bluuebunny/crossref_metadata_2025 huggingface dataset:
QUARTERLY ANALYSIS: The Progress of Monetary, Banking and Payment System Quarter I – 2012
Authors: Bank Indonesia Author Team of Quarterly Report
Published: January 2017

The Indonesian economy in the First Quarter 2012 grew by 6.3% (yoy). The main source of economic growth came from domestic consumption thatremained strong and in line with consumer optimism (which also remained high), and investments (PMTB) supported by a conducive business climate with the potential for increased funding. Meanwhile, export growth slowed down due to the performance of the continuing global economic downturn which has depressed the absorption of the main trading partner countries. Amid the sluggish performance of exports, imports still grew fuelled by a strong domestic demand. Looking ahead, Indonesia»s economic outlook remains strong overall in 2012 ranging from 6.3 to 6.7% growthamidst many risk factors.
REDUCING POVERTY THROUGH SUBSIDIES: SIMULATION OF FUEL SUBSIDY DIVERSION TO NON-FOOD CROPS
Authors: Maipita Indra , Hermawan Wawan , Fitrawaty Fitrawaty
Published: January 2017

This paper analyzes the impact of fuel subsidy diversion to Non-Food Crops sector on income levels, using AGEFIS; a Computable General Equilibrium model. Then we proceed to apply the Foster-Greer-Thorbecke (FGT) index to measure the indicators of poverty (head count index, poverty gap index and poverty severity index). The simulation result shows the fuel subsidy diversion to Non-Food Crops sector provides a positive impact on increasing household incomes and poverty reduction. Furthermore, the fuel subsidy diversion to Non-Food Crops sector reduces the poverty of rural household, larger than the urban households. Keywords: Subsidy, poverty, computable general equilibrium, AGEFIS.JEL Classification: C68, E62, I32
THE NUMBER OF FINANCIAL REGULATORY AUTHORITIES AND FINANCIAL STABILITY: CROSS-COUNTRY EXPERIENCES
Authors: Soedarmono Wahyoe , Sitorus Romora Edward
Published: January 2017

This paper attempts to provide evidence whether or not the unification of regulatory institutions for different types of financial sector creates challenges for financial stability. From a sample of 91 countries that provide data on the financial unification index and the central bank involvement index, the empirical results reveal that higher financial unification index or the convergence toward a single supervisory institution outside the central bank, in order to control three different sectors (banking, insurance, and securities), is detrimental for financial stability. However, this finding only holds for developed countries, but dissapears for less developed countries. In parallel, the central bank involvement in financial sector supervision has no impact on financial stability in both developed and less developed countries.  Keywords: Supervisory Regimes, Financial Sectors, Financial Stability  JEL Classification: G18, G21, G28
PERKEMBANGAN MONETER, PERBANKAN DAN SISTEM PEMBAYARAN, TRIWULAN IV - 2014
Authors: Laporan Triwulanan Bank Indonesia Tim Penulis
Published: January 2017

Perekonomian Indonesia pada triwulan IV 2014 menunjukkan bahwa stabilitas makroekonomi dan sistem keuangan yang terjaga. Kondisi ini tercermin pada defisit transaksi berjalan yang menurun dan inflasi yang terkendali. Sementara itu, ekonomi domestik tumbuh meningkat dibandingkan dengan triwulan sebelumnya, meskipun secara keseluruhan 2014 melambat. Kinerja transaksi berjalan triwulan IV 2014 membaik terutama didukung oleh surplus neraca perdagangan nonmigas dan menurunnya defisit neraca perdagangan migas. Di sisi lain, stabilitas sistem keuangan tetap solid ditopang oleh ketahanan sistem perbankan dan relatif terjaganya kinerja pasar keuangan
THE EFFECT OF THE OWNERSHIP AND THE GLOBAL CRISIS ON THE INCOME DIVERSIFICATION OF INDONESIAN BANKS
Authors: Murharsito Murharsito
Published: January 2017

This paper examines the effect of the ownership and the global crisis on income diversification of Indonesian Banks during the period of 2005 to 2012. We distinguish the income into traditional and non-traditional, where the latter is raised from non-traditional activities, such as service commission, trading revenue, insurance fee, etc. We also distinguish the types of ownership when applying the pooled estimation technique. The result shows the ownership does not affect the income diversification of Indonesian banks. Furthermore, public ownership affects the non-traditional incomes negatively, while foreign ownership effect is positive. This paper finds no evidence about the effect of the global crisis on income diversification of Indonesian banks. Keywords: Income diversification, ownership, global crisis, Indonesian banks.JEL Classification: G01, G15, G21
RISK OF INDONESIAN BANKS: AN APPLICATION OF HISTORICAL EXPECTED SHORTFALL METHOD
Authors: Danila Nevi , Bunyamin Bunyamin , Munfaqiroh Siti
Published: January 2017

Asian and European crises were witnesses of banks’ vulnerable due to market risks. The Basel Committee requires an internal risk assessment applying Value at Risk (VaR). However, a replacement of VaR with Expected Shortfall (ES) has been suggested recently due to an excessive losses produced by banks which are beyond VaR estimations. This paper studied the risk of Indonesian banks applying a historical expected shortfall. We used JIBOR (overnight) from 2009 – 2012 as a proxy of market risk. The assessment of a historical expected shortfall of the net position of 27 banks accounts for October 2012 showed that state owned banks placed among the five highest value of each component (net position) in the balance sheet, namely placement to Bank Indonesia, interbank placement, spot and derivatives claims, securities, and loans. It means that the state owned banks had the highest risk and were the most aggressive among Indonesian banks. It might be due to carrying some of the government’s program, such as small enterprise loans. Keywords: expected shortfall, value at risk, banks, risk. JEL Classification: D81, G210
Cross Border Portfolio Investment and The Volatility of Stock Market Index and Rupiah's Rate
Authors: Muntasir Al
Published: January 2017

