bluuebunny/crossref_metadata_2025 huggingface dataset:
MENCARI SOLUSI RENDAHNYA PEMBIAYAAN BAGI HASIL DI PERBANKAN SYARIAH INDONESIA
Authors: Ascarya Ascarya , Yumanita Diana
Published: January 2017

The lack of the profit and loss sharing (PLS) financing or the domination of the Non-PLS financing, especially murabahah, is a global phenomenon in Islamic banks everywhere. This paper analyses the problem in Indonesia using Analytic Network Process (ANP) methodology, preceeded with a focus group discussion (FGD) and an indepth interview with scholars and practitioners of Islamic banking to fully understand the problem and to develop an appropriate ANP network.The cause of this problem can be grouped into four aspects, namely 1) internal of the Islamic bank; 2) customer; 3) regulation; and 4) government and other institutions. This research finds that the cause of the lack of PLS financing of Islamic banks in Indonesia can be summed up into two main causes from internal and regulation aspects, namely the lack of understanding and quality of human resource (Islamic bankers) and the lack of supportive regulations. The suggested solution is to increase the understanding and the quality of human resource by setting the minimum budget for training and education, implementing the insentive or subsidy system, setting the minimum standard for managers of Islamic banks through periodical fit and proper test, conducting training for short term needs, and encouraging the establishment of Islamic economic and banking education institutions for long term needs. Other suggested solution is to give support through regulation by reviewing the non supporting regulation, such as the collectibility classification of PLS financing, and developing incentive system to increase PLS financing. Moreover, the most effective policy strategy to overcome the problems of Islamic banks is by implementing directed market driven strategy, where policies are intended to direct the development of Islamic banks to stay on its syariahtracks towards the desired development goals.JEL: C49, E58, G21, L22Keywords: ANP, Bank Syariah, Islamic Bank, Bagi Hasil, Profit and Loss Sharing
DISINTERMEDIASI FUNGSI PERBANKAN DI INDONESIA PASCA KRISIS 1997 : Faktor Permintaan Atau Penawaran Kredit, Sebuah Pendekatan Dengan Model Disequilibrium
Authors: Harmanta Harmanta , Ekananda Dr. Mahyus
Published: January 2017

The goal of this paper is to analyze the determinants of bank credit declining, whether is dominated by the supply or the credit demand, post the financial crisis in Indonesia. This paper is a sort of New Keynesian approach, which pre assume the imperfectness of the credit market and hence create disequilibrium.Using the switching regression model and Maximum Likelihood Estimation to determine the probability of supply or demand determination, the result shows the existence of excess demand of credit during the crisis period, 1997/ 1998, confirming the credit crunch situation. After the crisis, the condition is reversed, where the credit supply is higher than the credit demand. The two findings implicitely shows the inflexibility of interest rate to equalize the credit market.JEL: D43, D82, E44, E51Keywords : Disintermediasi, kredit, disequilibrium, maximum likelihood, persamaan simultan, switching regression
EVALUATION OF BANK MERGER IN INDONESIA: Lessons from Parametric Cost Function
Authors: Mardanugraha Eugenia , Hadad Muliaman D.
Published: January 2017

Merger dan akuisisi telah menjadi pilihan utama dalam pelaksanaan konsolidasi perbankan yang direkomendasikan dalam rangka penguatan industri perbankan di Indonesia. Proses merger dan konsolidasi ini membutuhkan biaya besar dan mengandung resiko, dua factor yang menyebabkan penurunan tingkat efisiensi bank yang telah melakukan merger.Penelitian ini menunjukkan bahwa proses merger menurunkan efisiensi bank, meski berdampak positif terhadap stabilitas dari efisiensi bank tersebut. Ini menunjukkan manajemen bank yang lebih baik setelah merger dan peningkatan economies of scale. Sebelum merger, bank harus meningkatkan efisiensi terlebih dahulu, misalnya dengan meningkatkan produktivitas tenaga kerja dan peningkatan utilisasi teknologi. Paper ini menunjukkan, jika skor DFA 0,7, bank dapat meraih keuntungan economies of scale, economies of scope dan technical progress yang dapat meningkatkan efisiensi.Beberapa rekomendasi yang diusulkan, pertama, Bank Indonesia seharusnya mengarahkan manajemen perbankan dalam hal pengalokasian biaya operasional secara optimal. Kedua, harus ada upaya untuk mengembalikan tingkat efisiensi bank pada level efisiensi semula. Ketiga, Bank Indonesia, harus mengarahkan perbankan untuk mengabsorpsi teknologi sejauh mungkin. Keempat, efisiensi internal merupakan aspek penting yang harus diraih sebelum proses merger dilakukan.JEL: C29, C39, D23, G21Keywords : X-efficiency, Merger, Seemingly Unrelated Regression, Cost function, Economies of scale, Bank.
ANALISA TRIWULANAN: Perkembangan Moneter, Perbankan dan Sistem Pembayaran, Triwulan III – 2005
Authors: Bank Indonesia Tim Penulis Laporan Triwulanan
Published: January 2017

