PEMODELAN INDEKS PEMBANGUNAN MANUSIA DI INDONESIA MENGGUNAKAN REGRESI DATA PANEL ESTIMASI GENERALIZED METHOD OF MOMENT (GMM)

The Human Development Index (HDI) is one of the indicators of societal well-being. The higher the Human Development Index in Indonesia, the better the well-being in the country. To analyze the growth of the Human Development Index in Indonesia, a method known as panel data regression is employed. This research utilizes panel data regression with Generalized Method of Moments (GMM) estimation. The research results indicate that a suitable model for the Human Development Index is the Fixed Effect Model (FEM), based on the results of the Chow and Hausman tests with a confidence interval of 95%. The obtained model is as follows:
Y ?_it= -2.203×10^(-11)+0.019X_1it+ 0.629X_2it+0.342X_3it - 0.026X_4it+0.054X_5it Where the significant factors influencing the growth of the Human Development Index in Indonesia are fertility rate (X_1), average years of schooling (X_2), regional gross domestic product (X_3), open unemployment rate (X_4), and the proportion of habitable households (X_5).