- The creative industry in Indonesia has grown each year as seen by increases in the value of creative exports and number of creative industry workers.
- There is a strong positive correlation between real GDP, the rupiah exchange rate, and the value of creative exports and number of creative workers, showing the creative industry contributes to economic growth.
- The creative industry provides opportunities for sustainable economic growth in Indonesia by increasing exports of unique cultural products and using local materials, which makes the industry less impacted by inflation.
The Importance of Parameter Constancy for Endogenous Growth with Externality Dr. Kelly YiYu Lin
The economic model of endogenous growth has been commonly discussed. It has been specified by econometric models by Robert Barro (1986, 1990, and 1994) and Xavier Sala-i-Martin (2003) but it is challenging to keep parameter constancy in the model. This paper demonstrates how to find the stable growth rate converging to the steady state and the optimal capital level at the steady state with parameter constancy. This paper also finds the economy would converge to a stable steady state when the co-integration holds between annual growth rate of GDP per capita and GDP per capita. We take an empirical study of selected five countries (Indonesia, India, US, France and Japan) from 1960 to 2016 and specify econometric models of endogenous growth with externality and to test the convergence.
Analysis of Public Investment Expenditure on Economic Growth in WAEMU Countriesinventionjournals
Public investment expenditure plays an important role in the economy to produce goods and services needed for economic development. This study analyzes the influence of public investment spending on the economic growth of the WAEMU zone. The study considers a linear approach through individual fixed effects models with Beck-Katz and Driscoll-Kraay corrections, the spatial autocorrelation model (SAC) and the longterm model (DOLS). The empirical results of the study using panel data covering the period 1990-2015 indicate that public investment spending can promote economic growth in WAEMU countries when they are allocated in decreasing order to Education, health, public investment in basic road infrastructure and agriculture. However, they are also likely to slow it down when they focus on military spending, even though their primary objective is to ensure security for economic development. Finally, the study recommends that policy makers in WAEMU countries refocus their public expenditure policies in key sectors of development, notably human capital, in order to ensure a multiplier effect of public spending on economic growth and strengthen institutions Democracy to ensure their independence through their interdependence.
Emergence of india as an economic super powerKavya B.S
Four important strategies for our Economy to prosper is that of:
1) Inclusive growth
2) Environmental concern
3) Investment in innovation
4)Curbing of Black Money
thus explaining each of them.
The Importance of Parameter Constancy for Endogenous Growth with Externality Dr. Kelly YiYu Lin
The economic model of endogenous growth has been commonly discussed. It has been specified by econometric models by Robert Barro (1986, 1990, and 1994) and Xavier Sala-i-Martin (2003) but it is challenging to keep parameter constancy in the model. This paper demonstrates how to find the stable growth rate converging to the steady state and the optimal capital level at the steady state with parameter constancy. This paper also finds the economy would converge to a stable steady state when the co-integration holds between annual growth rate of GDP per capita and GDP per capita. We take an empirical study of selected five countries (Indonesia, India, US, France and Japan) from 1960 to 2016 and specify econometric models of endogenous growth with externality and to test the convergence.
Analysis of Public Investment Expenditure on Economic Growth in WAEMU Countriesinventionjournals
Public investment expenditure plays an important role in the economy to produce goods and services needed for economic development. This study analyzes the influence of public investment spending on the economic growth of the WAEMU zone. The study considers a linear approach through individual fixed effects models with Beck-Katz and Driscoll-Kraay corrections, the spatial autocorrelation model (SAC) and the longterm model (DOLS). The empirical results of the study using panel data covering the period 1990-2015 indicate that public investment spending can promote economic growth in WAEMU countries when they are allocated in decreasing order to Education, health, public investment in basic road infrastructure and agriculture. However, they are also likely to slow it down when they focus on military spending, even though their primary objective is to ensure security for economic development. Finally, the study recommends that policy makers in WAEMU countries refocus their public expenditure policies in key sectors of development, notably human capital, in order to ensure a multiplier effect of public spending on economic growth and strengthen institutions Democracy to ensure their independence through their interdependence.
Emergence of india as an economic super powerKavya B.S
Four important strategies for our Economy to prosper is that of:
1) Inclusive growth
2) Environmental concern
3) Investment in innovation
4)Curbing of Black Money
thus explaining each of them.
𐫱 This file is especially for engineering students.
This is 'economics for engineers'.
I hope it will help you in your studies as well as university exams.😃
Using time series data, this study investigated the effect of aggregated and disaggregated public spending on economic growth in Nigeria during the period 1980 – 2015. Time series data such as aggregated expenditure proxy by total federal government expenditure (TFGE), disaggregated expenditure proxy by recurrent expenditure (REXP) and capital expenditure (CEXP,) and economic growth proxy by GDP were obtained from central bank of Nigeria (CBN) statistical bulletin. Error Correction Model (ECM) was used to estimate the model. The result of the finding revealed that the total federal government expenditure (TFGE) and capital expenditure (CEXP) exerts positive and significant influences on GDP while recurrent expenditure (REXP) has a positive and insignificant influence on GDP. This implies that the higher the public spending, the higher the GDP. The researchers therefore, recommend that for sustainable Economic Growth (GDP), federal government should increase capital expenditure by allocating more funds to the productive sector of the economy. More so, the positive contributions of public spending to economic growth necessitate the continued use of fiscal policy instruments to pursue macroeconomic objectives in Nigeria.
Factors affecting employment during crisis in private businesses in Kurdistan IJAEMSJORNAL
The main aim of this study is to investigate the critical factors that effecting employment during crisis in private businesses in Kurdistan. An empirical quantitative technique utilized to analyze the present research. The researcher applied a random sampling method, where all respondents had equal chances of being selected for the sample. The research was carried out at 18 private businesses in Erbil. The population of this research was approximately 341 employees, accordingly to cover the entire research population; 100 surveys were distributed but 84 forms were collected that were accomplished accurately. The results showed that the highest value was for economic factor this means that economic is strongly related to employment and has strong influence on employment during crisis in private businesses in Kurdistan.
Changing nature of work: Course Future of Workrakesh singh
Topic: A proposed solution which can convey how the nature of work is changing and what your country/sector governments can do to prepare and support their workforces.