Perekonomian Indonesia dalam triwulan III -2005 menunjukkan kinerja yang tidak sebaik perkiraan semula, dengan pertumbuhan ekonomi yang diperkirakan lebih rendah sementara tekanan terhadap stabilitas makroekonomi meningkat. Tingginya harga minyak dunia dan ekspansi ekonomi domestik yang bertumpu pada impor telah menimbulkan tekanan yang besar terhadap kondisi neraca pembayaran dan pengeluaran subsidi BBM Pemerintah. Dari sisi moneter, kondisi tersebut telah menyebabkan tekanan terhadap pelemahan nilai tukar rupiah dengan volatilitas yang meningkat, sementara inflasi masih relatif tinggi terutama karena dampak kenaikan administered price, volatile foods, dan meningkatnya ekspektasi inflasi. Ke depan, tekanan pada inflasi diperkirakan masih akan besar terutama sebagai dampak kenaikan harga BBM pada tanggal 1 Oktober 2005. Bank Indonesia memandang bahwa meningkatnya ekspektasi inflasi dan depresiasi nilai tukar rupiah tersebut dapat meningkatkan risiko ketidakstabilan markoekonomi yang dapat mengganggu keberlangsungan pertumbuhan ekonomi dalam jangka panjang. Sehubungan dengan itu, Bank Indonesia terus menempuh langkah-langah stabilisasi moneter dengan menaikkan suku bunga BI Rate secara signifikan yang dibarengi dengan upaya peningkatan pengelolaan likuiditas secara optimal, disamping langkah-langkah kebijakan yang secara langsung ditunjukan untuk stabilisasi nilai tukar rupiah. Berbagai langkah tersebut merupakan respon kebijakan Bank Indonesia untuk secara konsisten mengarahkan ekspektasi inflasi agar sesuai dengan pencapaian sasaran inflasi jangka menengah.
INTEREST RATES AND THE ROLE OF EXCHANGE RATE REGIMES IN MAJOR SOUTHEAST ASIAN COUNTRIES
Authors: Sahminan Sahminan
Published: January 2017

Paper ini meneliti apakah perbedaan sistim nilai tukar yang dianut oleh negara-negara Asia Tenggara mempunyai implikasi yang signifikan terhadap bagaimana gejolak pasar keuangan internasional ditransmisikan kedalam suku bunga domestik di negara-negara tersebut. Dengan menggunakan data dari 5 negara utama di Asia Tenggara - Indonesia, Malaysia, Filipina, Singapura, dan Thailand - kami menguji hipotesis bahwa tingkat suku bunga domestik dalam negara dengan sistim nilai tukar yang lebih fleksibel adalah lebih tidak terpengaruh oleh pasar keuangan internasional. Data yang digunakan adalah data harian dari Januari 1995 sampai dengan Desember 2003. Hasil estimasi menunjukkan bahwa sistem nilai tukar tidak mempunyai implikasi yang konklusif tentang bagaimana gejolak pasar keuangan internasional ditransmisikan ke dalam tingkat suku bunga domestik di negara-negara utama Asia Tenggara. Apapun sistem nilai tukar yang mereka anut, faktor domestik adalah merupakan faktor utama dalam pergerakan suku bunga domestik di negara-negara tersebut.Keywords:Exchange Rate Regimes, Interest Rates, Southeast Asia.JEL Classification: JEL Classification: E43, E52, F31, N15
ANALISIS KEBIJAKAN MONETER DALAM MODEL MAKROEKONOMETRIK STRUKTURAL JANGKA PANJANG: STRUCTURAL COINTEGRATING VECTOR AUTOREGRESSION
Authors: M. Juhro Solikin
Published: January 2017

The paper analyzes the monetary policy behavior by developing a long-run structural macroeconometric model; the Structural Cointegrating Vector Autoregression. The model is empirically proposed by Garratt et. al. (1998 and 1999) and adopted to suit the indonesian case.The result shows that the model perform well in explaining the monetary policy behavior in Indonesia. However, due to the limitation of data, and a re-orientation of monetary policy, we should carefully examine and interpreting the magnitude of parameters used on the model.Keywords: Kebijakan Moneter di Indonesia, Model Makro Struktural Jangka Panjang, Structural Cointegration Vector Autoregression (VAR).JEL Classification: C32, C51, E52, E58
Changing Perspectives on Exchange Rates: Theory and Policy Implications
Authors: Warjiyo Perry
Published: January 2017

This paper reviews theoretical and empirical perspectives pertaining to the nature and  impacts of exchange rate movements on macroeconomic conditions, and their fundamental ramifications on macroeconomic and monetary policies. In particular, we show that, with increasing speed and scope of financial globalization and cross-border capital flows, the view on exchange rate has been changing from trade flows to financial asset views. Exchange rate movements have been exhibiting greater volatility beyond fundamentals and often deviate from equilibrium, driven by factors such as shifts in risk premia, investor preferences, as well as underlying economic and financial conditions. Policy implications from such a changing perspective on exchange rate have been pervasive. Exchange rate has not been singled out as an instrument for increasing a country’s external sector competitiveness in the modern literature of international finance. Rather, it constitutes an integral part of policy mix for coping with the impossible trinity of macroeconomic objectives in open economy, i.e. for benefiting from greater capital mobility while still maintaining stable exchange rate movements and domestic policy independence. The complete policy responses would include direct measures for stabilizing exchange rate, some forms of capital controls, and the implementation of inflation targeting framework of monetary policy.JEL Classification Numbers: E5, F3, F4Keywords: Monetary Policy, International Finance, Macroeconomic Aspects of International Trade and Finance
ESTIMASI NILAI TUKAR RUPIAH PASKA KRISIS: Pendekatan Model Komposit
Authors: Husman Jardine Ariena
Published: January 2017

This paper examines the factors that determined the Indonesian rupiah against US dollar nominal exchange rate post crisis period. The effect of the oil prices and the interaction of supply and demand in the foreign exchange market are included as part of explanatory variables besides other fundamentals, using an Error Correction Model (ECM). The use of composite model that incorporates a number of familiar approaches in exchange rate determination is found to outperform the model based on one single approach in term of their forecast performance. The estimation results show that the increase in oil price will depreciate the rupiah exchange rate and that risk factor is the most important factor that influences the rupiah development.JEL Classification: C22, C52, C53, E31, F31, F47Keywords: Exchange Rate, ECM, composite model, BEER, CEER, forecasting, political risk, economic risk, financial risk.
PENGARUH NILAI TUKAR RIIL TERHADAP NERACA PERDAGANGAN BILATERAL INDONESIA: Kondisi Marshall-Lernerdan Fenomena J-curve
Authors: Husman Jardine A
Published: January 2017

