Judul: Analisis Hubungan Pinjaman Luar Negeri dan Kebijakan Fiskal di Indonesia
Abstrak: Indonesia is one of many developing countries that use foreign debt in its development. Foreign debt is one of aspects in fiscal policy. Accumulation of foreign debt every year has a relation with fiscal policy instruments such as government expenditure and tax revenue. Foreign debt also affected by economic growth and international interest rate. This research will discuss the analysis of the relation of foreign debt and fiscal policy in Indonesia. Analysis tools that used in this research are Granger causality method, Vector Auto Regression (VAR), Vector Error Correction Model (VECM), Impulse Response Function (IRF), and Forecast Error Variance Decomposition (FEVD). VECM estimation model result shows that in the short term equation, foreign debt is positively and significantly affecting the debt itself, while in the long term equation, all variables significantly affecting foreign debt which are Gross Domestic Product, government expenditure, tax revenue, and international interest rate. Gross Domestic Product positively affecting foreign debt. Government expenditure, tax revenue, and international interest rate is negatively affecting foreign debt. Result of IRF shows the same result with VECM estimation model for the effect of shocks from Gross Domestic Product, tax revenue, and international interest rate toward foreign debt. However, result of IRF for government expenditure shocks shows positively affecting foreign debt. Foreign debt shocks is affected by the debt itself that contribute with higher proportion in short term. While for long term, foreign debt is affected by the debt itself and other macroeconomic variables such as Gross Domestic Product, government expenditure, tax revenue, and international interest rate, but the effect of Gross Domestic Product toward foreign debt is higher than other variables.
Keyword: 

Judul: Evaluasi Kesinambungan Fiskal Menggunakan Model Dinamika Utang Publik
Abstrak: Kebijakan fiskal merupakan salah satu kebijakan yang mengatur pengelolaan anggaran pengeluaran dan pendapatan negara. Secara umum kebijakan fiskal yang baik adalah kebijakan fiskal yang berkesinambungan. Hal itu diindikasikan oleh tingkat utang negara bersangkutan yang cenderung turun. Kebijakan fiskal yang berkesinambungan ini dapat dipelajari menggunakan model dinamika utang publik yang diubah menjadi rasio utang terhadap PDB. Perubahan kekonvergenan kurva rasio utang terhadap PDB dapat dilihat dari perubahan parameter yang digunakan. Hasil simulasi menunjukkan bahwa perubahan parameter dapat mengubah bentuk kurva rasio utang terhadap PDB menjadi konstan, konvergen, atau divergen. Dari pembahasan dan simulasi diperoleh rasio utang terhadap PDB untuk negara Prancis, Jerman, Italia dan Amerika Serikat konvergen ke 0.415, 0.012, 0.813 dan 0.316, sedangkan rasio utang terhadap PDB Indonesia konvergen ke 1.206. Kebijakan fiskal berkesinambungan jika kurva rasio utang terhadap PDB memiliki kekonvergenan antara nol hingga satu.
Keyword: kesinambungan fiskal, model dinamika utang publik.

Judul: Characteristic of Powdered Spirulina Yoghurt with Lactobacillus plantarum SK (5) Starter During Storage
Abstrak: Pembuatan yoghurt spirulina bubuk dengan metode spray drying dapat dilakukan untuk meningkatkan masa simpan produk yoghurt spirulina. Tujuan penelitian ini membandingkan karakteristik yoghurt spirulina cair dan bubuk dan menentukan pengaruh penyimpanan terhadap nilai aw, viabilitas bakteri asam laktat, dan aktivitas antioksidan yoghurt spirulina bubuk selama 28 hari di suhu ruang. Yoghurt spirulina dibuat melalui fermentasi susu dengan 15% starter L. plantarum SK (5) dan 1.5% biomassa basah S. platensis hasil kultivasi. Yoghurt spirulina bubuk disimpan dalam kemasan PET/ALU/LLDPE pada suhu ruang (27-29 oC), lalu dilakukan pengamatan setiap 7 hari. Yoghurt spirulina bubuk memiliki kadar air, kadar protein, kadar lemak, nilai pH, kadar TAT, total BAL, dan aktivitas antioksidan yang berbeda nyata dengan yoghurt spirulina cair. Yoghurt spirulina bubuk memiliki rendemen 6.42%, nilai aw 0.32, kelarutan 72.75%, dan ukuran partikel 5.818 µm. Perlakuan lama penyimpanan tidak berpengaruh secara nyata terhadap total BAL yoghurt spirulina bubuk (P<0,05), namun nilai aw dan aktivitas antioksidan yoghurt spirulina bubuk mengalami perubahan yang signifikan setelah penyimpanan 28 hari., Spirulina yoghurt shelf life could be improved by making a powdered yoghurt with spray drying method. The aim of this study was to compare the characteristics of liquid and powdered spirulina yoghurt and the changes in water activity (aw), lactic acid bacteria (LAB) viability, and antioxidant activity of powdered spirulina yoghurt during 28 days of storage. Spirulina yoghurt was made by fermentation process of milk with 15% starter of L. plantarum SK (5) dan 1.5% wet biomass of cultivated S. platensis. Spirulina yoghurt powder was kept in PET/ALU/LLDPE pouches at room temperature (27-29 oC), and observed per 7 days. The moisture content, protein content, fat content, pH values, TAT levels, total LAB, and antioxidant activity of spirulina yoghurt powder has a significant difference with spirulina liquid yoghurt. Spirulina yoghurt powder has 6.42% of yield, 0.32 of aw level, 72.75% of solubility, and 5.818 µm of particle size. The storage time treatment did not affect the total LAB of spirulina yoghurt powder significantly (P<0,05), but the aw levels and antioxidant activity was changed significantly after 28 days storage.
Keyword: antioksidan, fermentasi, Lactobacillus plantarum SK (5), probiotik, spray drying, yoghurt