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The International Journal of Financial Systems
ISSN 3025-8480 · Otoritas Jasa Keuangan · 37 artikel di indeks
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Artikel Jurnal
Optimizing Strategic Economic Pillars for National Resilience
As a global superpower, the United States plays a dominant role in international political and economic dynamics. The election of Donald Trump in 2017, under the “Make America Great Again” agenda, marked a shift toward protectionist trade policies, including higher import tariffs, in response to…
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Does Regulation Trigger Volatility?
The implementation of PMK 50/2025 marks a pivotal moment in Indonesia’s digital asset fiscal landscape through the introduction of a 0.21% final income tax and the formal transition of oversight to the Financial Services Authority (OJK). This study empirically examines whether these regulatory…
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Electronic Payment in Interbank Settlement in Bangladesh:
For over a decade, the Bangladesh government, regulators, and commercial banks have been investing in the Electronic Payment and Settlement System (EPSS) to accelerate economic development, ensure financial stability, and promote financial inclusion. This study examines the adoption of EPSS in…
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Green Loans and Bank Intermediary Costs:
Employing a unique dataset of green and non-green loans in Indonesia, we show that banks’ loan allocation in environmentally and non-environmentally friendly activities are associated with bank intermediary costs. Our study utilizes green loan taxonomies released by the Indonesian Financial…
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Exploring the Potential Asymmetric Structures in the Causal Relationship between Financial Development and Economic Complexity:
This study is one of the earliest to examine the potential asymmetry in the causal relationship between financial development (FD) and economic complexity (ECI), using Nigeria’s dataset for the period 1964-2023. Unlike previous studies, which assume impractical linear and symmetric features in the…
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Artikel Jurnal
Climate Change as a Business Risk:
Climate change is increasingly recognized as one of the most significant risk that impacts economic stability and the financial system, particularly banking. Although several studies have examined climate change as one of the significant risks that must be considered in the banking business, these…
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Artikel Jurnal
Measuring the Financial Resilience of Indonesian Banking Sector under Geopolitical Uncertainty Using Panel Vector Autoregression (PVAR)
Geopolitical tensions can affect the stability of companies, including Indonesia's banking sector. Geopolitical risk, as measured by the Geopolitical Risk Index (GRI), is an external factor that reflects economic and political uncertainty arising from global adverse events. This study aims to…
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Artikel Jurnal
Environmental, Social, and Governance (ESG) Risk towards Stock Market Reaction in Indonesia
Investors want to ensure that their investments will be sustainable by investing in a business that considers ESG aspects. This research aims to examine the effect of ESG risk on stock market reaction in Indonesia. Research samples include 300 observations that listed on the index of Indonesian…
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Artikel Jurnal
Analysis of Good Corporate Governance and Risk of Money Laundering
We conducted a qualitative analysis method based on the results of a survey on governance and Anti-Money Laundering – Counter-Terrorism Financing (AML-CFT) addressed to each company implementing the SCF. In order to find out to what extent the implementation of governance and AML-CFT has been…
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Is Full-Fledged Sharia General Insurance More Efficient Compared to Sharia Business Units (UUS)? An Efficiency Evaluation Study Towards the Mandatory Spin-Off Period in Indonesia
This study explores the comparative efficiency of Islamic general insurance providers in Indonesia, focusing on full-fledged companies versus Islamic business units (UUS), particularly in light of the mandatory spin-off policy. Covering the period from 2017 to 2022, we adopt a two-stage analytical…
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Artikel Jurnal
Implementing Innovative Credit Scoring (ICS) for Credit Risk Assessment and Loan Origination
This research aims to analyze the implementation of Innovative Credit Scoring (ICS) in the financial industry through case studies of banks and fintech startups. This research uses a qualitative approach with case studies as the primary research design. The results show that ICS can improve process…
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Artikel Jurnal
Women, Global Reporting Initiative Standards (GRI), and Carbon Emission Disclosure
This study aims to examine whether the adoption of the Global Reporting Initiative (GRI) Standards enhances carbon emission disclosure among banks in Indonesia. Furthermore, it provides empirical evidence that the presence of women on boards moderates the relationship between GRI adoption and…
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Artikel Jurnal
Artificial Intelligence and the Fragile Fortress
Indonesia’s financial sector embodies a paradox of a “fragile fortress”: while Artificial Intelligence (AI) accelerates innovation and strengthens external facades, it simultaneously embeds systemic vulnerabilities within its digital architecture. To address this dichotomy, this article introduces…
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Artikel Jurnal
Firm-Level Determinants of Agency Channel Performance in Indonesia’s Life Insurance Industry
The insurance sector plays a crucial role in supporting economic stability and household financial protection. However, insurance penetration in Indonesia remains significantly lower than in many peer countries. Improving insurance premium growth is therefore essential, and the agency distribution…
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Artikel Jurnal
Revisiting the Influence of Lending Rate to Indonesia’s Credit Market
This paper investigates the responsiveness of credit volumes to changes in lending rates in Indonesia and reexamines the strength of the monetary transmission mechanism through the credit channel. Using a vector autoregression framework applied to disaggregated bank credit data by sector, loan…
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Artikel Jurnal
Utilisation of Demographic Bonus through Securities Crowdfunding Mediated by Financial Literacy, Inclusion and Trust
The threat of the middle-income trap can actually be countered by Indonesia by exploiting and optimising demographic bonus, one of which is by maximising the potential of MSMEs as the largest contributor to national economic growth, namely by providing an alternative financing of Securities…
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Artikel Jurnal
The Impact of Bank Ownership Structure on Green Banking Practices in Indonesia: The Moderating Role of Corporate Governance
This study aims to analyze the impact of institutional, foreign, and government ownership on green banking disclosure in Indonesia. The sample includes 578 observations of banking companies in Indonesia over the period 2004 to 2021, and is analyzed using the OLS multiple linear regression method…
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Artikel Jurnal
Technological Innovation of the Crypto-Asset Financial Sector in Indonesia after Law Number 4 of 2023 Concerning the Development and Strengthening of the Financial Sector
Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (UUP2SK) has provided changes to all regulatory and supervisory authorities over the operationalisation of cryptocurrencies, which were previously in the hands of the Commodity Futures Trading Supervisory Agency…
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Artikel Jurnal
Digital Payments and Regional Financial Intermediation
The development of information and communication technology (ICT) in the banking sector leads to the proliferation of digital payments. Using Indonesia’s sub-national (provincial) banking data, we examine how bank loans and savings respond to digital payments. Our results show that digital payments…
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Artikel Jurnal
What Drives Firms to Enter Carbon Market? An Experimental Evidence
Carbon exchange is a very new issue in Indonesia. Therefore, understanding the potential of carbon exchange to realize Net-Zero Emission is crucial. This study explores the factors that can encourage companies to enter the carbon exchange by understanding behavioral and non-behavioral factors…