The paper analyzes the Marshall-Lerner condition on Indonesian trade with its major trading partners. This study also investigates the existance of J-curve and covers the issue of the indirect pass-through effect, particularly the impact of the real exchange rate change on the Indonesian export performance.We apply the VECM model on the quarterly data of Indonesia and 8 of its trading partners, during the period of 1993:1-2004:4. The estimation result on the overall sample shows that the condition of Marshall-Lerner is satisfied, implying the rupiahs depreciation will increase the Indonesian export. Using each trading partner pair data, the Marshall-Lerner condition is not satisfied on the case of Singapore and England due to the inelastic export demand as the Indonesian export to both countries is mostly a consumption goods.The J-curve phenomenon is only found in the case of Japan, South Korea and Germany implying the depreciation of Rupiahs will increase Indonesian export. The elasticity estimation shows that 1% depreciation of Rupiahs only raise Indonesian export-import ratio by 0.37%. This small number strongly indicates that real exchange rate only plays a minor role on the Indonesian export performance.JEL Classification: C22, F14Keywords: Exchange rate, J-Curve, Marshall-Lerner, export, VECM.
PENGEMBANGAN MODEL PORTFOLIO BANK DENGAN MEMASUKKAN FAKTOR NILAI TUKAR DAN FAKTOR KONDISI MODAL BANK
Authors: Zulverdi Doddy , Gunadi Imam , Pramono Bambang
Published: January 2017

This paper establishes an analytical model of the banking liquidity management behavior based on microeconomic theory. We include the exchange rate as one of an important factor on the banking liqudity management behavior. In addition, we examine the impact of bank’s capital condition (flexible and fixed) on the banking liquidity management behavior. Inculding these two factors provide a better model in explaining the actual banking liquidity management behavior.The callibrated model is applicable on analyzing the effectiveness of the monetary policy, distinguishing the bank category and analyzing the impact of the monetary policy, simulating the impact of the monetary policy or simulating the impact of the bank regulatory. However, the model is still in the static framework model, and we leave the dynamic specification as further research.Keyword: portfolio bank, nilai tukar, modal bankJEL: G21, C61, E44
INDONESIAN BOND MARKET: REDEMPTION IN AUGUST – DECEMBER 2005
Authors: Ismal Rifki
Published: January 2017

Pasar obligasi dan reksadana relatif masih baru di pasar keuangan Indonesia. Namun demikian, perkembangan kedua pasar tersebut cukup menjanjikan baik dari sisi jenis instrumen yang ditawarkan, jumlah investor maupun nilai investasi yang ditanamkan. Pada periode Agustus – Desember 2005 lalu, kedua pasar tersebut mendapat tekanan yang cukup berat dan hampir menumbangkan perusahaan-perusahaan sekuritas besar karena besarnya jumlah likuiditas yang ditarik investor (redemption).Paper ini mencoba menganalisa kejadian yang menimpa pasar obligasi dan reksadana tersebut baik sumber tekanan yang utamanya adalah berasal dari faktor makroekonomi dan faktor pasar, besarnya dampak redemption sampai ke langkah-langkah penyelamatan yang ditempuh pemerintah (Bank Indonesia, Bapepam, dll)Ke depannya, para pelaku pasar termasuk para investor harus lebih mendapat edukasi yang benar dan positif mengenai investasi di pasar obligasi maupun reksadana. Selain itu, regulator juga diharapkan dapat mematangkan perkembangan kedua pasar melalui peraturan-peraturan yang mendukung termasuk proses komunikasi peraturan-peraturan tersebut kepada seluruh pihak terkait di pasar obligasi maupun reksadana.Keywords: ITF, BI rate, hedge bond, guaranteed deposit, NAV, core inflationJEL Classification: E44, G11
DAMPAK KEBIJAKAN INFLATION TARGETING TERHADAP BEBERAPA VARIABEL MAKROEKONOMI DI INDONESIA
Authors: Nuryati Yati , Siregar Hermanto , Ratnawati Anny
Published: January 2017

This paper discusses the effects of the inflation targeting framework on a number of macroeconomic variabels in Indonesia, especially after the enactment of Law No. 23/1999. The objectives of the paper are: (1) to describe the independence aspect of the inflation targeting policy; and (2) to highlight the effects of the inflation targeting on a set of main macroeconomic variables.The anaysis uses the Vector Autoregression (VAR) approach, emploting the time series data during the periode of 1998:1 to 2003:6. The main results of this research are: (1) The Central Bank (BI) independence is not yet effective in the implementation of the inflation targeting; (2) the shock on the interest rate affects price level and the exchange rate trivially; and (2) the factors that influence price’s variability are the base money, the interest rate, and the exchange rate. In the long run, a shock to the base money is more important than to the interest rate and to the exchange rate. The study suggests to use base money as the policy instrument of the monetary policy, instead of the short term interest.Keywords: monetary policy, independence, inflation targeting, VARJEL Classification: C32, E31, E52
ANALISIS TRIWULANAN: Perkembangan Moneter, Perbankan, dan Sistem Pembayaran Triwulan III – 2006
Authors: Bank Indonesia Tim Penulis Laporan Triwulanan
Published: January 2017