This paper use daily data during the period 2010-2014 to analyse the impact of foreign capital inflows on capital market volatility and on the volatility of Rupiah’s rate. The results shows the flow of foreign capital positively affect the Jakarta Composite Index (JCI) but not the rate of Rupiah. Using Vector Error Correction Model, this paper finds a cointegrated and dynamic relationship between the changes in foreign capital flow in Indonesia, with the JCI and the exchange rate of Rupiah against USD. Changes in the Rupiah’s rate significantly affect the foreign capital flow and the JCI, while the JCI does not significantly affect the flow of foreign capital and the changes of Rupiah’s rate.
Dampak Perdagangan Internasional Indonesia terhadap Kesejahteraan Masyarakat: Aplikasi Structural Path Analysis
Authors: Sabaruddin Sulthon Sjahril
Published: January 2017

Paper ini mengevaluasi dampak perdagangan internasional Indonesia terhadap kesejahteraan masyarakat, dengan memanfaatkan dua perangkat analisa yaitu Sistem Neraca Sosial Ekonomi 2008 (SNSE 2008) dan Structural Path Analysis (SPA). Pada sisi ekspor, hasil simulasi menunjukkan bahwa untuk kelompok komoditi Pertanian, ekspor ke luar negeri mempengaruhi kesejahteraan masyarakat lebih melalui jalur tenaga kerja. Pada kelompok industri, jalur modal lebih dominan; ditunjukkan dengan besaran pengganda yang lebih besar relatif terhadap jalur tenaga kerja. Dari sisi impor, dampak terhadap tingkat kesejahteraan masyarakat disalurkan melalui dua jalur utama yakni jalur produksi dan jalur penerimaan pajak. Faktor produksi yang terlibat dalam proses ini terdiri dari pekerja dengan pendapatan menengah yang tinggal di perkotaan dan pengusaha berpendapatan menengah baik di pedesaan maupun di perkotaan.
Strategi Peningkatan Efisiensi Biaya pada Bank Umum Syariah Berbasis Stochastic Frontier Approach dan Data Envelopment Analysis
Authors: Rahmawati Rafika
Published: January 2017

Entering the ASEAN Economic Community (AEC) in 2015, the Islamic banking in Indonesia is expected to have better performance to compete sustainably with local banks and foreign. The performance of the banks using the cost efficiency approach with a focus on two inputs (cost of fund and cost of labor) and the two outputs (total financing and owned securities). Using Stochastic Frontier Approach (SFA) and Data Envelopment Analysis (DEA) on Islamic Banks during the period of January 2010 to December 2013, the result shows that the level of efficiency of the Islamic banks in Indonesia is not optimal. Our calculation shows different result for both method (SFA and DEA), where the highest efficiency levels using SFA methodis Bank Mega Syariah, while with the DEA method is Bank Muamalat Indonesia. Leaving some option of strategies to improve their cost efficiency; this includes increasing their assets, increasing deposits, and cut cost the unnecessarily cost. More strategy includes product innovation, reducing the salary of the board of directors, and put the funds in profitable portfolio. For the authorities, this paper has demonstrated the use of frontier approach as good alternative in assessing the performance of the banks.
THE ROLE OF MACROPRUDENTIAL POLICY TO MANAGE EXCHANGE RATE VOLATILITY, EXCESS BANKING LIQUIDITY, AND CREDITS
Authors: Purnawan Muhammad Edhie , Nasir M. Abd.
Published: January 2017

This paper analyzes the macroprudential policy by the central bank to maintain the financial system stability. Using panel data of the government banks, foreign, private, joint venture, and regional development banks during 2004- 2012, we employ Vector Autoregressive Exogenous (VARX) and event analysis method and find that the level of exchange rate volatility decrease after the implementation of the one month holding period, six-month holding period and net open position policies. However, for the nominal exchange rate, these policies are not effective. In aggregate the reserve requirement plus loan to deposit ratio policy is effective to raise the bank credit allocation. Furthermore, the impact of the primary reserve policy is very limited to lower the liquidity of the economy; while at the same time the flow of foreign capital comes into very heavy
THE BRANCH EXPANSION AND THE PERFORMANCE OF THE BANKS: THE CASE OF INDONESIA
Authors: Prasetyo Hery , Sunaryo Sony
Published: January 2017

Opening new branches may help the banks to expand and is a priority for the banks to enlarge the public inclusion. Indonesian banking industry is currently not efficient and still focus more on networking the branches than improving the banking access to the public. This paper utilize the path analysis to see the link betweeen the branch expansion and the performance of the banks. The analysis shows that the increase of the number of branches and employees does not significantly influence the financial performance of the banking industry from the period of 2011-2012. This prove that the inefficiency of banking industry as one of the performance indicators of banking is not the main factor that be caused by increasing the number of branches and employees.
ANALISIS TRIWULANAN: PERKEMBANGAN MONETER, PERBANKAN, DAN SISTEM PEMBAYARAN TRIWULAN III 2015
Authors: Analisis Triwulanan Tim Penulis
Published: January 2017

Pertumbuhan ekonomi meningkat pada triwulan III 2015 dengan stabilitas makroekonomi yang terjaga. Pertumbuhan ekonomi triwulan III 2015 tercatat 4,73% (yoy), lebih tinggi dibandingkan dengan triwulan sebelumnya sebesar 4,67% (yoy). Peningkatan terutama didorong oleh peran pemerintah yang lebih kuat, baik dalam bentuk konsumsi maupun investasi pemerintah. Hal ini sejalan dengan kemajuan proyek infrastruktur pemerintah yang signifikan. Sementara itu, stabilitas makroekonomi tetap terjaga, tercermin dari inflasi yang menurun dan defisit transaksi berjalan yang membaik. Di sisi lain, stabilitas sistem keuangan tetap solid, ditopang oleh ketahanan sistem perbankan dan relatif terjaganya kinerja pasar keuangan. Ke depan, pertumbuhan ekonomi pada triwulan IV 2015 diperkirakan meningkat, didukung oleh belanja pemerintah yang akan meningkat dan konsumsi rumah tangga yang lebih tinggi. Inflasi diperkirakan tetap rendah sehingga unruk keseluruhan tahun akan berada di batas bawah kisaran sasaran inflasi 2015 yakni 4±1%. Namun, beberapa risiko ekonomi yang berasal dari eksternal dan domestik perlu terus dicermati.
INTRA ASEAN-5 CAPITAL FLOWS: DO THEY REPRESENT NEOCLASSICAL BELIEF OR LUCAS PARADOX?
Authors: Qolbi Nurul , Kurnia Akhmad Syakir
Published: January 2017

