bluuebunny/crossref_metadata_2025_split huggingface dataset:
FOREIGN EXCHANGE EXPECTATIONS IN INDONESIA: REGIME SWITCHING CHARTISTS AND FUNDAMENTALISTS APPROACH
Authors: Syarifuddin Ferry , Achsani Noer Azam , Hakim Dedi Budiman , Bakhtiar Toni 
Published: January 2017

In this research, the effect of central bank intervention within a heterogeneous expectation exchange rate model is investigated. The results are supporting both chartists and fundamentalist regimes. In the period investigated, chartist dominates in determining the exchange rate. While BI foreign exchange intervention can effectively push the market exchange-rate to its long-run fundamental equilibrium, however, Bank Indonesia’s effort to exert a stabilizing effect of foreign exchange interventions, the result does not show a success. Keywords: exchange rates, foreign-exchange intervention, switching regression JEL Classification: F31, E52, C24
PEMANFAATAN SEKURITISASI ASET DALAM MENDORONG SEKTOR RIIL: ALTERNATIF PEMBIAYAAN UMKM
Authors: Santoso Wijoyo , Soekro Shinta R.I. , Darmansyah Darmansyah , Sihaloho Hilde D. 
Published: January 2017

This paper analyzes the asset securitization as a source of financing for small and medium scale enterprise. We use field survey and focus group discussion in Jabodetabek, Bandung, Yogyakarta, Denpasar, Medan, and Banjarmasin, covering 149 samples in total. This paper found the banks generally are in excess liquidity condition, therefore face difficulty on obtaining the minimum of Loan to Deposit Ratio (LDR). For this reason, those banks are not interested to sell the SME’s loan though they are quite interested on the asset securitization concept. For the banks, the major motive to invest in asset securitization program is a high yield. In addition, they expect this portfolio to increase the LDR. Prior the implementation of this program, this paper underlines the necessity to overcome some obstacles including non-bankable SME’s, liquidity and human resource of the banks, and limited information of the asset securitazion program (EBA-UMKM). Keywords: asset securitization, SME’s, banking.JEL Classification: D24, L6, E32
DETERMINANT OF NON PERFORMING LOAN: THE CASE OF ISLAMIC BANK IN INDONESIA
Authors: Firmansyah Irman 
Published: January 2017

This paper analyzes the non-performing loan and its determinant. Using the monthly data of Islamic banks during 2010-2012, this paper found that size and efficiency of the banks do not affect the non-performing loan. On the other hand, GDP and inflation negatively affect the non-performing loan, while the liquidity of the bank positively affects the non-performing loan. The liquidity of also does not mediate the relationship between the size of the bank, their efficiency, the GDP and the inflation to the non-performing loan. Keywords: non-performing loan, liquidity, bank size, efficiency, sobel test, Islamic bank. JEL Classification: C12, G21
THE PERSISTENCY AND THE SUSTAINABILITY OF THE INDONESIA'S CURRENT ACCOUNT DEFICIT
Authors: Asmarani Tuti Eka 
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
THE ROLE OF CURRENCY HEDGING ON FIRM PERFORMANCE: A PANEL DATA EVIDENCE IN INDONESIA
Authors: Indawan Fiskara , Fitriani Sri , Karlina Indriani , Grace Melva Viva 
Published: January 2017

This paper analyzes the role of currency hedging on non-financial firm’s performance. Most firms on the sample have anticipated the currency mismatch risk by balancing the ratio of foreign debt to their asset fenominated in foreign currency. Using panel estimation, we find that there is no evidence of currency hedging activities to affect capital and performance of firms. The result underlines the low intensity of currency hedging activities due to lack of incentives, which is inline with the low derivative transaction within the underdeveloped foreign currency market. This finding may raise a concern since currently the development of foreign liabilities for non-financial firmsin Indonesia is increasing in significant level, as well as the increase risk of domestic currency depreciation. For these reasons, Bank Indonesia should take proactive policies to deepen foreign currency market as well as derivative market by providing a more comprehensive and market friendly hedging instruments to banks and non-financial firms, while keep promoting the benefit of currency hedging.Keywords: Hedging, derivative market, foreign liability.JEL Classification: F31, G31
The Impact of Macroeconomic Condition on The Banks Performance in Indonesia
Authors: Aviliani Aviliani , Siregar Hermanto , Maulana Tubagus Nur Ahmad , Hasanah Heni 
Published: January 2017

