Digital economy and financial inclusion in reviving the national economy: A Management Strategy
Authors
-
Dian Sudiantini
Universitas Bhayangkara Jakarta Raya, Indonesia
https://orcid.org/0009-0009-8367-1267
-
Putri Puspita Rizky
Universitas PGRI Wiranegara Pasuruan, Indonesia
https://orcid.org/0000-0002-0467-7663
-
Anurag Hazarika
Tezpur Central University, Assam, India
https://orcid.org/0000-0002-0005-4813
DOI:
https://doi.org/10.61650/rjme.v1i1.245Keywords:
Digital Economy, Economic Recovery, Governance, Transaction ActivitiesAbstract
This research aims to analyze the role of the digital economy and financial inclusion in accelerating Indonesia's national economic recovery. With increased funding allocations for economic recovery, the Indonesian government is facing fiscal challenges, including diverting budget from the health sector. This research uses a qualitative research design with a literature review method to evaluate national economic recovery strategies. The focus of this research is on start-up companies and individuals with digital funding accounts. The research results show that a digital economic ecosystem supported by better financial inclusion can accelerate the process of national economic recovery. These findings emphasize the importance of developing integrated management strategies to support small and medium enterprises and expand access to digital financial services.
Downloads
References
Al-Okaily, M. (2023). Does financial awareness increase the acceptance rate for financial inclusion? An empirical examination in the era of digital transformation. Kybernetes, 52(11), 4876–4896. https://doi.org/10.1108/K-08-2021-0710
Archibugi, D. (2017). Blade Runner economics: Will innovation lead the economic recovery? Research Policy, 46(3), 535–543. https://doi.org/10.1016/j.respol.2016.01.021
Arun, T. (2015). Financial inclusion: Policies and practices. IIMB Management Review, 27(4), 267–287. https://doi.org/10.1016/j.iimb.2015.09.004
Bathelt, H. (2001). Regional competence and economic recovery: Divergent growth paths in Boston’s high technology economy. Entrepreneurship and Regional Development, 13(4), 287–314. https://doi.org/10.1080/08985620110067502
Boyaghchi, F. A. (2018). Multi-generation system incorporated with PEM electrolyzer and dual ORC based on biomass gasification waste heat recovery: Exergetic, economic and environmental impact optimizations. Energy, 145, 38–51. https://doi.org/10.1016/j.energy.2017.12.118
Brada, J. C. (2021). Economic resiliency and recovery, lessons from the financial crisis for the COVID-19 pandemic: A regional perspective from Central and Eastern Europe. International Review of Financial Analysis, 74. https://doi.org/10.1016/j.irfa.2021.101658
Célerier, C. (2019). Bank-Branch Supply, Financial Inclusion, and Wealth Accumulation. Review of Financial Studies, 32(12), 4767–4809. https://doi.org/10.1093/rfs/hhz046
Cerra, V. (2008). Growth dynamics: The myth of economic recovery. American Economic Review, 98(1), 439–457. https://doi.org/10.1257/aer.98.1.439
Chaudhry, I. S. (2022). Financial inclusion-environmental degradation nexus in OIC countries: new evidence from environmental Kuznets curve using DCCE approach. Environmental Science and Pollution Research, 29(4), 5360–5377. https://doi.org/10.1007/s11356-021-15941-9
Chauvet, L. (2017). Financial Inclusion, Bank Concentration, and Firm Performance. World Development, 97, 1–13. https://doi.org/10.1016/j.worlddev.2017.03.018
Cipolletta, G. (2021). Brine treatment technologies towards minimum/zero liquid discharge and resource recovery: State of the art and techno-economic assessment. Journal of Environmental Management, 300. https://doi.org/10.1016/j.jenvman.2021.113681
Clarke, R. (2019). Risks inherent in the digital surveillance economy: A research agenda. Journal of Information Technology, 34(1), 59–80. https://doi.org/10.1177/0268396218815559
