Working Papers

From Bank Indonesia
Contact information at EDIRC.
Bibliographic data for series maintained by Shinta Fitrianti () and Jimmy Kathon ().

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WP/21/2025: RISK MANAGEMENT IN DIGITAL CENTRAL BANK: STRENGTHENING THE TRANSFORMATION OF IDCB

Cicilia Anggadewi Harun, Danny Hermawan, Citra Amanda and Annes Nisrina Khoirunnisa

WP/20/2025: THE ALGORITHMIC ALCHEMY: SYNTHESIZING GLOBAL LEGAL FRAMEWORKS FOR ARTIFICIAL INTELLIGENCE IN FINANCIAL SERVICES

Cicilia Anggadewi Harun, Safari Kasiyanto, Camila Amalia, Shinta Fitrianti, Esha Gianne Poetry, Nilasari, Rina Megasari and Naura Pradipta Khairunnis

WP/19/2025: ECHOES OF POLICY: LEVERAGING AI/ML TO SUPPORT CENTRAL BANK COMMUNICATION STRATEGIES

Rudy Marhastari, Cicilia Anggadewi Harun, Retno Muhardini, Agatha Silalahi, Annes Nisrina Khoirunnisa, Rheznandya Arkaputra Azis, Sintia Aurida, Rahardian Luthfan Ihtifazhuddin, Citra Ayu Rossi Wulandari, Alvin Andhika Zulen and Amin Endah Sulistiawati

WP/18/2025: DAMPAK ELEKTRONIFIKASI TERHADAP EFEKTIVITAS PENYALURAN BANTUAN SOSIAL

Wishnu Badrawani, Meily Ika Permata, Nurkholisoh Aman, Devi Riyanti, Novi Maryaningsih, Muhammad Ikrar Saputra and Kefas Prajna Christiawan

WP/17/2025: PENGUATAN DAMPAK KEBIJAKAN PERCEPATAN DAN PERLUASAN DIGITALISASI DAERAH: STUDI EMPIRIS PROGRAM ELEKTRONIFIKASI KEUANGAN DAERAH

Wishnu Badrawani, Indra Gunawan, Mha Ridhwan, Misbahol Yaqin, Kris Ossy Novian, Novi Maryaningsih, Bayu Adi Gunawan, Dinda Rahmania, Muhamad D. Kusnadi, Ridha Nur Huzaifah, Darius Tirtosuharto, Angsoka Yorintha P., Purwanto Worabay, R. Dwi Tjahja K. W., Sitti Shafira Awaluddin, Prayudhi Azwar, Akmal Kurnia, Wahyu A. Wibowo, Devi Riyanti, Yusi Yuliana, Tsamara Luthfia Henviandin, Purwanto and Andy Saptono

WP/16/2025: VELOSITAS DIGITAL UANG: DAMPAK INOVASI PEMBAYARAN DIGITAL TERHADAP PERTUMBUHAN EKONOMI

Wishnu Badrawani, Citra Amanda, Meily Ika Permata, Carla Sheila Wulandari, Novi Maryaningsih, Rinorsa Duane A, Ridha Nur Huzaifah and Adinda Diyah Ayu Permata Sari

WP/14/2025: IDENTIFICATION OF ILLEGAL TRANSACTION PATTERNS IN PAYMENT SYSTEM DATA USING AI/ML: A CASE STUDY ON ONLINE GAMBLING

Renardi Ardiya Bimantoro, Rudy Hardiyanto, Irfan Sampe, Agung Bayu Purwoko, Imam Dwi Kuncoro, Irvan Fadjar R., Devima Christi M., Anugerah Mohamad Setiawan, Moh. Mashudi Arif, Mahanani Margani, Dwi Kartika Siregar, Ganang Suryo Anggoro, Melati Pramudyastuti, Farah Hilda Fuad Lubis Hilda Fuad Lubis, Rudy Marhastari, Nurkholisoh Aman and Sintia Aurida

WP/11/2025: CIRCULAR ECONOMY-BASED MSME BUSINESS MODEL DEVELOPMENT: PILOTING IN SEVERAL BI’S REPRESENTATIVE OFFICE

Donni Fajar Anugrah, Freddy Firmansyah, Melyanna Nur Ainni, Honesty Saffira Putri, Mohammad Marza Naufal, Hilya Jannatul Imron, Owen Alberto Liem, Arnita Rishanty, Ratna Oktriyani, Rudy Marhastari and Dila Safitri