This paper analyzes the impact of macroeconomic indicator (including the production index, inflation, Bank Indonesia rate, Jakarta stock index, exchange rate and the crude oil price) on the state owned banks’ performance. We apply the Vector Error Correction Model (VECM) on the banking data ranging from 2006-2013, and provide us several findings. First, the impulse response function shows the largest response of the bank overhead cost (BOPO) due to the macroeconomic shock; we argue the volatility of this bank efficiency indicator, reflects the inefficiency of the banks in Indonesian. Second, the amount of loan and the lending to deposit ratio (LDR) provide the weakest response due to the macroeconomic shock. This is in line with the result of variance decomposition, where the macroeconomic variable explains the least of the NPL variation. Third, from all macroeconomic variables we observe, the shock of Bank Indonesia’s rate generally provides the largest response of most of the bank performance indicators; which supports the use of the Bank Indonesia’s rate as effective monetary instrument.
QUARTERLY OUTLOOK ON MONETARY, BANKING, AND PAYMENT SYSTEM IN INDONESIA: QUARTER II, 2015
Authors: Machmud TM Arief , Perdymer Syachman , Anwar Muslimin , Aman Nurkholisoh Ibnu , Ayu Tri Kurnia , Mutiara Anggita Cinditya , Riyadi Illinia Ayudhia 
Published: January 2017

This paper provides current analysis of the ongoing quarter, and brief outlook on the forthcoming quarter. We use a field survey along with estimation of macroeconomic models to provide the assessment and to make some projections on the monetary, the banking, and the payment system in Indonesia. This paper confirms the slowdown of the Indonesian economy during quarter two 2015 due to the slowing investment and the government expenditure, and the weak export performance. With the fiscal stimulus launched by the government, we expect to see an improvement in next two quarters. The lower current account deficit and manageable inflation will help to maintain the macroeconomic stability; however, the high global uncertainty will put depreciation pressure on Rupiah.
THE MARKET STRUCTURE OF THE BANK, ITS PERFORMANCE, AND THE MACROPRUDENTIAL POLICY
Authors: Silalahi Tumpak , Manurung Adler H , Hidayat Yuli Teguh 
Published: January 2017

Recently, numerous Central Banks implement various macro-prudential policies to complement the existing monetary policy. This paper analyzes the impact of these policies along with the market structure, on the bank’s performance. Using panel data analysis, this paper conclude that the reserve requirement ratio policy negatively affect the bank’s performance (ROA). The empirical test shows the banking industry in Indonesia respond to the increase of reserve requirement by raising the Net Interest Margin to achieve their targeted operating profits. Secondly, this paper fail to find uniform conclusion across model variants about the effect of the policy rate on bank’s performance. This also applies on the Loan to Value policy. Fourth, the market concentration has a more significant effect on banks’ profitability as compared to market power. Fifth, the production index significantly affects the banking profitability. These findings implies a necessity for policy makers to review the financial market structure before formulating effective policy package to promote a healthy competition in the banking industry
THE DETERMINANTS OF BANK'S EFFICIENCY IN INDONESIA
Authors: Widiarti Astoeti Wahjoe , Siregar Hermanto , Andati Trias 
Published: January 2017

This paper measures the efficiency of the banks using the intermediation approach and the Data Envelopment Analysis (DEA) on quarterly data of 108 conventional banks in Indonesia during the period of 2012Q1 to 2014Q4. The results shows that the Indonesian banking industry is inefficient in its intermediation function, which is in line with their financial indicators namely the total increasing asset, stable ROA of around 2-3%, and their Operating to Income Cost ratio of about 66-83%. Furthermore, we apply data panel estimation to estimate the determinant of this efficiency; the result shows the bank’s type, the Non Performing Loan (NPL), the Loan to Deposit Ratio (LDR), the size of the bank, the Cost Efficiency Ratio (CER), and the Capital Adequacy Ratio (CAR); significantly affect the bank’s efficiency in Indonesia.
DAMPAK OTONOMI KEUANGAN DAERAH TERHADAP PERTUMBUHAN EKONOMI DI INDONESIA
Authors: Nurhemi Nurhemi , R Guruh Suryani 
Published: January 2017