In the neoclassical belief, capital flows downhill from rich to poor countries as a consequence of capital endowment variation. In contrast to the neoclassical belief, Lucas found evidence that capital tends to flow uphill. This paper investigates the intra ASEAN-5 capital flows. Using panel estimation, we found that marginal product of capital, human capital, total factor productivity growth, and the quality of institutions appear as determinants for the capital flow from Indonesia, Malaysia, Philippines, and Thailand to Singapore as a host country. On the contrary, the capital flow from Singapore to other ASEAN countries as host countries is encouraged only by the quality of institutions, human capital as well as per capita GDP. The result shows that Lucas variables emerge as determinants for the uphill and downhill capital flow in ASEAN-5. In the meantime, marginal product of capital that represents neoclassical variable appears as the determinant for uphill capital flow from other ASEAN countries to Singapore. This gives significant insight that Lucas variables emerge as companion to the neoclassical variables in explaining intra ASEAN capital flow
EXTERNAL SHOCKS AND POVERTY: HOW RECESSION IN EUROPE, JAPAN, AND CHINA AFFECTS THE INDONESIAN POOR
Authors: Yusuf Arief Anshory
Published: January 2017

This paper analyzes the effect of a recession in Europe, Japan, and China on the poverty in Indonesia. We use the GTAP model and the INDONESIA-E3 model to examine the impact of a 2 percent GDP decline in these three countries on the poverty in Indonesia. The results suggest a negative impact on Indonesia’s GDP, mainly through the trade-linkages but with a small magnitude. The main reason for this finding has to do with the low dependency of Indonesia on international trade. The shock also slightly increases the poverty in Indonesia with a small magnitude. Across the household types, the negative effects of these recession goes mainly to higher income households since large part of their incomes comes from the capital and skill-intensive sectors. The poor household types are likely to be the first to lose their jobs in the event of this recession, since they are less skilled. These findings urge the Indonesian government to lunch employment programs to ensure the employment continuity for these unskilled laborers in the anticipation of a global recession particularly originating from these three countries.
QUARTERLY OUTLOOK ON MONETARY, BANKING, AND PAYMENT SYSTEM IN INDONESIA: QUARTER IV-2015
Authors: Machmud TM Arief , Perdymer Syachman , Anwar Muslimin , Aman Nurkholisoh Ibnu , Ayu K Tri Kurnia , Mutiara K Anggita Cinditya , Riyadi Illinia Ayudhia
Published: January 2017

Indonesia ‘s economy in the fourth quarter 2015 was marked by maintained macroeconomic and financial system stability, with a starting economic growth momentum. Macroeconomic stability reflected by lower inflationary pressures, a current account deficit in a healthy level, and manageable pressure on Rupiah. The stability of the financial system remains solid, underpinned by the resilience of the banking system and the relatively stong financial market performance. As the third quarter of 2015, economic growth in the fourth quarter 2015 increased mainly driven by government spending. Looking ahead, economic growth is expected to be higher, with the support of fiscal stimulus, particularly a faster implementation of infrastructure projects, and also with the increase of private investment
Beberapa Pemikiran Mengenai Manajemen Moneter Di Indonesia: Overview
Authors: Abdullah Burhanuddin
Published: January 2017

Dihadapkan pada kenyataan bahwa perumusan kebijakan ekonomi perlu mengadaptasi proses integrasi pasar gobal yang semakin menggejala, para peneliti ekonomi, seolah mendapat gairah baru. Kenyataan tersebut memunculkan rasa ingin tahu, atau keheranan, mengapa manajemen moneter yang dalam teori tampak sederhana dan mudah, dalam pelaksanaannya ternyata rumit dan susah mengurainya. Beberapa persoalan rumusan dan pelaksanaan kebijakan moneter dalam berbagai dimensinya – yang menjadi pokok bahasan dala terbitan ini – terasa bertambah pelik setelah kecenderungan integrasi pasar domestik dengan pasar global memiliki implementasi yang tidak seluruhnya positif.
Merenungkan Kembali Mekanisme Transmisi Moneter Di Indonesia
Authors: Boediono Boediono
Published: January 2017

Pengalaman kita akhir-akhir ini menunjukkan bahwa sekarang hampir tidak mungkin bagi otoritas moneter untuk mengendalikan secara cukup pasti perkembangan agregat-agregat moneter. Kita makin menyadari betapa makin sulitnya mengarahkan perkembangan agregat-agregat ini sesuai dengan apa yang kita inginkan, terutama dalam jangka waktu pendek. Paradigma lama yang secara implisit masih kita pakai mengatakan bahwa Bank Indonesia dapat langsung megnendalikan uang primer (M0), dan selanjutnya, dengan anggapan bahwa money multiplier cukup stabil, dapat mengendalikan M1 dan M2. Lebih lanjut lagi, dengan anggapan bahwa income velocity relatif stabil, melalui pengendalian M1 dan M2 Bank Indonesia dapat mempengaruhi PDB nominal atau permintaan agregat.
Mencari Paradigma Baru Manajemen Moneter Dalam SIstem Nilai Tukar Fleksibel: Suaru Pemikiran untuk Penerapannya di Indonesia
Authors: Sarwono Hartadi A. , Warjiyo Perry
Published: January 2017