There are myriads of variables responsible for youth unemployment problem
particularly in Nigeria and other developing countries. Consequently, it is necessary to
obtain comprehensive data on the variables to blame for youth unemployment to chart
direction for further research and provide guide for stakeholders on the pathway to
solving the problem. Factors accountable for youth unemployment problem were
abstracted from literature and presented. Frequency distribution of the factors causing
youth unemployment based on researches unproven opinion showed that, fast population
growth, rural to urban migration and lack of employable skills and experience among the
youth are predominantly factors to blame among other variables. Thus, the information
provided suggest direction from where to start addressing youth unemployment problem
by stakeholders and policy makers while further research is required to pinpoint the
primary causes of the problem with proven evidence
Role of Finance and Organizational Climate on Entrepreneurial Development amo...ijtsrd
Entrepreneurship is a key driver of economic growth and economic development. It is also a medium through which unemployment can be reduced and innovation can be promoted. It is a fact to say that entrepreneurship is a panacea for poverty reduction and eradication which is one of the cardinal eight point agenda of Millennium Development Goals. Entrepreneurship is seen as a key vehicle for employment creation, creation of economic wealth, and an essential means of enhancing the innovation dynamics in the local, regional and national economies Chris 2010 . Entrepreneurship provides a satisfying and rewarding working life, provides a flexible lifestyle and considerable business autonomy. It is becoming an increasingly important career option for unemployed people, secondary school and university graduates. At the national level, entrepreneurial activity contributes to economic growth and economic development Chris 2010 . Many researchers have written extensively on entrepreneurship and its effectiveness to the development of any given economy. Akanni 2008 further opined that the experiences of developed economies in relation to the roles played by entrepreneurship buttresses the fact that the significance of entrepreneurship cannot be overemphasize particularly among developing countries. In order to highlight its importance in relation to the growth and development of a given economy, entrepreneurship has been variously referred to as "source of economic growth". This is because entrepreneurial activities have been found to be capable of making positive impact on the economy of a nation and the quality of life of the people Adejumo, 2000 . Ojo Adeshina Akinwumi | Abifarin Olusola Michael | Dr. Okoklie Emmanuel Azuka "Role of Finance and Organizational Climate on Entrepreneurial Development among Selected Residents" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-4 , June 2020, URL: https://www.ijtsrd.com/papers/ijtsrd30297.pdf Paper Url :https://www.ijtsrd.com/other-scientific-research-area/other/30297/role-of-finance-and-organizational-climate-on-entrepreneurial-development-among-selected-residents/ojo-adeshina-akinwumi
A SOLUTION TO THE DILEMMA BETWEEN R&D EXPANSION AND THE PRODUCTIVITY DECLINE:...IJMIT JOURNAL
As a consequence of the two-faced nature of information and communication technology (ICT), a majority of ICT leaders have been confronting the critical problem of a dilemma between R&D expansion and productivity decline in the digital economy. However, Amazon has been able to accomplish a skyrocketing increase in R&D and market capitalization. Finland has also accomplished balanced advancement not only of welfare but also economic resurgence. This paper attempted to elucidate the miracle of two ICT leaders. By means of a comparative empirical analysis of respective development trajectories, the sources of their success were analyzed thereby the comparative advantage and disadvantage of each respective trajectories supportive to find a practical solution to the critical problem of a dilemma were identified. The sources of both successes can be attributed to harnessing the vigor of soft innovation resources from the marketplace. However, contrary to Amazon’s complementary use, Finland has depended on substitutionary use. While this approach contributes to easy resurgence, it casts a shadow to the innovative growth in the future. An insightful suggestion regarding balanced sustainable growth by cross learning was thus provided.
One factor that encourages the investment climate to run in a positive trend is the ability of organizers to
package these investment activities. Positive things that have emerged in line with the increasingly
dynamic information technology-based (IT) industry in Indonesia are the increasing number of events with
the theme of business matching, investor forums, business networking, and other similar events. This
indicates that business players and investors are increasingly interested in IT-based industries. Business
matching is the implementation of events that bring together buyers and UMKM producers to communicate
about requests and supplies and matters related to them. It can be said that business matching is an
activation of the info booth. Business matching is expected to generate real and direct trade. At this point
in time, it can be said that the quality of events with the theme of business matching and investor forums is
still far from expectations. If we attend events like this, it can be seen that the purpose of holding the event
is still not in focus and it is almost certain that the startups featured have not gone through a strategic and
well-managed selection process.
The Department of Commerce has determined the economy in the creative industry into 14 (fourteen) sectors: (1) advertising
services, (2) architecture, (3) art and antiques market, (4) craft, (5) design, (6) fashion, (7) video, film and photography, (8)
interactive games (9) music, (10) performing arts, (11) publishing and printing, (12) computer and software services, (13)
television and radio, (14) research and development. Mapping of creative industrial areas is done so that the process of guidance
and distribution of assistance from local and central government and the management of the creative industries from each regi on
focused so that the regions have characteristics in producing the creative industry and can compete in the current era of
globalization. Creative industry in Indonesia began to mushroom in 2007, but many people still do not understand what sectors are
included into the creative industry and its development. With so many people's lack of understanding of the creative industry, it
makes its own homework for the government to socialize the creative industries so that the government seeks to map the creative
industries in Indonesia. Though the creative industry is able to contribute greatly to the Gross Domestic Product (GDP) of an area
and create jobs.
This study aims to further understand the characteristics of creative industries, as well as to identify the constraints and
opportunities faced by creative industry players in Indonesia. To identify and analyze the creative industries used 4 quadrant
statistical methods Location Quadrant (LQ) and Dynamic Location Quotient (DLQ). This study uses secondary data of large and
medium industry statistics as well as small and micro industries in 2010-2013 at Provincial level obtained from the Central Bureau
of Statistics (BPS).
The results of this mapping study will provide a general overview of the creative industries sector that has competitiveness in
every region or province in Indonesia.
Association between Investment, Production, Export and Import: The Impact of...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
𐫱 This file is especially for engineering students.
This is 'economics for engineers'.
I hope it will help you in your studies as well as university exams.😃
Using time series data, this study investigated the effect of aggregated and disaggregated public spending on economic growth in Nigeria during the period 1980 – 2015. Time series data such as aggregated expenditure proxy by total federal government expenditure (TFGE), disaggregated expenditure proxy by recurrent expenditure (REXP) and capital expenditure (CEXP,) and economic growth proxy by GDP were obtained from central bank of Nigeria (CBN) statistical bulletin. Error Correction Model (ECM) was used to estimate the model. The result of the finding revealed that the total federal government expenditure (TFGE) and capital expenditure (CEXP) exerts positive and significant influences on GDP while recurrent expenditure (REXP) has a positive and insignificant influence on GDP. This implies that the higher the public spending, the higher the GDP. The researchers therefore, recommend that for sustainable Economic Growth (GDP), federal government should increase capital expenditure by allocating more funds to the productive sector of the economy. More so, the positive contributions of public spending to economic growth necessitate the continued use of fiscal policy instruments to pursue macroeconomic objectives in Nigeria.
Factors affecting employment during crisis in private businesses in Kurdistan IJAEMSJORNAL
The main aim of this study is to investigate the critical factors that effecting employment during crisis in private businesses in Kurdistan. An empirical quantitative technique utilized to analyze the present research. The researcher applied a random sampling method, where all respondents had equal chances of being selected for the sample. The research was carried out at 18 private businesses in Erbil. The population of this research was approximately 341 employees, accordingly to cover the entire research population; 100 surveys were distributed but 84 forms were collected that were accomplished accurately. The results showed that the highest value was for economic factor this means that economic is strongly related to employment and has strong influence on employment during crisis in private businesses in Kurdistan.
