THE EFFECT OF CREDIT AND SAVINGS ON POVERTY REDUCTION, ECONOMIC GROWTH AS A MODERATING VARIABLE : EVIDENCE IN INDONESIA
Abstract
This study analyzes the role of economic growth as a moderating variable in the influence of credit and savings on poverty reduction in Indonesia. Using panel data from 34 provinces over the period 2015–2024 and employing the Moderated Regression Analysis (MRA) method, the findings indicate that credit has a significant negative effect on poverty, both directly and through interaction with economic growth. In contrast, savings alone do not significantly affect poverty, suggesting that savings behavior among the poor may function more as precautionary saving rather than productive investment. However, when interacting with economic growth, savings become significant in reducing poverty. Economic growth itself does not directly reduce poverty, reflecting a weak trickle-down effect and uneven distribution of benefits. Nevertheless, it strengthens the impact of both credit and savings on poverty alleviation. The study concludes that integrated policies promoting financial inclusion and equitable economic growth are essential for sustainable poverty reduction.
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Suharto, E. (2017). Kemiskinan dan Perlindungan Sosial di Indonesia: Menggagas Model Jaminan Sosial Universal Bidang Kesehatan. Bandung: Alfabeta.
Sukirno, S. (2019). Makroekonomi: Teori Pengantar. Edisi Ketiga. Jakarta: Raja Grafindo Persada.
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Yusrya, N. (2023). Analisis Pengaruh Pdb, Jumlah Penduduk Dan Pengangguran Terhadap Kemiskinan Di Indonesia Tahun 1997-2020. SENTRI: Jurnal Riset Ilmiah, 2(4), 1017–1028. https://doi.org/10.55681/sentri.v2i4.699
Yunus, M. (2007). Creating a World Without Poverty: Social Business and the Future of Capitalism. New York: Public Affairs.
Aiman, U., Abdullah, A., . M. J., Hasda, S., Fadilla, Z., M.Kes. Masita, M. P. I. N. T. S. K., Sari, Eka, M., & Ardiawan, K. N. (2022). Metodologi Penelitian Kuantitatif. In Yayasan Penerbit Muhammad Zaini.
Arsyad, L. (2017). Ekonomi Pembangunan. Edisi 5. Yogyakarta: UPP STIM YKPN.
Banerjee, A., Duflo, E., Glennerster, R., & Kinnan, C. (2015). The miracle of microfinance? Evidence from a randomized evaluation. American Economic Journal: Applied Economics, 7(1), 22-53. https://doi.org/10.1257/app.20130533
Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality and the poor. Journal of Economic Growth, 12(1), 27-49. https://doi.org/10.1007/s10887-007- 9010-6
Badu, R. R., Canon, S., & Akib, F. H. Y. (2020). The Impact of Economic Growth and Unemployment Rate on Poverty in Sulawesi. Jambura Equilibrium Journal, 2(1), 25–33. https://doi.org/10.37479/jej.v2i1.4499
Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, Inequality and the Poor.
Journal of Economic Growth, 12(1), 27–49.
BPS. (2022). Produk domestik regional bruto. Produk Domestik Regional Bruto, 85–88. Chambers, R. (2006). What is poverty? Who asks? Who answers? Poverty in Focus,
9(3), 3-4. International Poverty Centre, United Nations Development Programme Friedman, M. (1957). A Theory of the Consumption Function. Princeton: Princeton
University Press.
Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23 (8th ed.).
Badan Penerbit Universitas Diponegoro.
Hidayat, N., Ilahi, L. K., Najiatun, & Arifah, H. K. N. (2020). Analysis of Economic Growth at Poverty Level With Meta-Analysis. Media Trend, 15(2), 227–235.
Ilmiati Iztihar, K. A. (2018). ANALISIS PENGARUH KREDIT USAHA RAKYAT TERHADAP PENANGGULANGAN KEMISKINAN, PENGEMBANGAN USAHA
KECIL DAN PEREKONOMIAN DI INDOESIA. Jurnal Ilmiah Mahasiswa FEB. https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/4628
Istiqomah, I., & Floresti, D. (2024). Economic Growth and Poverty: the Moderating Effect of Income Inequality. Trikonomika, 23(1), 11–18. https://doi.org/10.23969/trikonomika.v23i1.9242
Inoue, T. & Hamori, S. (2016). Financial access and economic growth: Evidence from Sub-Saharan Africa. Emerging Markets Finance and Trade, 52(3), 743-753. https://doi.org/10.1080/1540496X.2016.1116282
Jappelli, T., & Pistaferri, L. (2017). The economics of consumption: Theory and evidence. Oxford University Press. https://doi.org/10.1093/acprof:oso/9780199383146.001.0001
Jagadeesh, D. (2015). Determinants of urban youth unemployment: the case of adama city, east shoa zone, oromia national regional state. International Journal of Research in Business Studies and Management, 2(9), 50.
Jeffrey G, W. (1965). Regional Inequality and the Process of National Development: A Description of the Patterns. Chicago Journals, 13(4). https://doi.org/10.1086/450136 Kasmir. (2018). Bank dan Lembaga Keuangan Lainnya. Edisi Revisi. Jakarta: Raja Grafindo Persada.
Kuncoro, M. (2018). Ekonomi Pembangunan: Teori, Masalah, dan Kebijakan. Edisi 5.
Yogyakarta: UPP STIM YKPN
Lestari, R. M., Febriani, R. E., & Putri, N. T. (2022). Pengaruh Kredit Perbankan Terhadap Pertumbuhan Ekonomi Provinsi di Sumatera. Convergence: The Journal of Economic Development, 3(2), 179–195. https://doi.org/10.33369/convergence- jep.v3i2.22388
Levine, R. (2005). Handbook of economic growth (S. Durlauf (ed.); P. Aghion). Elsevier. Levine, R. (2005). Finance and growth: Theory and evidence. Handbook of Economic
Growth, 1, 865-934. https://doi.org/10.1016/S1574-0684(05)01012-9
Lewis, O. (1969). The culture of poverty. In D. P. Moynihan (Ed.), On understanding poverty: Perspectives from the social sciences (pp. 187-220). New York: Basic Books.