Sampai dengan triwulan III – 2006, perekonomian Indonesia menunjukkan perkembangan yang semakin membaik disertai dengan stabilitas makroekonomi dan keuangan yang tetap terjaga. Pertumbuhan ekonomi triwulan III – 2006 diperkirakan dapat lebih baik didorong oleh masih tingginya pengeluaran pemerintah dan membaiknya kinerja ekspor. Sementara itu, stabilitas makroekonomi tetap terjaga seperti tercermin pada inflasi yang terus menurun dan nilai tukar stabil. Dengan perkembangan tersebut serta dengan memperhatikan prospek ekonomi moneter ke depan khususnya upaya pencapaian inflasi untuk tahun 2006 dan 2007 masing-masing sebesar 8% ± 1% dan 6% ± 1%, Dewan Gubernur Bank Indonesia pada tanggal 5 Oktober 2006 memutuskan untuk menurunkan BI Rate sebesar 50 bps menjadi 10,75%.
DETERMINAN BANK RUNS PADA KRISIS PERBANKAN 1997/1998: SUATU KAJIAN DENGAN MENGGUNAKAN PANEL DATA DINAMIS
Authors: Simorangkir Iskandar
Published: January 2017

There are two main competing theories to explain bank runs. One argues that panics come primarily from lack of confidence on banking sector, originated for example, in the bankruptcy of a big bank. According to this argument, lack of confidence and asymmetric information problems from depositors would induce contagious or self-fulfiling prophecy of bank runs. The other argues that banking crises are part of a cycle that effects both the financial and real sector of the economy. In other words, bank runs is determined by bank fundamentals and economic fundamentals.Using monthly panel data information on Indonesian banks this paper attemps to explain bank runs during the 1997/1998 financial crises. This papaer uses the variation of deposits as proxy for bank runs and the variables related to solvency theory and general economic condition as explanatory variables for bank fundamentals and economic fundamentals, respectively. To catch the contagion or self-fulfiling prophecy determinant of bank runs, I use dynamic panel data by imposing lag of deposit variations. The results shows that the impetus of bank runs during the crisis of 1997/1998 were the combination of contagion and bank fundamentals. However, economic fundamentals did not exert significant impact on bank runs. The finding suggest that the role of financial safety net, such as deposit insurance would be very important to keep depositors’ trust on Indonesian banking system, rather than preventing bank runs in the future.Keywords: Markow, bank runs, dynamic panel, IndonesiaJEL Classification: C33, E58, G21
FENOMENA UNIVERSAL BANKING DITINJAU DARI PERSEPSI PELAKU SISTEM KEUANGAN INDONESIA
Authors: Mardanugraha Eugenia , Hadad Muliaman D
Published: January 2017

The development of the financial system tends to move to a liberalized system where the geographical border vanished as well as the limitation on the function of the financial institution. The product intersection and similiarity across the bank, insurance and securiy gives the signal of the integration process into one multi-function financial institution, which in turn create a universal bank; a bank that run both bank and non-bank function.This tendency requires a stronger cooperative coordination between the bank and the non-bank regulator, yet the explicit forms of the relationships are not defined well. This papaer highlights this issue by analyzing and contrasting the perception about the bank and the non-bank institution. The aim of this paper is to provide a insight for the regulators of how to coordinate and control this unifying functional process between the bank and the non-bank institution in Indonesia.Keywords : universal banking, financial coordination, IndonesiaJEL Classification : E52, G21, G22, G28
PERANAN KEBIJAKAN MONETER DALAM MENJAGA STABILITAS PEREKONOMIAN INDONESIA SEBAGAI RESPON TERHADAP FLUKTUASI PEREKONOMIAN DUNIA
Authors: Al Arif M. Maulana , Tohari Achmad
Published: January 2017

This paper analyzes the impact of the inflation and the world interest rate on the Indonesian economy and the effectiveness of the Indonesian central bank policy to adopt the domestic macroeconomic fluctuation.Assuming Indonesia as a small-open economy, the Stuctural Vector Autoregressive Model is utilized on the monthly data during the periode of 1999: 1 – 2004: 12 covering the main domestic macroeconomic indicator (output, price, money supply, interest rate and the exchange rate) and the world oil price and world interest rate as the disturbance source.The analysis provides 2 main results, first, the international variables do have impacts on the domestic variables fluctuation, implying the fragility of the domestic economy due to the external shock, second, the monetary policy is effective on supporting the economic growth and stabilizing the price level. However, the Bank Indonesia policy to stabilize the international shock via the exchange rate channel, contributes to a higher impact of the international shock on domestic interest rate.Keywords: monetary policy, business cycle, SVARJEL Classification: E52, E32, C32, F41
PERBANKAN SYARIAH DAN PERBANKAN BERDASARKAN BUNGA: MANAKAH YANG LEBIH OPTIMAL?
Authors: Tarsidin Tarsidin , Warjiyo Perry
Published: January 2017

Unlike the conventional interest-base bank, the Islamic banks use both equity financing with profit sharing and debt-like financing with mark-up, ad at the funding side they use both investment scheme with revenue sharing and deposit scheme with rewards. The conventional bank use debt financing with interest and at the funding side use the deposit scheme with interest as well. The optimality of the two banking systems will be tested to determine which one is more optimal in terms of the wealth of the bank shareholder, the welfare of the entrepreneur, and the welfare of the depositors.Using a multiperiod static optimization approach, the results shows that in the interest-based banking is more optimal in terms of the shareholder wealth and the depositor’s welfare, while the Islamic banking is more optimal in terms of the entrepreneur welfare.Keywords : sistem perbankan, bank syariah, bunga, bagi hasil, mudharabah, wadi'ahJEL Classification : G21, P51
PERILAKU PENAWARAN KREDIT BANK DI INDONESIA: KASUS PASAR OLIGOPOLI PERIODE JANUARI 2001-JULI 2005
Authors: Nuryakin Chaikal , Warjiyo Perry
Published: January 2017

