PERAN TATA KELOLA PEMERINTAHAN (GOVERNANCE) SERTA BAURAN KEBIJAKAN FISKAL DAN MONETER DALAM PERTUMBUHAN EKONOMI: STUDI DI NEGARA-NEGARA ANGGOTA ORGANISASI KERJASAMA ISLAM (OKI)

MUHAMMAD GHAFUR WIBOWO, NIM: 1430316009 (2020) PERAN TATA KELOLA PEMERINTAHAN (GOVERNANCE) SERTA BAURAN KEBIJAKAN FISKAL DAN MONETER DALAM PERTUMBUHAN EKONOMI: STUDI DI NEGARA-NEGARA ANGGOTA ORGANISASI KERJASAMA ISLAM (OKI). Doctoral thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

Taking the governance quality as a variable initiating fiscal and monetary policy for economic growth into account, the study aims at evaluating the roles of its distribution using St. Louis model developed by Andersen and Jordan in 1968. Money supply (M) as monetary policy proxy is the independent variable while the government expenditure (G) and public debt (D) as fiscal proxies are the dependent ones. The governance index (INS) variable constitutes 6 indicators: 1) voice and accountability; 2) political stability and absence of violence/terrorism; 3) government effectiveness; 4) regulatory quality; 5) rule of law; 6) control of corruption. Due to data-access practical problem, 46 nations out of 57 members of the organization were the samples within the 2005 to 2018 periods. Moderating panel data regression with 28 equations was used to analyze. Population and investment were the control variable. The study shows that fiscal policy (the government expenditure) and monetary policy (the money supply) influenced the economic growth significantly. Public debt, however, influenced negatively to the OIC members‟ economic growth while the governance gave positive influence significantly. It proved the significance of governance quality in recent economic growth. Governance was unable to act as an effective moderator to the policy, but it worked directly influencing the economic growth of OIC members. The governance index worked more effectively moderating any economic variable, which is basically the people‟s economic activities.

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