Judul: The Role of Foreign Public Debt to Foreign Exchange Reserve in Middle Income Countries: Does Governance Affect?
Abstrak: Utang luar negeri dan cadangan devisa memiliki peranan penting dalam pertumbuhan ekonomi. Kedua hal tersebut memiliki hubungan dua arah yaitu utang luar negeri dapat meningkatkan cadangan devisa serta cadangan devisa digunakan sebagai pembayaran kembali utang luar negeri. Untuk menguji utang luar negeri tepatnya utang publik luar negeri terhadap cadangan devisa, penelitian ini menggunakan data panel 22 middle-income countries dengan menginteraksikan tata kelola pemerintah pada periode 2013 hingga 2022. Penelitian ini menggunakan analisis panel statis. Perkembangan utang publik luar negeri serta cadangan devisa cukup berfluktuasi. Tata kelola pemerintah di wilayah tersebut tertinggi pada tahun 2022 yaitu pada indikator Regulatory Quality serta terendah yaitu Rule of Law. Random Effect Model menemukan bahwa utang publik luar negeri meningkatkan cadangan devisa. Namun, utang publik luar negeri belum optimal meningkatkan cadangan devisa karena rendahnya tingkat kepatuhan hukum. Sementara tingkat akuntabilitas pemerintah memperkuat peran utang publik luar negeri terhadap cadangan devisa. Faktor lainnya yang mempengaruhi cadangan devisa yaitu structural transformation, ekspor, labor, financial development serta foreign direct investment., Foreign debt and foreign exchange reserves play an important role in economic growth. Both of these have a two-way relationship, namely foreign debt can increase foreign exchange reserves and foreign exchange reserves are used as repayment of foreign debt. To examine foreign debt, specifically foreign public debt, on foreign exchange reserves, this study uses panel data of 22 middle-income countries by interacting government governance in the period 2013 to 2022. This study uses static panel analysis. The development of foreign public debt and foreign exchange reserves fluctuated. Governance in the region is highest in 2022 in the Regulatory Quality indicator and the lowest is Rule of Law. The Random Effect Model found that foreign public debt increases foreign exchange reserves. However, foreign public debt has not optimally increased foreign exchange reserves due to the low level of legal compliance. Meanwhile, the level of government accountability strengthens the role of foreign public debt on foreign exchange reserves. Other factors that affect foreign exchange reserves are structural transformation, exports, labor, financial development and foreign direct investment.
Keyword: Cadangan devisa, Middle income countries, Utang publik luar negeri, Tata kelola pemerintah

Judul: The Effect of the Domestic Public Debt on Financial Development in Indonesia
Abstrak: Pemenuhan defisit pada pembiayaan sektor publik melalui utang domestik dapat memengaruhi kinerja financial development, terutama di negara yang sektor keuangannya masih bertumpu pada satu sub-sektor yaitu perantara keuangan seperti Indonesia. Penelitian ini bertujuan untuk menganalisis pengaruh domestic public debt terhadap financial development di Indonesia. Data sekunder yang digunakan dalam penelitian ini berbentuk time series dengan periode waktu 2010Q1-2020Q3. Metode pengolahan data yang digunakan yaitu principal component analysis (PCA) dan regresi ordinary least squares (OLS). Dalam penelitian ditemukan bahwa peningkatan pada domestic public debt akan berdampak positif pada financial development di Indonesia. Selain itu ditemukan pula bahwa domestic public debt berdampak positif pada finance-activity dan finance-size namun berdampak negatif pada finance-efficiency. Dengan demikian, pemerintah perlu mengurangi instrumen utang yang diterbitkan ke sistem perbankan demi mengantisipasi dampak financial crowding out yang dalam jangka panjang dapat menghambat proses financial development., Fulfillment of the deficit in the public sector financing through domestic debt may affect the financial development performance, especially in countries where the financial sector is still relies on a single sub-sectors, while the other sub-sectors are not sufficiently developed as Indonesia. This study aims to analyze the effect of the domestic public debt on financial development in Indonesia. Secondary data that used in this study is in form of time series data in the 2010Q1-2020Q3 period. The methods used in this study are principal component analysis (PCA) and ordinary least squares (OLS) regression. The results show that an increase in domestic public indebtedness will have a positive impact on Indonesia's financial development. In addition, it was also found that domestic public debt had a positive impact on finance-activity and finance-size but had a negative impact on finance-efficiency. Thus, government should reduce the securitized debt instruments issued mostly to the banking system because it crowds out financial development in the long term.
Keyword: budget deficit, domestic public debt, financial development, ordinary least squares (OLS)

Judul: Hydrothermal Synthesis of Biphasic Calcium Posphate
Abstrak: Biphasio calsium phosphate (BCP), which was a mixture of hydroxypatite (HA) and tricalcium phosphate (TCP), was synthesized by hydrothermal method followed by sintering process. Hydroxyapatite was produced by using natural calcium source CaO from hen's eggshell and (NH4)2HPO4 as phosphate souce, other hydroxyapatite sample was produce by using synthetic calcium source Ca(OH) and H3PO4 as phosphate source.
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