Muhammad Ghafur Wibowo, a lecturer of the Islamic Economics Study Program (ES), FEBI, UIN Sunan Kalijaga successfully defended his dissertation on the theme of the role of governance and the blend of fiscal and monetary policies in economic growth in member countries of the Organization of Islamic Cooperation (OIC) at the open doctoral promotion session of the Postgraduate Program at UIN Sunan Kalijaga Yogyakarta on the 23rd of July. The doctoral promotion examination was conducted both offline and online via the Zoom application platform. Promoters and examiners present included Prof. Dr. HAdri Kusuma, MBA., Dr. Ibnu Qizam, S.E., M.Si., Ak., CA., Dr. Sunaryati, S.E., M.Si., Prof. Dr. Drs. Nur Feriyanto, M.Si., and Drs. Akhsyim Afandi, M.A., Ph.D.

In his presentation, Ghafur Wibowo stated that the findings of his dissertation revealed that fiscal and monetary policies have a significant influence on economic growth. Fiscal policy is seen from government spending, while monetary policy is seen from the amount of money in circulation. This study corroborates the findings of the St. Louis model developed by Andersen and Jordan in 1968. Additionally, it was found that government debt has a negative impact on economic growth, and the quality of governance has a positive impact on economic growth. Ghafur also added that the role of governance is crucial in supporting economic growth in OIC countries.

After successfully defending his dissertation from the questions of the examiners and promoters, Ghafur Wibowo is entitled to receive a doctoral degree in the field of economics. Currently, Dr. M Ghafur Wibowo is the second doctor in the Islamic Economics Study Program, FEBI, UIN Sunan Kalijaga Yogyakarta. On this remarkable achievement, the extensive family of the Faculty of Islamic Economics and Business of UIN Sunan Kalijaga extends their heartfelt congratulations to Dr. M. Ghafur Wibowo, S.E., M.Si., and wishes him continued success and blessings.