This paper uses a microeconomic approach to analyze the bank lending behavior in Indonesia during 2001:1 – 2005:7. The loan supply function is derived from the structural loan supply and demand equation in a Cournot-Oligopoly market. We treat the loan supply function as structural error component of the model, and apply to data of the 15 biggest banks in Indonesia.The proposed hypothesis; the bank engages in the profit maximization, cannot be rejected. This bank behavior is in conjunction with the bank’s interdependency. However, due to the internal inefficiency of the bank, the profit maximization behavior does not refflect the ideal condition of the banking intermediation function, not int the loan volume nor in the lending rate.Morever, the bank’s lending behavior respond positively with the loan rate, responds negatively on the interest liability (time deposit interest) and respond negatively on the investment alternative (the SBI). In addition, the SBI rate as a monetary policy instrument is not effective relative to loan interest rate to guide the banks in choosing between these two portfolio investments.Keywords : loan, cournot, interest rate, bank, pool analysisJEL Classification : C23, D43, E52, G21
ANALISIS TRIWULANAN: Perkembangan Moneter, Perbankan dan Sistem Pembayaran, Triwulan IV - 2006
Authors: Bank Indonesia Tim Penulis Laporan Triwulanan
Published: January 2017

Secara umum, kinerja perekonomian Indonesia pada triwulan IV-2006 terus menunjukkan perkembangan yang membaik dan disertai dengan stabilitas makro yang terjaga, perkembangan yang membaik dan disertai dengan stabilitas makro yang terjaga. Pertumbuhanekonomi pada triwulan ini diperkirakan akan menjadi pertumbuhan tertinggi dalam tahun 2006. Sementara itu, beberapa indikator makro juga menunjukkan perkembangan yang positif seperti neraca pembayaran yang surplus, nilai tukar yang menguat, dan inflasi yang terus menurun. Hal tersebut juga didukung oleh sektor keuangan yang relatif stabil seperti terlihat pada perkembangan pasar saham, pasar modal, dan pasar uang. Dengan perkembangan tersebut serta dengan memperhatikan prospek ekonomi moneter ke depan dan berbagai faktor risiko yang dihadapi serta memperhatikan pencapaian sasaran inflasi ke depan yaitu 6%±1% dan 5%±1% untuk masing-masing tahun 2007 dan 2008, Dewan Gubernur BI pada tanggal 4 Januari 2007, memutuskan untuk menurunkan BI Rate menjadi 9,5% atau turun 25 basis poin (bps) dari tingkat sebelumnya
KARAKTERISTIK TEKANAN INFLASI DI INDONESIA: PENGARUH DINAMIS SISI PERMINTAAN-PENAWARAN DAN PROSPEK KE DEPAN
Authors: M. Juhro Solikin
Published: January 2017

This preliminary study is aimed to look into characteristics of inflation and sources of shocks triggering inflation pressures in Indonesia. A focus will be directed to find a better measurement about the role of supply and demand shocks. Based on parsimonious model estimation, it can be concluded that the contribution of supply shocks predominant demand shocks ‘proportionally’, implying that a prudent monetary policy is still feasible and can be implemented effectively along with the structural efforts to combat inflation in Indonesia. A further preliminary exercise shows that the prospect of inflation pressures in two year ahead will be statistically the same with the 2006 inflation pressures. However, cautious policy response should be taken in the second year as inflation pressures from supply side will be potentially greater.Keywords: Characteristics of inflation, supply shock, demand shock, inflation, Indonesia.JEL Classification:  JEL Classification: E31, P24
ANALISIS TRIWULANAN: Perkembangan Moneter, Perbankan dan Sistem Pembayaran, Triwulan I – 2007
Authors: Bank Indonesia Tim Penulis Laporan Triwulanan
Published: January 2017

Pertumbuhan ekonomi pada triwulan-I 2007 diperkirakan sebesar 5,4% yaitu masih sesuai dengan perkiraan semula.  sesuai dengan perkiraan semula. Penguatan pertumbuhan ekonomi tersebut didukung oleh kinerja ekspor dan investasi swasta yang mulai meningkat. Sementara, pertumbuhan konsumsi swasta masih lambat. Peningkatan investasi swasta tersebut terindikasi dari pertumbuhan investasi bangunan, yang tercermin pada peningkatan permintaan semen, besi dan baja, serta peningkatan kredit investasi riil pada berbagai sektor usaha, dan peningkatan Pembentukan Modal Tetap Bruto (PMTB), yang berasal dari peningkatan investasi mesin dalam negeri.
CREDIT DOWNTURN IN THE AFTERMATH OF INDONESIAN CRISIS 1997 REVISITED: AN APPLICATION OF ARDL BOUNDS TESTING APPROACH
Authors: Hutapea Erwin Gunawan
Published: January 2017

Studi ini bertujuan mengestimasi persamaan jangka panjang permintaan kredit dan penawarankredit di Indonesia dengan menggunakan teknik pengujian kointegrasi yang relatif baru, yaitu teknik autoregressive distributed lag (ARDL) bounds testing. Data yang digunakan adalah data kuartalan pada periode 1985Q1-2004Q2.Hasil estimasi menunjukkan bahwa permintaan kredit dan penawaran kredit memiliki hubungan jangka panjang (terkointegrasi) dengan faktor-faktor yang mempengaruhinya. Selain itu, pengujian CUSUM dan CUSUMSQ menunjukkan bahwa koefisien kedua persamaan jangka panjang tersebut memiliki stabilitas. Plot estimasi permintaan kredit dan penawaran kredit menunjukkan bahwa lambatnya proses pemulihan penyaluran kredit setelah krisis di Indonesia lebih banyak disebabkan oleh lemahnya permintaan kredit.Keywords:ARDL, cointegration, bounds testing, ECM, credit, IndonesiaJEL Classification: C32, C52, E51
EFFICIENCY IN ISLAMIC BANKING: A NON-PARAMETRIC APPROACH
Authors: Yaumidin Umi Karomah
Published: January 2017

