Judul: Faktor-Faktor yang Memengaruhi Utang Luar Negeri Pemerintah: Uji Panel Kointegrasi Periode Tahun 2000-2013
Abstrak: External debt in almost countries all over the world recently has become a popular issue. All countries, either developing or developed ones have chosen external debt as their option in order to tackle budget deficit or even as one of stimulus ways to escalate performance of national development. However, the matter comes when the allocation of this so called external debt is usually not directed to some productive sectors. This study analyses which factors may properly influence the government external debt of developing and developed countries which represent some different areas. The Panel Cointegration approach is employed to investigate whether the existing relationship on the model is long run relationship or not. Overall, the findings of this study shows that these variables; exchange rate, GDPP, saving, inflation and interest rate significantly affect external debt, otherwise inflation and interest have no significant impact on external debt. Furthermore, all variables are cointegrated so the model has a long run relationship.
Keyword: Bogor Agricultural University, Panel Cointegration, long run relationship, External Debt, Developing and Developed Countries

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.
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Judul: Sintesis Flavon dari Fenol dan Benzoil Klorida
Abstrak: Flavone is a class of flavonoid, commonly found in plants with wide bioactivity spectrum. A widely used flavone synthesis route is through acidcatalyzed oxidative cyclization of β-diketone. In this study, unsubstituted flavone had been synthesized via 5-step from phenol, with 22% yield and successfully increased the yield of previous study on Fries rearrangement of phenyl acetate and benzoylation of o-HAP steps. Phenol was acetylated resulting 93% phenyl acetate. AlCl3-catalyzed Fries rearrangement in 1.5 hour and at 120 °C converted phenyl acetate into o-hydroxyacetophenone (o-HAP) with 40% yield. AlCl3 as catalyst produced o-HAP with higher and reproducible yield compared with BF3·Et2O and ZnCl2. Benzoylation of o-HAP followed by Baker-Venkataraman rearrangement of the ester product using KOH in dried pyridine produced β-diketone 1-(2- hydroxyphenyl)-3-phenylpropane-1,3-dione. The yield of ester and β-diketone were 71% and 85%, respectively. Finally, oxidative cyclization of β-diketone with sulphuric acid as catalyst produced 99% of flavone. The flavone product had been characterized spectroscopically and its melting point as well.
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