial Least Square (PLS). Sementara, untuk menguatkan analisis penelitian juga dilakukan interpretasi data kualitatif. Dari hasil pembahasan didapatkan bahwa hubungan sosial dalam lingkup kelompok peminjam  dapat mempengaruhi interaksi para anggota dalam kelompok tersebut. Jika dilihat dari kecenderungannya, maka secara umum ketiga basis budaya masyarakat yaitu Mataraman, Arek dan Madura hubungan sosialnya dapat terbangun karena kekerabatan,kesamaan kepercayaan, kesamaan wilayah dan kesamaan aktivitas keseharian. Masyarakat berbasis budaya Mataraman lebih mudah melakukan hubungan sosialnya atas dasar kekerabatan dan kesamaan kepercayaan. Sedangkan masyarakat berbudaya Arek berkecenderungan hubungan sosialnya terbangun karena kesamaan wilayah, kekerabatan dan kesamaan aktivitas keseharian. Sementara itu, masyarakat berbudaya Madura secara prinsip hubungan sosialnya terbangun atas dasar kekerabatan, kesamaan kepercayaan dan aktivitas keseharian. Namun, kecocokan perilaku, pendapat, pandangan dan pendirian juga menjadi dasar yang kuat dalam membangun relasi sosialnya. Hal itu tergambar dari ungkapan budaya oreng dhaddhi taretan, taretan dhaddhi oreng, (orang lain bisa menjadi/dianggap sebagai saudara sendiri, sedangkan saudara sendiri bisa menjadi/dianggap sebagai orang lain). Pertanyaan pentingnya adalah bagaimana relasi sosial yang tercermin dari masing-masing kelompok budaya tersebut menjadi dasar pembentukan KSM , memperkuat interaksi di dalam kelompok serta dapat menstimulus peningkatan repayment rate dan efektivitas program. Disimpulkan bahwa karakteristik budaya dan modal sosial pada masyarakat tertentu berpengaruh positif terhadap perilaku masyarakat penerima manfaat dalam melakukan pengembalian pinjaman dan mencerminkan efektif atau tidaknya sebuah program penanggulangan kemiskinan bagi  masyarakat walaupun tidak secara signifikan. Kata Kunci: Optimalisasi Repayment Rate, LKM-SM, Kelompok Peminjam, Modal Sosial.  ABSTRACT High rate of non-performing loans and low rate of return  revolving fund (repayment rate) in the lending group in the region of East Java’s horse poultice on Community’s Microfinance Institutions program is caused by implementation program of revolving fund loan program by Community’s Micro Finance Institutions are still based on the project level rather than program level that means the aspects of empowerment and community participation, which became the main priority objectives revolving fund loan programs, often overlooked due to the demands of the project that must be met. Though the return on the lending group directly affected by informal institutions, namely customary rules (norms and social sanctions), social cohesion and the use of social mechanisms in selecting applicants and enforce repayment of loans through the involvement of community leaders who was instrumental in establishing the customer wishes to return loan. Because in terms of forming the lending group are often based on cultural similarity and background of each member of the group. Alternative solutions of the above problems is the use of social capital approach. Analyzing various approaching failure in solving the problem of loan repayment, Social Capital is assessed effective in providing the impetus for the success of various policies, whether committed by government or by private parties. This belief is based on its strengths in order to stimulate communities on self-help building which will result of maximizing the achievement of any development policy made by the government. This study uses quantitative methods which are supported by qualitative data, the used model is a causal model using Structural Equation Model (SEM)-based component or variance with Partial Least Square (PLS). Meanwhile, to strengthen the research analysis was also conducted qualitative data interpretation. From the discussion, it can be concluded that by using more specific social capital on the lending group of Arek/coastal and Mataraman culture-based  affect the achievement of repayment rate and program effectiveness (sustainability). In contrast to the group of Madurese culture-based lending group, repayment rates do not affect the performance and program effectiveness (sustainability). The role of government, in the Mataraman and Arek culture based lending group does not affect the achievement of repayment rate, contrary to the Madurese culture based lending group, the role of government proved influential on the outcomes of repayment rate. In all three cultural based lending groups, repayment rates proved influence the achievement of the program effectiveness (sustainability), otherwise the role of government in all three cultural based lending groups, does not affect the program effectiveness (sustainability). Keywords: repayment rate optimization, MFI, the lending group, social capital.
PERENCANAAN SUMBER DAYA MANUSIA KESEHATAN (SDMK) PUSKESMAS DI KABUPATEN JEMBER Shofiah, Rizkiy; Prihatini, Dewi; Viphindrartin, Sebastiana
BISMA: Jurnal Bisnis dan Manajemen Vol 13 No 3 (2019)
Publisher : Jurusan Manajemen Fakultas Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19184/bisma.v13i3.11633