Degen, M. (2017). Producing place atmospheres digitally: Architecture, digital visualisation practices and the experience economy. Journal of Consumer Culture, 17(1), 3–24. https://doi.org/10.1177/1469540515572238
Diaz-Elsayed, N. (2020). Trends in the environmental and economic sustainability of wastewater-based resource recovery: A review. Journal of Cleaner Production, 265. https://doi.org/10.1016/j.jclepro.2020.121598
Dogru, T. (2018). Is tourism an engine for economic recovery? Theory and empirical evidence. Tourism Management, 67, 425–434. https://doi.org/10.1016/j.tourman.2017.06.014
Eid, C. (2014). The economic effect of electricity net-metering with solar PV: Consequences for network cost recovery, cross subsidies and policy objectives. Energy Policy, 75, 244–254. https://doi.org/10.1016/j.enpol.2014.09.011
Faragò, M. (2021). From wastewater treatment to water resource recovery: Environmental and economic impacts of full-scale implementation. Water Research, 204. https://doi.org/10.1016/j.watres.2021.117554
Grohmann, A. (2018). Does financial literacy improve financial inclusion? Cross country evidence. World Development, 111, 84–96. https://doi.org/10.1016/j.worlddev.2018.06.020
Hussen, C. (2012). Reservoir simulation for enhanced gas recovery: An economic evaluation. Journal of Natural Gas Science and Engineering, 5, 42–50. https://doi.org/10.1016/j.jngse.2012.01.010
Jones, P. A. (2008). From tackling poverty to achieving financial inclusion-The changing role of British credit unions in low income communities. Journal of Socio-Economics, 37(6), 2141–2154. https://doi.org/10.1016/j.socec.2007.12.001
Jun, W. (2022). Innovation performance in digital economy: does digital platform capability, improvisation capability and organizational readiness really matter? European Journal of Innovation Management, 25(5), 1309–1327. https://doi.org/10.1108/EJIM-10-2020-0422
Kodongo, O. (2018). Financial Regulations, Financial Literacy, and Financial Inclusion: Insights from Kenya. Emerging Markets Finance and Trade, 54(12), 2851–2873. https://doi.org/10.1080/1540496X.2017.1418318
Kristoffersen, E. (2020). The smart circular economy: A digital-enabled circular strategies framework for manufacturing companies. Journal of Business Research, 120, 241–261. https://doi.org/10.1016/j.jbusres.2020.07.044
Kurniawan, T. A. (2022). Unlocking digital technologies for waste recycling in Industry 4.0 era: A transformation towards a digitalization-based circular economy in Indonesia. Journal of Cleaner Production, 357. https://doi.org/10.1016/j.jclepro.2022.131911
Latham, S. F. (2008). The performance implications of financial slack during economic recession and recovery: Observations from the software industry (2001-2003). Journal of Managerial Issues, 20(1), 30–50.
Lee, C. C. (2020). Financial inclusion, financial innovation, and firms’ sales growth. International Review of Economics and Finance, 66, 189–205. https://doi.org/10.1016/j.iref.2019.11.021
Lee, C. C. (2022). Financial aid and financial inclusion: Does risk uncertainty matter? Pacific Basin Finance Journal, 71. https://doi.org/10.1016/j.pacfin.2021.101700
Liu, Z. (2022). PUBLIC SPENDING AS A NEW DETERMINATE OF SUSTAINABLE DEVELOPMENT GOAL AND GREEN ECONOMIC RECOVERY: POLICY PERSPECTIVE ANALYSIS IN THE POST-COVID ERA. Climate Change Economics, 13(3). https://doi.org/10.1142/S2010007822400073
Lopez, T. (2018). The challenge of rural financial inclusion–evidence from microfinance. Applied Economics, 50(14), 1555–1577. https://doi.org/10.1080/00036846.2017.1368990
Luo, S. (2023). Digitalization and sustainable development: How could digital economy development improve green innovation in China? Business Strategy and the Environment, 32(4), 1847–1871. https://doi.org/10.1002/bse.3223
Lu, Z. (2022). Local Bank, Digital Financial Inclusion and SME Financing Constraints: Empirical Evidence from China. Emerging Markets Finance and Trade, 58(6), 1712–1725. https://doi.org/10.1080/1540496X.2021.1923477
