{"title":"Pengaruh Variabel Ekonomi Makro Terhadap Return Saham Properti Pada Bursa Efek Indonesia","authors":"R. Nurhidayat","doi":"10.31685/KEK.V13I2.73","DOIUrl":"https://doi.org/10.31685/KEK.V13I2.73","url":null,"abstract":"The purpose of this paper is to provide an analysis of the long-run equilibrium relationships between the four macroeconomic variables and property stock index return of Jakarta Stock Exchange. In addition, a dummy variable is included to capture the impact of crisis. The macroeconomic variables analyzed are interest rate, inflation rate, exchange rate, and market return of Jakarta Stock Exchange using monthly observations from January 2003 through December 2008. Ordinary leased square is used to test these relationships. Signal approach is also employed to identify crisis happened during last five years in Indonesia. Econometric result finds long- run equilibrium and significant relationship between Property stock index return and the macroeconomic variables. Finally, there are two crisis periods during last five years in Indonesia. The crises have negative effect on the stock return","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121094241","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":"PENGARUH DEFISIT ANGGARAN TERHADAP DEFISIT TRANSAKSI BERJALAN DI INDONESIA","authors":"M. Nizar","doi":"10.31685/KEK.V17I1.42","DOIUrl":"https://doi.org/10.31685/KEK.V17I1.42","url":null,"abstract":"This study aims to determine the effect of budget deficits on the current accounts deficit in Indonesia during 1990 - 2012. Based on quarterly time series data and using VAR model, the results of this study indicate that: (i) a positive effect of the budget deficit on the current account deficit. In the period 1990 - 2012 the effect of budget deficits is relatively small and rapid (one quarter), while in the period 1990-1997 budget deficits had greater influence with a longer duration (a semester) on current accounts deficit, and (ii) the results of this study confirm and in line with the twin deficit hypothesis. Therefore, the government should take concrete steps to reduce imports of oil (fuel). Because of fuel imports potentially add to the current accounts deficit and also the amount of fuel subsidies (and deficit) in the state budget","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"774 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116413972","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 KEBIJAKAN PENDANAAN PENJAMINAN SIMPANAN INDONESIA","authors":"Sigit Setiawan","doi":"10.31685/KEK.V13I1.89","DOIUrl":"https://doi.org/10.31685/KEK.V13I1.89","url":null,"abstract":"Sistem penjaminan simpanan merupakan bagian tak terpisahkan dari jaring pengaman keuangan (financial safety nef) suatu negara. Sistem ini dibentuk oleh berbagai kebijakan kunci yang salah satunya adalah kebijakan pendanaan penjaminan simpanan. Dalam tulisan ini dikaji kebijakan pendanaan yang berlaku saat ini, alternatif kebijakan lain, kelebihan dan kekurangan masing-masing kebijakan, serta rekomendasi guna menutup kelemahan kebijakan pendanaan penjaminan simpanan yang digunakan saat ini. Dari sisi kebijakan tingkat premi, tingkat premi yang diterapkan oleh sistem penjaminan simpanan Indonesia saat ini tergolong moderat (tingkat premi saat ini 0,1 persen per semester atau 0,2 persen per tahun), karena berada di tengah-tengah rentang premi penjaminan kelompok negara-negara di dunia dalam kelas pendapatan yang sama dengan Indonesia. Tingkat premi tersebut cukup kondusif bagi perbankan Indonesia karena turut andil dalam memberikan cukup ruang bagi perbankan untuk memperbaiki tingkat kesehatan pasca krisis (NPL) dan memupuk modal dari laba (pendapatan bunga bersih) yang diperoleh untuk pengembangan usahanya. Guna memenuhi kepastian hukum dan sebagai antisipasi bila di masa depan cadangan penjaminan kurang dari target 2,5 persen atau tidak mencukupi, LPS perlu segera mendorong pemerintah untuk menerbitkan peraturan pelaksanaan di bawah UU yang mengatur mekanisme penyediaan bantuan pinjaman pemerintah dalam kondisi tidak memadainya atau tidak mencukupinya cadangan penjaminan.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122680774","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}
H. Hartoyo, Didin S. Damanhur, A. Saefuddin, gunadi triguna
{"title":"The Model of Property Tax assessment based on Straight Line Distance and Distance of Travel; Case Study in the West ofBogor City","authors":"H. Hartoyo, Didin S. Damanhur, A. Saefuddin, gunadi triguna","doi":"10.31685/kek.v18i1.29","DOIUrl":"https://doi.org/10.31685/kek.v18i1.29","url":null,"abstract":"The purpose of this study is to find out what factors that affect the land prices, as well as researching the straight line distance or the distance of travel to public facilities stronnger to influence the land prices. The results of this study are necessary to improve the method of determination of the assessment (the value of tax object used by Indonesia's property tax or Nilai Jual Obyek Pajak called NJOP) used in collection all property taxes in the city ofBogor. The data used in this study was 41 vacant