Evaluating the Effects of Digital Rupiah Innovation, Green Finance, and Monetary Policy Uncertainty on Sustainable Economic Growth in Indonesia

I Ketut Patra; Sri Wahyuny Mustafa; Muh  Ikbal; Halim Usman; Adya Utami Syukri

doi:10.15408/etk.v25i2.51341

Authors

I Ketut Patra Department of Economics and Development Studies, Universitas Muhammadiyah Palopo
Sri Wahyuny Mustafa Department of Economics and Development Studies, Universitas Muhammadiyah Palopo https://orcid.org/0009-0004-4955-8803
Muh Ikbal Department of Economics and Development Studies, Universitas Muhammadiyah Palopo
Halim Usman Department of Accounting, Universitas Muhammadiyah Palopo https://orcid.org/0000-0002-6214-2667
Adya Utami Syukri Department of Economics & Development Studies, Universitas Hasanuddin

DOI:

https://doi.org/10.15408/etk.v25i2.51341

Keywords:

central bank digital currency, monetary policy transmission, financial technology adoption, clean energy financing, macro-financial stability

Abstract

Research Originality: This study is the first to integrate digital rupiah innovation, green finance, and monetary policy uncertainty within a single sustainability-oriented macroeconomic framework for Indonesia.

Research Objectives: It examines how these factors, together with digital financial inclusion and renewable energy investment, affect Indonesia's sustainable economic growth and identifies the main growth drivers.

Research Method: The study applies a Common Effect Model pooled ordinary least squares regression to annual national aggregate data, following formal panel model selection tests.

Empirical Results: Digital rupiah innovation, digital financial inclusion, and renewable energy investment positively drive sustainable growth, while monetary policy uncertainty constrains it; green finance has no significant effect yet.

Implications: Policymakers should accelerate digital payment adoption and financial inclusion, ensure credible monetary policy communication, and strengthen green finance market infrastructure.

JEL Classification: E52, E58, G21, O44, Q42

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