Morgan, P. J. (2020). Financial literacy, financial inclusion, and savings behavior in Laos. Journal of Asian Economics, 68. https://doi.org/10.1016/j.asieco.2020.101197
Naumenkova, S. (2019). Digital financial inclusion: Evidence from Ukraine. Investment Management and Financial Innovations, 16(3), 194–205. https://doi.org/10.21511/imfi.16(3).2019.18
Ochoa, G. V. (2020). Exergy, economic, and life-cycle assessment of ORC system for waste heat recovery in a natural gas internal combustion engine. Resources, 9(1). https://doi.org/10.3390/resources9010002
Oró, E. (2018). Design and economic analysis of liquid cooled data centres for waste heat recovery: A case study for an indoor swimming pool. Sustainable Cities and Society, 36, 185–203. https://doi.org/10.1016/j.scs.2017.10.012
Park, C. (2018). FINANCIAL INCLUSION, POVERTY, AND INCOME INEQUALITY. Singapore Economic Review, 63(1), 185–206. https://doi.org/10.1142/S0217590818410059
Ping, X. (2021). Thermodynamic, economic, and environmental analysis and multi-objective optimization of a dual loop organic Rankine cycle for CNG engine waste heat recovery. Applied Thermal Engineering, 193. https://doi.org/10.1016/j.applthermaleng.2021.116980
Ranta, V. (2021). Digital technologies catalyzing business model innovation for circular economy—Multiple case study. Resources, Conservation and Recycling, 164. https://doi.org/10.1016/j.resconrec.2020.105155
Ruiken, C. J. (2013). Sieving wastewater - Cellulose recovery, economic and energy evaluation. Water Research, 47(1), 43–48. https://doi.org/10.1016/j.watres.2012.08.023
Sandbrook, R. (1993). The politics of Africa’s economic recovery. The Politics of Africa’s Economic Recovery. https://doi.org/10.5771/0506-7286-1993-4-473
Sandler, J. (2014). Solar-generated steam for oil recovery: Reservoir simulation, economic analysis, and life cycle assessment. Energy Conversion and Management, 77, 721–732. https://doi.org/10.1016/j.enconman.2013.10.026
Tian, X. (2020). Retrofitting Municipal Wastewater Treatment Facilities toward a Greener and Circular Economy by Virtue of Resource Recovery: Techno-Economic Analysis and Life Cycle Assessment. ACS Sustainable Chemistry and Engineering, 8(36), 13823–13837. https://doi.org/10.1021/acssuschemeng.0c05189
Venkatesh, G. (2013). Economic-environmental analysis of handling biogas from sewage sludge digesters in WWTPs (wastewater treatment plants) for energy recovery: Case study of Bekkelaget WWTP in Oslo (Norway). Energy, 58, 220–235. https://doi.org/10.1016/j.energy.2013.05.025
Yin, Z. (2019). What Drives Entrepreneurship in Digital Economy? Evidence from China. Economic Modelling, 82, 66–73. https://doi.org/10.1016/j.econmod.2019.09.026
Yu, C. (2023). Impact of non-renewable energy and natural resources on economic recovery: Empirical evidence from selected developing economies. Resources Policy, 80. https://doi.org/10.1016/j.resourpol.2022.103221
Zeraibi, A. (2023). Greenfield investments, economic complexity, and financial inclusion-environmental quality nexus in BRICS Countries: Does renewable energy transition matter? Gondwana Research, 117, 139–154. https://doi.org/10.1016/j.gr.2022.12.020
Zhang, Y. (2022). Economic recovery, industrial structure and natural resource utilization efficiency in China: Effect on green economic recovery. Resources Policy, 79. https://doi.org/10.1016/j.resourpol.2022.102958
Zhao, L. (2023). Role of natural resources utilization efficiency in achieving green economic recovery: Evidence from BRICS countries. Resources Policy, 80. https://doi.org/10.1016/j.resourpol.2022.103164
Zhong, R. (2022). Digital Economy, Agricultural Technological Progress, and Agricultural Carbon Intensity: Evidence from China. International Journal of Environmental Research and Public Health, 19(11). https://doi.org/10.3390/ijerph19116488
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Revenue Journal: Management and Entrepreneurship
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
