bluuebunny/crossref_metadata_2025 huggingface dataset:
PENGEMBANGAN MODEL PENENTUAN NILAI TUKAR VALUTA ASING DENGAN MENGGUNAKAN PENDEKATAN UJI RENTANG MEKANIKA Studi Kasus : Nilai Tukar Rupiah Periode 1997-1998
Authors: Daud Setiana Danny
Published: January 2017

Krisis nilai tukar rupiah terhadap dolar Amerika yang menimpa Indonesia sejak bulan Juli 1997 merupakan sebuah akumulasi dari berbagai permasalahan yang terjadi baik permasalahan ekonomi, moneter, maupun permasalahan sosial dan politik. Oleh sebab itu, krisis nilai tukar tidak dapat diselesaikan dengan menggunakan pendekatan teori ekonomi semata. Teori ekonomi mengatakan nilai tukar akan membaik kembali bila supply bertambah dan demand terhadap valuta asing berkurang. Namun, cukup gencarnya bantuan dana luar negeri yang masuk baik dalam rangka IMF, World Bank, ADB, dan lainnya untuk menambah supply, serta berkurangnya likuiditas rupiah akibat kebijakan moneter yang ketat untuk mengurangi demand, tidak berhasil meredam laju depresiasi nilai tukar yang cenderung tak terkendali. Dikarenakan banyaknya faktor yang terkait banyak ahli yang mengalami kesulitan dalam menjelaskan pergerakan nilai tukar rupiah terhadap dolar yang sangat fluktuatif. Hal tersebut dikarenakan model-model penentuan nilai tukar yang digunakan selama ini, tidak satu pun diantaranya yang memasukan faktor-faktor non-ekonomis secara tuntas dalam perhitungannya.Tulisan ini mencoba menawarkan sebuah pendekatan sistem dalam mengidentifikasi variabel-variabel yang terkait dan memformulasikannya sebagai model penentuan nilai tukar valuta asing. Adapun metoda yang digunakan adalah pendekatan analogi. Pemilihan metoda tersebut merupakan sebuah endapan pemikiran penulis tentang adanya inter-disiplin dalam ilmu pengetahuan. Dengan menggunakan prinsip-prinsip dalam pendekatan analogi, maka model penentuan nilai tukar valuta asing mempunyai kesamaan fenomena dan struktur dengan kurva uji tarik material teknik. Selanjutnya dari hasil analisa keterhubungan dihasilkan tiga daerah penentuan nilai tukar valuta asing yaitu daerah sebelum krisis (Januari - Juli 1997), daerah transisi/awal krisis (Juli - Agustus 1997), dan daerah krisis (Agustus 1997 - sekarang).Setelah dilakukan simulasi dan pengujian statistik dihasilkan sebuah kesimpulan bahwa variabel yang sangat berpengaruh pada daerah sebelum krisis adalah sistem nilai tukar dan mekanisme pasar (SMP) sebesar 81.2%. Sedangkan pada daerah krisis variabel-variabel yang sangat berpengaruh adalah resiko keuangan, resiko politik, dan resiko ekonomi masing-masing sebesar 39.4%, 28% dan 19%. Hasil tersebut memberikan penjelasan bahwa pada saat sebelum krisis, stabilitas nilai tukar yang terjadi bersifat artifisial artinya dikondisikan/direkayasa oleh kebijakan pemerintah, sedangkan pada daerah krisis instabilitas nilai tukar bersifat imajinatif maksudnya bahwa laju depresiasi yang sangat cepat dan fluktuatif lebih diakibatkan oleh hal-hal yang bersifat ekpektasi atau kekhawatiran (krisis kepercayaan) bukan didasarkan atas kebutuhan riil.
Evaluasi terhadap Strategi Kebijakan Stabilisasi Moneter dan Restrukturisasi Perbankan : Overview
Authors: Sarwono Hartadi A.
Published: January 2017

Tanpa terasa kita telah mengakhiri tahun 1998. Satu tahun penuh, dari hari ke hari, langkah demi langkah telah dilakukan untuk memperoleh secerca titik terang diujung perjalanan panjang mengatasi gejolak ekonomi, social, dan politik yang melanda negara kita tercinta. Sangat disadari bahwa berbagai persoalan berat dan mendasar dalam perekonomian Indonesia yang muncul dalam waktu yang relatif bersamaan memang hasilnya tidak dapat segera dinikmati dalam waktu singkat. Komplikasi terhadap berbagai masalah yang terjadi memerlukan tidak saja strategi kebijakan ekonomi makro yang komprehensif tetapi juga penentuan prioritas kebijakan yang harus dipilih secara tepat dan dilaksanakan pada waktu yang tepat.
PENINGKATAN DAYA SAING PRODUK DAN KINERJA EKSPOR INDONESIA DALAM RANGKA PEMULIHAN PEREKONOMIAN INDONESIA ( Kategori Sektor Riil )
Authors: Siswanto Budi , Priyatno Priyatno
Published: January 2017

Persaingan global merupakan karakteristik utama ekonomi menuju abad 21 yang mengakibatkan semakin terbukanya ekonomi suatu negara terhadap dunia luar.  Globalisasi menghasilkan suatu kondisi ke arah pasar bebas (free trade area) yang membuat dunia sebagai borderless states atau semakin terkikisnya hambatan-hambatan perdagangan, lalu lintas keuangan internasional dan keluar masuknya arus modal serta tenaga kerja. Kecenderungan ini sudah terlihat dengan adanya kesepakatan perdagangan internasional seperti APEC, AFTA, dan NAFTA yang makin mendorong keluar masuknya faktor produksi ke suatu negara. Arus globalisasi ini akhirnya menimbulkan beberapa akibat.
STABILKAH PERMINTAAN UANG DI INDONESIA SEBELUM DAN SELAMA KRISIS ?
Authors: Doriyanto Triatmo
Published: January 2017