Kebijakan moneter Indonesia sampai saat ini pada dasarnya masih menggunakan paradigma lama yang mengandalkan mekanisme transmisi kebijakan moneter melalui pengendalian jumlah uang beredar dalam mempengaruhi kegiatan ekonomi. Perekonomian Indonesia yang berubah cepat dan semakin terbuka, khususnya sejak langkah-langkah deregulasi di segala bidang sejak tahun delapan puluhan, ditengah-tengah lingkungan perekonomian dunia yang semakin terintegrasi, telah menyebabkan paradigma lama sistem pengendalian moneter dengan sasaran kuantitas (monetary aggregates targetting) tersebut menjadi semakin kurang relevan. Lebih dari itu, deregulasi dan globalisasi selama ini juga telah mendorong sektor keuangan berkembang sangat cepat ke arah bekerjanya mekanisme pasar, timbulnya inovasi produk-produk keuangan baru dan gejala sekuritisasi, membaurnya operasi bank dengan lembaga-lembaga keuangan lainnya, serta terjadinya transnasionalisasi keuangan. Kesemuanya ini menyebabkan proses penciptaan uang lebih banyak lagi terjadi di luar kendali otoritas moneter sehingga pelaksanaan kebijakan moneter sering menjadi kurang efektif.Di sisi lain, pasar keuangan dunia yang semakin terintegrasi dan ditunjang oleh semakin pesatnya perkembangan teknologi informasi dan komunikasi, telah menyebabkan perpindahan modal bergerak lebih cepat dan seringkali dalam jumlah yang besar mengikuti perkembangan ekonomi dan perubahan kebijakan suatu negara. Sebagai akibatnya, hampir tidak mungkin bagi otoritas moneter suatu negara untuk mengendalikan secara pasti perkembangan agregat-agregat moneter di dalam negeri. Sasaran agregat moneter yang diinginkan otoritas moneter sering tidak dapat dicapai karena arus modal internasional yang keluar maupun masuk dalam jumlah yang besar dan dalam waktu yang singkat. Pengalaman kita selama ini menunjukkan semakin sulitnya mengarahkan agregat moneter sesuai dengan yang dikehendaki, terutama dalam jangka pendek. Masalah ini terjadi karena uang beredar memang berada diluar kendali otoritas moneter, dimana perkembangannya lebih banyak dipengaruhi oleh kegiatan ekonomi dan bukan sebaliknya.Tulisan ini ingin mengajukan proposisi mengenai sistem pengendalian moneter dengan penggunaan suku bunga dan nilai tukar sebagai intermediate target dalam mencapai sasaran akhir yakni inflasi. Mekanisme transmisi kebijakan moneter melalui suku bunga dan nilai tukar ini, atau disebut sebagai indikator kondisi moneter, diharapkan dapat memberikan signal yang lebih cepat kepada otoritas moneter dalam rangka menstabilisasikan harga.
Penggunaan Suku Bunga Sebagai Sasaran Operasional Kebijakan Moneter Di Indonesia
Authors: Warjiyo Perry , Zulverdi Doddy
Published: January 2017

Salah satu alternatif pendekatan untuk meningkatkan kinerja kebijakan moneter Bank Indonesia adalah dengan menerapkan sistem pengendalian moneter menggunakan suku bunga sebagai sasaran  operasional. Berkaitan dengan itu, hasil penelitian menunjukkan bahwa: i) terdapat suatu keyakinan yang cukup kuat bahwa transmisi kebijakan moneter melalui suku bunga menjadi semakin penting dibandingkan dengan transmisi melalui jumlah uang beredar sehingga penerapan sistem pengendalian moneter menggunakan suku bunga sebagai sasaran operasional layak untuk dipertimbangkan; ii) terdapat hubungan yang cukup erat antara laju inflasi dan suku bunga (deposito berjangka satu bulan dan kredit modal kerja); dan iii) suku bunga PUAB dapat dipertimbangkan untuk menjadi sasaran operasional karena memiliki kaitan yang erat dengan suku bunga deposito, mencerminkan kondisi likuiditas di pasar uang, dan sekaligus dapat dipengaruhi oleh instrumenOPT khususnya suku bunga SBPU.Terdapat beberapa syarat bagi efektivitas sistem pengendalian moneter menggunakan suku bunga sebagai sasaran operasional, yaitu: i) Sasaran akhir kebijakan moneter sebaiknya diprioritaskan pada pengendalian underlying/core inflation, yaitu komponen inflasi yang diyakini benar-benar dipengaruhi faktor-faktor moneter; ii) Untuk meminimalkan pengaruh negatif tekanan-tekanan eksternal terhadap efektivitas kebijakan moneter, sistem nilai tukar yang fleksibel (mengambang) menjadi pilihan utama dibandingkan dengan sistem nilaitukar tetap; iii) Anggaran pemerintah harus “fully budget” dalam arti setiap defisit/surplus anggaran harus setiap saat dibiayai/diserap oleh instrumen utang pemerintah; iv) Untuk memelihara kestabilan permintaan di pasar uang, kinerja sistem pembayaran harus terus-menerus ditingkatkan.
MEMPREDIKSI KONDISI PERBANKAN MELALUI PENDEKATAN SOLVENCY SECARA DINAMIS
Authors: Indira Gusti Ayu , Muljawan Dadang
Published: January 2017

Munculnya krisis keuangan dan perbankan yang terjadi di suatu negara ditandai oleh beberapa indicator seperti tingginya kredit bermasalah, kesulitan likuiditas serta insolvensi dari lembaga keuangan maupun perbankan. Terdapat beberapa konsep yang menerangkan definisi krisis perbankan, pertama adalah  penilaian terhadap negative net present value dari cashflow dan kedua adalah penilaian terhadap net worth dari lembaga keuangan atau perbankan. Apabila otoritas pengawasan perbankan dapat mengetahui secara akurat dan bahkan memprediksi tingkat solvency untuk masa yang akan datang akan sangat membantu dalam menentukan tindakan-tindakan yang harus diambil agar sistem perbankan selalu berada dalam kondisi solvent.
ANALISIS TRIWULANAN: Perkembangan Moneter, Perbankan, dan Sistem Pembayaran, Triwulan IV – 2005
Authors: Bank Indonesia Tim Penulis Laporan Triwulanan
Published: January 2017

