Analisis Distorsi Harga terhadap Efisiensi Alokasi Sumber Daya dalam Perekonomian Daerah
DOI:
https://doi.org/10.55606/jebaku.v6i2.7700Keywords:
Capital Expenditure, Inflation, Investment, Regional Economy, Resource Allocation EfficiencyAbstract
Price instability can weaken the accuracy of market signals and reduce the efficiency of regional resource allocation. This study examines the effects of inflation, investment, and government capital expenditure on economic productivity as a proxy for resource allocation efficiency in Bandung Regency during 2020-2024. The study applies a quantitative explanatory design and multiple linear regression to 20 quarterly observations compiled from official publications of Statistics Indonesia, Bank Indonesia, the Ministry of Investment, and the Directorate General of Fiscal Balance. The model explains 93.6% of the variation in economic productivity and is jointly significant (F = 78.17; p < 0.001). Investment has a positive and significant coefficient (β = 0.0247; p < 0.001). Inflation has a negative but statistically insignificant coefficient (β = -0.229; p = 0.343), while capital expenditure has a positive but insignificant coefficient (β = 0.0093; p = 0.333). The findings indicate that investment is the strongest observed determinant of regional productivity. Inflation control and more effective capital expenditure remain important because their productivity effects may emerge through longer adjustment periods. The results should be interpreted cautiously due to the short observation period and residual autocorrelation and heteroskedasticity.
Downloads
References
Aji, M. R. B., & Wijayanti, D. (2023). Analisis kebijakan fiskal terhadap pertumbuhan ekonomi di Indonesia. Jurnal Aplikasi Bisnis, 20(1), 379–389. https://doi.org/10.20885/jabis.vol20.iss1.art7
Ariyani, D., Ummah, I. L., & Nuraini, D. F. (2024). Macroeconomic determinants of Indonesia's economic growth: Integrating industrial production index, inflation, and foreign direct investment within an Islamic welfare. Journal of Islamic Economics Management and Business, 6(1), 87–104. https://doi.org/10.21580/jiemb.2024.6.1.22257
Bashir, S., Joby, A., Wani, F., Bhat, M. A., & Alam, T. (2026). Shrinking sizes, swelling prices: Evaluating the ripple effects of inflation and shrinkflation on economic growth using dynamic panel framework. Global Journal of Emerging Market Economies, 18(1), 29–50. https://doi.org/10.1177/09749101251335099
de Nicola, F., Nguyen, H., & Loayza, N. V. (2020). Productivity loss and misallocation of resources in Southeast Asia (World Bank Policy Research Working Paper No. 9483). World Bank. https://doi.org/10.1596/1813-9450-9483
Fatmayani, N., & Panjawa, J. L. (2021). Pengaruh aspek moneter dan fiskal terhadap inflasi Indonesia. Jurnal Ekonomi Pembangunan, 10(2), 64–73. https://doi.org/10.23960/jep.v10i2.215
Fossati, R., Rachinger, H., & Stivali, M. (2021). Extent and potential determinants of resource misallocation: A cross-sectional study for developing countries. The World Economy, 44(5), 1338–1379. https://doi.org/10.1111/twec.13041
Giovannis, E., & Özdamar, Ö. (2022). Productivity and resource misallocation: Empirical findings from firms in the Middle East and North Africa region and Turkey. Journal of Economic Policy Researches, 9(1), 1–37. https://doi.org/10.26650/JEPR1021400
Haryati, D. C., Nurpiji, N., Masitoh, G., Saputra, W., & Subarkah, T. (2025). Analisis efisiensi belanja modal terhadap pertumbuhan ekonomi daerah di Indonesia: Pendekatan data panel. GEMILANG: Jurnal Manajemen dan Akuntansi, 5(3), 139–153. https://doi.org/10.56910/gemilang.v5i3.2185