Changing nature of work: Course Future of Workrakesh singh
Topic: A proposed solution which can convey how the nature of work is changing and what your country/sector governments can do to prepare and support their workforces.
There are myriads of variables responsible for youth unemployment problem
particularly in Nigeria and other developing countries. Consequently, it is necessary to
obtain comprehensive data on the variables to blame for youth unemployment to chart
direction for further research and provide guide for stakeholders on the pathway to
solving the problem. Factors accountable for youth unemployment problem were
abstracted from literature and presented. Frequency distribution of the factors causing
youth unemployment based on researches unproven opinion showed that, fast population
growth, rural to urban migration and lack of employable skills and experience among the
youth are predominantly factors to blame among other variables. Thus, the information
provided suggest direction from where to start addressing youth unemployment problem
by stakeholders and policy makers while further research is required to pinpoint the
primary causes of the problem with proven evidence
Role of Finance and Organizational Climate on Entrepreneurial Development amo...ijtsrd
Entrepreneurship is a key driver of economic growth and economic development. It is also a medium through which unemployment can be reduced and innovation can be promoted. It is a fact to say that entrepreneurship is a panacea for poverty reduction and eradication which is one of the cardinal eight point agenda of Millennium Development Goals. Entrepreneurship is seen as a key vehicle for employment creation, creation of economic wealth, and an essential means of enhancing the innovation dynamics in the local, regional and national economies Chris 2010 . Entrepreneurship provides a satisfying and rewarding working life, provides a flexible lifestyle and considerable business autonomy. It is becoming an increasingly important career option for unemployed people, secondary school and university graduates. At the national level, entrepreneurial activity contributes to economic growth and economic development Chris 2010 . Many researchers have written extensively on entrepreneurship and its effectiveness to the development of any given economy. Akanni 2008 further opined that the experiences of developed economies in relation to the roles played by entrepreneurship buttresses the fact that the significance of entrepreneurship cannot be overemphasize particularly among developing countries. In order to highlight its importance in relation to the growth and development of a given economy, entrepreneurship has been variously referred to as "source of economic growth". This is because entrepreneurial activities have been found to be capable of making positive impact on the economy of a nation and the quality of life of the people Adejumo, 2000 . Ojo Adeshina Akinwumi | Abifarin Olusola Michael | Dr. Okoklie Emmanuel Azuka "Role of Finance and Organizational Climate on Entrepreneurial Development among Selected Residents" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-4 , June 2020, URL: https://www.ijtsrd.com/papers/ijtsrd30297.pdf Paper Url :https://www.ijtsrd.com/other-scientific-research-area/other/30297/role-of-finance-and-organizational-climate-on-entrepreneurial-development-among-selected-residents/ojo-adeshina-akinwumi
A SOLUTION TO THE DILEMMA BETWEEN R&D EXPANSION AND THE PRODUCTIVITY DECLINE:...IJMIT JOURNAL
As a consequence of the two-faced nature of information and communication technology (ICT), a majority of ICT leaders have been confronting the critical problem of a dilemma between R&D expansion and productivity decline in the digital economy. However, Amazon has been able to accomplish a skyrocketing increase in R&D and market capitalization. Finland has also accomplished balanced advancement not only of welfare but also economic resurgence. This paper attempted to elucidate the miracle of two ICT leaders. By means of a comparative empirical analysis of respective development trajectories, the sources of their success were analyzed thereby the comparative advantage and disadvantage of each respective trajectories supportive to find a practical solution to the critical problem of a dilemma were identified. The sources of both successes can be attributed to harnessing the vigor of soft innovation resources from the marketplace. However, contrary to Amazon’s complementary use, Finland has depended on substitutionary use. While this approach contributes to easy resurgence, it casts a shadow to the innovative growth in the future. An insightful suggestion regarding balanced sustainable growth by cross learning was thus provided.
One factor that encourages the investment climate to run in a positive trend is the ability of organizers to
package these investment activities. Positive things that have emerged in line with the increasingly
dynamic information technology-based (IT) industry in Indonesia are the increasing number of events with
the theme of business matching, investor forums, business networking, and other similar events. This
indicates that business players and investors are increasingly interested in IT-based industries. Business
matching is the implementation of events that bring together buyers and UMKM producers to communicate
about requests and supplies and matters related to them. It can be said that business matching is an
activation of the info booth. Business matching is expected to generate real and direct trade. At this point
in time, it can be said that the quality of events with the theme of business matching and investor forums is
still far from expectations. If we attend events like this, it can be seen that the purpose of holding the event
is still not in focus and it is almost certain that the startups featured have not gone through a strategic and
well-managed selection process.
The Department of Commerce has determined the economy in the creative industry into 14 (fourteen) sectors: (1) advertising
services, (2) architecture, (3) art and antiques market, (4) craft, (5) design, (6) fashion, (7) video, film and photography, (8)
interactive games (9) music, (10) performing arts, (11) publishing and printing, (12) computer and software services, (13)
television and radio, (14) research and development. Mapping of creative industrial areas is done so that the process of guidance
and distribution of assistance from local and central government and the management of the creative industries from each regi on
focused so that the regions have characteristics in producing the creative industry and can compete in the current era of
globalization. Creative industry in Indonesia began to mushroom in 2007, but many people still do not understand what sectors are
included into the creative industry and its development. With so many people's lack of understanding of the creative industry, it
makes its own homework for the government to socialize the creative industries so that the government seeks to map the creative
industries in Indonesia. Though the creative industry is able to contribute greatly to the Gross Domestic Product (GDP) of an area
and create jobs.
This study aims to further understand the characteristics of creative industries, as well as to identify the constraints and
opportunities faced by creative industry players in Indonesia. To identify and analyze the creative industries used 4 quadrant
statistical methods Location Quadrant (LQ) and Dynamic Location Quotient (DLQ). This study uses secondary data of large and
medium industry statistics as well as small and micro industries in 2010-2013 at Provincial level obtained from the Central Bureau
of Statistics (BPS).
The results of this mapping study will provide a general overview of the creative industries sector that has competitiveness in
every region or province in Indonesia.
Association between Investment, Production, Export and Import: The Impact of...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Running head ECONOMIC DEVELOPMENT 1ECONOMIC DEVELOPMENT 8.docxtodd271
Running head: ECONOMIC DEVELOPMENT 1
ECONOMIC DEVELOPMENT 8
Economic Development
Student’s Name
Institutional Affiliation
History and Brief Backdrop of Indonesia
1. The introduction of indonesia’s econ history is too long. We only need to include a brief and clear background.
2. I think the majority of this paper is still displaying the facts rather than analyze them. Can you have more analysis of the facts you have? We need to focus on analyzing date we have and having our own conclusion rather than displaying facts and quoting others’ words. This paper is not a reading report of others’ research paper.