Secara umum, perekonomian Indonesia pada triwulan IV – 2005 masih mengalami perlambatan dengan pertumbuhan ekonomi yang lebih rendah dari perkiraan semula. Menurunnya daya beli riil masyarakat akibat inflasi yang melonjak tinggi menyebabkan pertumbuhan konsumsi melambat. Investasi juga tumbuh lebih lambat seiring dengan melemahnya konsumsi, meningkatnya biaya produksi, dan belum tuntasnya berbagai peraturan di bidang investasi dan pembangunan infrastruktur. Secara keseluruhan tahun pertumbuhan ekonomi diperkirakan akan mencapai 5,3% - 5,6% sedikit di atas pertumbuhan tahun lalu sebesar 5,13%. Seiring dengan perlambatan kegiatan ekonomi, impor mengalami penurunan sehingga surplus neraca transaksi berjalan mengalami kenaikan. Neraca modal juga mengalami surplus yang terutama berasal dari kenaikan surplus lalu lintas modal pemerintah sehingga cadangan devisa naik dan mencapai USD 34,7 miliar. Membaiknya kinerja neraca pembayaran tersebut pada gilirannya mendukung kestabilan nilai tukar. Sementara itu, inflasi yang meningkat pesat pada triwulan IV – 2005 tersebut terutama karena dampak kenaikan harga BBM dan tarif angkutan yang cukup tinggi.
ANALISIS PERILAKU INSTABILITAS PEREKONOMIAN INDONESIA: PENDEKATAN KETERKAITAN EKONOMI MAKRO, PERDAGANGAN INTERNASIONAL DAN SEKTOR PERTANIAN
Authors: Irawan Andi , Warjiyo Perry
Published: January 2017

In general the aim of this study is  to investigate short-run relationships among macroeconomy, international trade and agriculture in Indonesia. Under such circumstances, the specific goals of this research is to analyze whicheconomic blocks that have most affected by instability, as well as producing instability in the economy.We apply the Vector Error Correction Model on monthly series data from 1993:01 to 2002:12. The main resultof this study shows asfollow: 1) that the asset financial and the commodity demand blocks the most producing instability in the economy. On the other hand, the export block producing the least instability to the economy. The finding suggest that government should concentrate attention on asset financial andthe commodity demand blocks in stabilizing the economy, as they are major sources of instability of the economy.2) To stabilize the commodity demand, it is also necessary to stabilize the financial market, as the assets demand block is the most contributor of the instability in the commodity demand block. In other words, money demand is the main source of instability. Because money supply is determined bygovernment, the disequlibrium error measure the excess supply of money in the market. This suggest that monetary policy that reduces the disequlibrium error can help stabilize the economy.JEL Classification: C22, F17, Q11, Q18Keyword: Instabilitas,  Disequilibrium Error,  perdagangan internasional, pertanian, VECM, fiscal policy
ANALISIS TRIWULANAN: Perkembangan Moneter, Perbankan, dan Sistem Pembayaran, Triwulan I – 2006
Authors: Bank Indonesia Tim Penulis Laporan Triwulanan
Published: January 2017

Kinerja perekonomian Indonesia pada triwulan I – 2006 relatif membaik dan tidak seburuk perkiraan semula. Selama triwulan I – 2006 perekonomian nasional diperkirakan akan tumbuh sebesar 4,58% (y-oy), sedikit lebih tinggi dari perkiraan di awal tahun sebesar 4,35% (y-o-y). Perkembangan yang positif tersebut disebabkan oleh kondisi ekonomi global yang lebih kondusif dan terjaganya kestabilan makroekonomi seperti tercermin dari menguatkan nilai tukar rupiah, menurunnya tingkat inflasi dan surplus neraca pembayaran. Ke depan, meskipun optimisme pada perekonomian Indonesia diperkirakan semakin menguat namun beberapa faktor risiko masih harus tetap diwaspadai karena dapat mengganggu kinerja ekonomi ke depan. Risiko tersebut terutama terkait dengan tingginya minyak dan berlanjutnya kebijakan moneter ketat global, lambatnya perbaikan infrastruktur di beberapa daerah, dan kendala dalam merealisasikan belanja modal pemerintah. Setelah memperhatikan seluruh asesmen perekonomian secara keseluruhan dan sejumlah faktor risiko masih relatif tinggi, Dewan Gubernur Bank Indonesia memutuskan untuk mempertahankan tingkat BI Rate sebesar 12,75%. Sejalan dengan itu, Bank Indonesia juga tetap mempertahankan Giro Wajib Minimum (GWM), mengingat masih tingginya ekses likuiditas di perbankan.
THE EFFECT OF SBI RATE THROUGH FINANCIAL SYSTEM TO ECONOMIC GROWTH OF INDONESIA
Authors: Anugrah Donni Fajar
Published: January 2017