Tulisan ini mencoba mengetahui apakah permintaan uang riil di Indonesia selama periode sebelum krisis (sebelum Agustus 1997) dan saat krisis tetap stabil. Analisis stasioner dan integrasi dengan  menggunakan uji Augmented Dickey Fuller serta analisis kointegrasi dengan menggunakan uji Johansen menunjukkan adanya hubungan kointegrasi di antara variabel-variabel : currency riil dan PDB riil. Model permintaan uang riil dinamis dengan menggunakan Error Correction Model (ECM) menunjukkan konsistensi  parameter secara signifikan, juga pada saat krisis.
PERBANKAN SYARIAH INDONESIA MENUJU MILLENIUM BARU Suatu Tinjauan Pengembangan, Pengawasan, dan Prospek
Authors: Gunawan Dhani
Published: January 2017

Sejak awal abad pertengahan hingga awal abad ke-20 konsep bank syariah yang berintikan kepada bagi hasil masih merupakan kajian akademis oleh para ilmuwan muslim, dalam hal ini lebih banyak para ekonom atau bankir yang meragukan sistem perbankan syariah dapat diterapkan dalam sistem perekonomian. Sementara itu perbankan konvensional yang kita kenal dewasa ini merupakan suatu proses evolusi dan uji coba yang telah berjalan dengan mapan selama berabad-abad dalam masyarakat. Dengan perjalanan waktu yang cukup panjang tersebut, maka tidaklah mengherankan apabila persepsi hampir sebagian besar masyarakat tertanam pengertian bahwa hanya terdapat satu sistem perbankan di dunia ini, yaitu sistem operasi bank dengan bunga. Pengertian bahwa bank akan terkait dengan suku bunga merupakan suatu pengertian definitif dalam dunia bisnis, dan merupakan kaidah akademik pada berbagai literatur para pakar ekonomi perbankan.
PRINSIP DASAR OPERASIONAL PERBANKAN SYARIAH, PRODUK-PRODUK DAN TANTANGANNYA Overview
Authors: Atorf Nasser
Published: January 2017

Krisis nilai tukar yang terjadi pada pertengahan 1997 telah membuat perbankan nasional mengalami kondisi yang sangat memprihatinkan. Hal tersebut ditandai dengan besarnya hutang dalam valuta asing yang melonjak, tingginya non performing loans, dan menurunnya permodalan bank. Kondisi tersebut diperburuk lagi dengan suku bunga yang meningkat tajam sejalan dengan kebijakan moneter untuk meredam gejolak nilai tukar , sehingga banyak bank yang mengalami negatif spread. Kondisi perbankan yang sangat parah tersebut terutama sebagai akibat dari pengelolaan bank yang tidak berhati-hati. Dipihak lain terdapat pandangan dari para ahli bahwa penerapan sistem bunga telah memperparah terpuruknya sistem perbankan nasional.
PENGUKURAN INFLASI INTI (CORE INFLATION) DI INDONESIA
Authors: Tjahjono Endy Dwi , Hutabarat Akhis R. , Haryono Erwin , Majardi Fadjar , Pramono Bambang
Published: January 2017

Dengan diberlakukannya Undang-Undang Bank Sentral yang baru No. 23 tahun 1999 tentang Bank Indonesia pada tanggal 17 Mei 1999, Bank Indonesia memasuki babak baru dalam menjalankan tugasnya. Babak baru tersebut, di antaranya, ditandai dengan diberikannya independensi pada Bank Indonesia dalam menetapkan target-target yang akan dicapai (goal independence) dan kebebasan dalam menggunakan berbagai piranti (instrumen) kebijakan dalam mencapai target tersebut (instrument independence).Di samping itu, sasaran pokok Bank Indonesia juga berubah dari multiple objectives menjadi lebih terfokus hanya kepada tujuan mencapai dan memelihara kestabilan nilai Rupiah. Dengan tugas yang lebih fokus tersebut maka tingkat keberhasilan Bank Indonesia dalam menjalankan misinya akan dapat lebih mudah diukur dan dipertanggung jawabkan kepada masyarakat. Hal ini sangat berbeda dengan undang-undang yang lama, dimana BI dituntut untuk memenuhi beberapa target sekaligus, yakni mendorong pertumbuhan ekonomi, kesempatan kerja, dan dan memelihara kestabilan nilai rupiah yang pencapaiannya pada hakekatnya dapat saling bertolak belakang, terutama dalam jangka pendek.
PENGUKURAN TARGET INFLASI DALAM RANGKA MELAKSANAKAN KEBIJAKAN MONETER SECARA FORWARD LOOKING
Authors: Anglingkusumo Reza , Iskandar Clarita Ligaya , Tjahjono Endy Dwi
Published: January 2017

Sesuai dengan UU No. 23/1999 tentang Bank Sentral, telah diamanatkan kepada Bank Indonesia untuk menetapkan sasaran inflasi dalam rangka menjaga stabilitas (internal) nilai Rupiah. Dalam kaitannya dengan operasional pengendalian moneter oleh Bank Indonesia, empat isu pokok yang perlu dikaji dalam rangka penetapan sasaran (target) inflasi tersebut adalah : (1) pengukuran level target inflasi, (2) taksiran tentang time-frame pencapaiannya, dan (3) analisis tentang bagaimana strategi terbaik untuk mencapainya.Pengukuran level target inflasi diperlukan untuk menjadi nominal anchor bagi perumusan kebijakan moneter. Target tersebut diukur dengan melihat data historis tentang keterkaitan antara inflasi dan gejolaknya, serta dinamika perilaku inflasi dengan output dan kebijakan suku bunga. Sementara itu taksiran mengenai time-frame pencapaian target inflasi diperlukan untuk melihat jangka waktu yang masuk akal (reasonable) bagi evaluasi keberhasilan kebijakan moneter. Taksiran ini dilakukan dengan mengukur efek tunda (lag) kebijakan moneter. Sedangkan analisa tentang strategi kebijakan moneter untuk pencapaian target inflasi diperlukan untuk mencari alternatif strategi yang less-painfull bagi pencapaian sasaran inflasi mengingat adanya trade-off antara output dan inflasi. Hal ini dilakukan dengan melihat dampak kebijakan drastis dan gradual serta credibility effect pada dinamika loss-output.Hasil yang diperoleh dari penelitian menunjukkan bahwa target inflasi dalam jangka menengah (2-5 tahun ke depan) adalah 6% sd 8%, untuk selanjutnya dapat diturunkan ke level 4% sd 6 % dalam jangka panjang (6-10 tahun ke depan). Target inflasi yang akan diumumkan dalam waktu dekat perlu mempertimbangkan efek tunda kebijakan moneter sepanjang kurang lebih 1 s/d 2 tahun, dan dalam pencapaiannya sebaiknya menggunakan strategi bertahap (gradual) untuk meminimumkan loss-output.
MEKANISME PENGENDALIAN MONETER DENGAN INFLASI SEBAGAI SASARAN TUNGGAL
Authors: Haryono Erwin , Nugroho Wahyu Agung , Pratomo Wahyu
Published: January 2017