Abstract

Public health centers are the spearhead in the implementation of health services in Indonesia. Public health centers are the first level facilities that seek promotive and preventive services to achieve health status. The provision of health services must be supported by adequate health personnel to support the functioning of the community health center. In accordance with its function, public health centers must have at least five promotive and preventive personnel, namely laboratory, pharmaceutical, nutrition, public health, and sanitation analysts. The availability of health human resources (HRH) for public health centers, especially laboratory analysts, nutrition, public health, and sanitation, is still not evenly distributed in the Jember district health centers. HRK planning in Jember Regency is still focused on medical personnel. This research is an exploratory research with a qualitative approach that aims to determine the HRH planning process, especially the promotive and preventive public health centers. The informants in this study were the head of the public health center administration as part of staffing and additional informants, namely analysts, nutrition, public health, and sanitation staff. Based on the results of the study, public health centers still need personnel such as analysts, nutrition, and sanitation. The results of interviews with informants indicated that the community health center did not have a special HRH planning team. In the planning process, the community health center only carried out an analysis of the HRH needs and then submitted them to the Health Office which had an important role in the planning process to meet the HRH needs of the community health center. As an executor, the community health center can only accept the applicable policies. Public health centers cannot do their own recruits because of budget constraints. This is one of the obstacles that hinders community health centers in HRH planning. Another obstacle in the planning process is waiting for a decision from the Health Office to meet HRH needs and the use of forecasting methods that are not yet clear. This causes, there is no common perception among policy makers. Keyword: Public health center, HRH planning, preventive and promotive.
DISPARITAS REGIONAL ANTAR PROVINSI DI INDONESIA 2011 – 2015 (MODEL REGRESI SPASIAL) Debby Marantika; Teguh Hadi P; Sebastiana Viphindrartin
MediaTrend Vol 13, No 1 (2018): Maret
Publisher : Trunojoyo University of Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/mediatrend.v13i1.3171

Abstract

Penelitian ini bertujuan untuk menganalisis dampak disparitas wilayah dengan mengikutsertakan unsur spasial, serta variabel-variabel yang mempengaruhi tingakt dispritas antar Provinsi diantaranya yaitu Indeks Gini sebagai variabel dependen, PAD, PDRB per Kapita, DAU, PMDN dan PMA sebagai variabel indepeden. Data yang digunakan dalam penelitian ini adalah data panel yang kemudian dirata-rata dengan menggunakan metode analisis spasial, dimana model terpilih adalah model spatial lag dengan menggunakan bantuan software Geoda. Hasil analisis menunjukkan bahwa di masing-masing wilayah studi terindikasi adanya aspek spasial, bahwa aspek spasial berpengaruh terhadap tingkat disparitas Wilayah di Indonesia dengan arah negatif. Yaitu jika terjadi kenaikan nilai indeks gini di wilayah studi, maka secara spasial, akan menurunkan nilai indeks gini di wilayah tetangga. Variabel independen di Wilayah I PDRB Per Kapita, DAU berpengaruh secara signifikan, sementara variabel lainnya tidak berpengaruh secara signifikan, Wilayah II menunjukkan bahwa seluruh variabel berpengaruh secara signifikan, sementara Wilayah III PAD dan PMDN berpengaruh secara signifikan, variabel  lainnya tidak berpengaruh secara signifikan. Kata Kunci : Disparitas, Indeks Gini, Spasial, Spatial Lag.
PENGARUH KEPERCAYAAN DAN KEPUASAN TERHADAP LOYALITAS NASABAH BANK SYARIAH INDONESIA Margaretha Ardhanari; Sebastiana Viphindrartin
Jurnal Istiqro Vol 8 No 1 (2022): Januari 2022
Publisher : Institut Agama Islam Darussalam Blokagung Banyuwangi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30739/istiqro.v8i1.1272

