Gadjah Mada Economics Working Paper Series

Gadjah Mada Economics Working Paper Series FEB UGM is an online publication in economics. The Working Paper Series topics range from Macro & Microeconomics areas, such as Development Economics, Crime Economics, Islamic Economics, International Trade & Finance, to Monetary Economics. This publication is the result of collaboration between lecturers and students of the Department of Economics, FEB UGM, which was adopted from theses, dissertations, and research articles. The Working Paper Series contained research and work in progress, which hopefully trigger advanced discussions and develop deeper knowledge and understanding within the economic field. The works published in it have gone through a review process but still have gaps for further discussion. For further information to publish in Economic Working Paper Series FEB UGM, please contact econ-wps.feb@ugm.ac.id.

ISSN 2987-1476 (media online)

Penerbit

Departemen Ilmu Ekonomi

Fakultas Ekonomika dan Bisnis

Universitas Gadjah Mada