3. Can you have a main topic to focus on discussing rather than generally introducing the whole economy?
4. The paper should be
a. BRIEF intro of indonesia’s history of econ as a background knowledge
b. Choose a topic to focus on discussing and explain why it is important to the development of econ of Indonesia
c. Grab datas from reliable website like http://hdr.undp.org/en/countries and use the model and concepts to analyze the meaning of the statistics, and how do they reflect the econ situation of Indonesia
d. Base on your analyze, identify the current problem of Indonesia and come up proper and realistic solutions to solve them.
e. Explain why your solutions would be effective by estimating the expected benefits with the concepts and model on my list, and present the whole process of calculation and analyzing.
f. Explain how the country can execute the solutions you suggest, what resource they can use to do that etc.
Indonesia is one of the largest Southeast Asian countries with promising and sizeable economic growth in the region. The government is home to over 270 million people, making it the fourth largest country in terms of the population worldwide. According to Jomo (2019), Indonesia has the largest economy in South East Asia with a GDP of close, slightly over $ 863 billion, and records the highest economic growth of 6% in the region in the last few years. Jomo (2019) asserts that Indonesia, in recent years, has been recording a higher economic development during the global financial crisis than other Great 20 countries. The country has been able to achieve this economic prospects because of its sound macroeconomic policy. The faster economic growth and development of Indonesia has made economic analysts suggest that it will soon be a member of the BRIC group of leading in emerging markets.
To understand Indonesia's economic growth performance, one needs to understand the driving factors behind the economic story. Yudhistira & Sofiyandi (2018) suggest that Indonesia's good economic performance is attributed to the growth of the potent power of consumption, exports, and investments. They further point out that high export is because Indonesia is endowed by abundant natural resources and an increase in international commodity prices. In regards to investments, the country has set and implemented economic.
Analysis Effect of Household Consumption, Private Investment and Regional Exp...AJHSSR Journal
ABSTRACT : This study aims to analyze the effect of household consumption, private investment and
regional expenditures on employment opportunities and regencies/city economic growth in the Province of Bali.
The research data uses panel data, which is a combination of 9 regencies/cities and 10 years of observations so
that 90 observations are obtained. Data sourced from BPS Bali Province and analyzed using path regression
analysis techniques. The results of the analysis found that there was a significant positive influence between
household consumption, private investment, and regional expenditures on employment opportunities. There is a
significant positive influence between the variables of household consumption, private investment, regional
expenditures and employment opportunities on economic growth. Employment opportunities are able to mediate
the influence of household consumption, private investment, and regional expenditures on the economic growth
of regencies/cities in Bali Province.
KEYWORDS : Household consumption, private investment, regional expenditures, employment opportunities,
economic growth.
Investment in Education Entrepreneurship and Economic Growth in Nigeriapaperpublications3
Abstract: The paper investigated the relationship between investment in education, entrepreneurship and economic growth in Nigeria using annual time-series data from 1981 to 2013. OLS methodology, Johansen Co-integration and Error correction technique were employed to analyze macroeconomic data sourced from CBN statistical bulletin. The OLS result shows through its 98% goodness of fit value that all variable except unemployment are positively related to the gross domestic product, proxy for economic growth in Nigeria. The Co-integration test and the Error-correction technique revealed that a long-run relationship exists between investment in education, entrepreneurship and economic growth in Nigeria. The study suggests that the government should take appropriate measures to adequately invest in the educational sector and also place more attention on the development of small and medium-sized enterprises in order to ensure sustainable economic growth in Nigeria.
Impact of Commercial Banking on Nigeria Industrial Sectorijtsrd
This study examines the impact of commercial banking on Nigeria industrial sector using secondary data covering the period of 1980 2018 that were obtained from the Central Bank of Nigeria. The model's estimates were estimated via multiple econometric model of the ordinary least square to determine the effect of commercial bank credit to industrial sector, inflation, infrastructure, exchange rate, interest rate, labour force and bank capital on industrial sector proxied by industrial output. The results show that commercial bank credits to industrial sector, infrastructure, inflation, labour and bank capital have a positive impact on industrial sector while exchange rate has a negative impact on industrial sector but conforms to the a priori expectation. The study also found out that only commercial bank credits to industrial sector and infrastructure were significant in explaining industrial sector growth while other variables used in the study were all found to be non significant in explaining the growth rate of the industrial sector. The study concludes that adequate commercial banks credit intermediation in the industrial sector and government expenditure on the needed infrastructure will enhance the sector performance. Onwuteaka, Ifeoma Cecilia PhD | Molokwu, Ifeoma Mirian | Aju Gregory. C. ""Impact of Commercial Banking on Nigeria Industrial Sector"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-3 , April 2019, URL: https://www.ijtsrd.com/papers/ijtsrd23140.pdf
Paper URL: https://www.ijtsrd.com/management/-/23140/impact-of-commercial-banking-on-nigeria-industrial-sector/onwuteaka-ifeoma-cecilia-phd
The Dynamic Relationship between Innovation Index and Macroeconomic Instrumen...AJHSSR Journal
ABSTRACT : Innovation growth is a fundamental instrument that drives a country's economic growth, and
economic growth is best quantified using important macroeconomic measures that reflect the economic growth
and development of the country. The sole objective of this research study is to investigate the dynamic link
between the innovation index and macroeconomic instruments in the United States. Secondary data was
extracted from World Bank data publications (data.worldbank.org) and theglobaleconomy.com for the period
under consideration, 1991 to 2021, for macroeconomic instruments and innovation index respectively in the
United States. The unit root test was employed which indicates that the innovation and macroeconomic
variables are stationary after the first difference which suggests that further econometric models can be applied
to constitute the dynamic association. The dynamic relationship is explored using different econometric models
such as the regression model which indicate that there is a significant linear relationship between innovation and
macroeconomic instruments, vector autoregression (Var model) shows that there is a short-run relationship
between innovation and macroeconomic instruments while Johansen cointegration shows that there is a long-run
relationship between them and impulse response function reveals that there is a positive response of innovation
index to GDP and GDP growth shocks which indicate that there is a positive relationship between the US
innovation index and macroeconomic tools. This suggests that innovation growth in the united states contributed
immensely to her growth and development. Consequently, there is a need for the US government to continually
inject sustainable policy that is capable of accommodating global economic crisis into the system that will
promote innovation growth for sustainable economic growth and development.
Keywords: Innovation Index, Macroeconomic instruments, Multiple regression model. Unit root test, Var model,
Johansen cointegration, Impulse response
The creative economy has become a driving force for economic growth
and cultural development in Indonesia, with the Minister of Tourism
and Creative Economy at the forefront of shaping policies and
initiatives to support this sector. This research employs a mixedmethods approach, combining quantitative survey data and qualitative
insights from in-depth interviews, to explore the Minister's role in
encouraging innovation and entrepreneurial networks in the creative
economy. The findings reveal a generally positive perception of the
Minister's policies, with stakeholders acknowledging their
effectiveness in promoting innovation and entrepreneurial networks.