WP/08/2025: DEVELOPMENT OF FINANCING THROUGH BANK ASSET SECURITIZATION: A STUDY OF POLICY AND MARKET READINESS

Nurkholisoh Aman, Indra Gunawan, Meily Ika Permata, Stella Grace, Suhari Santosa, Astrilia Liscagita, Aninditha Kemala Dinianyadharani, Zaky Irtny Novtra, Ida Ari Kusumawaty, Farah Muthia Syifa, Sagita Rachmanira and Kevin Joshua Sinaga

WP/06/2025: STRATEGIES TO ADDRESS THE RISK OF THE MIDDLE-INCOME TRAP: HUMAN CAPITAL, TECHNOLOGY, AND PRODUCTIVITY – LESSONS LEARNED FROM KOREA, CHINA, VIETNAM, AND THAILAND

Danny Hermawan, Cicilia Anggadewi Harun, Citra Amanda, Elpiwin Adela, Marissa Novita, Ananda Surya Dahana Dewantara, Ilham Farizi Indrayadi, Fariz Ahmad Sultansyah and Matias Judatama

WP/05/2025: PUSHING BIODIESEL BOUNDARIES: B50 & BEYOND - PROMISE OR PREMATURE?

Mha Ridhwan, Meily Ika Permata, Rudy Marhastari, Fichrie Fachrowi Adli, Leinnia Fawaqa, Rasyid Ramadhan, Amanda Lethizya Lestari, Annisa Fisakinah, Muhammad Adamul Khair, Yulian Zifar Ayustira and Gandhiano Dwi Putra

WP/04/2025: STRATEGI HILIRISASI KOMODITAS PERTANIAN DAN PERIKANAN PRIORITAS UNTUK MENDUKUNG SWASEMBADA PANGAN DAN PENGUATAN AGROINDUSTRI

Andree Breitner M., Mha Ridhwan, Meily Ika Permata, Dina Tania T., Oki Hermansyah, Ilham Farizi Indrayadi, Shelly L. Silahali, Illinia Ayudhia Riyadi and Savira Yulita

WP/03/2025: OPTIMIZING INDONESIA'S DIGITALLY-ENABLED SERVICES FOR ECONOMIC GROWTH AND IMPROVED TRADE BALANCE

Danny Hermawan, Cicilia A. Harun, Ade Dwi Aryani, Dwi Cahyo Ardianto, Eskanto Adi Nugroho, Andi Widianto and Najibullah Ulul Albab

WP/02/2025: ASSESSING THE IMPACT OF THE TRUMP 2.0 POLICY AND THE POTENTIAL OF INDONESIA’S TOP EXPORT COMMODITIES

Rudy Marhastari, Mha Ridhwa, Amelia A. Hidayat, Shinta Fitrianti, Desthy V.B. Sianipar, Ais Nisa M., Sulistiyo K. Ardiyono, Elpiwin Adela, M., Adamul Khair and Anna Setyawati

WP/16/2024: PELINDUNGAN DATA PRIBADI DI BANK INDONESIA DAN LEMBAGA JASA KEUANGAN: REKOMENDASI KEBIJAKAN DAN TEKNIS PENGATURAN

R. Dwi Tjahja K. Wardhono, Wishnu Badrawani, Ayu Deviana, Melati Pramudyastuti and Nadhia Shalehanti

WP/14/2024: TRANSAKSI DIGITAL DAN PERTUMBUHAN EKONOMI: VELOSITAS UANG MENGGUNAKAN DATA SISTEM PEMBAYARAN

Wishnu Badrawani, Citra Amanda, Novi Maryaningsih, Akhmad Ginulur and Carla Sheila Wulandari

WP/13/2024: INDEKS KONSUMSI/PEMBAYARAN NASIONAL (IKPN): PROKSI KONSUMSI RUMAH TANGGA BERBASIS DATA SISTEM PEMBAYARAN

Wishnu Badrawani, Citra Amanda, Masagus M Ridhwan, Novi Maryaningsih, Faizal Kurniawan, Irfan Sampe, Renardi Ardiya Bimantoro and Maulana Ryan Nurfadhila

WP/12/2024: A STUDY OF NATIONAL DIGITAL ADOPTION INDEX FOR INDONESIAN UMSEs (EXPANSION)

Yoga Affandi, Masagus M Ridhwan and Cahya Mega Panji Santosa

WP/11/2024: BANK BEHAVIOR IN DETERMINING SUPPLY OF CREDIT IN INDONESIA

Danny Hermawan, Cicilia Harun, Wicaksono Aryo Pradipto, Yulian Zifar Ayustira, Alvin Andhika Zulen, Amin Endah Sulistiawati, Ade Dwi Aryani and Sintia Aurida