Hsieh, C.-T., & Klenow, P. J. (2009). Misallocation and manufacturing TFP in China and India. The Quarterly Journal of Economics, 124(4), 1403–1448. https://doi.org/10.1162/qjec.2009.124.4.1403
Jamil, H., Ananda, C. F., & Prasetyia, F. (2022). It takes two to tango: The joint effect of democracy and fiscal capacity on economic growth in Indonesia. Jurnal Perspektif Pembiayaan dan Pembangunan Daerah, 10(5), 271–286. https://doi.org/10.22437/ppd.v10i5.20816
Komalasari, A., Fatmasari, D., & Suharto, T. (2024). Pengaruh jumlah uang beredar, tingkat inflasi dan suku bunga terhadap pertumbuhan ekonomi di Indonesia. Jurnal Ekonomi Bisnis Antartika, 2(1), 1–10. https://doi.org/10.70052/jeba.v2i1.245
Lubis, J. (2024). How the fuel prices, interest rates, and exchange rate affect inflation and economic growth. GROWTH: Journal Magister Ilmu Ekonomi Universitas Palangka Raya, 9(2), 73–83. https://doi.org/10.52300/grow.v9i2.12365
Mentalita, H., Ginting, J. V. B., Radiyah, F. T., & Sari, T. D. R. (2026). An analysis of inflation growth and economic growth in Indonesia, 2019–2024. EKOMA: Jurnal Ekonomi, Manajemen, Akuntansi, 5(3), 3353–3365. https://doi.org/10.56799/ekoma.v5i3.15559
Newey, W. K., & West, K. D. (1987). A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix. Econometrica, 55(3), 703–708. https://doi.org/10.2307/1913610
Pingkan, J. J. (2025). Analisis pengaruh upah minimum, inflasi, dan tenaga kerja formal terhadap produk domestik regional bruto: Studi panel data provinsi di Indonesia 2018–2024. Jurnal Ilmu Ekonomi dan Pembangunan, 8(2), 316–325. https://doi.org/10.20527/jiep.v8i2.2725
Restuccia, D., & Rogerson, R. (2017). The causes and costs of misallocation. Journal of Economic Perspectives, 31(3), 151–174. https://doi.org/10.1257/jep.31.3.151
Santoso, D. B., & Suman, A. (2023). Determinant of capital efficiency and its impact on economic growth: Empirical evidence in East Java. Signifikan: Jurnal Ilmu Ekonomi, 12(1), 1–10. https://doi.org/10.15408/sjie.v12i1.29965
Simanjuntak, G. Y., Yulika, M., Putri, D. N., & Pangestoeti, W. (2025). Pengaruh belanja pemerintah daerah terhadap pertumbuhan ekonomi di Indonesia. Jurnal Ilmiah Ekonomi dan Manajemen, 3(6), 260–273. https://doi.org/10.61722/jiem.v3i6.5158
Sujatmiko, A. D., Setiawan, F. B., Alfina, N., Elyansyah, N. I. D. P., Rizky, P. A., & Asitah, N. (2025). Hubungan antara pengaruh inflasi terhadap pertumbuhan ekonomi Indonesia: Kajian literatur sistematis. Nusantara Entrepreneurship and Management Review, 3(1), 39–45. https://doi.org/10.55732/nemr.v3i1.1578
Sule, S. A., Hakim, L., Putro, T. R., & Pamungkas, P. (2024). The impact of inflation on the business cycle and economic growth: An empirical analysis. International Journal on Economics, Finance and Sustainable Development, 6(4), 613–625. https://doi.org/10.31149/ijefsd.v6i11.5334
Susilawati, S., & Wibowo, M. G. (2024). The effect of inflation, government spending and exports on economic growth in Indonesia. Jurnal Magister Ekonomi Syariah, 3(2), 36–53. https://doi.org/10.14421/jmes.2024.032-03
Uras, B., & Wang, P. (2024). Misallocation, productivity and development with endogenous production techniques. Journal of Development Economics, 166, Article 103251. https://doi.org/10.1016/j.jdeveco.2023.103251
Yuliana, M., & Tohirin, A. (2025). Pengaruh perbankan syariah dan inflasi terhadap pertumbuhan ekonomi di Indonesia. Jurnal Kebijakan Ekonomi dan Keuangan, 4(1), 85–93. https://doi.org/10.20885/JKEK.vol4.iss1.art10
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Jurnal Ekonomi Bisnis dan Akuntansi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