Networking and collaboration initiatives facilitated by the Minister are
seen as instrumental in fostering connections within the sector. While
challenges exist, including the need for enhanced funding accessibility
and intellectual property protection, they present opportunities for
policy improvement. The study contributes to a nuanced
understanding of the Minister's impact and offers policy
recommendations to further enhance the growth and sustainability of
the creative economy in Indonesia.
Analysis of Public Investment Expenditure on Economic Growth in WAEMU Countriesinventionjournals
: Public investment expenditure plays an important role in the economy to produce goods and services needed for economic development. This study analyzes the influence of public investment spending on the economic growth of the WAEMU zone. The study considers a linear approach through individual fixed effects models with Beck-Katz and Driscoll-Kraay corrections, the spatial autocorrelation model (SAC) and the longterm model (DOLS). The empirical results of the study using panel data covering the period 1990-2015 indicate that public investment spending can promote economic growth in WAEMU countries when they are allocated in decreasing order to Education, health, public investment in basic road infrastructure and agriculture. However, they are also likely to slow it down when they focus on military spending, even though their primary objective is to ensure security for economic development. Finally, the study recommends that policy makers in WAEMU countries refocus their public expenditure policies in key sectors of development, notably human capital, in order to ensure a multiplier effect of public spending on economic growth and strengthen institutions Democracy to ensure their independence through their interdependence
Government role in influencing creative economy for community purchasing powerTELKOMNIKA JOURNAL
This research was conducted to find out whether the West Java provincial government has implemented the development of creative economy by looking at the form of policy and budget support in APBD and the problem. The results show, West Java Provincial Government has made regional regulations and creative economic blueprints. It is suggested to be more committed to facilitate the marketing of results, facilitate business actor access to banking, protection of intellectual property rights, and enhancement of cooperation between provinces and districts/municipalities for the sustainability of necessary raw materials.
The government's ability to regulate the resources of the regions in the new normal era during
the Covid 19 pandemic is greatly helped by the creative economy that relies on ideas and stock of
knowledge from Human Resources. The purpose of this research is to understand the dynamics of tax
compliance in creative economy business actors; initiating creative industry action with a sustainable
integrative business assistance m
The Effect of Commercial Banks Credit on Agricultural Sector’s Contribution t...ijtsrd
This study is an analysis of the effect of commercial banks’ credit to agriculture on the agricultural sector’s contribution to Nigerian real gross domestic product from 1986 to 2020. Specifically, this study ascertained the effect of commercial banks’ credit to agriculture, inflation rate and interest rate on the agricultural sector’s contribution to real gross domestic product. The Autoregressive Distributive Lag ARDL was the econometric tool of analysis employed using data sourced from the statistical bulletins of the Central Bank of Nigeria CBN . The findings of this study in its totality unveiled statistically that commercial banks’ credit to agriculture does not affect the sector’s contribution to real gross domestic product. In the light of the findings, there is a critical need for commercial banks to increase loans to agricultural enterprises through a reduction in interest rate charge for agricultural purposes, which in turn permits for greater economic growth and development. The Central Bank of Nigeria can encourage this through a reduction in the monetary policy rate which inflicts the high interest rate charged by the commercial banks. The Central Bank of Nigeria can also appeal to the commercial banks to reduce their collateral requirements to encourage more farmers, especially the rural farmers to have access to finance for agricultural production. Dr. (Mrs) Victoria Obi-Nwosu | Amalachukwu Chijindu Ananwude | Chisom Njideka Ezeaku "The Effect of Commercial Banks Credit on Agricultural Sector’s Contribution to Real Gross Domestic Product: Evidence from Nigeria 1986 to 2020" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2 , February 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49229.pdf Paper URL: https://www.ijtsrd.com/management/business-economics/49229/the-effect-of-commercial-banks-credit-on-agricultural-sector’s-contribution-to-real-gross-domestic-product-evidence-from-nigeria-1986-to-2020/dr-mrs-victoria-obinwosu
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The Influence of Facilities and Innovation in Improving Consumer Satisfaction...AJHSSR Journal
ABSTRACT : This study aims to explain and analyze the influence of facilities and innovation on consumer
satisfaction through creativity to bridge the gap. The population in this study is buyers / consumers of MSMEs
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showed that facilities have a significant effect on creativity. Facilities have a significant impact on customer
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satisfaction. Creativity has a significant impact on consumer satisfaction
Macroeconomic Variables and Manufacturing Sector Output in Nigeriaijtsrd
Management of macroencomic variables has been noted as instrumental to a well performing manufacturing sector. This study thus examined the effect of macroencomic variables on the manufacturing sector in Nigeria within a liberalised economic era of 1986 to 2018. The Autoregressive Distributive Lag model was employed for data analysis. The results revealed that macroeconomic variables has 93 significant short run policy effect but no significant long run effects on manufacturing sector output in Nigeria. The endogenous dynamics of manufacturing sector previous year outputs exerted a significance influence on the macroeconomic variables long run relationship effect on current year. The explanatory variables suggested that money supply M2 , interest rate INTR and credit to private sector CPS exerted positive effects on manufacturing sector output at short term trends. The study thus posits that macroeconomic variables have varying levels of effects on the manufacturing sectors of Nigerian economy. The monetary authority should employ the monetary policy stance in a pattern that increases money supply in order to boost investment in manufacturing sector which would eventual bring about improved output to Nigeria. Dr. Loretta Anayo Ozuah "Macroeconomic Variables and Manufacturing Sector Output in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38420.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/38420/macroeconomic-variables-and-manufacturing-sector-output-in-nigeria/dr-loretta-anayo-ozuah
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
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Exploring Patterns of Connection with Social Dreaming
J3108086
1. American International Journal of Business Management (AIJBM)
ISSN- 2379-106X, www.aijbm.com Volume 3, Issue 10 (October 2020), PP 80-86
*Corresponding Author: Fanny Septina www.aijbm.com 80 | Page
Indonesia's Sustainability Economy: Creative Industry
Perspective
Fanny Septina
(Faculty of Management and Business, Universitas Ciputra Surabaya, Indonesia)
ABSTRACT : This study aims to observe the development of the creative industry as one of the pillars of
economic sustainability in Indonesia. The data used are export data and creative industry workers from BeKraf;
Real Gross Domestic Product (GDP) data, inflation, the exchange rate of the rupiah against the US dollar from
the Bank of Indonesia, the observation period of 2011 to 2019. The research method, the first stage of
descriptive analysis, the second stage of the correlation test. Descriptive analysis of the research results shows
that Indonesia's growing creative industries which are captured by an increase in the value of exports of creative
industry and the number of creative industry workers each year. The correlation test illustrates the strong
relationship between real GDP, the exchange rate of the rupiah against the US dollar with the value of exports,
and the amount of creative industry workforce. The creative industry sector has the opportunity to contribute to
sustainable economic growth in Indonesia by increasing exports of unique products such as traditional crafts that
carry the unique culture of the regions in Indonesia. The depreciating value of the rupiah increases the use of
local raw materials used by the fashion and crafts sub-sectors so that rising raw material prices (inflation) do not
have a significant impact.
