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FISCAL AND MONETARY POLICY INTERACTIONS IN INDONESIA DURING PERIODS OF ECONOMIC TURMOIL IN THE US: 2001Q1-2014Q4 美国经济动荡时期印尼的财政和货币政策互动：2001年第1季度至2014年第4季度
Buletin Ekonomi Moneter dan Perbankan Pub Date : 2022-06-20 DOI: 10.21098/bemp.v25i1.1619
Chandra Utama, Insukindro Insukindro, Ardyanto Fitrady
{"title":"FISCAL AND MONETARY POLICY INTERACTIONS IN INDONESIA DURING PERIODS OF ECONOMIC TURMOIL IN THE US: 2001Q1-2014Q4","authors":"Chandra Utama, Insukindro Insukindro, Ardyanto Fitrady","doi":"10.21098/bemp.v25i1.1619","DOIUrl":"https://doi.org/10.21098/bemp.v25i1.1619","url":null,"abstract":"This study investigates the formation of the interaction between monetary and fiscal policies in Indonesia during periods of economic turmoil in the US (external shock) based on the Hybrid New Keynesian (HNK) model. The study estimates the HNK model using the Full Information Maximum Likelihood and time-series data over theperiod 2001Q1-2014Q4. The result reveals the form of coordination is a monetary-led policy mix between active monetary policy and passive fiscal policy. The degree of coordination is down when external shock increases.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47226404","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}
引用次数: 2
DOES INNOVATION OUTCOME INFLUENCE PERFORMANCE OF INDIAN MANUFACTURING FIRMS? 创新成果是否影响印度制造企业的绩效?
Buletin Ekonomi Moneter dan Perbankan Pub Date : 2022-03-24 DOI: 10.21098/bemp.v25i0.1824
B. N. Rath, Poulomi Bhattacahrya
{"title":"DOES INNOVATION OUTCOME INFLUENCE PERFORMANCE OF INDIAN MANUFACTURING FIRMS?","authors":"B. N. Rath, Poulomi Bhattacahrya","doi":"10.21098/bemp.v25i0.1824","DOIUrl":"https://doi.org/10.21098/bemp.v25i0.1824","url":null,"abstract":"This paper investigates the impact of innovation on the performance of selected manufacturing firms in India over the period 2008-2017. Specifically, we emphasize on the role of innovation outcome in terms of number of patents on firms’ performance and consider total factor productivity growth, firms’ growth in terms of total gross sales, and profitability as indicators of firm performance. The results based on the panel Feasible Generalized Least Square estimator shows that the effect of innovation on firms’ performance is positive. Further, the impact of innovation on performance is higher for large firms compared to small firms.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46204562","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}
引用次数: 2
DOES BANK EFFICIENCY ENHANCE BANK PERFORMANCE? EMPIRICAL EVIDENCE FROM INDIAN BANKING 银行效率提高银行绩效吗?来自印度银行业的经验证据
Buletin Ekonomi Moneter dan Perbankan Pub Date : 2022-03-24 DOI: 10.21098/bemp.v25i0.1844
Bijoy Rakshit, Samaresh Bardhan
{"title":"DOES BANK EFFICIENCY ENHANCE BANK PERFORMANCE? EMPIRICAL EVIDENCE FROM INDIAN BANKING","authors":"Bijoy Rakshit, Samaresh Bardhan","doi":"10.21098/bemp.v25i0.1844","DOIUrl":"https://doi.org/10.21098/bemp.v25i0.1844","url":null,"abstract":"This paper examines the effects of cost, revenue, profit efficiency, and stability inefficiency on bank profitability in India over the period 1997 to 2017. Additionally, this study examines the effect of efficiency on profitability for banks according to their ownership and for periods with (and without) the global financial crisis. The cost, revenue, and profit efficiency scores for 70 banks in India are estimated using stochastic frontier analysis. Our key findings are as follows. First, we find that cost, revenue and profit efficiencies positively influence the profitability conditions of Indian banks. Second, banks that are inefficient adversely influence bank performance, although the global financial crisis did not seem to impact the efficiency-profitability relationship. Finally, we find that bank ownership matters for the association between its efficiency and performance.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48950350","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}
引用次数: 2
FOREIGN DIRECT INVESTMENT AND WAGE SPILLOVERS IN THE INDONESIAN MANUFACTURING INDUSTRY 外国直接投资与印尼制造业工资溢出效应
Buletin Ekonomi Moneter dan Perbankan Pub Date : 2022-03-24 DOI: 10.21098/bemp.v25i0.1821
M. Yasin, M. A. Esquivias, N. Arifin