Sementara diskusi teoritis tentang mekanisme transmisi kebijakan moneter belum konklusif, studi ini menyarankan perumusan kebijakan moneter untuk mencapai sasaan tunggal inflasi berdasarkan transmisi suku bunga. Dalam hal ini, suku bunga jangka pendek berfungsi sebagai target operasional kebijakan moneter yang diharapkan dapat mempengaruhi agregat demand, untuk selanjutnya mempengaruhi pencapaian sasaran inflasi. Selain itu, perubahan suku bunga juga dapat melewati jalur nilai tukar dan ekspektasi masyarakat sebelum akhirnya mempengaruhi inflasi. Tidak seperti kerangka kebijakan moneter melalui jalur agregat moneter, kerangka ini tidak secara eksplisit memasukan fungsi intermediate target. Sebagai penggantinya, beragam information variables berfungsi sebagai indikator tekanan inflasi.Sebagai acuan bagi kebijakan moneter, yaitu bagaimana suku bunga jangka pendek harus disesuaikan untuk mencapai sasaran inflasi, disarankan penggunaan monetary policy rules yang dikembangkan dari Taylor rule dengan melakukan beberapa penyesuaian. Untuk hal ini, diperlukan penelitian tersendiri dengan mengakomodasi karakteristik yang relevan untuk kasus Indonesia. Namun, dengan terdapatnya unsur ketidakpastian dalam mekanisme transmisi, penggunaan policy rule tersebut tidak dimaksudkan untuk digunakan secara kaku (strict). Dalam hal ini, masih tersedia ruang bagi kebijakan yang bersifat discretionary, yaitu dengan melakukan assesment atas informasi yang diperoleh dari berbagai information variables.
FINANCIAL STRUCTURE, FIRMS’ INVESTMENTS AND THE CHANNELS OF MONETARY POLICY IN INDONESIA
Authors: Agung Juda
Published: January 2017

Using Tobin’s q and Euler equations estimated by a novel technique of Blundell and Bond’s system  MM, this paper investigate the role of financial factors (cash flow and leverage) in investment spending of Indonesian listed companies during 1993- 1997. Overall, the results suggest the existence of financial constraints and agency costs for Indonesian firms in raising external funds. However, agency costs vary across firms according to whether the firms are members of large business groups owning foreign exchange banks and their financial conditions (leverage and pay out ratio). These results provide indirect support to the existence of the credit channel of monetary policy which recently becomes a hot debate in the aftermath of the recent Asian financial crisis. A microeconomic aspects of both banks and firms. Specifically, the degree of financial frictions should be monitor using various indicators such as firms’ financial leverage, firms’ access to bank loans and bank’s willingness to lend.JEL Classification : E44, G31
POLICY RULES UNTUK PENGENDALIAN INFLASI SECARA FORWARD LOOKING
Authors: Hutabarat Akhis R. , Anglingkusumo Reza , Majardi Fadjar , Wimanda Rizki E.
Published: January 2017

Selaras dengan pesan inti UU No.23/1999 tentang kewajiban Bank Indonesia untuk menjaga stabilitas internal dan eksternal nilai Rupiah, maka stabilisasi laju inflasi dalam jangka panjang merupakan agenda utama yang perlu diupayakan secara sungguh-sungguh pencapaiannya. Pesan implisit undang-undang agar Bank Indonesia melalui kebijakan moneternya mencapai sasaran laju inflasi yang rendah dan stabil, bertolak dari argumen mengenai pentingnya stabilisasi laju inflasi bagi perekonomian secara makro. Sebagaimana telah banyak dikemukakan oleh para akademisi dan praktisi, manfaat stabilisasi inflasi pada intinya berkisar pada biaya yang harus ditanggung oleh perekonomian jika laju inflasi berada pada level yang tinggi dan tidak stabil.
FINANCIAL DEREGULATION AND DEMAND FOR MONEY IN INDONESIA
Authors: Simorangkir Iskandar
Published: January 2017

A stable money demand plays important role to conduct monetary policy as it enables a policy-driven change monetary aggregates to have predictable influences on output, interest rate and price. However, financial deregulation and financial innovation lead to break relationship between money demand, income and interest rate. This paper examines the factors underlying financial deregulation and investigates the implications of such deregulation to money demand stability in Indonesia. The findings show that the relationship between money demand and income is still stable, even though the relationship tends to be lessened. Money demand instability resulted from financial deregulation was transitory and did not have permanent effect.
PERKEMBANGAN INDUSTRI PERBANKAN AMERIKA SERIKAT: STUDI BAGI PENGEMBANGAN PERBANKAN INDONESIA
Authors: Iskandar Dudy
Published: January 2017