KEYWORDS - creative economy, export of creative industry, economic growth, sustainable economy,
sustainability development.
I. INTRODUCTION
The resilience of the Indonesian economy, which is supported by the potential of abundant natural
resources, is considered good enough to face global shocks such as the economic crisis. However, this will still
be of concern to the government because the potential for disruption of natural resources such as looting,
overexploitation can damage environmental sustainability. A focus on maintaining natural resources and
renewing energy alone is not sufficient to achieve a sustainable economy. The creative industry attracts the
government's attention to continue to be developed indefinitely because natural resources can run out (BeKraf,
2017).
Indonesia is the originator of the idea of an international resolution for 2021 towards the year of
creative economy. This idea is part of the sustainable development goals for 2030 and has been endorsed by the
United Nations. Focusing on investment, technology optimization and digital innovation, supporting the role of
micro, small and medium enterprises, the young generation, women and civil society in the development of the
creative economy. The creative economy is one of the important sectors in the industrial revolution 4.0
(Tempo.co,2020).
The problem of social welfare in relation to work is a classic problem that must be addressed
immediately. In developing countries, the amount of real wages is influenced by the growth in labor
productivity in a region. Many developing countries, including Indonesia, have low quality jobs and an
unsupportive physical environment, but on the other hand, the opportunity for new jobs to emerge as
technological developments grow rapidly (United Nations, 2020).
The government formed the Creative Economy Agency (BeKraf) through Presidential Regulation
Number 6 of 2015 which was then changed to Presidential Regulation Number 72 of 2015, to accommodate and
manage all information and activities surrounding the creative industry in Indonesia. There are 16 sub-sectors,
namely architecture, interior design, visual communication design, product design, film-video-animation,
photography, crafts, culinary, music, fashion, game developer applications, publishing, advertising, television-
radio, performing arts, fine arts. The three largest sub-sectors that account for 95% of the export value of
creative products are the culinary, crafts and fashion sub-sectors (BeKraf, 2017).
The growth of the creative economy from 2010 to 2015 has decreased, from 2015 to 2019 it has
increased in line with higher GDP, but has not been able to contribute maximally to the national economy. The
average growth in exports of creative products from 2010 to 2014 reached 7.94 percent, followed by 2015,
exports of creative products grew 6.6 percent (BeKraf, 2017). Demographically, Indonesia has the opportunity
to encourage creative economic growth because 60% of Indonesia's 237 million people are of the productive age
(15-55 years) and 27% of the young generation (16-30 years) population census data 2010. This opportunity
2. Indonesia's Sustainability Economy: Creative Industry Perspective
*Corresponding Author: Fanny Septina www.aijbm.com 81 | Page
must be accompanied by strategies and the right policies to achieve a creative economy towards sustainability
development (BeKraf, 2017).
One challenge for BeKraf is that the creative industry statistical data is not well structured. Data on
creative industries nationally and globally are very limited, so it is difficult for studies in the creative industry to
measure accurately, such as the measurement of creative workers, where available labor data are workers of all
sectors. UNESCO experienced the same difficulty when conducting a study of global cultural industries in 2011.
Many cross-business economic surveys produce ambiguous data because not all of the data for micro, small and
medium enterprises are in the creative industry sector. Even though the creative industry has a data linkage with
estimates of labor growth and GDP (Economics Oxford, 2019). Thus, this study aims to observe the
development of the creative industry as part of a sustainable economy in Indonesia.
II. LITERATURE REVIEW
Sustainability Development
The definition of sustainable development that is closest to the current conditions according to the
Brundtland Report 1987 (United Nations, 1987) is the ability to meet current needs without reducing the ability
of future generations to meet their own needs. There are three pillars in this concept, namely environmental
sustainability, economic sustainability and social sustainability. It says sustainability if the three pillars achieve
balance. Social and economic collaboration is called equitable, social and environmental is called bearable,
economy and environment are called viable. Environmental sustainability, where humans live side by side with
natural resources. The consumption of natural resources such as energy, water, land and other sources is ensured
at a sustainable level. Economic sustainability requires a business or a country to use resources efficiently and
responsibly so that operations run at the sustain level consistently generate operating profit. Social sustainability
is the ability of a community or social system to persistently achieve a reasonable social existence
(Circularecology, 2020).
Figure 1. The three pillars of sustainability
Source: futurelearn.com (2020)
Economic Indicators in Sustainable Development
According to SSF (2016), Gross Domestic Product (GDP) is the market value of goods or services
produced by a country in a certain period. GDP is used as a measure of a country's economy as long as it can
generate state income. Meanwhile, labor as a general indicator to measure the economic status of a country. For
most individuals, labor indicators are important to determine current conditions in developing self potential.
Creative Economy
The definition of creative economy according to Presidential Instruction Number 6 of 2009 (BeKraf,
2017) is economic activity based on creativity, skills and talents to create creations and inventions that have
economic value so that they can increase the welfare of the Indonesian people. The creative economy is a
concept that positions creativity and knowledge as the main assets driving the economy of a country so that it no
longer only relies on natural resources (Bekraf, 2017).
Potts (2009) states that there are two hypotheses why the creative industry is closely related to
economic evolution. First, the structure of the economic system is developing with the creative industry being
the most significant component of the economic order. Second, the creative industry is part of the economic
evolution through the economic order. In the Growth model of Creative Industry, Potts describes the fashion and
design sector as growing rapidly compared to other sectors due to technology, changing microeconomics,
globalization, demand for products and wealth of customers, so competing policies are appropriate.
Evolutionary Creative Industry model describes the increase in the fashion and design sector in all types of
products and services due to adaptation to the latest technology, social context, so what is appropriate is a policy
3. Indonesia's Sustainability Economy: Creative Industry Perspective
*Corresponding Author: Fanny Septina www.aijbm.com 82 | Page
to innovate. Factors that influence the creative industry based on investment categories and supply of input are
state subsidies, interest rates, consumer price index, unemployment rate, GDP growth.
The creative economy sector labor wage in the report published by BeKraf (2017) refers to the 2011-2016
Sakernas data, the labor wage is average wage of workers with the main job status as an employee in the
creative economic sector. Workers who work for temporary employers are classified as casual workers. The
largest number of workers in the creative sector is in the fashion, crafts and culinary sectors.
The adaptation of innovation and technological developments to local conditions can generate
tremendous potential. The high demand for environmental changes encourages the creative growth of the local
population (Ghazi & Goede, 2016). The creative industry is one of the strategies for sustainable economic
development, namely resilience to crises and has contributed to economic growth including encouraging growth
of gross domestic product, providing sectoral added value and multiplier effects to other sectors (Bilan,
Vasilyeva, Kryklii, & Shilimbetova, 2019).
