Analisis Dilema Utang Luar Negeri Dan Kemandirian Fiskal: Strategi Pembiayaan Pembangunan Di Negara Berkembang Periode 2020-2025
DOI:
https://doi.org/10.70134/jukoni.v3i1.1144Keywords:
Development Economics, Foreign Debt, iscal Independencef, Tax RatioAbstract
This study examines the complex relationship between dependence on foreign debt and accelerated economic development. Amidst low tax ratios, many developing countries use debt as a financing gap-filling instrument. Using a desk study and secondary data analysis for the 2020-2025 period, the study shows that while debt can stimulate short-term growth through infrastructure development, the high interest burden risks creating a debt overhang that hinders fiscal independence. Digitizing the public financial system is proposed as a key strategy to strengthen domestic revenues.
Downloads
References
Atmadja, A. S. (2024). Utang luar negeri dan dampaknya terhadap perekonomian. Erlangga.
Barro, R. J. (1990). Government spending in a simple model of endogenous growth. Journal of Political Economy, 98(5), S103–S125. https://doi.org/10.1086/261726
Bohn, H. (1998). The behavior of U.S. public debt and deficits. Quarterly Journal of Economics, 113(3), 949–963. https://doi.org/10.1162/003355398555793
Easterly, W., & Rebelo, S. (1993). Fiscal policy and economic growth: An empirical investigation. Journal of Monetary Economics, 32(3), 417–458. https://doi.org/10.1016/0304-3932(93)90025-B
Ghosh, A. R., Kim, J. I., Mendoza, E. G., Ostry, J. D., & Qureshi, M. S. (2013). Fiscal fatigue, fiscal space and debt sustainability in advanced economies. Economic Journal, 123(566), F4–F30. https://doi.org/10.1111/ecoj.12010
Indrawati, S. M. (2021). Fiscal policy and economic transformation in emerging markets. Journal of Asian Economics, 74, 101296. https://doi.org/10.1016/j.asieco.2021.101296
International Monetary Fund. (2025). World economic outlook: Fiscal monitors. International Monetary Fund.
Krugman, P. (1988). Financing vs. forgiving a debt overhang. Journal of Development Economics, 29(3), 253–268. https://doi.org/10.1016/0304-3878(88)90044-2
Mankiw, N. G. (2019). Macroeconomics (10th ed.). Worth Publishers.
Reinhart, C. M., & Rogoff, K. S. (2010). Growth in a time of debt. American Economic Review, 100(2), 573–578. https://doi.org/10.1257/aer.100.2.573
Sachs, J. D. (1989). The debt overhang of developing countries. Debt, stabilization and development, 80–102.
Stiglitz, J. E. (2015). Economics of the public sector (4th ed.). W. W. Norton & Company.
Todaro, M. P., & Smith, S. C. (2020). Economic development (13th ed.). Pearson.
World Bank. (2022). Fiscal policy for a sustainable recovery. World Bank Publications.
World Bank. (2024). International debt statistics 2024. World Bank Publications.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Agusman Niat Berkat Zebua (Author)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
