From Monetary Stability to Regional Green Economy: The Role of Central Bank Policy in Promoting Sustainable Mangrove Eco-Tourism in East Kalimantan
DOI:
https://doi.org/10.66052/ijosim.v2i1.515Keywords:
Central Bank Policy, Green Finance, Mangrove Ecotourism, Sustainable Development, East Kalimantan, Monetary Policy, Indigenous Governance, Ecological EconomicsAbstract
Mangrove ecosystems in East Kalimantan provide critical environmental services valued at approximately IDR 404 billion annually while supporting local livelihoods through ecotourism. This study examines the nexus between central bank monetary policy instruments and sustainable mangrove ecotourism development, addressing the research gap in integrating macroprudential green finance mechanisms with regional ecological conservation. Employing a mixed-methods approach combining Structural Equation Modeling-Partial Least Squares (SEM-PLS), Analytic Hierarchy Process (AHP), and ecological carrying capacity analysis with 384 respondents across five mangrove ecotourism sites in East Kalimantan, the research reveals that Bank Indonesia's Macroprudential Liquidity Incentive Policy (KLM) significantly influences sustainable tourism development (β=0.437, p<0.001). The study demonstrates that green loan-to-value ratios combined with local cultural integration mechanisms enhance community welfare indicators by 34.7% while maintaining ecological carrying capacity within sustainable thresholds. Results indicate that IDR 52 trillion in green financing instruments have catalyzed mangrove conservation investments, generating multiplier effects of 2.3 on local economies. The novelty lies in establishing quantitative linkages between monetary policy tools, indigenous governance structures (adat), and measurable welfare outcomes. Policy recommendations include establishing mangrove-specific green bond frameworks, implementing differentiated reserve requirements for coastal conservation lending, and integrating traditional ecological knowledge into central bank sustainability taxonomies.
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