Dewasa ini lembaga keuangan di Amerika Serikat menghadapi isu strategis berupa pembentukan-kembali (reshaping) industri jasa keuangan. Perkembangan teknologi mempengaruhi produksi dan distribusi jasa keuangan, globalisasi mendorong pasar meningkatkan transaksi tanpa batas negara (cross-border), reformasi sistem peraturan mengesampingkan batasan ekspansi geografis dan kombinasi antar bisnis menciptakan peluang baru, termasuk risiko baru, bagi lembaga keuangan. Pada saat yang sama lembagalembaga keuangan memunculkan strategi korporasi baru yang masing-masing memilih fokus strategi bisnis yang akan ditekuni. Terdapat dua strategi utama yang mengemuka di antara pelaku lembaga keuangan dewasa ini, pertama spesialisasi, yaitu lembaga keuangan hanya akan fokus pada satu paket jasa yang menjadi produk utama (andalan) untuk target pasar utamanya; kedua, lembaga keuangan besar biasanya secara aktif mengembangkan strategi diversifikasi dengan cara menawarkan serangkaian jasa dan produk untuk target pasar yang lebih luas.
PENELITIAN TENTANG APAKAH PENERAPAN OTONOMI DAERAH KHUSUSNYA ALOKASI DANA PERIMBANGAN KEUANGAN PUSAT DAN DAERAH (PKPD) DAN NON-PKPD SELAMA TAHUN 2001 TELAH MEMBERIKAN DAMPAK KEPADA PENGENDALIAN MONETER ?
Authors: Ismal Rifki
Published: January 2017

Paper ini akan mencoba membahas dampak penerapan otonomi daerah, khususnya dampak alokasi atau penyaluran dana perimbangan keuangan pusat dan daerah terhadap pengendalian moneter selama periode pertama (tahun pertama) penerapan otonomi daerah. Langkah pertama yaitu mencoba menghitung besarnya alokasi dana perimbangan yang diterima tiap daerah di Indonesia, kedua, kemana dana tersebut dialokasikan/ditempatkan oleh masing-masing daerah (perbankan di daerah), ketiga, apakah ada pencairan dana dan kesimpulan serta langkah-langkah yang dapat diambil oleh otoritas moneter untuk menghadapi pelaksanaan otonomi daerah tahun depan.
LESSONS FROM ARGENTINA’S CURRENCY BOARD SYSTEM FOR INDONESIA
Authors: Setiawan Agus Fadjar
Published: January 2017

The purpose of this study is to attempt to draw lessons from Argentina’s Currency Board System (CBS) for Indonesia. Moreover, this study reviews Argentina’s economic performance before and after the implementation of the CBS, through an examination of some macroeconomic indicators namely real GDP growth, interest rates, money and inflation, as well as fiscal condition. The first three indicators are compared to the US, as the reserve-currency country, and Indonesia. The last indicator is compared to Indonesia only.In summary, the study found that after the adoption of the CBS the economic growth of Argentina substantially improved. The real interest rate tended to converge with the US interest rate, and the inflation rate that is linked to money growth was brought down to a low level close to the US inflation rate. However, this study also produced some more important findings. First, the long-run sustainability of Argentina’s economic growth with its CBS is questionable. Second, the real interest rate convergence was broken due to high default risk and deflationary expectations in Argentina. Third, low inflation later on turned to deflation as a consequence of the overvalued nominal exchange rate. Fourth, lack of sound fiscal policy and weak fiscal performance undermined the CBS regime. Finally, the study suggests that the absence of a lender of last resort is an institutional weakness of the CBS.
KAJIAN KINERJA INDUSTRI BPRS DI INDONESIA
Authors: Buchori Ahmad , Himawan Bambang , Setijawan Edi , Rohmah Nyimas
Published: January 2017

Keberadaan bank syariah di Indonesia telah diakui secara formal dengan diberlakukannya Undang-undang No.7 tahun 1992 sebagaimana telah diubah dengan Undang-undang No.10 tahun 1998 tentang Perbankan. Dalam Undang-undang No.23 tahun 1999 tentang Bank Indonesia (BI), BI memiliki peran yang sangat strategis yaitu sebagai pengatur sekaligus pengawas bank, termasuk BPRS. Sebagai pelaksanaan salah satu fungsi pengawasan, Bank Indonesia telah menerapkan standar tingkat kesehatan berdasarkan CAMEL yang berlaku bagi bank umum syariah maupun BPRS. Penggunaan CAMEL yang lazim diterapkan terhadap bank umum (commercial bank) dalam menilai kinerja BPRS, tampaknya kurang sesuai mengingat terdapat kekhususan tujuan pendirian dan operasional BPRS.Tujuan pendirian BPRS adalah untuk melayani masyarakat ekonomi lemah dan pengusaha kecil baik di pedesaan maupun di perkotaan yang umumnya tidak terjangkau oleh bank umum. Sedangkan dari sisi operasional, berdasarkan undang-undang, terdapat beberapa pembatasan bagi BPRS seperti tidak diperkenankannya menerima simpanan berupa giro, ikut serta dalam lalu lintas pembayaran, melakukan kegiatan usaha dalam valuta asing dan penyertaan modal. Lebih jauh dilihat dari karakteristiknya yang relatif sama dengan lembaga keuangan mikro (LKM), terdapat pendapat yang menyatakan bahwa BPRS dapat dikategorikan sebagai salah satu jenis LKM. Beberapa ahli dalam bidang lembaga keuangan mikro telah mengungkapkan suatu kerangka pengukuran kinerja tersendiri bagi LKM, antara lain penggunaan metode Performance Indicators (PI). Kerangka pengukuran tersebut terdiri dari kumpulan rasio keuangan yang secara operasional sangat signifikan dalam menilai kinerja suatu LKM.Tujuan penelitian ini adalah untuk memberikan gambaran deskriptif yang komprehensif mengenai kinerja BPRS di Indonesia dengan menggunakan metode Performance Indicators (PI), guna pengembangan BPRS yang lebih sesuai dengan visi dan misi Bank Indonesia sebagai otoritas pengatur dan pengawas bank. Disamping itu, penggunaan PI sebagai alat ukur penilaian kinerja BPRS diharapkan akan memberikan wacana pemikiran atas adanya alternatif metode penilaian kinerja BPRS untuk penyempurnaan perangkat pengawasan BPRS.
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI “CAPITAL FLIGHT” DI INDONESIA (Period Kuartal I 1990 s.d. Kuartal IV 2000)
Authors: Istikomah Navik
Published: January 2017