Penelitian ini bertujuan untuk membandingkan tingkat efisiensi bank-bank Islam di kawasan Timur Tengah dan Asia Tenggara. Hal ini didasari pada kegagalan perbankan yang mendorong terjadinya krisis keuangan domestik maupun international dalam dasawarsa terakhir. Efisiensi perbankan akhirnya menjadi perhatian penting tidak hanya di Asia setelah krisis di tahun 1997, namun juga di belahan dunia lainnya. Di sisi lain perkembangan bank-bank Islam kiranya telah dianggap sebagai alternatif solusi untuk menuju perbankan yang sehat. Dengan demikian, studi tentang efisiensi bank-bank Islam menjadi kajian menarik, terutama perbandingan efisiensi antar kawasan. Dalam paper ini digunakan metode non parametrik Data Envelopment Analysis (DEA) untuk mengukur efisiensi skor data panel yang mencakup empat puluh delapan bank Islam selama kurun waktu 2000 hingga 2004. Pendekatan yang digunakan dalam paper ini adalah pendekatan intermediasi yang dianggap paling sesuai dengan prinsip-prinsip sistem keuangan Islam.Secara keseluruhan, hasil perhitungan menunjukkan bahwa bank-bank Islam di Asia Tenggara sedikit lebih effisien dibandingkan bank-bank Islam di Timur Tengah. Salah satu penyebabnya adalah tragedi 9/11 di tahun 2001 dan perang Iraq yang berlangsung di tahun 2002. Oleh karena itu dapat disimpulkan bahwa bank-bank Islam masih sangat tergantung pada sistem keuangan dan segala bentuk peraturan perbankan yang berlaku baik di tingkat nasional, regional maupun global, serta karakteristik perbedaan resiko yang berkonsekuensi pada perbedaan regulasi prudential sangat menentukan fluktuasi skor effisiensi.Keywords:Efficiency, Islamic banking, Data Envelopment Analysis (DEA)JEL Classification: D61, G21, C14
ANALISIS PENGARUH KEBIJAKAN MONETER DAN KEBIJAKAN FISKAL REGIONAL TERHADAP STABILITAS HARGA DAN PERTUMBUHAN EKONOMI REGIONAL DI JAWA TIMUR (PERIODE 1995 - 2004)
Authors: Asmanto Priadi , Soebagyo Soebagyo
Published: January 2017

This research analyzes the regional price stability in Indonesia, post the implementation of the UU No.23, 1999 and UU No.22, 1999. The first relates to the task of Bank Indonesia to stabilize the Rupiah, while the latter is about the fiscal decentralization from the center to the regional government.The panel estimation technique is utilized on the case of East Java data, covering 6 classified periods, namely before crisis, period of crisis, prior decentralization and the period after decentralization. The result shows several findings, first, the fiscal decentralization and economic crisis have influence the price stability and economics growth significantly. Second, the join monetary and fiscal policies, has a significant impact on the regional growth and the price stability. Furthermore, this study shows a higher impact of the monetary policy than the fiscal policy.Keywords: Monetary policy, regional, fiscal policy, panel, , decentralization, East Java.JEL Classification: C 23, E31, H30, R50.
PENGUKURAN NAICU PADA SEKTOR INDUSTRI PENGOLAHAN BERDASARKAN DUAL COST CAPACITY UTILIZATION
Authors: Tjahjono Endy Dwi , Husman Jardine , Sianipar Desthy
Published: January 2017

Following the study on the measurement of capacity utilization of manufacturing industries in Indonesia (Tjahjono, Husman, and Sianipar (2005)), this paper estimates the level of NAICU, Non-Accelerating Inflation rate of Capacity Utilization. According to this concept, NAICU is the level of capacity utilization consistent with stable inflation. If the level of capacity utilization exceeds the level of NAICU, then there will be pressure on inflation to accelerate. On the contrary, there won»t be acceleration on inflation if the level of capacity utilization below the level of NAICU. Using the threshold method based on Hansen (1999), the empirical result shows that dual cost capacity utilization of manufacturing industries are generally below the level of NAICU, which is 80%.Keyword: Capacity utilization, inflation, threshold regression, panel.JEL Classification: D24, E31, C12, C33
Fragmentación socio-espacial, inmigración europea y discursos políticos en la Provincia de Alicante
Authors: Mantecón Alejandro , Membrado Joan Carles , Huete Raquel
Published: January 2017

La construcción de urbanizaciones en las periferias de los municipios bajo el pretexto del desarrollo turístico ha transformado la configuración territorial de multitud de poblaciones en las regiones mediterráneas españolas. El objetivo de este trabajo es analizar los discursos que los políticos con responsabilidades directas en los respectivos ayuntamientos producen a la hora de explicar las interrelaciones creadas entre los procesos de fragmentación socioespacial fraguados en el periodo de expansión, el incremento de la inmigración europea procedente de países con un PIB per cápita mayor que el de España y los efectos ocasionados por la crisis económica iniciada entre 2007 y 2008.
Los aeropuertos de la globalización: espectacularización y teatralización de la infraestructura como herramienta de citymarketing
Authors: Díez Pisonero Roberto , Gago García Cándida , Córdoba Ordóñez Juan A.
Published: January 2017

En la actual era de la movilidad, los aeropuertos se han consolidado como infraestructuras necesarias de cualquier ciudad global. Más allá de conectar físicamente los lugares, estos ejercen un rol destacado en la consolidación y mantenimiento de las ciudades mundiales, al tratarse también de instalaciones simbólicas, ligadas a prácticas de ocio-consumo dominantes. Se incide en esta segunda cuestión, analizando distintas actividades como las tiendas de lujo y de marcas globales que aparecen en ellos, así como la morfología que han adquirido a través de la denominada arquitectura de vanguardia.
Renovación urbana, herencia industrial y turismo: un proceso con elementos de éxito en Avilés (Asturias)
Authors: Benito del Pozo Paz
Published: January 2017