WP/10/2024: ANALYSIS OF PRIMARY DEALER IMPLEMENTATION IN PRO MARKET MONETARY OPERATION TRANSACTIONS

Aryo Sasongko, Cicilia Harun, Rahutomo Anugrah Dewanto, Wahyu Widianti, Geyana Ledy Fista, Kusfisiami Wima Mustika, Astrika Erlin, Ibrahmi Adrian Nugroho, Putra Prima Raka and Misbahol Yaqin

WP/09/2024: MODELING AND ANALYSIS OF YIELD CURVE AND EXCHANGE RATE FORMATION IN PRO-MARKET MONETARY OPERATIONS

Aryo Sasongko, Cicilia Harun, Geyana Ledy Fista, Kusfisiami Wima Mustika, Aninditha Kemala Dinianyadharani, Karanissa Larasati, Puput Kurniati and Dila Safitri

WP/08/2024: IMPACT OF CORPORATE LOAN DELEVERAGING ON BANKING PERFORMANCES IN INDONESIA

Cicilia Harun, Danny Hermawan, Ade Dwi Aryani and Fariz Ahmad Sultansyah

WP/07/2024: POLICY INNOVATION: INDONESIA CLIMATE STRESS TEST SCENARIO

Cicilia Harun, Danny Hermawan, Arnita Rishanty, Matias Judatama Partahi, Justina Adamanti and Ramdani Ramdani

WP/06/2024: MEASURING EXPORT DIVERSIFICATION STRATEGIES AMID GLOBAL GEO-ECONOMIC FRAGMENTATION

Donni Fajar Anugrah, Cicilia Harun, Dian Rahmawati, Sulistiyo Kadam Ardiyono and Hilya Jannatul Imron

WP/05/2024: CONNECTING THE DOTS: THE SOURCE OF SUSTAINABLE ECONOMIC GROWTH THROUGH THE INTEGRATION OF SMES IN INDUSTRY’S SUPPLY CHAIN

Arnita Rishanty, M. Cahyaningtyas, Rudy Marhastari, Rizki Fitrama, Retno Wicaksono and Rivky Rasyid

WP/04/2024: OPTIMIZING HUMAN CAPITAL CAPACITY TO DRIVE GROWTH ABOVE 5%

Yoga Affandi, Donni Fajar Anugrah, Cicilia Harun, Mohammad Marza Naufal, Jessica Tasijawa and Pandu Kuntoadji

WP/03/2024: REVIVING THE MANUFACTURING INDUSTRY THROUGH SERVICIFICATION STRATEGY: EVIDENCE FROM INDONESIAN MICRODATA

Masagus M Ridhwan, Nurul Pratiwi, Sulistiyo K. Ardiyono and Amelia A. Hidayat

WP/02/2024: PROMOTING GROWTH AND MAINTAINING PRICE STABILITY THROUGH FOOD COMMODITIES DOWNSTREAM: THE CASE OF INDONESIA

Masagus M Ridhwan, Prayudhi Azwar, Andree Breitner Makahinda, Refdamas Dwiaji Wishnumurti and Ilham Farizi Indrayadi

WP/01/2024: DIGITALIZATION THROUGH E-COMMERCE AND ITS EFFECTS ON INFLATION IN INDONESIA

Donni Fajar Anugrah, Novi Maryaningsih, Andi Widianto, Tri Kurnia Ayu S., Fickry Widya N., Arief N. Rachman, Minda Putri Dwinanda, Citra Amanda, Eunike Vrigie Ruth Y., Tio Angie P. Samosir, Naufal Alfaraby Winandita and Shania Rahmi

WP/13/2023: DIGITAL ADOPTION, BUSINESS PERFORMANCE, AND FINANCIAL LITERACY IN ULTRA-MICRO, MICRO, AND SMALL ENTERPRISES IN INDONESIA