lot in area ofBogor Barat, which has been traded throughout the last six months in 2013. Analysis tool used is the Ordinary Least Square (OLS) regression applied to the models of the hedonic price regression (Hedonic Price Method/HPM). Results of the study was the second model uses the distances of travel to public facilities has adjusted R2 of 0.815, is higher than the first model that uses the straight line distance with an adjusted R2 of 0.803, as well as assessment (NJOP) regression to land prices by 0.682. In the second model, five independent variables that affect the land prices are the distances to education facilities, health facilities, security facilities, terminal facilities, and characteristics of the area surrounding the location of the object of research. Adjustment of the determination of the assessment (NJOP), is expected to increase accuracy and fairness, as well as increasing the property tax revenue that results are needed to expand public utilities in the city ofBogor.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"166 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122783601","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 POTENSI PENDAPATAN DARI MEKANISME REDD SEKTOR KEHUTANAN DI INDONESIA","authors":"A. D. Siswanto","doi":"10.31685/KEK.V14I1.79","DOIUrl":"https://doi.org/10.31685/KEK.V14I1.79","url":null,"abstract":"Indonesia faces serious problems in the forestry sector. The forest area covers about 70 percent of the total area spread over 33 provinces, have been damaged more than 37 percent on many levels. Department of Forestry reported deforestation reached 1 million hectares per year since 2000. If the condition is not change then the year 2050 the entire forest will be gone.This study focus to calculate the value of potential income that can be accepted if the REDD mechanism is applied in Indonesia. The methodology used in this study are mathematics and descriptive statistics using secondary data. Source of data are obtained the Central Bureau of Statistics and Ministry of Forestry and other sources. The results showed that according the baseline, the growth trends in deforestation by using 2000 - 2005, Indonesian forest destruction reached 35.277 million hectares on 2017 with 15 percent growth assumption damage.By implementing 3 simulations assuming that the decreased the rate of deforestation by 15 percent, 50 percent and 75 percent, the study provides results that the potential revenue are vary from of U.S. $ 20.155 million to U.S. $ 532.530 million. Estimated potential revenue is determined by the ability to decrease the growth rate of deforestation. The higher the ability to decrease the rate of deforestation, the higher the potential for carbon stock is maintained. On the other side encouraging the increasing deforestation of forest produce higher emissions more carbon stock disappear.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114758001","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":"Indonesia Dalam Menghadapi Liberalisasi Bidang Jasa Pada Tahun 2010","authors":"R. Nurhidayat","doi":"10.31685/kek.v14i1.74","DOIUrl":"https://doi.org/10.31685/kek.v14i1.74","url":null,"abstract":"This is a paper aiming to capture Indonesia's position with regard implementation of Vientiane Action Programme (VAP) mainly in services sector. According to the programe, there are four services sector that will be applied in 2010 which are air travel, information and comunication technology, healthcare, and tourism. A description analysis is used to describe the services sector in both ASEAN and domestic scope.The findings suggest that tourism is one of the sectors which need more atention. Compared with the others, This sector has the bigest share of GDP and national employment. Finally, services liberalization should be applied gardually to minimised negative impact of liberalization","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129418662","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":"INCOME INEQUALITY: EDUCATION AS THE PANACEA","authors":"Nugraheni Kusumaningsih","doi":"10.31685/kek.v18i3.30","DOIUrl":"https://doi.org/10.31685/kek.v18i3.30","url":null,"abstract":"The Indonesian government has already allocated 20 percent from its budget every year for education. Therefore, it's profound to know whether the budget spent on education is giving significant return. The paper aims to examine the rate of return to education, whether there's a disparity between rate of return to education between females and males, and whether education can help tighten the gap of income inequality which is a crucial issue these days facing emerging countries. This paper is using Mincer Equation as the model and Indonesian Family Life Survey (IFLS), a panel data from Indonesian households, finding the rate of return to education to be 7.5 percent. Interesting finding coming from return to education for females to be not different from males, given that return to education for females usually higher than males, though disparity tends to get smaller over time. In addition, it is found that education is not widening the gap of inequality though we can't say whether income equalizing process through education really occurs except for female case, it is income equalizing. This finding is crucial showing that the government should pay more focus in educating females as a means to tighten the income inequality gap.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"5 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129493645","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}