{"title":"FOREIGN DIRECT INVESTMENT AND WAGE SPILLOVERS IN THE INDONESIAN MANUFACTURING INDUSTRY","authors":"M. Yasin, M. A. Esquivias, N. Arifin","doi":"10.21098/bemp.v25i0.1821","DOIUrl":"https://doi.org/10.21098/bemp.v25i0.1821","url":null,"abstract":"We examine whether foreign direct investment (FDI) influences wage spillover in the manufacturing sector in Indonesia from the perspective of three recipients (dimensions): industry, province, and technology intensity. Annual data of Indonesian manufacturing firms from 2011 to 2015 is employed. Using the Fixed Effect Model, we found the spatial (province) dimension to matter the most as it consistently indicates that inward FDI depresses wages in the recipient province. When we split the observation based on firm size, FDI inflows within the same technological intensive subsectors were found to discourage wages. Only FDI inflows within the host industries support higher salaries for smaller domestic firms. The coordination between central and local governments remains essential to ensure that local companies are sufficiently competitive with foreign companies.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44793151","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}
引用次数: 3
THE ECONOMIC EFFECTS OF COVID-19 MITIGATION POLICIES ON UNEMPLOYMENT AND ECONOMIC POLICY UNCERTAINTY 新冠肺炎缓解政策对失业和经济政策不确定性的经济影响
Buletin Ekonomi Moneter dan Perbankan Pub Date : 2022-03-23 DOI: 10.21098/bemp.v25i0.1833
Anasuya Haldar, N. Sethi
{"title":"THE ECONOMIC EFFECTS OF COVID-19 MITIGATION POLICIES ON UNEMPLOYMENT AND ECONOMIC POLICY UNCERTAINTY","authors":"Anasuya Haldar, N. Sethi","doi":"10.21098/bemp.v25i0.1833","DOIUrl":"https://doi.org/10.21098/bemp.v25i0.1833","url":null,"abstract":"This paper examines the effects of government COVID-19 mitigation strategies and Economic Policy Uncertainty (EPU) on unemployment-rate over the period November 2019 to April 2021 for the 16 most severely COVID-19 affected countries. Our specific objectives are threefold: first, to examine the dynamic relationship between EPU and unemployment-rate; second, to analyze the extent to which government’s COVID-19 mitigation response affects the unemployment-rate; and third, to examine indirectly the effects of government economic policies on the unemployment-rate through market indicators, such as the business and consumer confidence indices. We find that EPU increases fluctuations in unemployment for the COVID-19 affected countries, while governments’ vaccination drive significantly reduces it. Increases in government stringency aggravate unemployment in the informal sectors and enhances labor inequality.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49013457","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}
引用次数: 5
THE IMPACT OF COVID-19 ON DIGITAL PAYMENT HABITS OF INDIAN HOUSEHOLDS COVID-19对印度家庭数字支付习惯的影响
Buletin Ekonomi Moneter dan Perbankan Pub Date : 2022-03-23 DOI: 10.21098/bemp.v25i0.1823
Rajas Saroy, Sakshi Awasthy, N. Singh, Sonali M. Adki, Sarat Dhal
{"title":"THE IMPACT OF COVID-19 ON DIGITAL PAYMENT HABITS OF INDIAN HOUSEHOLDS","authors":"Rajas Saroy, Sakshi Awasthy, N. Singh, Sonali M. Adki, Sarat Dhal","doi":"10.21098/bemp.v25i0.1823","DOIUrl":"https://doi.org/10.21098/bemp.v25i0.1823","url":null,"abstract":"The COVID-19 induced lockdown in India was an inflection point for on-boarding of new users into digital payments. Using a large survey dataset, we examine the driving factors of this shift for those who used digital payments for the first time. Apart from demographic drivers of payment choice traditionally explored in the literature, we find that this shift was significantly shaped by the degree of awareness of digital modes, access to smartphones and debit cards, and pandemic-relief welfare transfers. Users who had abandoned digital payments due to prior bad experiences switched back to such modes.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43637018","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}
引用次数: 3
ASSESSING THE COMPETITIVENESS OF FIRMS IN THE INDIAN MANUFACTURING SECTOR: AN INTER INDUSTRY ANALYSIS 评估印度制造业企业的竞争力:行业间分析
Buletin Ekonomi Moneter dan Perbankan Pub Date : 2022-02-18 DOI: 10.21098/bemp.v24i4.1678
P. K. Sahoo, B. N. Rath, Viet Le
{"title":"ASSESSING THE COMPETITIVENESS OF FIRMS IN THE INDIAN MANUFACTURING SECTOR: AN INTER INDUSTRY ANALYSIS","authors":"P. K. Sahoo, B. N. Rath, Viet Le","doi":"10.21098/bemp.v24i4.1678","DOIUrl":"https://doi.org/10.21098/bemp.v24i4.1678","url":null,"abstract":"This study measures the competitiveness of Indian manufacturing industries by covering 650 firms from 11 industries using the composite index approach. Firms are classified into two broad groups based on labor-capital intensity and ownership. The study found that capital-intensive industries are more competitive than labor-intensive industries. With regards to ownership of firms, the study finds that foreign-owned firms are more competitive than domestic firms. The study also divides the sample into two sub-periods based on India’s Competition Act 2002. The results reveal that competitiveness has slightly increased after the implementation of the Act.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49003085","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}
