{"title":"Respon Return Pasar Modal Indonesia terhadap Kebijakan Moneter Domestik dan Asing","authors":"Aulia Yulianti Wulandari, Noer Azam Achsani, Lukytawati Anggraeni","doi":"10.29244/jekp.7.1.1-20","DOIUrl":"https://doi.org/10.29244/jekp.7.1.1-20","url":null,"abstract":"Understanding the impact of external shocks on the stock market return and volatility is crucial for market participants as volatility is synonymous with risk. This paper provides comprehensive evidence on the spillover effects of the change of monetary policies from inside country and foreign origins on Indonesia stock market in the period of the time from November 2, 2012 to May 15, 2017. Used symmetric (IGARCH) and asymmetric (EGARCH and APARCH) GARCH model analysis to evaluate the impact of surprise and anticipated changes of monetary policies from inside country and foreign policies (from another ASEAN countries and leading economies, in this paper are United States, Europe, and United Kingdom). Surprise change of monetary policy is proxied by one day change in 3 months interbank offered rate, while anticipated change of monetary policy is proxied by one day change in target interest rate or policy rate. The result shows that information of the monetary policy news and Indonesia stock return is asymmetric. Indonesia stock market is only affected by foreign monetary policies. Keywords: ASEAN stock market, GARCH, Monetary policy JEL classification: C01, C50, E50","PeriodicalId":223841,"journal":{"name":"JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN","volume":"41 8","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132398819","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Causality Analysis of Producer Price Index (PPI) and Consumer Price Index (CPI) in Indonesia","authors":"Debby Anggraeni, T. Irawan","doi":"10.29244/JEKP.7.1.60-77","DOIUrl":"https://doi.org/10.29244/JEKP.7.1.60-77","url":null,"abstract":"This study aims to investigate the relationship between PPI inflation and CPI inflation in Indonesia both in general and for each group of commodity, and to identify whether PPI inflation can be a leading indicator for CPI inflation or vice versa. This study employs Granger causality based on VAR model for monthly data series from January 2010 until August 2016. The results show that there are unidirectional relationship between PPI inflation and CPI inflation generally, bidirectional relationship from PPI inflation to CPI inflation for foodstuffs group, unidirectional from CPI inflation to PPI inflation for clothing group, and no causality between PPI inflation and CPI inflation for processed food, beverage, cigarette, and tobacco group.Keywords: Granger causality, producer price index, consumer price index, VAR JEL classification: E31, C22","PeriodicalId":223841,"journal":{"name":"JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN","volume":"168 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133433000","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Analisis Pengembangan Ekspor Cengkeh Indonesia","authors":"Ely Nurhayati, S. Hartoyo, S. Mulatsih","doi":"10.29244/jekp.7.1.21-42","DOIUrl":"https://doi.org/10.29244/jekp.7.1.21-42","url":null,"abstract":"Exports are an important component of the economy. The higher export performance, the greater positive impact on the economy. From 2012 to 2016, Indonesia's exports continue to decline, so Indonesia needs to boost its exports again. One of the potential commodities developed is cloves. This study analyzes the development of Indonesian clove exports by finding out the competitiveness of cloves, as well as factors affecting its exports. The methods used are RCA, EPD, X-Model, and Gravity. The results of the analysis found that an optimistic market developed is Pakistan, Germany, Italy and United State of America. Potential markets to be developed are Malaysia, Vietnam, Thailand, France and Netherlands markets. Factors affecting Indonesian clove exports are GDP per capita, export price, economic distance and tariff. Keywords: Clove, EPD, Export, Gravity Model, RCA JEL Classification: C23, F10, F13","PeriodicalId":223841,"journal":{"name":"JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120960057","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Analisis Kinerja Perdagangan Indonesia ke Negara Potensial Benua Afrika","authors":"Ade Ayu Fleury Amalina, Tanti Novianti, A. Asmara","doi":"10.29244/JEKP.7.1.43-59","DOIUrl":"https://doi.org/10.29244/JEKP.7.1.43-59","url":null,"abstract":"Trade liberalization generates higher commodity export opportunities between countries. The export opportunities to the African countries are evidenced by the high average growth of the total export values from Indonesia to Africa in 2011-2016, amounting to 5.886%. The aim of this research is to determine the potential importing African countries through the identification of export value and share, evaluate the performance and trade integration between Indonesia and the African countries through RCA, EPD and IIT