B. Budiyanto, D. Priyarsono, B. Sinaga, T. Sudaryanto
{"title":"Regional Governments Spending, Private Investment and Employment Performance in Indonesia","authors":"B. Budiyanto, D. Priyarsono, B. Sinaga, T. Sudaryanto","doi":"10.31685/KEK.V18I3.23","DOIUrl":"https://doi.org/10.31685/KEK.V18I3.23","url":null,"abstract":"The amount and composition of government spending in fiscal operations has a significant impact on aggregate demand and national output and affects resource allocationin an economy. Therefore, in order to achieve effective economic development, government spending has to be allocated appropriately according to the potentials of each area. Indonesia, which consists of areas with a variety of potential resources would require the determination of the amount and composition of different government spending in order to have an impact on the growth of private investment and employment opportunities are maximized. The purpose of this study is to examine the regional government expenditure performance, private investment and employment opportunities in the area where contribution of the agricultural sector to GRDP is high and low. The study utilizes an econometric model of the system of simultaneous equations using a panel of data of 20 provinces in Indonesia for the period of2003-2011. The 20 sampled provinces were classified into two groups, based on contribution of agriculture sector to the respective regional economy. The estimation results indicate that the determination of the amount of local government spending, both in the areas where the contribution of the agricultural sector to GRDP is either high or low, based on the activity or program of the previous year. Meanwhile, the greater the number of regional government spending for the agricultural sector, the private investment of agricultural sector and employment is increasing.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"109 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127077490","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 PERDAGANGAN PRODUK ALAS KAKI INDONESIA - CHINA","authors":"Ragimun Ragimun","doi":"10.31685/KEK.V16I2.39","DOIUrl":"https://doi.org/10.31685/KEK.V16I2.39","url":null,"abstract":"The Government continues to encourage non-oil exports in order to increase state revenues. One of them is a footwear product. Main export products are in addition to generating foreign exchange also employment. One factor that may affect the export of footwear products are competitive and many competitors' products, including China. Indonesia has the footwear of competitiveness is quite good for the world and exports of footwear products to China. From 2001 to 2010 Revealed Comparative Advantage (RCA) showed an average of over 1. Besides, the analysis of trade specialization index also shows the average above 0.5 which means that Indonesia is best suited as an exporter of footwear products. Related to this strategy of increasing competitiveness of footwear products, which need do is to continuously improve product quality and efficiency as well as footwear business climate in Indonesia.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124885958","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 the Performance of SMEs Credit Program in the Stakeholders' Perspectives","authors":"M. Nasir","doi":"10.31685/kek.v17i1.36","DOIUrl":"https://doi.org/10.31685/kek.v17i1.36","url":null,"abstract":"SMEs have siginifcant role for Indonesian economic, such as employing many labors and significant contribution to GDP. To support them more productive, Government launched a KUR in 2007, a credit program for SMEs that is feasible but not bankable, and has credit guarantee facility. Government has cooporated with some Banks for credit and with PT Askrindo and Perum Jamkrindo for credit guarantee. Since 2007, KUR has been run over 5 years. The question is how the performance of KUR viewed by Government, Banks, and Credit Guarantee Enterprises perspectives. Bu using descriptive analysis methode, the research shows that for Government perspective, KUR has distributed credit around Rp.97.6 triliun for around 7.6 million debitors during 2007-2013. For perspective of Banks, KUR has given profit because its interest rate (13% for retail and 22% for mikro] above basic lending rate of banks. Credit guarantee facility also has supported banks to penetrate new market or new debiturs. For credit guarantee enterprises, KUR has been able to increase their income.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"162 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123290834","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}