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All Journal Media Trend: Berkala Kajian Ekonomi dan Studi Pembangunan Journal of International Conference Proceedings
Della Hardyati Prabowo
Universitas Brawijaya
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Electrical & Electronics Engineering Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media

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Fostering Inclusive Growth in Indonesia: Evidence from Panel Regression Analysis Della Hardyati Prabowo; Ghozali Maski; Dwi Budi Santoso
Journal of International Conference Proceedings (JICP) Vol 5, No 2 (2022): BEFIC Conference Proceeding
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v5i2.1680

Abstract

An inclusive development does not only rely on economic growth but also on the creation of equitable access to growth outcomes. Government spending has an important role in promoting efficiency and economic growth as well as equity. Meanwhile, financial inclusion is believed to be able to expand opportunities to contribute to growth. Previous studies have proven the influence of both on inclusive growth with varying results. This study aims to analyze the impact of government spending in the fields of health, education, economy, and social protection, as well as financial inclusion on inclusive growth. Using panel data from 34 provinces in Indonesia in 2015-2019, this study applies a random effects model. The results show that education spending and the level of financial inclusion can foster inclusive growth. This finding confirms that public investment in education will expand access to education to increase human capital and labor productivity, as well as competitiveness and wages, while the inclusiveness of financial services increases access to more affordable credit. On the other hand, economic spending has a negative impact on inclusive growth due to the development gap. Meanwhile, health and social protection spending have no impact on inclusive growth. The implication is that health and economic spending policies must be directed at ensuring people's access to more equitable economic opportunities. Monitoring and provision of a more active social assistance also needs to be improved. Keywords: Financial Inclusion, Government Spending, Inclusive Growth, Panel Regression
Public Spending and Financial Inclusion and Their Impact on Inclusive Growth In Indonesia: A Spatial Approach Della Hardyati Prabowo; Ghozali Maski; Dwi Budi Santoso
MediaTrend Vol 18, No 1 (2023): MARET
Publisher : Trunojoyo University of Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/mediatrend.v18i1.14747

Abstract

Inclusive growth results in equal access to the benefits of growth and, by that, reduces disparities. Public spending plays an important role in supporting economic growth and people's welfare. On the other hand, financial inclusion has the ability to expand opportunities to participate in growth. Using data on government spending and financial inclusion in 34 provinces in Indonesia in 2015-2019, this study aims to examine the link between the two towards inclusive growth. As a result, spending on education and financial inclusion, as well as investment and trade openness, can promote inclusive growth. Expanding access to education as a result of public investment in education will boost labor capacity and productivity. Meanwhile, access to more affordable credit will be realized through an inclusive financial system. Conversely, due to health development gaps, health spending has a negative impact on inclusive growth. The spatial error model with queen contiguity spatial weight matrix shows a significant spatial effect on the error term or residual. The implication is that policies for expanding education, health, and digital access as well as increasing investment and financial literacy need to be carried out to ensure people's affordability to economic opportunities by considering regional aspects.
Co-Authors Dwi Budi Santoso Ghozali Maski