methods. The results showed that South Africa with commodities like HS 71, 15, 40, 87 and 84 and Egypt with HS 15, 55, 40, 48 and 84, could be potential export destinations for Indonesia in 2011-2016. The Indonesian HS 71, 15 and 40 commodities in South Africa and Egypt i.e. HS 15, 55, 40, and 48, face tremendous competitivity. The potential Indonesian commodities in the South African market with HS codes of 15, 84, and 87 were considered as Falling Star while HS 71 and 40 were in retreating position. The HS 15 and 55 in the Egyptian market were in the position of Falling Star, with HS 40, 48, and 84 in the Retreat position. In South Africa, the HS commodities 71, 15, 40 and HS 87 were weakly integrated while the HS 50 had a strong integration. Keywords: African, RCA, EPD, IIT JEL classification: C23, F10, F13","PeriodicalId":223841,"journal":{"name":"JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126569643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"PERAN BELANJA MODAL PEMERINTAH DAN INVESTASI PEMBANGUNAN MANUSIA DALAM MENGURANGI TINGKAT KEMISKINAN DI INDONESIA","authors":"Khodijah Mustaqimah, S. Hartoyo, Idqan Fahmi","doi":"10.29244/JEKP.V6I2.22391","DOIUrl":"https://doi.org/10.29244/JEKP.V6I2.22391","url":null,"abstract":"Poverty is a measure of socio-economic conditions in assessing the success of development undertaken by a government in a region. There are many negative impacts resulted from poverty, among others, social and economic problems. People who live in poverty usually suffer from malnutrition, poor health, high illiteracy rates, are in poor environment and in lack of access to infrastructure and adequate public services. The purpose of this study was to analyze the impact of human development and government capital expenditure on reducing poverty in Indonesia. The model was estimated by using 2SLS method. Several simulations was also conducted to look at the impact of the allocations of government expenditure on health, education and government capital expenditure on reducing poverty. The results showed that government capital expenditure and human development have significant impacts on reducing poverty in Indonesia with government expenditure on education gives the greatest impact. Keywords: Capital, Expenditure, Government, Human Development, Poverty","PeriodicalId":223841,"journal":{"name":"JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124468131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"ANALYSIS OF EXCHANGE RATE PASS-THROUGH, FEAR OF FLOATING, AND IMPLEMENTATION OF INFLATION TARGETING FRAMEWORK","authors":"Agung Satryo, Lukytawati Anggraeni","doi":"10.29244/jekp.5.2.1-9","DOIUrl":"https://doi.org/10.29244/jekp.5.2.1-9","url":null,"abstract":"This paper analyze the exchange rate pass-through and fear of floating behavior on 18 countries that adopting Inflation Targeting Framework (ITF). Vector Error Correction Model (VECM) is used: (1) to estimate the effect of exchange rate depreciation to inflation (passthrough); and (2) to examine the indication of fear of floating behavior. The result shows that passthrough effect has decreased in most countries after ITF where middle income countries have higher passthrough than high income countries. This effect did not disappear completely and still has a significant role to drive inflation. The interventions on exchange rate movement can be interpreted more as control of inflation than fear of floating. The implementation of ITF especially in middle income countries needs further to be reconsidered since it requires inflation as the only nominal anchor.","PeriodicalId":223841,"journal":{"name":"JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131315788","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"MODAL INTELEKTUAL PADA PERUSAHAAN-PERUSAHAAN DI SEKTOR KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2010-2014","authors":"I. K. M. Lusda, Hari Wijayanto, D. Hakim","doi":"10.29244/JEKP.6.1.58-81","DOIUrl":"https://doi.org/10.29244/JEKP.6.1.58-81","url":null,"abstract":"This study aimed to analyze the company's intellectual capital in the financial sector. The financial sector companies listed in the Indonesian Stock Exchange (BEI) 2010-2014 was used as the sample. The sample selection using purposive sampling method. The data used in this study were secondary data from company annual report obtained from the official website of Indonesia Stock Exchange. Measurement of intellectual capital in this study using a model of Value Added Intellectual Coefficients (VAIC) and measurement of financial performance using ratio analysis with ROA as profitability variable, ATO as productivity variable, and GR as variable growth. The results showed that the overall financial performance of the financial sector in the period of observation were top performers and common performers. Based on the value of company’s intellectual capital, the intellectual capital components contributed most was human capital. Keywords: Finance, Intellectual capital, Value added intellectual