Yoga Affandi, Masagus M Ridhwan, Irwan Trinugroho and Danny Hermawan

WP/12/2023: PERILAKU PERBANKAN DALAM MENGELOLA KREDIT SEIMBANG

Wahyoe Soedarmono, Iman Gunadi, Fiskara Indawan and Carla Sheila Wulandari

WP/11/2023: POLICY MIX: SUPPLY-SIDE POLICIES TO ADDRESS THE TREND OF RISING INFLATION

Donni Anugrah, Danny Hermawan, Denny Lie, Solikin Juhro and Misbahol Yaqin

WP/10/2023: HUBUNGAN KELEMBAGAAN ANTARA BANK SENTRAL DAN PEMERINTAH

R. Dwi Tjahja K. Wardhono, Dian Puji Nugraha S and Nadhia Shalehanti

WP/09/2023: DETERMINANTS OF INFLATION IN INDONESIA: DYNAMICS OVER A DECADE

Donni Anugrah, Retno Muhardini, Wahyoe Soedarmono and Zaki Intan Cindyagita

WP/08/2023: LITERATURE SURVEY: GROWTH AND STABILITY

Donni Anugrah, Aryo Sasongko, Wahyoe Soedarmono and Andi Tiara Putri Marasanti

WP/07/2023: SURVEI LITERATUR STABILITAS SISTEM KEUANGAN

Retno Muhardini, Aryo Sasongko, Wahyoe Soedarmono and Zakka Farisy B

WP/06/2023: CRITICAL MINERALS INDUSTRIES IN INDONESIA: A FIRM-LEVEL PERSPECTIVE

Donni Anugrah, Arnita Rishanty, Maxensius Tri Sambodo and Ade Dwi Aryani

WP/05/2023: NAVIGATING CLIMATE TRANSITION: EVALUATING EXPOSURE AND RESILIENCE OF INDONESIAN BANKS’ PORTFOLIOS ACROSS HIGH-EMITTING SECTORS. A BOTTOM-UP ANALYSIS

Arnita Rishanty, Retno Wicaksono, Rizkia Sari Yudawinata, Siti Kholifatul Rizkiah, Rafi Aquary and Aurellia Puteri Arfita

WP/04/2023: COAL PHASE-OUT: SOCIOECONOMIC IMPACT IN ACHIEVING JUST ENERGY TRANSITION IN INDONESIA

Arnita Rishanty, Donni Anugrah and Dian Rahmawati

WP/03/2023: THE ASSESSMENT OF COMPETITION, MARKUP, AND PRICE DETERMINATION IN THE INDONESIAN FOOD AND BEVERAGE INDUSTRY

Masagus M Ridhwan, Dionisius Narjoko and Krisna Gupta

WP/02/2023: DAMPAK IMPLEMENTASI TRANSAKSI BILATERAL DENGAN MENGGUNAKAN UANG LOKAL TERHADAP REGULASI DAN REFORMASI KELEMBAGAAN DI SEKTOR KEUANGAN

R. Dwi Tjahja K. Wardhono, Danny Hermawan and Dyah Cahyaningtyas

WP/01/2023: FUTURE CENTRAL BANKING IN EMERGING MARKET ECONOMIES

Solikin Juhro

WP/14/2022: GREEN TRANSITION RISKS ON EXPORT COMPETITIVENESS: CIRCULAR ECONOMY APPROACH

Arnita Rishanty, Maxensius Tri Sambodo and Retno Wicaksono

WP/12/2022: CLIMATE VULNERABILITY PROMOTE MORE GREEN INVESTMENT?

Sen Zhanga, Chun-Ping Chang, Donny Fajar Anugrah and Yoga Affandi

WP/10/2022: SUPERSTAR FIRMS, PRODUCTIVITY AND TECHNOLOGICAL PROGRESS: EVIDENCE FROM INDONESIA’S MANUFACTORING SECTOR

Masagus M Ridhwan, Rizki Nauli Siregar and Jahen Rezki

WP/09/2022: THE POTENTIAL SCARRING EFFECT OF COVID19 ON PRODUCTIVITY AND LABOR MARKET: THE CASE OF INDONESIA

Masagus M Ridhwan, Jahen Rezki, Arief Ramayandi, Aryo Sasongko and Dinda T. Andariesta

WP/08/2022: ENERGY TRANSITION: PROSPECT AND CHALLENGES AT ASEAN PLUS THREE COUNTRIES

Arnita Rishanty, Maxensius Tri Sambodo, Donni Anugrah and Retno Wicaksono

WP/07/2022: THE ANALYSIS OF SOCIO-TECHNICAL TRANSITION USING MULTI-LEVEL PERSPECTIVE (MLP) THEORETICAL LENS

Donni Anugrah, Arnita Rishanty, Benny Tjahjono, Fathia Nisa and Dian Rahmawati

WP/06/2022: IS ISLAMIC BANKS BETTER THAN CONVENTIONAL BANKS IN THE TIME OF UNCERTAINTY?

Ferry Syarifuddin

WP/05/2022: TOWARDS GREEN ECONOMY TRANSFORMATION THROUGH ISLAMIC GREEN FINANCING: MANAGING RISK AND FOSTERING SUSTAINABLE GROWTH FOR THE REAL AND FINANCIAL SECTORS

Ferry Syarifuddin