The purpose of this research is to identify the problems of the effect of economic variables, that is,  changes of exchange rates Rp/US$, external debt, economic growth, inflation, differences of interest rate of Indonesian- America, Foreign Direct Investment, political stability condition, on capital flight in Indonesia, for period 1st quarter, 1990 – 4th quarter, 2000. The determinants of capital flight in Indonesia use cointegration equation model of Likelihood Johansen’s. The estimation completed by time series data validity, that is, unit-roots-test and co-integration-test.The result of research indicate that independent variable on model, that is, changes of exchange rates Rp/US$, external debt, economic growth, inflation, differences of interest rate of Indonesian-America, Foreign Direct Investment, and political stability condition, on the long run could explain changes of capital flight about 58,85 percent and altogether significant (computed-F = 7,1520 > value-F = 3,192). Partially, knowed that all variable on model, exceptly inflation and differences of interest rate of Indonesia-America, to have significant influence on capital flight in Indonesia. All variable sufficient stationery-condition at first different and the model could cointegrated at first different.Keywords: Capital Flight and determinant factors, and Cointegration of Johansen’s Likelihood
PENGUJIAN VALIDITAS DATA STOK KAPITAL DAN PERKEMBANGAN STOK KAPITAL INDONESIA
Authors: Wicaksono Gunawan , Ariantoro Eko
Published: January 2017

Data stok kapital hasil perhitungan metode Perpetual Inventory Method (PIM) dalam kurun waktu periode 1980-2002 cukup valid untuk digunakan dalam analisis ekonomi makro, seperti estimasi output potensial dan analisis kontribusi terhadap pertumbuhan ekonomi. Data stok kapital sektoral memiliki korelasi yang cukup signifikan dengan variabel ekonomi makro lainnya. Data stok kapital tersebut dapat disajikan dalam bentuk matrik balk menurut jenis barang modal maupun sektor ekonominya.Dengan menggunakan data matriks stok kapital menurut jenis barang modal dan sektor ekonomi selama periode 1980-2002, stok kapital Indonesia ternyata didominasi oleh jenis barang modal bangunan, terutama yang berada pada sektor keuangan, persewaan dan jasa perusahaan, serta sektor pemerintahan umum.Pertumbuhan stok kapital pada periode 1990-2000 relatif lebih tinggi dibandingkan dengan periode 1980-1990, kecuali pada saat krisis ekonomi tahun 1997-1998 dimana stok kapital mengalami pertubuhn negatif.
PERANAN THE LENDER OF LAST RESORT (LOLR) TERHADAP PEREKONOMIAN: Suatu Kajian Empiris Terhadap Bantuan Likuiditas Bank Indonesia (BLBI)
Authors: Sugema Iman , Simorangkir Iskandar
Published: January 2017

The role of central bank as the lender of last resort (LOLR) has been well known since 19th century. LOLR is a lending facility to non liquid bank to avoid systemic financial crisis on banking. In Indonesia Central Bank of Indonesia provides this facility, namely Bantuan Likuiditas Bank Indonesia (BLBI). Using macro-econometric model to run two simulations; with and without BLBI, we find that BLBI can avoid national output fall while the existence of BLBI, the cost of liquidity crisis will be less. Our result also shows that BLBI tend to overshoot exchange rate by money printing to support non liquid bank which in turn increase the probability of systemic crisis.
KAJIAN TERHADAP STRUKTUR MIKRO PASAR VALAS ANTAR BANK DOMESTIK
Authors: Budiman Aida S. , Hendarsah Nanang , Nugroho M. Noor , Silviani Evy
Published: January 2017

Price fluctuation on foreign exchange induces a complex consequences on financial market. Understanding micro structure of forex market and their linkage to other market will help central bank to maintain ‘targeted’ value of Rupiah and to ensure the economy recovery post crisis. We apply business intelligence application namely On-Line Analytical Processing (OLAP) to deal with huge and high frequency data from Pusat Informasi Pasar Uang (PIPU) during period of January 2003 up to 20 June 2003. Using this tool, we can analyze characteristic of any observable market blocks including market clearance status and their inter-linkage (flow of transactions). The result shows that swap transaction dominates foreign exchange transaction, followed by spot and forward. The swap transaction is mostly used to maintain short term liquidity in inter bank market. From all of the three types of transaction, foreign bank plays important role because they have ‘greater’ access on Pasar Uang Antar Bank (PUAB), meanwhile national bank face credit line policy hence 90% of foreign exchange placement is directed to foreign bank.
ETOS BELAJAR SISWA SEKOLAH DI DAERAH PINGGIRAN
Authors: Wahyono Sugeng Bayu , Hardianto Deni , Ambarwati Unik
Published: January 2017

Penelitian ini bertujuan ingin mengetahui dan menganalisis penyebab rendahnya etosbelajar siswa dari perspektif sosial budaya, dan menawarkan solusi yang efektif bagi upayameningkatkan etos belajar siswa di daerah pinggiran. Pilihan metode penelitian adalahmetode survei dan penelitian kancah (field research). Hasil penelitian menunjukan bahwaetos belajar siswa Sekolah Menengah Atas/Kejuruan (SMA/SMK) di daerah pinggiranternyata masih dalam kategori sedang cenderung rendah. Indikatornya adalah bahwadikalangan siswa sekolah pinggiran ditandai rendahnya minat baca, kurang menyukaitantangan atau rendahnya watak kompetitif, rendahnya kemandirian, tanggung jawabbelajar yang tidak tinggi. Letak teritorial cenderung memiliki hubungan signifikanterhadap rendahnya etos belajar siswa di sekolah pinggiran dan terdapat hubungan yangtidak linier antara persepsi positif terhadap belajar dengan praksis belajar di kalangansiswa sekolah daerah pinggiran
STIMULASI PERKEMBANGAN NILAI-NILAI AGAMA DAN MORAL PADA ANAK USIA DINI MELALUI ESTETIKA GERAK PERMAINAN TRADISIONAL MASYARAKAT YOGYAKARTA
Authors: Pamungkas Joko
Published: January 2017

