Buletin Ekonomi Moneter dan Perbankan最新文献

{"title":"ACCESS TO CREDIT AND PHYSICAL CAPITAL STOCK: A STUDY OF NON-FARM HOUSEHOLD ENTERPRISES IN NIGERIA","authors":"Obed I. Ojonta, Jonathan E. Ogbuabor","doi":"10.21098/bemp.v24i4.1515","DOIUrl":"https://doi.org/10.21098/bemp.v24i4.1515","url":null,"abstract":"This study investigated the influence of access to credit on the physical capital stock of non-farm household enterprises in Nigeria. The study used the binary logistic regression technique and Nigeria’s 2018-19 General Household Survey data (Wave 4). We find that the influence of access to credit on the physical capital stock of nonfarm household enterprises in Nigeria is positive and significant. This implies that access to credit enhances the capacity of these enterprises to procure physical capital stock. Our results also indicate that expenditure on raw materials, profit, and years of operations are other key drivers of physical capital stock accumulation. Consequently, we conclude that there is a need for policies to enhance access to credit by non-farm household enterprises in Nigeria to strengthen their operations on a sustainable basis.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45485805","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":"FINTECH, BANKS, AND THE COVID-19 PANDEMIC: EVIDENCE FROM INDONESIA","authors":"M. S. Sapulette, N. Effendi, Teguh Santoso","doi":"10.21098/bemp.v24i4.1470","DOIUrl":"https://doi.org/10.21098/bemp.v24i4.1470","url":null,"abstract":"This study investigates the relationship between fintech and banks and how this relationship is affected by the COVID-19 pandemic. We use monthly stock data of all banks consistently listed on the Indonesian Stock Exchange from February 2018 to March 2021. For fintech data, we use a total of four proxies that encompass both lending and borrowing aspects of peer-to-peer lending fintech. To provide robust results, we use five model specifications. Furthermore, we also estimate the models using both the fixed effect and the two-step system generalized method of moments estimators. To see the dynamics of the relationship between fintech and banks before and during the pandemic, we estimate one of our five models using half-yearly data for each semester from the second semester of 2018 to the second semester of 2020. Our fixed effect and two-step system generalized method of moments estimates indicate a relatively less negative impact of fintech on bigger banks. This relationship is further exemplified during the COVID-19 pandemic period. We argue that these findings have significant implications for the Indonesian financial authorities’ open banking strategy and for the future of the Indonesian financial system in general.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48098820","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":"KNOWING THE UNKNOWNS – FRESH INSIGHTS FROM AN UNKNOWN STOCK MARKET","authors":"S. Sharma, N. Yoshino, Farhad Taghizadeh‐Hesary","doi":"10.21098/bemp.v24i4.1783","DOIUrl":"https://doi.org/10.21098/bemp.v24i4.1783","url":null,"abstract":"The goal of our study is to examine the impact of natural disasters on the South Pacific Stock Exchange. We use daily time-series data for Fiji’s stock market for the period 2000-2019. Our empirical framework is based on three factor regression models, namely the market model, the Fama and French three-factor model, and the Fama and French five-factor model. We find evidence that natural disasters in Fiji reduce abnormal returns in the most relevant five-factor model. Additionally, we provide evidence that different types of natural disasters have heterogeneous effects on Fiji’s stock market. Our findings are further supported by a robustness check.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49123380","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":"IS INDONESIA’S CURRENT ACCOUNT BALANCE OPTIMAL? EVIDENCE FROM AN INTERTEMPORAL APPROACH","authors":"Bhavesh Garg, K. Prabheesh","doi":"10.21098/bemp.v25i0.1843","DOIUrl":"https://doi.org/10.21098/bemp.v25i0.1843","url":null,"abstract":"This study investigates whether Indonesia’s Current Account (CA) balance is intertemporally solvent. We provide fresh evidence on Indonesia’s CA deficit solvency by considering post-crisis period data and conducting sub-sample analysis. Our findings suggest that Indonesia’s CA is not solvent. We notice evidence of excess lending prior to the global financial crisis of 2008 and excess borrowing in the postcrisis period. Policymakers need to focus on the composition of capital flows and management of volatile capital flows since discouraging foreign capital inflows may serve as a deterrent to economic growth.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47122432","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":"A REFLECTION OF SUSTAINABLE INCLUSIVE GROWTH POST-PANDEMIC AND THE CENTRAL BANK’S CHALLENGES BEYOND STABILITY","authors":"Perry Warjiyo","doi":"10.21098/bemp.v25i0.2058","DOIUrl":"https://doi.org/10.21098/bemp.v25i0.2058","url":null,"abstract":"<jats:p>-</jats:p>","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46698444","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":"STIMULATING ECONOMIC RECOVERY, PROMOTING SUSTAINABLE- INCLUSIVE GROWTH: CHALLENGES AND OPPORTUNITIES, THE 15TH BMEB INTERNATIONAL CONFERENCE SPECIAL ISSUE","authors":"P. Narayan, Solikin M. Juhro","doi":"10.21098/bemp.v25i0.2057","DOIUrl":"https://doi.org/10.21098/bemp.v25i0.2057","url":null,"abstract":"2021. The theme of this conference was “Stimulating Economic Recovery, Promoting Sustainable-Inclusive Growth: Challenges and Opportunities”. The BMEB international conference is the traditional conference of the Bank Indonesia and a premier conference on business and economic issues in the Asia-Pacific region. With this annual BMEB conference, the journal stands tall on a range of policy deliberations relating to central banking issues and economic growth in Indonesia and the region. The annual BMEB conference reflects the growing reputation as well as regional and international standing of the BMEB which has risen the ranks to become a Q2 SCOPUS journal. It is also accredited by the ABDC rankings of journals. The 15th conference received 200 submissions. These submissions came from 28 different countries covering five continents. Of the 200 