coefficient, VAIC","PeriodicalId":223841,"journal":{"name":"JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117069960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"DAYASAING KOMODITAS HORTIKULTURA NEGARA BERKEMBANG DAN NEGARA MAJU DI PASAR INTERNASIONAL","authors":"Eko Purwo Santosa, M. Firdaus, Tanti Novianti","doi":"10.29244/JEKP.V5I2.22326","DOIUrl":"https://doi.org/10.29244/JEKP.V5I2.22326","url":null,"abstract":"Horticulture is one of the agricultural sub-sector consisting of vegetables, fruits, biofarmaka mplants (medicinal plants) and floriculture (ornamentals) became one of the commodities subject of international trade, which the demand is increasing in line with increasing household income and growth population. During the period 2005-2014, the average growth value of horticultural exports of developing countries amounted to 69,81 percent higher than the average growth of exports in developed countries as big as 40,78 percent. The global trading of horticulture is faced with price volatility and trade barriers problems. In addition, the increasing demand of these commodities also in line with the increase in household incomes and population growth. Therefore, this study aimed to analyze the competitiveness of horticulture commodities in the international market and the factors that influence trade flow. The results of Export Product Dynamic (EPD) show that there are two horticultural export commodity that has dynamic market position in world market, there are bananas (HS.080300) and pineapples (HS.080430). Generally, the panel data analysis results show that prices, trade barriers, population, real GDP per capita, economic distances, and real exchange rates significantly affect export volumes. Keywords: Competitiveness, Exports, Horticulture, Gravity model","PeriodicalId":223841,"journal":{"name":"JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117255577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"ANALISIS KINERJA EKSPOR KERTAS INDONESIA KE AMERIKA LATIN","authors":"Mira Marina, S. Mulatsih","doi":"10.29244/JEKP.5.2.87-104","DOIUrl":"https://doi.org/10.29244/JEKP.5.2.87-104","url":null,"abstract":"In order to increase the trade flow, Indonesia joined an alliance called as SouthSouth Cooperation and Forum for East Asia-Latin America Cooperation (FEALAC). One of commodity exported by Indonesia to Latin America is paper. This research purposes to analyze the competitiveness of Indonesian paper commodity in Latin America, and finding out factors affect paper export Indonesia to Latin America during 2009-2013, using RCA, EPD, gravity model and Porter’s Diamond method. This research revealed that the average of RCA is more than 1; three countries placed on the rising star, one country on lost opportunity position, two countries on falling star position, and two countries in retreat position. Variables affect export volume significantly are Per capita riel GDP of Indonesia and export destination country, export price, and economic distance, while exchange rate is not significantly affect the the exports. Keywords: Competitiveness, EPD, Gravity, Porter’s Diamond, RCA","PeriodicalId":223841,"journal":{"name":"JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123891550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"KUALITAS BELANJA DAERAH DAN HUBUNGANNYA DENGAN KINERJA PEMBANGUNAN DI PROVINSI BANTEN","authors":"S. Wahyuni, Bambang Juanda, Idqan Fahmi","doi":"10.29244/JEKP.6.2.16-31","DOIUrl":"https://doi.org/10.29244/JEKP.6.2.16-31","url":null,"abstract":"This study aims to analyze the relevant indicators of spending quality in measuring the quality of regional spending as well as the relationship between the quality of regional spending and the development performance of the regencies/cities of Banten Province. This study uses secondary data from the governance, financial and performance development of the districts/cities of Banten Province between 2009 – 2013. The Data are analyzed using Partial Least Squares Structural Equation Model (PLS–SEM) using SmartPLS software version 2.0 & SmartPLS version 3.0. The Results show that there are 21 indicators out of 40 indicators that are relevant in measuring the quality of the districts/cities spending in Banten Province. The change of the spending quality map from 2009 to 2013 shows that the quality of North Banten (Tangerang Regency, Tangerang City, Tangerang Selatan, Serang Regency, Serang City and Cilegon City) is better than South Banten (Pandeglang and Lebak). In addition, the estimation results from the model used indicate that the quality of the region spending of Banten Provinve has a positive relationship with the performance of development with the value of the indicator 0,678. Keywords : Development Performance, PLS-SEM, Spending Quality","PeriodicalId":223841,"journal":{"name":"JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN","volume":"149 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129314230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}