Bank Indonesia menerapkan Inflation Targeting Framework (ITF) sejak tahun 2000 dengan menggunakan base money sebagai alat kebijakan moneternya. Hasil penerapan framework ini kurang optimal jika melihat inflasi aktual yang tidak selalu berada dalam kisaran target yang telah diumumkan. Di sisi lain, beberapa negara yang juga menerapkan ITF, seperti New Zealand, telah berhasil mencapai tingkat inflasi yang rendah sesuai dengan target yang diumumkan. Mereka menggunakan suku bunga sebagai alat kebijakan moneter dalam penerapan ITF. Oleh karena itu, Bank Indonesia memutuskan untuk menggunakan suku bunga SBI sebagi alat kebijakan untuk mencapai inflasi yang rendah.Permasalahan yang perlu mendapat perhatian yaitu seberapa besar efek dari kebijakan ini terhadap pertumbuhan ekonomi secara bertahap. Dalam penerapannya, suku bunga SBI akan mempengaruhi sistem keuangan melalui suku bunga pasar, seperti suku bunga PUAB dan kredit. Secara teoritis kedua suku bunga pasar terseut dapat mempengaruhi konsumsi dan investasi. Penelitian ini akan lebih difokuskan pada efek suku bunga pada konsumsi dan investasi yang pada akhirnya berdampak pada tingkat pertumbuhan ekonomi.Dengan menggunakan pendekatan Joahnsen, akan dapat dijelaskakn hubungan jangka panjang antar variabel dan menghasilakn ECM yang digunakan dalam model jangka pendeknya. Hasil penelitian menunjukkan bahwa suku bunga dan konsumsi memiliki hubungan negatif hanya di jangka pendek. Sedangkan suku bunga dengan investasi berhbungan negatif dalam jangka panjang. Hasil akhir menunjukkan peningkatan  suku bunga akan berakibat pada penurunan pertumbuhan ekonomi.Keywords: central bank, sbi rate, consumption, investmentm economic growth, inflation targetingJEL: E21, E52, E58, F43
FUNGSI INTERMEDIASI DALAM EFISIENSI PERBANKAN DI INDONESIA: DERIVASI FUNGSI PROFIT
Authors: Astiyah Siti , Husman Jardine A.
Published: January 2017

This paper analyze the bank efficiency in Indonesia by deriving the profit function. We apply the stocahstic frontier approach on monthly data during 2001:01 – 2004: 12, covering the 20 largest asset banks. We incorporate the function of the bank as an intermediary institution by including the intermediary stressing variable on the profit function. This is important to capture the possibility when the large profit is gathered from non-operational profit sources such as recap fund or SBI.The result of the study indicate that the average efficiency of the model with intermediary stressing is lower that without intermediary stressing. The 5 largest efficient bank without considering the intermediation stressing, in fact becomes the lowest efficient bank when the model include the intermediary stressing. The findings implies may have a great implication of the Indonesian central policy, when a higher support to real sector is preferred.Keyword: efficiency, profit function, stochastic frontier, bank intermediary, IndonesiaJEL: C52, E51, E58
PENGUKURAN CAPACITY UTILIZATION BERDASARKAN PENDEKATAN DUAL COST PADA INDUSTRI PENGOLAHAN DI INDONESIA
Authors: Tjahjono Endy Dwi , Husman Jardine , Sianipar Desthy
Published: January 2017

This study estimates the level of capacity utilization using the dual cost approach in which capacity utilization is measured by the deviation of shadow cost to observe cost. This approach provides valuable economic analysis which is not offered by the traditional or engineering approach, such as the production cost structure and the production system efficiency. The estimation results of 1996-2003 annual data on nine industries sub sector using panel data shows that the estimated capacity utilizations based on dual cost approach tend to exceed those of traditional approach. However, in general, the level of capacity utilization is still below full capacity although some of the industries have reached the level of 80%. The empirical results also shows that in term of output gap indicator, the dual cost capacity utilization outperforms the traditional one so that it can be used as a better tool in monetary policy formulation process.Keywords: Capacity utilization, Capital and Investments, Cost Function, Panel dataJEL Classification: C23, D24, E22
Sistema de Información Geográfica Industrial: una herramienta para la gestión y la promoción de la industria. El caso de Álava (País Vasco)
Authors: Álvarez González Irantzu , Esteban Galarza Marisol , Torres Enjuto María Concepción
Published: January 2017

En un periodo de transformación de la actividad industrial y de crisis económica como el actual es necesario innovar en las infraestructuras y servicios que se ofrecen al conjunto de la sociedad y a las empresas. Los procesos actuales están transformando los espacios productivos, dejando, en muchos casos, espacios vacantes que es necesario conocer y gestionar adecuadamente para así, hacer un uso eficiente y sostenible del suelo dedicado a las actividades económicas. Para ello, los SIG se constituyen como una herramienta innovadora que permite una mayor efectividad, transparencia y gobernanza en la gestión de los espacios industriales. En este artículo se pretende analizar una herramienta SIG creada para la gestión y la promoción de la actividad industrial en la provincia de Álava, así como proponer vías para su mejora.
El transporte a la demanda como sistema de movilidad alternativo en áreas rurales de baja densidad demográfica: el caso de Castilla y León
Authors: Delgado Urrecho José Mª. , Martínez Fernánde Luis Carlos
Published: January 2017

El objetivo de este artículo es analizar cómo la despoblación del medio rural y la escasez de servicios, concentrados en las localidades de mayor entidad demográfica, han generado un aumento de la necesidad de desplazamientos a la par que el escaso número de usuarios no permite mantener las líneas de transporte convencionales. Ante esta problemática la propuesta por la administración pública de soluciones alternativas se plasmó en Castilla y León en el transporte a la demanda, una opción imaginativa que ha demostrado su viabilidad satisfaciendo en gran medida la demanda existente.
Turismo chino emisor: estado de la cuestión y agenda
Authors: Lojo Aureli
Published: January 2017

Este artículo presenta un estado de la cuestión de la investigación acerca del turismo chino emisor y tiene como objetivos conocer qué áreas temáticas conforman la investigación sobre este fenómeno y qué lagunas de conocimiento se pueden encontrar desde una perspectiva geográfica. El texto desarrolla una revisión sistemática de 124 artículos publicados en los últimos 10 años procedentes de 16 revistas académicas. Los resultados identifican las líneas de investigación existentes, destacan que la perspectiva geografía apenas ha sido desarrollada y sugieren posibles áreas de futura investigación.
Residual Impact of Tall Fescue on Corn, Cotton, and Peanut Yield
Authors: Jordan David L. , Corbett Tommy , Bogle Clyde , Shew Barbara , Brandenburg Rick
Published: January 2017

Core Ideas

Sod‐based rotations can impact yield of agronomic crops for numerous years after termination.

Peanut yield can be affected by length of rotation irrespective of land use.

Crop response to previous land use can be influenced by weather patterns.