Penelitian ini bertujuan untuk mendeskripsikan stimulasi perkembangan nilai-nilai agama dan moral pada Anak Usia Dini melalui estetika gerak permainan tradisional masyarakat Yogyakarta. Jenis penelitian adalah penelitian tindakan dengan menggunakan pendekatan siklus. Langkah penelitian siklus dimulai dari memilih arah penelitian, mengumpulkan data, menganalisa dan menafsirkan data, mengambil tindakan, merefleksikan hasil tindakan, memperbaharui tindakan dan melanjutkan kembali penelitian ke langkah awal, yaitu memilih arah penelitian lebih khusus dan seterusnya. Teknik pengumpulan data menggunakan observasi dan wawancara dengan teknik analisis data interaktif dari Miles & Hubberman. Hasil penelitian menunjukkan siklus I terdapat prosentase 64%, siklus II 78%, dan siklus III sebesar 83% yang berarti bahwa permainan tradisional berpengaruh positif terhadap perkembangan moral anak. Permainan yang digunakan adalah ular naga, cublak-cublak suweng pada siklus I. Siklus II menggunakan suksuk pari ambruk dan jamuran. Siklus III menggunakan permainan sim-sim terimakasim
ANALISIS BUKU TEKS TEMATIK INTEGRATIF BERBASIS SCIENTIFIC APPROACH DAN AUTHENTIC ASSESSMENT PADA KURIKULUM 2013
Authors: Agustina Degi Alrinda , Mustadi Ali
Published: January 2017

Penelitian ini bertujuan untuk mendeskripsikan muatan tematik integratif, scientific approach, dan authentic assessment pada buku teks Kurikulum 2013. Penelitian ini merupakan penelitian analisis konten yang menggunakan pendekatan kualitatif. Subjek penelitian ini adalah tiga buku teks Kurikulum 2013 kelas V Tema I yang diterbitkan oleh Puskurbuk, Non Puskurbuk 1, dan Non Puskurbuk 2 tahun 2014. Hasil dari penelitian ini adalah sebagai berikut. (1) Semua buku teks yang dianalisis telah memenuhi sebagian besar muatan tematik integratif, yaitu pada aspek pengalaman bermakna dan student centered learning. Sebagian kecil indikator yang belum terpenuhi adalah pada aspek multidisipliner karena kekurang-telitian dan perbedaan pandangan yang digunakan oleh penulis. (2) Semua buku teks yang dianalisis telah memenuhi semua muatan scientific approach. Kegiatan mengumpulkan informasi merupakan kegiatan yang mendominasi. (3) Semua buku teks yang dianalisis telah memenuhi sebagian besar muatan authentic assessment. Rubrik penilaian pada buku teks berupa contoh format penilaian yang dapat dikembangkan oleh guru.
A Decision-Making Algorithm for Initiation and Discontinuation of RRT in Severe AKI
Authors: Mendu Mallika L. , Ciociolo George R. , McLaughlin Sarah R. , Graham Dionne A. , Ghazinouri Roya , Parmar Siddharth , Grossier Alissa , Rosen Rebecca , Laskowski Karl R. , Riella Leonardo V. , Robinson Emily S. , Charytan David M. , Bonventre Joseph V. , Greenberg Jeffrey O. , Waikar Sushrut S.
Published: January 2017

Background and objectives

AKI is an increasingly common and devastating complication in hospitalized patients. Severe AKI requiring RRT is associated with in–hospital mortality rates exceeding 40%. Clinical decision making related to RRT initiation for patients with AKI in the medical intensive care unit is not standardized.

Design, setting, participants, & measurements

We conducted a 13-month (November of 2013 to December of 2014) prospective cohort study in an academic medical intensive care unit involving the implementation of an AKI Standardized Clinical Assessment and Management Plan, a decision-making algorithm to assist front-line clinicians caring for patients with AKI. The Standardized Clinical Assessment and Management Plan algorithms provided recommendations about optimal indications for initiating and discontinuing RRT on the basis of various clinical parameters; 176 patients managed by nine nephrologists were included in the study. We captured reasons for deviation from the recommended algorithm as well as mortality data.

Results

Patients whose clinicians adhered to the Standardized Clinical Assessment and Management Plan recommendation to start RRT had lower in-hospital mortality (42% versus 63%; P<0.01) and 60-day mortality (46% and 68%; P<0.01), findings that were confirmed after multivariable adjustment for age, albumin, and disease severity. There was a differential effect of Standardized Clinical Assessment and Management Plan adherence in low (<50% mortality risk) versus high (≥50% mortality risk) disease severity on in-hospital mortality (interaction term P=0.02). In patients with low disease severity, Standardized Clinical Assessment and Management Plan adherence was associated with lower in–hospital mortality (odds ratio, 0.21; 95% confidence interval, 0.08 to 0.54; P=0.001), but no significant association was evident in patients with high disease severity.