Este trabajo analiza la transformación funcional y paisajística de Avilés a partir de la crisis y desmantelamiento de su empresa más emblemática y poderosa, Ensidesa, la primera fábrica siderúrgica integral de España y puntal de la política industrial franquista. Se trata de demostrar que el legado de la desindustrialización, bien gestionado, puede generar recursos alternativos que actúan como factores de impulso urbano y soporte de funciones nuevas para la ciudad, capaz de proyectar una imagen renovada y coherente con su pasado industrial. El resultado de esta estrategia de política urbana en Avilés apunta hacia un modelo de éxito, no exento de luces y sombras, que tiene en el turismo urbano la actividad más elocuente de la transformación llevada a cabo desde comienzos de los años 2000, y en el paisajes industrial un recurso turístico nada desdeñable cuando se vincula a la cultura industrial y a un pasado que se interpreta en clave de memoria y patrimonio.
Proyectos de (dudoso) interés regional. Intromisión en la política municipal de vivienda en Extremadura
Authors: Jiménez Barrado Víctor , Campesino Fernández Antonio José
Published: January 2017

La mayoría de las legislaciones urbanísticas españolas considera los Proyectos de Interés Regional (PIR) como instrumentos de ordenación territorial, a caballo entre ésta y la ordenación urbanística encomendada a los planes generales, de competencia municipal. Amparándose en este carácter transfronterizo, la Administración regional extremeña ha utilizado los PIR como instrumento urbanístico para la promoción de su política pública de vivienda, a contrapelo de las competencias municipales en materia de planeamiento urbanístico y con intervenciones sin anestesia sobre el suelo no urbanizable.
Ferrrate(VI) and freeze-thaw treatment for oxidation of hormones and inactivation of fecal coliforms in sludge
Authors: Diak James , Örmeci Banu
Published: January 2017

This study examined the individual and combined effects of potassium ferrate(VI) additions and freeze-thaw conditioning for the treatment and dewatering of wastewater sludge in cold climates, with particular focus on the inactivation of fecal coliforms and oxidation of estrogens, androgens, and progestogens. The first phase of the study evaluated the effects of potassium ferrate(VI) pre-treatment followed by freeze-thaw at −20 °C using a low (0.5 g/L) and high (5.0 g/L) dose of potassium ferrate(VI). The results showed that pre-treatment of anaerobically digested sludge with 5 g/L of potassium ferrate(VI) reduced the concentration of fecal coliforms in the sludge cake to below 100 MPN/g DS. The second phase evaluated the ability of ferrate(VI) to oxidise selected hormones in sludge. Anaerobically digested sludge samples were spiked with 10 different hormones: estrone (E1), 17α-estradiol, 17β-estradiol (E2), estriol (E3), 17α-ethinylestradiol (EE2), equilin, mestranol, testosterone, norethindrone and norgestrel in two groups of low (3–75 ng/mL) and high (12–300 ng/L) concentration ranges of hormones. The samples were treated with either 0.5 or 1.0 g/L of potassium ferrate(VI), and hormone concentrations were measured again after treatment. Potassium ferrate(VI) additions as low as 1.0 g/L reduced the concentration of estrogens in sludge. Potassium ferrate(VI) additions of 0.5 and 1.0 g/L were less effective at reducing the concentrations of androgens and progestogens. Increasing ferrate(VI) dose would likely result in more substantial decreases in the concentrations of fecal coliforms and hormones. The results of this study indicate that the combined use of freeze-thaw and ferrate(VI) has the potential to provide a complete sludge treatment solution in cold regions.
Studies on the adsorption of amoxicillin on multi-wall carbon nanotubes
Authors: Balarak Davoud , Mostafapour FerdosKord , Bazrafshan Edris , Saleh Tawfik A.
Published: January 2017

This study examined the feasibility of removing amoxicillin (AMO) from aqueous solutions using multi-wall carbon nanotubes. The equilibrium adsorption data were analyzed using four widely applied isotherms: Langmuir, Freundlich, Temkin, and Dubinin–Radushkevich. The results showed that the Langmuir isotherm model fits well the obtained experimental data. The adsorption process followed the pseudo-second-order model. The activation energy was found to be 19 kJ/mol. The Standard free energy changes, ΔG0, values were negative; the standard enthalpy change (ΔH0), and standard entropy change (ΔS0) values of the process were 4 kJ/mol and 36 J/mol.K. Results suggested that the AMO adsorption on carbon nanotubes was a spontaneous process.
Adsorption of methyl orange from aqueous solution using chitosan/diatomite composite
Authors: Zhao Peng , Zhang Runhu , Wang Jianglin
Published: January 2017

A novel chitosan/diatomite composite was prepared by a simple mixture in the mass ratio to remove methyl orange (MO) from aqueous media in this study. The composite adsorbent was characterized by Fourier transform infrared spectroscopy and scanning electron microscopy analysis. The parameters to influence the adsorption of MO were studied under such conditions as kinetics, adsorption isotherm, pH effect, and thermodynamics. The results revealed that adsorption of MO was initially rapid and the equilibrium time was reached after 40 min. The optimal value of the pH was 5.0 for better adsorption. The equilibrium data were well fitted to the Langmuir isotherm compared to the Freundlich isotherm, and exhibited the highest capacity and a removal rate of 88.37% under an initial dye concentration of 50 mg/L. The kinetic data were well described by the pseudo-second order model. The thermodynamic calculations revealed that the sorption was viable, spontaneous, and exothermic under the conditions studied. In addition, the chitosan/diatomite composite had good adsorption and desorption performance with respect to reusability after six cycles. These results showed that the chitosan/diatomite could be considered as a potential adsorbent for the removal of MO in aqueous solution.
Phyto-dewatering of sewage sludge using Panicum repens L.
Authors: El-Gendy A. S. , El-Kassas H. I. , Razek T. M. A. , Abdel-Latif H.
Published: January 2017