III. RESEARCH METHODOLOGY
This descriptive quantitative research uses secondary data, namely real GDP data, inflation, US dollar
exchange rate, creative industry exports, non-oil and gas exports, data on creative industry workforce in the
2011-2019 period. The data was obtained from the BeKraf and Bank of Indonesia websites. The first stage of
the analysis is descriptive statistical analysis using real GDP data, exports of both creative and non-oil and gas
industries as well as data on the number of creative industry workers for the period 2011 to 2019. The second
stage is conducting a correlation test to observe the relationship between the export value of creative industries,
the number of workers creative industry work, real GDP, inflation, exchange rates for the 2011-2019 period.
IV. RESULTS AND DISCUSSION
Based on Table 1, the average export value of the creative industry is 19,491,053.69 million rupiah per
year, large enough to contribute to the value of non-oil and gas exports. The average creative industry workforce
is 15.65 million people per year. The standard deviation of creative industries (exports and labor) shows the
distribution of data on an average of 3,574,498.28 million rupiah and 1.25 million people. The kurtosis value of
all the data above is negative, meaning that the data distribution is evenly sloping. The skewness value of all
data shows a value close to zero on the normal curve, for the value of non-oil and gas exports and for labor the
curve is not symmetrical to the left because it is negative. The lowest non-oil and gas export value fell in 2016
amounting to 131,553,643.58 million rupiah, while the highest in 2018 was 163,110,799.15 million rupiah. The
total export value of the creative industry until 2019 was 175,419,483.20 million rupiah.
The export value of creative industries from 2011 to 2019 has increased every year, in contrast to non-
oil and gas exports, which generally tend to decline. Even in 2014 the export of the creative economy
experienced a jump of up to 14.77%. With the main export destination country for Indonesia's creative industry
is the United States. The export destination countries for creative industries according to BeKraf (2017) data
include 31.72% of the United States; 6.74% Japan; 4.99% Taiwan; 4.96% Swiss; 4.56% German; 3.82%
Singapore; 3.49% Chinese; 3.02% Hong Kong; 2.93% Belgian; and 2.86% UK.
Table 1. Descriptive statistic
Descriptive
statistic
GDP real (billion
rupiahs)
Non-oiled export’s
value (million
rupiahs)
Export of creative
industry’s value
(million rupiahs)
Creative
industry’s labor
(million people)
Mean 8,836,885.88 148,394,375.95 19,491,053.69 15.65
Median 8,419,584.01 149,920,000.00 19,364,077.40 15.96
Standard
deviation
1,699,790.32 11,457,966.53 3,574,498.28 1.25
Kurtosis -1.32 -0.77 -1.27 -0.88
Skewness 0.36 -0.32 0.34 -0.57
Range 4,808,278.20 31,557,155.57 9,660,418.40 3.55
Minimum 6,660,227.00 131,553,643.58 15,439,581.60 13.45
Maximum 11,468,505.20 163,110,799.15 25,100,000.00 17.00
Sum 79,531,972.91 1,335,549,383.58 175,419,483.20 140.81
Source: BeKraf (2020); prepared by author.
The contribution of the creative industry to GDP (in table 2) has increased consistently. The
contribution of the creative industry in 2019 is the result of projections based on growth in 2018 (BeKraf, 2018).
4. Indonesia's Sustainability Economy: Creative Industry Perspective
*Corresponding Author: Fanny Septina www.aijbm.com 83 | Page
It is projected that in 2019 the contribution of the creative industry to GDP is close to Rp1,193.4 trillion
(Syarizka, 2019).
The growth in the number of creative economy workers in Indonesia from 2011 to 2016 (table 3) shows an
average increase of 4.69% per year with three main sectors, namely fashion, culinary and crafts. The increase in
exports of creative products from both the fashion and craft sectors has the potential to boost the Indonesian
economy through increasing added value, income and employment (Sukma, Hartono, & Prihawantoro, 2018). In
2015 BeKraf was formed through Presidential Decree No. 6/2015 to accommodate the development of the
creative industry in Indonesia, creative industry business assistance programs and exhibition activities for
creative industry products and services were managed massively. The figure for the number of creative industry
workers in 2019 is the result of a projection calculation based on the target number of workforce in 2019, which
is 17 million people (BeKraf, 2017). The prediction of an increase in the number of creative industry workers
will exceed the 2019 target of 17 million people (Hariyanti, 2018).
Table 2. Creative industry’s contribution to GDP 2011-2019
Period Creative industry’s contribution to GDP
(trillion rupiahs)
Growth of creative industry’s
contribution
2011 581.54 -
2012 638.39 9.78%
2013 708.27 10.95%
2014 784.82 10.81%
2015 852.56 8.63%
2016 922.59 8.21%
2017 1,009 9.37%
2018 1,105 9.51%
2019 1,211* 9.59%
Source: BeKraf (2020); prepared by author.
Table 3. Creative industry’s labor 2011-2019
Period Creative industry’s labor (million people) Growth of creative industry’s
labor
2011 13.45 -
2012 14.49 7.73%
2013 14.73 1.66%
2014 15.17 2.99%
2015 15.96 5.21%
2016 16.91 5.95%
2017 16.40 -3.02%
2018 16.70 1.83%
2019 17.00 1.80%
Source: BeKraf (2020); prepared by author.
In the correlation test, it shows that the export value of the creative industry and the number of creative
industry workers has a strong relationship with the real Gross Domestic Product (GDP), namely 0.9 close to 1
and positive. The relationship between export value and the number of creative industry workers with inflation
is very weak and negative. The exchange rate with the export value of the creative industry has a correlation of
0.82, while the number of creative industry workers is 0.91. This illustrates that the contribution of the creative
industry, especially the export of creative products / services in Indonesia, plays a role in increasing real GDP
and has the potential to be exposed to changes in exchange rates. On the other hand, inflation has no impact on
exports and the workforce of creative industries in Indonesia. Alexandri, et al. (2019) the contribution of art
performances contributed 0.26% to the creative economy in Indonesia. Performing arts is divided into dance,
theater and music, and traditional arts be it dance, song, musical instrument play. Traditional art performance is
one of the inherent categories of culture and social value, but in its development the production cycle continues
to decline.
The results of this study agree with Dong and Truong (2019), which states that the export of
Vietnamese creative products has a positive relationship to economies of scale and market development both in
Vietnam and in export destination countries. Export growth in developing countries is determined by external
factors, namely foreign direct investment (FDI) and real exchange rate as well as domestic factors, namely GDP,
5. Indonesia's Sustainability Economy: Creative Industry Perspective
*Corresponding Author: Fanny Septina www.aijbm.com 84 | Page
GDP growth rate, indirect taxes, communication facilities, savings, industrialization, labor, and business
development assistance (Majeed & Ahmad, 2006).
The foreign exchange rate of the Rupiah against the US dollar has a strong relationship with the export
value of the creative industry where the export of creative industries is part of the non-oil and gas exports.