Sod‐based rotations can improve soil characteristics and increase yield of agronomic crops in succeeding years compared with continuous agronomic crops. Research with sod‐based systems in North Carolina is limited, especially with respect to peanut (Arachis hypogaea L.) response. Research was conducted to determine the residual impact of endophyte‐free tall fescue (Schedonorus phoenix Scop.) on yield of corn (Zea mays L.), cotton (Gossypium hirsutum L.), peanut, and soybean [Glycine max (L.) Merr.] planted in subsequent years. Tall fescue and agronomic crops including corn and cotton in rotation were grown in separate plots from 2004 to 2008 at two locations in North Carolina. In 2009, corn, cotton, peanut, and soybean were planted following tall fescue and agronomic crops. Corn (2010 and 2011), cotton (2012), and peanut (2013) yields were determined when planted behind each of the rotations from 2004 to 2008 and crops planted during 2009. Corn, peanut, and soybean yields in 2009 were not affected by land use of tall fescue compared with rotation with agronomic crops; cotton yield was higher after tall fescue. Corn yield in 2010 and 2011 and peanut yield during 2013 were greater following tall fescue from 2004 to 2008 compared with yield after cotton and corn in rotation. Cotton yield did not differ in 2012 regardless of land use from 2004 to 2008. Corn (2010 and 2011) and cotton yields were not affected by rotation crop during 2009; peanut yield in 2013 was greater following 2009 plantings of corn, cotton, or soybean compared with peanut. These results indicate that tall fescue–based systems can extend their positive impact on corn and peanut.
Plant Growth Regulator and Nitrogen Applications for Improving Wheat Production in Michigan
Authors: Swoish Michael , Steinke Kurt
Published: January 2017

Core Ideas

Averaged across all plant growth regulator (PGR) application rates and timings, grain yields increased 5% across the four study years compared to no PGR application.

Plant growth regulator applied at 12 oz/ac decreased lodging 67 to 83% compared to untreated plots in all three years that lodging occurred.

Rates >12 oz/ac decreased plant height an additional 1.6 to 1.8 inches but offered no yield benefit.

Despite a lack of consistent yield response, if a grower encounters a high‐yielding, intensively managed variety that is prone to lodging, then a PGR application might be a crop management tool to consider.

To improve wheat (Triticum aestivum L.) production and harvestability in Michigan, growers are increasing nitrogen rates and utilizing plant growth regulators (PGR). The effects of PGR application rate and timing (Deckerville, MI, 2012–2013) and PGR application across N rates (Lansing, MI, 2014–2015) on wheat growth and grain yield were investigated. Plant growth regulator applications (12 oz/ac) significantly reduced mature plant height (2.0–4.2 inches) across all four site years. Application rates >12 oz/ac resulted in greater height reductions but offered no yield benefit. Plant lodging was significantly reduced (50–83%) following PGR application in all years except 2015, when no lodging occurred. Grain yield was significantly increased by 6.0 and 4.8 bu/ac in 2012 and 2014 following PGR application at 12 oz/ac. Timing of PGR application (Feekes 7 or 8) did not significantly affect grain yield in 2012 or 2013, but earlier applications increased grain yield. No interactions between N rate and PGR application were observed in 2014 or 2015. Results indicated that PGR application decreased the incidence of plant lodging in years where lodging occurred. Motives for utilizing a PGR in a wheat management regime may depend more on cultivar susceptibility to plant lodging and average plant height with less emphasis based solely on greater N application rates as the latter did not consistently result in taller plants.
Adsorptive removal of Rhodamine B from aqueous solution by nanoporous polydivinylbenzene
Authors: Jia Hongyu , Liu Ningning
Published: January 2017

Nanoporous polydivinylbenzene (PDVB) material has been successfully prepared via the copolymerization of divinylbenzene monomers. The nanoporous PDVB was characterized through N2 adsorption/desorption isotherms, Fourier transform infrared spectroscopy, scanning electron microscopy, and thermogravimetric analysis. The nanoporous PDVB as an adsorbent was applied for the removal of Rhodamine B (RhB). The adsorption behavior of PDVB for the removal of RhB showed that the isotherm data followed the Langmuir isotherm model and the kinetic adsorption obeyed the pseudo-second-order model. Thermodynamic parameters illustrated that the adsorption process was spontaneous and exothermic. Interestingly, the spent nanoporous PDVB has excellent regenerative performance through treating it with ethanol. These results revealed that PDVB might be an excellent adsorbent for the removal of RhB from wastewater.
Bioremediation of methylene blue dye using Bacillus subtilis MTCC 441
Authors: Upendar Ganta , Dutta Susmita , Bhattacharya Pinaki , Dutta Abhishek
Published: January 2017

Methylene blue (MB) commonly found in the textile industry effluent has been chosen as a model dye to investigate bioremediation using Bacillus subtilis MTCC 441. Both free cells and calcium alginate immobilized cells have been used to remove MB from the effluent. The operating variables of initial concentration of dye (20–60 mg/L), inoculum size (4–8%) and temperature (25–35 °C) have been varied judiciously during the kinetic study in a batch contactor. A maximum removal of 91.68% is obtained when 20 mg/L MB solution was inoculated with 8% inoculum and cultured for 6 h at 30 °C. Continuous removal of MB has been studied in a fixed bed contactor using immobilized cells as packing materials. Influent concentration (10–30 mg/L) was varied and breakthrough parameters have been determined. With increase in influent concentration from 10 mg/L to 30 mg/L, percentage removal of dye decreases from 72.44% to 49.62%.
Potential of resource recovery in UASB/trickling filter systems treating domestic sewage in developing countries
Authors: Bressani-Ribeiro T. , Brandt E. M. F. , Gutierrez K. G. , Díaz C. A. , Garcia G. B. , Chernicharo C. A. L.
Published: January 2017