Conclusions

Physician adherence to an algorithm providing recommendations on RRT initiation was associated with lower in–hospital mortality.
Bidder motivation and long-term performance of UK mergers
Authors: Raj Mahendra , Uddin Md Hamid
Published: January 2017

Earlier studies reported that bidders significantly underperform in the long-term post-acquisition period, but a growing body of literature shows that bidders’ long-term underperformance is not an obvious phenomenon. Many theories exist regarding the motivation towards initiation of a corporate takeover by acquisition bidding. This study has examined three major motivations of corporate acquisitions (hostile, hubris, and synergy) separately and measured the market performance of bidding firm over a long-horizon period. Bidders and targets are identified from a sample of completed UK takeovers between the period 1990 and 1998 that accurately reflect a specific merger motive. The findings show that the performance in the post-acquisition period depends on the main driving force behind the acquisition. The conclusions presented in this paper add new evidence to the post-acquisition dilemma by postulating that the underlying motives behind the takeover is related to the performance of the bidder over the long-horizon
An investigation of board directors’ absence and its determinants in the Malaysian stock market
Authors: Refakar Mohammad , Lai Ming-Ming
Published: January 2017

This paper examines the relation between directors’ absence in board meetings as an indicator of directors’ busyness with possible determinants of director absence on the constituent companies of FTSE Bursa Malaysia KLCI index from 2005 to 2008. This study has found board size as the strongest determinant of directors’ absence. As the size grows, there is higher probability of directors to be absent from board meetings. This study found a board size of 9 and less as an optimum board size. We also found that the more independent directors on the board, the less absence they made. The results showed that the number of multiple directorships a director holds, number of annual meetings, age, and ethnicity of the director are not significant determinants.
Global warming – Accounting for emissions and issues thereon
Authors: Ramachandran Jayalakshmy , Subramanian Ramaiyer
Published: January 2017

It is seen that companies across the countries lack a proper system for accounting and valuation of emissions because the government bodies and standard setters have not been in a position to arrive at a consensus on an acceptable treatment such that the matching concept convention is not violated. The current systems adopted in some countries are seen to cause mismatch in accounting and reporting. Emissions and the resultant effect on climatic changes are persistent problems as of date. While the role of the government is sought to be enhanced to include addressing issues concerning global warming, it is indeed challenging for the auditors as well since statutes do not require any such reports and the auditors might lack the expertise to provide such reports while adhering to ‘true and fair view’ reporting. With cooperation of all nations, emissions can be controlled to a certain extent provided political consensus is arrived at among the countries. The accounting and the auditing profession should equip itself with proper accounting framework and guidelines to address environment related issues without marring ‘true and fair view’ of financial statements.
Auditing and earnings management in Brazilian HMOs
Authors: Ferreira Felipe Ramos , Cardoso Ricardo Lopes , Martinez Antonio Lopo , do Carmo Mário Poueri
Published: January 2017

This paper examines whether external auditing minimizes the propensity for manipulation of accounting information (MAI) by health maintenance organizations (HMOs), with respect to financial information disclosed to the Brazilian Health Care Agency (ANS). The results of univariate and multivariate analyses and robustness tests indicated no statistically significant differences in the propensity to MAI between audited and unaudited financial reports in the analyzed information. The empirical regularities shown in this study provide useful insights to foreign regulators and international auditors. Our study sheds light on the effectiveness of the recent reporting and auditing regulations in Brazil, suggesting that – in regard to the HMO industry – auditing has not begun to play a more effective role yet.
IPO performance under low information asymmetry and low agency conflicts: The case of demutualized insurers
Authors: Kim Kenneth A. , Limpaphayom Piman , Wu Shanhong
Published: January 2017

One of the hypotheses put forth to explain the post-issue underperformance of IPO stocks is that managers take advantage of windows of opportunity by timing the offerings when shares are overvalued. This study investigates the hypothesis by examining the post-IPO performance of insurance firms that went public after going through a process called demutualization, a structural conversion from mutual to stock company. Because the demutualization process is highly regulated, managers of these insurers have little discretion to time the issue. Furthermore, the demutualization process is very transparent so these IPOs should have lower information asymmetry. Empirical results show that, on average, demutualized insurance IPOs do not exhibit poor performance compare to various benchmarks. The results yield indirect support to the notion that managers of other types of IPO firms take advantage of “window of opportunity” which, in turn, leads to poor long-run performance
Measures of market reaction in mergers and acquisitions in Italy
Authors: Palmucci Fabrizio , Caruso Annalisa
Published: January 2017

This paper presents an event study on mergers and acquisitions (M&A) between publicly listed Italian banks. Our study suggests that previous literature may have only partially captured the market reaction by choosing the announcement date as the event date. In less efficient markets the announcement date can be too late to allow the market reaction to be recorded, especially where information has been previously leaked. Using the rumour date and other event windows we can show that there is a portion of market reaction which has not been captured by previous research. Moreover, we are also able to present evidence of other characteristics affecting market reaction to M&A in the Italian banking sector.
Fallacies, collapses, crises. Now what?
Authors: Drimpetas Evaggelos
Published: January 2017

The current crisis has been seen as the result of a “few bad apples”. The paper argues that the crisis is systemic and based on fallacies and misconceptions in the design and function of the economic – corporate system. Organizational and economic theories are based on hypotheses that lead to faulted decisions on how the system should be regulated and designed. The paper proposes that a new theory is needed. Disjoint approaches of the current situation are not suitable. Law, Organization theory, Economics, Finance and Accounting need to converge in order to formulate a theory that encompasses all factors and it is holistic. Introduction of corporate governance systems that are as dynamic as the organizational, ownership, product and capital market are, are necessary in order to create a stable and effective corporate environment.
Theoretical foundation of diversification decisions: Opportunism or financial benefits
Authors: Staglianò Raffaele , La Rocca Maurizio
Published: January 2017

The impact of firm diversification on firm value has received considerable attention from economists. However, there is no consensus on the direction of this relationship. It may be that theoretical and empirical models do not capture several complexities of real-life setting, that affect the motivation to diversify. This article surveys recent studies that extend traditional frameworks to incorporate relevant aspect of corporate governance topics
The link between audit committees and corporate governance quality a normative and empirical overview for the US- and German capital market
Authors: Velte Patrick
Published: January 2017

Audit committees are a main instrument to increase corporate governance for US- and German listed corporations. The following analysis gives a normative and empirical overview of possible links between audit committees and corporate governance variables (capital costs and market reactions, earnings management and external management reporting, management fraud and external audit). In this context the job specification of audit committee members (independent financial experts) will be focused.
Audit committees and insider trading at U.S. banks
Authors: Bolton Brian
Published: January 2017