Abstract

The study aims to test the effect of trust and satisfaction on both partially or simultaneously on customer loyalty of Indonesian Syariah Bank. This study used a sample of 100 Indonesian Islamic Bank customers with purposive sampling technique. Data analysis used multiple linear regression. The results showed that trust (X1) partially had a positive and significant effect on customer loyalty (Y) as evidenced by the results of the t-statistical value of 8.294 with a significance value of 0.000 <0.05. The satisfaction (X2) has a t-statistic value of 2.578 with a significance value of 0.011 <0.05, thus the satisfaction (X2) has a positive and significant influence on customer loyalty (Y). The results of the F test with a statistical F value of 205.699 with a significance of 0.000. These results prove that trust and satisfaction simultaneously have a positive and significant influence on customer loyalty
How Islamic Bank Managing Risk? An Emphasis on Anticipating Financial Crisis Viphindrartin, Sebastiana; Zainuri, Zainuri; Anugrah, Muhammad Zilmi
al-Uqud : Journal of Islamic Economics Vol 4, No 2 (2020): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (293.556 KB) | DOI: 10.26740/al-uqud.v4n2.p208-217

Abstract

The global economic crisis in 2008 shocked and pressured Indonesian macroeconomic and financial system stability. The decline in macroeconomic stability has an impact on banking policy in lending. Most banks in the world respond to the crisis by doing credit rationing, but how about Islamic bank response toward this condition in Indonesia? Therefore, this study aims to examine the effect of Capital Adequacy Ratio (CAR) and macroeconomic variables on the amount of Islamic banking financing in Indonesia. The method used in this study is the SVAR (Structural Vector Auto Regression) analysis method. The results showed that inflation, capital, and CAR variables had a significant effect on Islamic bank’s financing amount. In contrast, GDP had no significant impact on Islamic bank’s financing amount which means that Islamic banking in Indonesia was not implemented pro-cyclical based lending policy.
MODEL PENDEKATAN MODAL SOSIAL KELOMPOK PEMINJAM UNTUK OPTIMALISASI REPAYMENT RATE PADA LEMBAGA KEUANGAN MIKRO-SWADAYA MASYARAKAT (SOCIAL CAPITAL APPROACHING MODEL OF THE LENDING GROUP FOR REPAYMENT RATE OPTIMIZATION ON COMMUNITY’S MICROFINANCE INSTITUTI) VIPHINDRARTIN, SEBASTIANA
Prosiding Seminas Vol 1, No 2 (2012): Seminas Competitive Advantage II
Publisher : Unipdu Jombang