Experiments in the field environment have been conducted to study the growth of Panicum repens L., an aquatic plant, in the sewage sludge matrix. The experiments were also carried out to investigate the ability of this plant to dewater sewage sludge to increase the capacity of conventional drying beds. In addition, the ability of Panicum repens L. to reduce the sludge contents of certain elements (copper (Cu), Iron (Fe), Sodium (Na), lead (Pb), and Zinc (Zn)) was also investigated. All experiments were carried out in batch reactors. Different plant coverage densities were tested (0.00 to 27.3 kg/m2). The liquid sewage sludge was collected from a wastewater treatment plant in Helwan city, Cairo Governorate, Egypt. The collected sludge represents a mixture of the primary sludge and waste activated sludge before discharging into drying beds.
Association Between Sugar-Sweetened Beverages Consumption and Body Composition in Relation to Salt Among Adolescent Resident in Sicily, Southern Italy
Authors: Marventano Stefano , Ferranti Roberta , Antoci Mariagrazia , Giogianni Gabriele , Nolfo Francesca , Rametta Stefania , Mistretta Antonio
Published: January 2017

Aim: To explore the association between Sugar-Sweetened Beverages (SSBs) consumption
and salt intake in relation to blood pressure and body composition in adolescents living in Sicily,
southern Italy.

Methods: From September 2012 to June 2014, 1643 students attending 15 secondary schools in the
district of Catania were invited to participate. The information collected included demographics, anthropometric
data (bioelectrical impedance), physical activity level, and dietary habits based a food
frequency questionnaire validated for the Italian youth population.

Results: The mean age of participants was 12.4 years and more than half (53.8%) were boys. The
30.1% and 24.5% of the sample was overweight or obese, respectively. The 30.5% of participants
consumed sugary drinks every day. After adjusting for confounding factors, SSBs consumption was
positively associated with salt intake, BMI, and fat mass. Blood pressure was associated with SSBs
intake only in overweight/obese subjects, which was no more significant after adjustment for salt intake.

Conclusion: There is an association between salt intake and SSBs consumption. SSBs intake has
been linked to increased BMI and fat mass. SSBs and salt consumption should be discouraged, particularly
among children and adolescents, and obesity prevention strategies should include information
and education about both SSBs and salt.
Profiling of Short Chain Fructooligosaccharides (scFOS) of Two Ackee (Blighia sapida Köenig) Varieties Through Different Maturation and Ripening Stages
Authors: Lopez Mercedes G. , Benkeblia Noureddine
Published: January 2017

Background: During maturation and ripening, fruits undergo numerous biochemical reactions
by either accumulating or degrading different metabolites. Most fruits accumulate sugars during
maturation and ripening.

Method: This study investigates the profile of short chain fructooligosaccharides (scFOS) of two
ackee fruit varieties (Blighia sapida Köenig). scFOS of arils (edible) and husk (non-edible) of
“cheese” and “butter” varieties were profiled during five different maturation and ripening stages using
HPAEC-PAD.

Results: Results showed that in arils, glucose increased by 0.6 and 2.7 folds in “cheese” and “butter”
varieties, respectively, while fructose variation averaged 20% in arils during maturation. In arils, sucrose
increased progressively during maturation by 1.3 to 1.7 folds in both varieties. Surprisingly,
three scFOS (1-kestose, nystose and DP-5) have been identified and their contents were variable, but
DP5 content was lower in the husk. In the two arils varieties, total saccharides increased significantly
during maturation and ripening; however, in the husk, total saccharides increased and then decreased
during the last three stages. Total scFOS increased during the first two stages and decreased during
the last three stages. Surprisingly, saccharides to scFOS ratio increased in arils during maturation and
ripening in the two varieties, while in the husk, the ratio showed a decrease at stage three.

Conclusion: Results indicate that more saccharides were accumulated during the last maturation
stages, while scFOS accumulated in the first stages. Results also indicate that the edible arils accumulate
more carbohydrates than the husks..
EFISIENSI USAHATANI TEBU DI KABUPATEN PURWOREJO
Authors: Febianti Dewi Intan , Jamhari Jamhari , Hartono Slamet
Published: January 2017

Sugar is one of the most crusial comodity that the demand continue to increase along with population growth. Nowdays, Indonesia s sugar production can not be able to meet the demand Optimal allocation offactors production can deliver optimum production of sugarcane with the appropriate combination of its resources. This study was undertaken toidentify the factors affecting sugarcane production in Purworejo, to identify allocative efficiency of sugarcane farming, to identify the revenue and profit of sugarcane farming and to identify thefactors affecting revenue of sugarcane s farmers in Purworejo. Data were analyzed using descriptive statistics. The location of the study has been chosen in Purworejo, MiddleJava. Data were collected from 60 sugarcane farmers. The result showed that factors affecting sugarcane production in Purworejo were land use, seeds, phonska, pesticide, onfarm labour and harvest labour. Allocative efficiency was examined by Ki function, Ki showed> 1. It means that all significant major inputs were not optimum. The allocative efficiency couldbe achieved by increasing of existing production inputs. Net revenue was Rp. 19.824.598,85 per hectare and the profit per hectare was Rp. 16.785.428,07. Sugarcane farming RIC ratio in Purworejo was 2,19 (RIC> 1). It showed that is suitable to be extend The analysis revelaed that factors affecting revenue of sugarcane farming were land use, normalized seeds price,normalized phonska price and normalized labour price.