This paper studies the relationship between insider stock trades by audit committee members and financial concerns at U.S. banks during the 2000s. We initially show that banks with large amounts of discretionary loan loss accruals experience larger stock sales by audit committee members. These stock sales are then associated with banks experiencing subsequent financial problems, measured by firm performance, restatements, and the likelihood of receiving TARP assistance in 2008 and 2009. This suggests that legal insider trading by audit committee members can provide information about a bank’s financial condition and financial statement quality. While this study is focused on commercial banks, the results likely apply to larger samples and to trading by other classes of insiders.
Board, governance and firm performance: Are financial intermediaries different?
Authors: Brogi Marina
Published: January 2017

Drawing on Agency Theory this article investigates the relationship between board size and European firms’ performance. The focus is on the implicit differences between financial and non-financial firms. In particular the paper addresses the following questions: does board size influence firm performance? Is financial intermediaries’ corporate governance different from that of non-financial companies? The study analyses the governance of the largest listed European companies which make up the Eurotop 100 index. Companies come from 12 different countries and are subject to different regulatory and self-discipline codes. Referring to the Eurotop index the focus is on the relation between the overall size of the board of directors and the level of performance measured as Tobin’s Q and Return on Assets. Diverging results emerge depending on the typology of the firm. In particular, results suggest that for non-financial companies large boards negatively influence firm performance, whereas financial intermediaries seem to be different because of the non-relation between their board size and performance.
Will the proposed regulatory reforms by the Basel committee improve economic performance in emerging economies? An empirical application to Egypt and Ukraine
Authors: Abdel-Baki Monal , Kostyuk Alexander , Govorun Dmitriy
Published: January 2017

The aim of this research is to assess the efficacy of the prospective reforms proposed by the Basel Committee on emerging market economies. Egypt and Ukraine are selected as comparative case studies representing middle-income developing nations and transition economies that have shown diverse reactions to the global crisis. Using a small-scale DSGE model, the projected changes to capital adequacy measures, minimum liquidity requirements and Corporate Governance are tested on a set of macroeconomic outputs: GDP growth, employment, inflation and interest rates over the period of 2000:01-2010:03. The results reveal that the DSGE model is an inaccurate forecasting tool for both nations. Also, the impacts of the proposed regulatory reforms are quite detrimental for Ukraine, but better weathered by the Egyptian economy, implying that emerging nations that were well geared up through meeting requirements of Basel II will show more resilience to the costliness of future reforms.
Corporate governance in the Brazilian banking sector: A study of practices adopted by the boards
Authors: Oliveira Marcelle Colares , Aragão Lindenberg Araújo , Ponte Vera Maria Rodrigues
Published: January 2017

This study is an analysis of the best practices of corporate governance adopted by the boards of Brazilian banking institutions. The findings show that most banks adhere to the latest Brazilian Institute of Corporate Governance guidelines with regard to board size and to the standards required by BM&FBovespa in terms of independence. The banks studied are rigorous with regard to audits and control in the process of corporate governance and most have a diversified board with the positions of chief executive officer and chairman occupied by different individuals. Practices regarding disclosure of board member remuneration are still at an early stage of development with banks restricting disclosure to what is required by law.
The effect of banking expansion on profit efficiency of Saudi banks
Authors: Alber Nader
Published: January 2017

This paper aims at analyzing the profit efficiency of the Saudi banks, and testing how it could be affected by banking expansion. This has been conducted using a sample of 6 commercial banks (out of 11), and covering the period from 1998 to 2007. Profit efficiency has been measured, using the ratio of actual profitability to the best one, which a similar bank (in size) can realize. Tests indicated that we could accept hypotheses regarding the effects of "availability of phone banking", "number of ATMs" and "number of branches" on profit efficiency of Saudi banks, also referred to the need to reject the hypotheses regarding the effects of "number of POSs", "availability of PC banking" and "availability of mobile banking".
The policy of minimizing of fallouts of banking crisis in Ukraine
Authors: Gyrba Oksana , Galych Iurii , Khomutenko Yaroslav
Published: January 2017

Ukrainian economy faced sharp decrease in 2008, which was characterized by general deterioration in macroeconomic indicators. Such situation and influence of foreign markets led Ukraine to the financial crisis which started in banking system. Ukrainian banking crisis was accompanied by changes in national legislation. There are 3 ways of minimizing of fall-outs of banking crisis in Ukraine. They are as follows: temporary administration, nationalization and liquidation. Ukrainian anti-crisis steps, which were implemented, were compared with foreign experience. The question is whether these steps were as successful as some of foreign ones or not. Analysis which was made showed imperfection of national legislation, lack of interaction between state regulatory authority and lack of effective long-term strategy.
Cognition and Type 1 Diabetes in Children and Adolescents
Authors: Cato Allison , Hershey Tamara
Published: January 2017

IN BRIEF In children and adolescents with type 1 diabetes, exposure to glycemic extremes (severe hypoglycemia, chronic hyperglycemia, and diabetic ketoacidosis) overlaps with the time period of most active brain and cognitive development, leading to concerns that these children are at risk for cognitive side effects. This article summarizes the existing literature examining the impact of glycemic extremes on cognitive function and brain structure in youth with type 1 diabetes and points out areas for future research.
Efectividad biológica de insecticidas para el manejo de la resistencia del picudo del chile
Authors: Avendaño Meza Fabián
Published: January 2017

Se realizó un estudio de efectividad biológica de los insecticidas clorpirifos etil, malation, oxamil, thiametoxam y zcipermetrina para el control del picudo del chile en campos de La Cruz de Elota, El Rosario y Culiacán, Sinaloa. Los experimentos se establecieron en un diseño de bloques al azar con arreglo en parcelas divididas, con la variante ‘Insecticida’ en las parcelas chicas y ‘Dosis’ en el factor de parcelas grandes. Los resultados indican que la población de picudos de La Cruz de Elota presentó los niveles más bajos de control al registrar porcentajes inferiores al 50 %; mientras que la población de El Rosario resultó ser más susceptible a los insecticidas evaluados, con porcentajes de efectividad superiores al 74 %. Todos los tratamientos insecticidas fueron diferentes estadísticamente al testigo.