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

ABSTRAK Kredit macet yang tinggi (non performing loan) dan tingkat pengembalian (repayment rate) dana bergulir yang rendah pada kelompok peminjam di wilayah tapal Kuda Jawa Timur pada program Lembaga Keuangan Mikro Swadaya Masyarakat (LKM-SM) disebabkan pelaksanaan program pinjaman dana bergulir program Lembaga Keuangan Mikro Swadaya Masyarakat masih berdasarkan pada tataran proyek bukan tataran program yang berarti aspek pemberdayaan serta partisipasi masyarakat, yang menjadi prioritas utama tujuan program pinjaman dana bergulir, sering kali terabaikan akibat tuntutan proyek yang harus dipenuhi. Padahal tingkat pengembalian pinjaman kelompok peminjam  dipengaruhi secara langsung oleh institusi-institusi informal, yaitu peraturan adat (norma dan sanksi sosial), kohesi sosial dan penggunaan mekanisme sosial dalam menyeleksi pelamar kredit dan menegakkan pelunasan melalui keterlibatan tokoh masyarakat yang berperan penting dalam menegakkan kemauan nasabah mengembalikan pinjaman. Karena dalam hal pembentukan kelompok peminjam seringkali didasari kesamaan budaya dan latar belakang masing-masing anggota kelompok. Alternatif solusi dari permasalahan di atas adalah dengan menggunakan pendekatan modal sosial. Menganalisis berbagai kegagalan pendekatan dalam memecahkan persoalan pengembalian pinjaman, Modal Sosial dinilai efektif dalam memberikan dorongan keberhasilan bagi berbagai kebijakan, baik yang dilakukan oleh pemerintah maupun oleh pihak swasta. Keyakinan ini didasarkan pada kekuatan yang dimilikinya guna merangsang masyarakat membangun secara swadaya yang hasilnya akan memaksimalkan pencapaian dari setiap kebijakan pembangunan yang dibuat oleh pemerintah. Penelitian ini menggunakan metode kuantitatif yang ditunjang dengan data-data kualitatif, model yang dipakai adalah model kausalitas yang menggunakan Model Persamaan Struktural (structural equation modelling-SEM) berbasis component atau variance dengan Partial Least Square (PLS). Sementara, untuk menguatkan analisis penelitian juga dilakukan interpretasi data kualitatif. Dari hasil pembahasan didapatkan bahwa hubungan sosial dalam lingkup kelompok peminjam  dapat mempengaruhi interaksi para anggota dalam kelompok tersebut. Jika dilihat dari kecenderungannya, maka secara umum ketiga basis budaya masyarakat yaitu Mataraman, Arek dan Madura hubungan sosialnya dapat terbangun karena kekerabatan,kesamaan kepercayaan, kesamaan wilayah dan kesamaan aktivitas keseharian. Masyarakat berbasis budaya Mataraman lebih mudah melakukan hubungan sosialnya atas dasar kekerabatan dan kesamaan kepercayaan. Sedangkan masyarakat berbudaya Arek berkecenderungan hubungan sosialnya terbangun karena kesamaan wilayah, kekerabatan dan kesamaan aktivitas keseharian. Sementara itu, masyarakat berbudaya Madura secara prinsip hubungan sosialnya terbangun atas dasar kekerabatan, kesamaan kepercayaan dan aktivitas keseharian. Namun, kecocokan perilaku, pendapat, pandangan dan pendirian juga menjadi dasar yang kuat dalam membangun relasi sosialnya. Hal itu tergambar dari ungkapan budaya oreng dhaddhi taretan, taretan dhaddhi oreng, (orang lain bisa menjadi/dianggap sebagai saudara sendiri, sedangkan saudara sendiri bisa menjadi/dianggap sebagai orang lain). Pertanyaan pentingnya adalah bagaimana relasi sosial yang tercermin dari masing-masing kelompok budaya tersebut menjadi dasar pembentukan KSM , memperkuat interaksi di dalam kelompok serta dapat menstimulus peningkatan repayment rate dan efektivitas program. Disimpulkan bahwa karakteristik budaya dan modal sosial pada masyarakat tertentu berpengaruh positif terhadap perilaku masyarakat penerima manfaat dalam melakukan pengembalian pinjaman dan mencerminkan efektif atau tidaknya sebuah program penanggulangan kemiskinan bagi  masyarakat walaupun tidak secara signifikan. Kata Kunci: Optimalisasi Repayment Rate, LKM-SM, Kelompok Peminjam, Modal Sosial.  ABSTRACT High rate of non-performing loans and low rate of return  revolving fund (repayment rate) in the lending group in the region of East Java’s horse poultice on Community’s Microfinance Institutions program is caused by implementation program of revolving fund loan program by Community’s Micro Finance Institutions are still based on the project level rather than program level that means the aspects of empowerment and community participation, which became the main priority objectives revolving fund loan programs, often overlooked due to the demands of the project that must be met. Though the return on the lending group directly affected by informal institutions, namely customary rules (norms and social sanctions), social cohesion and the use of social mechanisms in selecting applicants and enforce repayment of loans through the involvement of community leaders who was instrumental in establishing the customer wishes to return loan. Because in terms of forming the lending group are often based on cultural similarity and background of each member of the group. Alternative solutions of the above problems is the use of social capital approach. Analyzing various approaching failure in solving the problem of loan repayment, Social Capital is assessed effective in providing the impetus for the success of various policies, whether committed by government or by private parties. This belief is based on its strengths in order to stimulate communities on self-help building which will result of maximizing the achievement of any development policy made by the government. This study uses quantitative methods which are supported by qualitative data, the used model is a causal model using Structural Equation Model (SEM)-based component or variance with Partial Least Square (PLS). Meanwhile, to strengthen the research analysis was also conducted qualitative data interpretation. From the discussion, it can be concluded that by using more specific social capital on the lending group of Arek/coastal and Mataraman culture-based  affect the achievement of repayment rate and program effectiveness (sustainability). In contrast to the group of Madurese culture-based lending group, repayment rates do not affect the performance and program effectiveness (sustainability). The role of government, in the Mataraman and Arek culture based lending group does not affect the achievement of repayment rate, contrary to the Madurese culture based lending group, the role of government proved influential on the outcomes of repayment rate. In all three cultural based lending groups, repayment rates proved influence the achievement of the program effectiveness (sustainability), otherwise the role of government in all three cultural based lending groups, does not affect the program effectiveness (sustainability). Keywords: repayment rate optimization, MFI, the lending group, social capital.
The Comparison of The Islamic and Conventional Bank Performance before and During Covid-19 Pandemic in Indonesia Sebastiana Viphindrartin; Regina Niken Wilantari; Suryaning Bawono
Manajemen dan Bisnis Vol 21, No 1 (2022): March 2022
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/jmb.v21i1.574