Lucas, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42. https://doi.org/10.1016/0304-3932(88)90168-7
Mankiw, N. G. (2019). Macroeconomics. 10th Edition. New York: Worth Publishers. McKinnon, R. I. (1973). Money and Capital in Economic Development. Washington, D.C.:
Brookings Institution.
Modigliani, F., & Brumberg, R. (1954). Utility analysis and the consumption function: An interpretation of cross-section data. In K. K. Kurihara (Ed.), Post-Keynesian Economics (pp. 388-436). New Brunswick: Rutgers University Press.
Olori, J. O., Nwahia, O. C., & Siėwė, F. (2021). Savings Mobilization on Poverty Alleviation Among Peri-Urban Households in Kwali and Bwari Area Councils F.C.T Abuja, Nigeria. Agricultural Social Economic Journal, 21(4), 293–300. https://doi.org/10.21776/ub.agrise.2020.021.4.5
Paulus Laratmase, Rosdiana, Adi Artino, Sulaiman Efendi Siregar, & Try Wahyu Utami. (2024). Pengaruh Kredit Perbankan Terhadap Pertumbuhan Ekonomi dan Hubungannya dengan Kesejahteraan Masyarakat. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 5(7), 4037–4051. https://doi.org/10.47467/elmal.v5i7.4273
Romer, P. M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), S71-S102. https://doi.org/10.1086/261725
R, W. A., & Sukartini, N. M. (2025). PENGARUH PENDIDIKAN, PDRB DAN TIPE
PEMERINTAH TERHADAP KEMISKINAN. JIMEA | Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 9(1), 530–546.
Ribaj, A., & Mexhuani, F. (2021). The impact of savings on economic growth in a developing country (the case of Kosovo). Journal of Innovation and Entrepreneurship, 10(1), 1–13. https://doi.org/10.1186/s13731-020-00140-6
Sen, A. (1999). Development as Freedom. New York: Oxford University Press.
Shaw, E. S. (1973). Financial Deepening in Economic Development. New York: Oxford University Press.
Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. American Economic Review, 71(3), 393-410.
https://www.jstor.org/stable/1802787
Suharto, E. (2017). Kemiskinan dan Perlindungan Sosial di Indonesia: Menggagas Model Jaminan Sosial Universal Bidang Kesehatan. Bandung: Alfabeta.
Sukirno, S. (2019). Makroekonomi: Teori Pengantar. Edisi Ketiga. Jakarta: Raja Grafindo Persada.
Simbolon, R. C., Putri, A., Erlikasna, E., & Tarigan, B. (2024). Pengaruh Penyaluran Kredit Perbankan Terhadap Pertumbuhan Ekonomi di Nusa Tenggara Timur Tahun 2013 – 2022 The Influence of Bank Credit Distribution on Economic Growth in East Nusa Tenggara 2013-2022. 2(3).
Sipahutar, M. A. (2016). Effects of Credit on Economic Growth, Unemployment and Poverty. Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi Dan Pembangunan, 17(1), 37. https://doi.org/10.23917/jep.v17i1.1651
Sugiyono. (2011). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Sugiyono. (2015). Metode Penelitian Sugiyono - 2015.pdf (p. 346).
Sukomo, S., Prawiranegara, B., & Samiri, S. (2021). Analisis Kredit Perbankan, Belanja Sektor Publik, Tenaga Kerja, Simpanan Masyarakat Pengaruhnya Terhadap Pertumbuhan Ekonomi Di Jawa Barat. Jurnal Edukasi (Ekonomi, Pendidikan Dan Akuntansi), 9(2), 169. https://doi.org/10.25157/je.v9i2.6520
Syata, W. M. (2023). Perbankan dan Lembaga Keuangan Lainnya. In Eureka Media Aksara.
Tambunan, T. (2017). UMKM di Indonesia. Bogor: Ghalia Indonesia.
Todaro, M. P., & Smith, S. C. (2020). Economic Development. 13th Edition. Harlow: Pearson Education Limited.
TRIDEWI, A. W., ISMAIL, M., & SUSILO, S. (2023). The Role of Banking in Reducing Poverty in 30 Indonesian Provinces. International Journal of Environmental, Sustainability, and Social Science, 4(2), 356–363. https://doi.org/10.38142/ijesss.v4i2.380
Yusrya, N. (2023). Analisis Pengaruh Pdb, Jumlah Penduduk Dan Pengangguran Terhadap Kemiskinan Di Indonesia Tahun 1997-2020. SENTRI: Jurnal Riset Ilmiah, 2(4), 1017–1028. https://doi.org/10.55681/sentri.v2i4.699
Yunus, M. (2007). Creating a World Without Poverty: Social Business and the Future of Capitalism. New York: Public Affairs.
Published
2025-10-16
How to Cite
ROFIQOTUL KHOIRIYAH, Ikhda et al.
THE EFFECT OF CREDIT AND SAVINGS ON POVERTY REDUCTION, ECONOMIC GROWTH AS A MODERATING VARIABLE : EVIDENCE IN INDONESIA.
Proceedings of the International Conference of Islamic Economics and Business (ICONIES), [S.l.], v. 11, n. 1, p. 1049-1060, oct. 2025.
ISSN 2541-3333.
Available at: <https://conferences.uin-malang.ac.id/index.php/iconies/article/view/3484>. Date accessed: 12 may 2026.
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Articles
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