This study aims to evaluate the relationship between financial resilience, exchange rate, inflation, and economic growth from 1996 to 2022 using secondary data from the World Bank. The analysis method uses vector autoregressive to understand the causality dynamics between these variables. The results show that past economic growth positively impacts current economic conditions, but an increase in the exchange rate can hinder economic growth. The exchange rate also tends to be influenced by previous values, but high economic growth does not always increase the exchange rate. Previous conditions significantly affect financial resilience and can be strengthened by a strong currency. Meanwhile, inflation has an inverse relationship with economic growth, where past inflation seems to suppress current inflation, which price stabilization policies can cause. From an institutional economics perspective, this study provides an understanding of the interaction between various economic factors in the structural framework and policies that regulate economic activities. The impulse response function (IRF) shows that economic growth can react strongly to sudden changes, although this reaction may not last long. The exchange rate fluctuates with economic changes, reflecting market optimism and uncertainty. Financial resilience may be strong initially but may weaken over time, indicating the need for policies to strengthen the financial system to ensure economic stability. Furthermore, the role of social capital in economic resilience is highlighted as it can amplify the positive effects of a robust institutional framework by fostering trust and collaboration among economic actors. Inflation reacts differently to economic changes, challenging policymakers to balance growth and price stability. Overall, the IRF provides insights into how economic variables interact with each other and react to sudden changes, albeit with some uncertainty in the estimates. The forecast error decomposition variance (FEVD) analysis in this study reveals that internal factors initially influence economic growth, but over time, external factors such as the exchange rate, financial resilience, and inflation come into play. The exchange rate, which was initially volatile due to internal factors, becomes increasingly influenced by economic growth, indicating a close relationship between the economy and the foreign exchange market. From an institutional economics perspective, financial resilience, which was initially stable due to internal factors, becomes increasingly dependent on global economic conditions, suggesting the importance of a solid institutional framework for maintaining economic stability. In addition, inflation, which was initially explained by economic growth and exchange rates, has gradually become more influenced by financial resilience, indicating the importance of effective monetary policy in controlling inflation. This study highlights the importance of understanding how economic variables influence each other for effective economic governance. Integrating institutional economics and social capital perspectives provides a comprehensive framework for enhancing financial resilience and promoting sustainable economic development in Indonesia.

This study aimed to analyze the effect of training programs on entrepreneurial self-efficacy (ESE) and the Optimism of micro, small, and medium enterprises (MSMEs). The research was conducted at Babakan Madang MSMEs, Bogor Regency, assisted by Human Resources Education and Training Center (P2SDM) under the Community Service Institution (LPPM) at IPB University (IPB). The sample size was set at 100 SMEs with a purposive sampling method. Data was obtained by distributing questionnaires and analyzed using Structural Equation Modeling (SEM). The results of the study were as follows: 1) Reactions in the training program did not affect the ESE of MSME actors, 2) Learning in the training program affected the ESE of MSME actors, 3) Behavior in the training program did not affect the ESE of MSME actors, 4) Results in the training program does not affect the ESE of MSME actors, and 5) ESE affects the Optimism of MSME actors. The effect of ESE on the Optimism of MSME actors is greater than the effect of learning in training programs on the Optimism of MSME owners.

This study examines the impact of structured cultural educational activities on various dimensions of student well-being in primary education. Using a randomized controlled trial design, 120 third- and fourth-grade students from Arad County, Romania, were assigned to either an experimental group, which participated in cultural educational activities, or a control group, which received no intervention. Well-being and social behavior were assessed using the Strengths and Difficulties Questionnaire (SDQ) and the EPOCH Measure of Adolescent Well-Being, administered before and after the intervention. The SDQ evaluated emotional symptoms, hyperactivity, conduct problems, peer relationship issues, and prosocial behavior, while the EPOCH scale measured engagement, perseverance, optimism, connectedness, and happiness. Analysis revealed statistically significant improvements (p < 0.05) in the experimental group compared to the control group. Students in the experimental group exhibited reduced hyperactivity and peer relationship problems, alongside notable increases in engagement, perseverance, optimism, connectedness, and happiness. These findings highlight the efficacy of integrating cultural educational activities into the primary school curriculum as a strategy for enhancing emotional and social development. The study underscores the importance of such interventions in fostering positive developmental outcomes and offers a foundation for further research into their long-term effects and adaptability across diverse educational contexts.