Abstract

This study aims to determine and compare the financial stability of banks during the crisis which is still being debated by taking the period before and after the covid 19 pandemics. This study uses a sample of all transactions of conventional banks and Islamic banks throughout Indonesia that are recorded by the Indonesian financial services authority. With a population of all conventional financial institutions and Islamic financial institutions, both registered and unregistered by Indonesian financial services authorities throughout Indonesia. The type of data in this study is secondary data sourced from the Indonesian financial services authority. To find out and compare the performance of conventional banks with Islamic banks and the resilience of conventional banks and Islamic banks to shocks, an analysis of the financial behavior of data in commercial banks was carried out using Threshold Autoregressive. We find that Islamic banks tend to be more stable in facing financial challenges due to the COVID-19 pandemic compared to conventional banks. The performance of conventional banks was very good in the period before the COVID-19 pandemic. However, when the coronavirus pandemic began to be reported, there was a huge decline in performance. Conventional bank recovery efforts have not been able to return to the original track. Conventional bank performance is slowing down and it tends to be difficult to return to its original performance value (before the COVID-19 outbreak). However, from the graph of performance forecasting between Islamic Commercial Banks and Conventional Banks, it can be seen that there is a difference in performance stability between Islamic Commercial Banks and Conventional Banks facing the COVID-19 pandemic.
Analysis of United States Quantitative Easing Policy on Real Output in Indonesia Viphindrartin, Sebastiana; Yunitasari, Duwi; Wilantari, Regina Niken
Journal of Indonesian Applied Economics Vol 9, No 2 (2021)
Publisher : Department of Economics, Faculty of Economics and Business, Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.JIAE.009.02.7

Abstract

This study discusses analysis of United States quantitative easing policy on real output in Indonesia. QE policy not only affects US economy but also influences the economic indicators of other countries, especially Indonesia countries with increasingly integrated market conditions. At present the Indonesia economy has been very open, so that policies originating from abroad can affect the country's economic conditions. The possibility of global spillover against non-conventional monetary policies such as QE. It is using the Vector Autoreggresion (VAR) methods to see the effect of QE policy. The data is time series for the 1999Q1-2016Q4. This study will analyze the impact of macroeconomic variables such as interest rates, money supply and inflation on GDP. The results of this study indicate that the implementation of the QE policy has an impact on the rate of GDP growth in each country of  Indonesia.