引用次数: 1
COVID-19 UNCERTAINTY AND MONETARY POLICY RESPONSES: EVIDENCE FROM EMERGING MARKET ECONOMIES COVID-19的不确定性和货币政策应对:来自新兴市场经济体的证据
Buletin Ekonomi Moneter dan Perbankan Pub Date : 2022-02-18 DOI: 10.21098/bemp.v24i4.1692
K. Prabheesh, Solikin M. Juhro, C. Harun
{"title":"COVID-19 UNCERTAINTY AND MONETARY POLICY RESPONSES: EVIDENCE FROM EMERGING MARKET ECONOMIES","authors":"K. Prabheesh, Solikin M. Juhro, C. Harun","doi":"10.21098/bemp.v24i4.1692","DOIUrl":"https://doi.org/10.21098/bemp.v24i4.1692","url":null,"abstract":"This paper examines the effectiveness of monetary policy transmission in emerging economies during the COVID-19 outbreak. Using data from 14 emerging economies severely affected by the pandemic and the autoregressive distributed lag approach to cointegration, the study examines the effectiveness of monetary policy in affecting output, inflation, and credit. The study finds that: (1) In most economies, the monetary policy transmission to inflation is weakened due to the uncertainty created by the COVID-19 pandemic; (2) in a few economies, the transmission is found to be effective in stabilizing credit and output; and (3) the outbreak of the COVID-19 pandemic induced economic agents to follow a “cautionary” or “wait and see” approach.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46960921","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}
引用次数: 21
DYNAMIC RELATIONSHIP BETWEEN CAPITAL INFLOWS AND BANK LENDING: THE ROLE OF COMMODITY PRICE AND GLOBAL FINANCIAL MARKET SHOCKS 资本流入与银行贷款的动态关系:商品价格与全球金融市场冲击的作用
Buletin Ekonomi Moneter dan Perbankan Pub Date : 2022-02-18 DOI: 10.21098/bemp.v24i4.1170
Doni Satria, N. Nachrowi, T. Falianty, Iskandar Simorangkir
{"title":"DYNAMIC RELATIONSHIP BETWEEN CAPITAL INFLOWS AND BANK LENDING: THE ROLE OF COMMODITY PRICE AND GLOBAL FINANCIAL MARKET SHOCKS","authors":"Doni Satria, N. Nachrowi, T. Falianty, Iskandar Simorangkir","doi":"10.21098/bemp.v24i4.1170","DOIUrl":"https://doi.org/10.21098/bemp.v24i4.1170","url":null,"abstract":"This paper investigates the dynamic relationship between capital inflows and bank lending in Indonesia. We use a Structural Vector AutoRegression (SVAR) model that allows exogenous international commodity prices and global financial market fluctuations to influence capital inflows. We find that commodity price shocks are more important as compared to global financial shocks in explaining the variance of capital inflows in the long run. Furthermore, shocks from capital inflows lead to a change in bank lending allocation across economic sectors.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43270289","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}
引用次数: 0
WHAT DRIVES PERSISTENTLY HIGH INFLATIONARY PRESSURES IN VIETNAM? SOME EVIDENCE FROM THE NEW KEYNESIAN CURVE FRAMEWORK 是什么导致了越南持续的高通胀压力?一些来自新凯恩斯曲线框架的证据
Buletin Ekonomi Moneter dan Perbankan Pub Date : 2022-02-18 DOI: 10.21098/bemp.v24i4.1766
Xuan-Hoa Nghiem, S. Narayan
{"title":"WHAT DRIVES PERSISTENTLY HIGH INFLATIONARY PRESSURES IN VIETNAM? SOME EVIDENCE FROM THE NEW KEYNESIAN CURVE FRAMEWORK","authors":"Xuan-Hoa Nghiem, S. Narayan","doi":"10.21098/bemp.v24i4.1766","DOIUrl":"https://doi.org/10.21098/bemp.v24i4.1766","url":null,"abstract":"In this study, we revisit the inflation process in Vietnam through the New Keynesian Phillips Curve (NKPC) model. We use monthly and quarterly data frequencies to track the forces driving inflationary pressures up to a quarter. Interest rate, an important determinant of inflation, is often found to give theoretically inconsistent result. Hence, we examine different interest rates, including, the central bank policy rate, lending interest rate and one-month interbank interest rates. Further, there is no unified approach to measuring the output gap – an important variable of the model - in the literature which may affect the results. Therefore, in this study, output gap is measured using two different approaches, namely, the linear trend model and the Hodrick-Prescott (HP) filter to see whether different measurement approaches matter for the signs and significance of this variable. Our key findings show that while the effects of interest rate vary by its type, measurement of output gap does not matter for the determination of inflation in Vietnam. What matters is whether the inflation model is quarterly or monthly. We explain the main determinants of inflation and provide some policy implications in the paper.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45616028","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}
引用次数: 2
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