Monetary policy plays an important role in stabilizing the economy and increasing the economic growth of a
country. Currency exchange rate stabilization policy is believed to be able to encourage the growth of a country
(Ahmad, Afzal, & Ghani, 2016).
The inflation rate has a weak relationship with the export of creative industries. Economic growth
(GDP) is influenced by the inflation rate (Ahmad, Afzal, & Ghani, 2016). In this condition, the export of
creative industries is influenced by the level of demand for creative products. Naomi (2012) found that
competitive interactions in the manufacturing industry tend to be stable compared to competitive interactions in
creative industries. Competitive interactions in creative industries are more dynamic than in manufacturing
industries. Demand increases and growth occurs as population and GDP increase. Demand characteristics have
changed and differed due to consumer's lifestyle and behavior. Consumers prefer unique products to standard
products, therefore the creative industry has the potential to develop more than the manufacturing industry. New
sources of supply are the power of the creative industry. Bilan, Vasilyeva, Kryklii & Shilimbetova (2019) found
that the development of creative industries depends on the general business climate in a country and the standard
of living of the population as the main consumers. This is what forms the basis of creative groups and increases
the demand for products in the creative industry sector.
According to Bilan, Vasilyeva, Kryklii & Shilimbetova (2019), the creative industry contributes to
economic growth such as a direct positive impact on economic standard variables such as gross value added and
gross domestic product. The impact is indirect and can be measured to the economic contribution including
multiplier effects, for workers who work in the creative sector but use their money in other sectors, or the
creative sector buys raw materials from other sectors. A study conducted by Bilan, Vasilyeva, Kryklii &
Shilimbetova (2019) shows that turnover per dollar of creative industries generates a stimulus of 3.76 times total
revenue for all industries in Australia. Direct positive impact at various levels of workers; the highest percentage
of youth employment across the economy; the best rating for independent women workers relative to other
sectors. This study shows that the creative industry has contributed to global GDP but the creative industry is
still in an intermediate position in both developing countries and developing countries. The economic
superiority of the creative industry does not appear to be as significant as the contribution of the industrial and
financial sectors.
Economic development has not only led to diversification of exports but also diversification of labor
across industries and related sectors (Bosupeng, 2017). Setiawan's research (2018) uses the Global Creativity
Index model, the competitive level of Indonesia's economy in ASEAN and the world is still weak. This weak
level of competition depends on the weak index of technology and the index of talent (creativity). The low
technology index contributes to the weak protection of intellectual property rights. The prevailing policy is
expected to be a stimulus to help the intellectual property administration process instead of being an obstacle to
innovation (White, Gunasekaran & Roy, 2012).
Ndou, Schiuma and Passiante (2019) find ways to increase human resources and creative assets to
innovate, namely by making the right collaboration between talents and technology-based companies and an
environment that supports the creation of creative ideas. The combination of talent and technology is able to
create a new product / service, method, business model.
The creative industry sector has the opportunity to contribute to economic growth in Indonesia to
achieve a sustainable economy, by increasing the export of creative products such as traditional crafts that carry
regional culture in Indonesia. In addition, the depreciating value of the rupiah could actually become an export
opportunity for several creative industry sub-sectors in Indonesia. The use of local raw materials is widely used
by the fashion and crafts sub-sector so that the increase in raw material prices (inflation) does not have a
significant impact. Technological advances have contributed to opening up new opportunities such as the sub-
sector of design, film, music, game development and others (BeKraf, 2018). Human creativity can continue to
be developed so that the number of unemployed can continue to be reduced.
V. CONCLUSION
This study uses a sample of creative industry exports, creative industry labor, real GDP, inflation, and
the US dollar exchange rate for the period 2011-2019, using descriptive statistical analysis methods and
correlation testing. Indonesia's creative industry continues to grow, indicated by the increase in the export value
of the creative industry and the number of creative industry workers every year, thus contributing to an increase
in national GDP and helping to reduce unemployment by creating new jobs with creativity. The correlation test
illustrates a strong relationship between real GDP, the rupiah exchange rate against the US dollar with the
export value and the number of creative industry workers. The exports of creative industries contribute to
6. Indonesia's Sustainability Economy: Creative Industry Perspective
*Corresponding Author: Fanny Septina www.aijbm.com 85 | Page
economic growth, namely real GDP, fluctuations in the value of the Rupiah against the US dollar are closely
related to the export value of the creative industry, especially since the main export destination country is the
United States. Inflation has a weak relationship with the value of exports and the number of creative industry
workers, in this case the level of demand for creative products continues to increase.
The theoretical implication is to provide a perspective on the creative sector export variables and
creative sector labor variables which have a strong relationship with the GDP variable and the US dollar
exchange rate variable, but have a weak relationship with the inflation variable. The practical implication is that
the government through the Creative Economy Agency (BeKraf) is expected to continue to strive to provide
assistance to small businesses in the creative industry so that Indonesia's sustainable economy is realized,
strengthening economic resilience amid various global threats. Conduct regular data collection on the creative
industry to gather accurate information, which can be used in administrative processes related to funding and for
research.
The limitations of research on the creative economy are the incomplete data available for the period,
the raw data is not available, making it difficult to process as a data source for an empirical study. Various
studies in the creative industry use data estimation and various research methodologies, making studies in the
cultural industry or creative industries less suitable in comparison. Future research in Indonesia is expected to
use data and official creative industry reports released by the Creative Economy Agency and refer to a globally
recognized creative index such as the GCI (Global Creativity Index).
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Appendix 1.
Table 1. Creative industry’s export and non-oiled export 2011-2019
Period Non-oiled export value
(million rupiahs)
Creative industry
export’s value (million
rupiahs)
Contribution of creative
industry’s export to non-oiled
export’s value
Growth of creative
industry’s export
2011 162,720,858.00 15,641,397.20 9.61% -
2012 152,924,925.00 15,439,581.60 10.10% -1.29%
2013 149,920,000.00 15,870,628.40 10.59% 2.79%
2014 146,540,725.00 18,214,930.00 12.43% 14.77%
2015 131,940,835.63 19,364,077.40 14.68% 6.31%
2016 131,553,643.58 19,988,868.60 15.19% 3.23%
2017 153,309,550.22 22,100,000.00 14.42% 10.56%
2018 163,110,799.15 23,700,000.00 14.53% 7.24%
2019 143,528,047.00 25,100,000.00 17.49% 5.91%
Source: BeKraf, prepared by author (2020)
Table 2. Correlation of macroeconomic indicators and creative industry’s export and labor 2011-2019.
GDP real Inflation Exchange
rate
Creative industry’s
export
Creative
industry’s labor
GDP real 1
Inflation -0.56399494 1
Exchange rate 0.79600607 -0.2176 1
Creative industry’s
export
0.98125421 -0.5342 0.822552 1
Creative industry’s
labor
0.913692332 -0.46536 0.914194 0.88776008 1
Source: BeKraf, prepared by author (2020)
Author: Fanny Septina
(Faculty of Management and Business, Universitas Ciputra Surabaya, Indonesia)