This paper aims to present perspectives for energy (thermal and electric) and nutrient (N and S) recovery in domestic sewage treatment systems comprised of upflow anaerobic sludge blanket (UASB) reactors followed by sponge-bed trickling filters (SBTF) in developing countries. The resource recovery potential was characterized, taking into account 114 countries and a corresponding population of 968.9 million inhabitants living in the tropical world, which were grouped into three desired ranges in terms of cities’ size. For each of these clusters, a technological arrangement flow-sheet was proposed, depending on their technical and economic viability from our best experience. Considering the population living in cities over 100, 000 inhabitants, the potential of energy and nutrient recovery via the sewage treatment scheme would be sufficient to generate electricity for approximately 3.2 million residents, as well as thermal energy for drying purposes that could result in a 24% volume reduction of sludge to be transported and disposed of in landfills. The results show that UASB/SBTF systems can play a very important role in the sanitation and environmental sector towards more sustainable sewage treatment plants.
Protein-Rich Extract from the Bagrid Catfish Pelteobagrus fulvidraco Improves Exercise Performance and Anti-Fatigue
Authors: Lee Gong-Hyeon , Harwanto Dicky , Choi Jae-Suk , Kim Mi-Ryung , Jin Deuk Hee , Jin Hyung-Joo , Hong Yong-Ki
Published: January 2017

Background:

The freshwater bagrid catfish, Pelteobagrus fulvidraco, is used in hot
chowder or tonic soup, and it has become a favorite inland aquaculturable species in Asian countries.
To investigate the claims regarding its beneficial effects, we examined physical exercise performance
in mice fed protein-rich P. fulvidraco extract.

Methods:

Mice were fed P. fulvidraco extract (25 mg/mL) orally once per day for 1 week at a dose
of 10 µ.L/g body weight, and then forelimb grip strength, swimming endurance, body weight, and
blood biochemical indicators were examined.

Results:

Bagrid catfish extract significantly enhanced grip strength to 1.25 ± 0.04 N (P < 0.01),
which was 23% higher than that on day 0. The extract also increased swimming endurance to 86 ± 10
sec (P <0.05), which was 46% higher than that on day 0. After the gripping exercises, the blood glucose
level was significantly increased to an average of 222% compared with the control level. Lactate
dehydrogenase and glutathione peroxidase levels were also significantly increased by 350% and
205%, respectively. The urea level in blood serum was 60% compared with control. In addition,
triglyceride and cholesterol levels decreased to 69% and 73%, respectively, in extract-fed mice.

Conclusion:

Bagrid catfish extract improved exercise performance and fatigue recovery by providing
more blood glucose and decreasing lactate and oxidative stress caused by exhaustive exercise..
The Effects of Hydroalcoholic Extract of Pinus eldarica on Hippocampal Tissue Oxidative Damage in Pentylenetetrazole-Induced Seizures in Rat
Authors: Bargi Rahimeh , Asgharzadehyazdi Fereshteh , Beheshti Farimah , Mousavi S. Mojatab , Langehbiz Shabnam Vafadar , Rakhshandeh Hassan , Sadeghnia Hamid Reza , Hosseini Mahmoud
Published: January 2017

Background: Brain tissues oxidative damage has been proposed to occur as a result of
epileptic seizures. With respect to the antioxidant effects of Pinus eldarica (P. eldarica), the impacts
of a hydroalcoholic extract of the plant on the brain tissues oxidative damage taking after seizures
induced by Pentylenetetrazole (PTZ) was investigated in rats.

Methods: The rats were divided into 6 groups and treated: (1) Control(saline); (2) PTZ (100 mg/kg,
i.p.), [3-6] four doses including 20, 50, 200 and 500 mg/kg of P. eldarica extract (Ext 20, Ext 50, Ext
200, Ext 500) 30 min before PTZ injection. Latencies to the first Minimal Clonic (MCS) and Generalized
Tonic-Clonic (GTCS) seizures were recorded. The hippocampal tissues were then collected
for biochemical measurements.

Results: The extract non-significantly postponed both the MCS and GTCS onsets. PTZ- induced seizure
increased Malondialdehyde (MDA) (P<0.001) concentration while, diminished thiol contents
(P<0.01) of hippocampal tissues. Pretreatment with 200 mg of the extract diminished MDA level in
the hippocampal tissues compared to the PTZ group (P<0.001). Both 50 and 200 mg/kg of the extract
improved thiol concentration in the hippocampal tissues (p<0.01).

Conclusion: The present study demonstrated that the extract of P. eldarica possess protective effects
against hippocampal tissues oxidative damage in PTZ- induced seizure model.
Effect of Drying Method on Physical Properties and Bioactive Compounds of Red Chili Pepper "Capsicum annuum L."
Authors: Magied Mona Mohamed Abdel , Ali Marwa Rashad
Published: January 2017

Background: There are a great interest for studying the health benefits of vegetables that
are rich sources of bioactive compounds. Dried chili is a spice product and the one most widely used
as condiments in the world. The quality of dried chili is assessed by a number of different parameters
such as color, ascorbic acid content and volatile flavor compounds.

Methods: Two varieties of red chili pepper “Serrano and Fresno” was used in this study to investigate
the effect of two different drying methods “solar drying at 45 °C and conventional drying at
60 °C” on the physical properties "color, rehydration ratio and firmness" and bioactive content “total
phenolic compound, vitamin C and Total carotenoids” of chili pepper.

Results: The solar drying method recorded lowest decreasing in color parameters “L, a, and b”.
Moreover, rehydration ratio of solar dried chili pepper is higher than conventional drying method,
and firmness of conventional dried chili pepper received the lowest texture intensity score. The conventional
drying method had the highest content of all bioactive compounds such as phenolic compounds
(321.12-207.14 mg/100 g), vitamin C (37.34-29.00 mg/100 g) and Total carotenoids (92.34-
90.75 mg/100 g) for Serrano and Fresno varieties respectively.

Conclusion: The solar drying method showed high values for physical properties “color and rehydration
ratio” than the conventional drying method for both varieties, and there was a significant reduction
in the bioactive content of all the dried chili varieties. But the reduction was significantly
lower in the conventional dryer than the solar dryer.