papers, 61.5% of submissions were from authors based in foreign universities while the balance was local author submission. The conference’s acceptance rate was 25%; that is, we selected, through a rigorous review process, only 50 papers. Thirty-one papers were from foreign authors and 19 from local authors. We, the guest editors, chose seven papers that we perceive to be a broad representation of the theme of this conference. In choosing these papers, we kept in mind the potential of these papers to inspire future research. These papers were selected based on the journal’s rigorous review process. First, they were read by the guest editors and authors revised in response to our comments. Second, each paper was presented at the conference and each paper had a discussant. The discussant report was then used to revise the papers further before they were submitted to BMEB. Third, upon submission to BMEB, each paper was reviewed by two expert reviewers, leading to a third round of revisions. The papers were then accepted following this process. In addition to these seven papers, as we did last year as part of the 14th BMEB conference, we decided to also publish the keynote speech entitled “A Reflection of Sustainable Inclusive Growth Post-Pandemic and the Central Bank’s Challenges Beyond Stability”. The keynote speech was presented at the conference by the Governor of Bank Indonesia, Dr. Perry Warjiyo. The keynote speech represents the culture of policy thinking, implementation, and research agenda set out by Bank Indonesia. Dr. Warjiyo’s speech identifies the challenges faced by the global economy due to the COVID-19 pandemic and discusses the resulting opportunities. It concludes EDITORIAL","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46059122","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":"PANDEMICS, LOCKDOWN AND ECONOMIC GROWTH: A REGION-SPECIFIC PERSPECTIVE ON COVID-19","authors":"D. Dash, N. Sethi","doi":"10.21098/bemp.v25i0.1841","DOIUrl":"https://doi.org/10.21098/bemp.v25i0.1841","url":null,"abstract":"This study examines the impacts of COVID-19 induced factors and country specific health-care infrastructure and co-morbid factors on economic growth between January 1, 2021, to May 31, 2021 for 19 South and South-east Asian (SSEA) economies. Our findings indicate that COVID-19 related mortality negates growth, while vaccination and testing have no significant impact on growth during this period. We further quantify the effects by instrumenting government policy measures and vaccination drives in terms of testing, tracking and mortality. Our findings show a negative effect of lockdowns on growth, while vaccination has a positive impact on growth and controls fatality rate considerably.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44404660","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":"UNDERSTANDING MARKET REACTION TO COVID-19 MONETARY AND FISCAL STIMULUS IN MAJOR ASEAN COUNTRIES","authors":"Syed Aun R. Rizvi, Solikin M. Juhro, P. Narayan","doi":"10.21098/bemp.v24i3.1690","DOIUrl":"https://doi.org/10.21098/bemp.v24i3.1690","url":null,"abstract":"In this paper, we examine the effect of fiscal and monetary policy stimulus actions during the COVID-19 pandemic on the stock markets of four ASEAN countries, namely, Indonesia, Singapore, Malaysia, and Thailand. Using time-series regression models, we show the relative importance of monetary and fiscal policies. Our findings suggest that 7-days after the policy announcement, fiscal policies helped cushion financial market losses in Indonesia, Singapore and Thailand. We do not find any robust evidence of policy effectiveness for Malaysia. While our investigation is preliminary it opens an additional avenue for understanding the effectiveness of policy stimulus.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45640032","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":"COVID-19, POLICY RESPONSES, AND INDUSTRIAL PRODUCTIVITY AROUND THE GLOBE","authors":"Bernard Njindan Iyke, Susan Sunila Sharma, Iman Gunadi","doi":"10.21098/bemp.v24i3.1691","DOIUrl":"https://doi.org/10.21098/bemp.v24i3.1691","url":null,"abstract":"We examine whether the COVID-19-induced policy responses by countries moderated the negative impact of the pandemic on industrial productivity. Using a panel of the 50 most affected countries by the pandemic, we show that the policy responses do not only help reduce the spread of COVID-19, but they also moderate its negative impact on industrial productivity and help steer countries back to their growth paths. We demonstrate that, in the absence of the pandemic, some of the policy responses (i.e., lockdowns, travel restrictions, etc.) would have reduced productivity. We further demonstrate that our estimates are robust when considering alternative specifications of our productivity model. Our study provides strong support for evidence-based policies and emphasizes, consistent with theoretical arguments, that an optimal policymix is fundamental to steering economies back to their steady productivity growth paths when facing negative shocks.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41709341","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":"THE EFFECT OF SAVING ACCOUNT OWNERSHIP AND ACCESS TO FINANCIAL INSTITUTIONS ON HOUSEHOLD LOANS IN INDONESIA","authors":"R. Maulana, C. Nuryakin","doi":"10.21098/bemp.v24i3.1428","DOIUrl":"https://doi.org/10.21098/bemp.v24i3.1428","url":null,"abstract":"This study investigates whether saving account ownership and access to financial institutions influence household credit in Indonesia. Using a multinomial logit regression model and a sample of 294,426 households from the 2018 national socioeconomic survey and the village potential data, we find that account ownership is essential in encouraging formal credit and reducing informal credit. Access to commercial banks, rural banks, and cooperatives can then improve formal credit without significantly reducing informal credit. Hence, the government needs to encourage bank account ownership and facilitate access to financial institutions in order to promote formal credit and reduce informal credit.","PeriodicalId":36737,"journal":{"name":"Buletin Ekonomi Moneter dan Perbankan","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49602764","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}