Paper ini menganalisis dampak otonomi keuangan daerah terhadap pertumbuhan ekonomi regional di Indonesia. Metode estimasi panel diaplikasikan pada data 26 propinsi selang kurun 1990-2011, yang dibagi kedalam tiga interval yakni jangka panjang 1990-2011, sebelum desentralisasi 1990-2000 dan sesudah desentralisasi 2001-2011. Hasil estimasi pada data nasional menunjukkan bahwa otonomi keuangan (diwakili dengan Derajat Desentralisasi Fiskal) berpengaruh positif terhadap pertumbuhan ekonomi. Namun demikian, pada sub sampel masing-masing wilayah, pengaruh positif dari pendapatan per kapita terhadap pertumbuhan hanya terbukti pada wilayah Jawa dan Bali dan hanya berlaku dalam periode observasi panjang (1990-2011). Temuan ini menggiring pada kesimpulan bahwa pengaruh desentralisasi fiskal terhadap pertumbuhan ekonomi, tidak konskusif untuk kasus desentralisasi di Indonesia
RIGIDITAS HARGA–UPAH DAN IMPLIKASINYA PADA KEBIJAKAN MONETER DI INDONESIA
Authors: Solikin . , Sugema Iman 
Published: January 2017

This research is using survey method with focusing on the issue of how and what the determinants of price and wage rigidity, including uncertainty.In the case of price rigidity, we find that firm-cost related factors or supply side plays greater role than demand side of the market. This rule applies on middle up scale firm, firm with differentiated products and firm with large market coverage. The opposite will occur on small, homogenous product and small market coverage firm. We also confirm the downward rigidity phenomenon as price is ease to increase than decrease.Our findings imply several important impact on monetary policy effectiveness, monetary policy asymmetry, inflation-targeting and minimum wage determination. Keywords: Price rigidity, wage rigidityJEL: E31, E52, J31
Changing Perspectives on Exchange Rates: Theory and Policy Implications
Authors: Warjiyo Perry 
Published: January 2017

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

This paper discusses the effects of the inflation targeting framework on a number of macroeconomic variabels in Indonesia, especially after the enactment of Law No. 23/1999. The objectives of the paper are: (1) to describe the independence aspect of the inflation targeting policy; and (2) to highlight the effects of the inflation targeting on a set of main macroeconomic variables.The anaysis uses the Vector Autoregression (VAR) approach, emploting the time series data during the periode of 1998:1 to 2003:6. The main results of this research are: (1) The Central Bank (BI) independence is not yet effective in the implementation of the inflation targeting; (2) the shock on the interest rate affects price level and the exchange rate trivially; and (2) the factors that influence price’s variability are the base money, the interest rate, and the exchange rate. In the long run, a shock to the base money is more important than to the interest rate and to the exchange rate. The study suggests to use base money as the policy instrument of the monetary policy, instead of the short term interest.Keywords: monetary policy, independence, inflation targeting, VARJEL Classification: C32, E31, E52
DETERMINAN BANK RUNS PADA KRISIS PERBANKAN 1997/1998: SUATU KAJIAN DENGAN MENGGUNAKAN PANEL DATA DINAMIS
Authors: Simorangkir Iskandar 
Published: January 2017

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

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

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

Unlike the conventional interest-base bank, the Islamic banks use both equity financing with profit sharing and debt-like financing with mark-up, ad at the funding side they use both investment scheme with revenue sharing and deposit scheme with rewards. The conventional bank use debt financing with interest and at the funding side use the deposit scheme with interest as well. The optimality of the two banking systems will be tested to determine which one is more optimal in terms of the wealth of the bank shareholder, the welfare of the entrepreneur, and the welfare of the depositors.Using a multiperiod static optimization approach, the results shows that in the interest-based banking is more optimal in terms of the shareholder wealth and the depositor’s welfare, while the Islamic banking is more optimal in terms of the entrepreneur welfare.Keywords : sistem perbankan, bank syariah, bunga, bagi hasil, mudharabah, wadi'ahJEL Classification : G21, P51
KARAKTERISTIK TEKANAN INFLASI DI INDONESIA: PENGARUH DINAMIS SISI PERMINTAAN-PENAWARAN DAN PROSPEK KE DEPAN
Authors: M. Juhro Solikin 
Published: January 2017

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

Pertumbuhan ekonomi pada triwulan-I 2007 diperkirakan sebesar 5,4% yaitu masih sesuai dengan perkiraan semula. sesuai dengan perkiraan semula. Penguatan pertumbuhan ekonomi tersebut didukung oleh kinerja ekspor dan investasi swasta yang mulai meningkat. Sementara, pertumbuhan konsumsi swasta masih lambat. Peningkatan investasi swasta tersebut terindikasi dari pertumbuhan investasi bangunan, yang tercermin pada peningkatan permintaan semen, besi dan baja, serta peningkatan kredit investasi riil pada berbagai sektor usaha, dan peningkatan Pembentukan Modal Tetap Bruto (PMTB), yang berasal dari peningkatan investasi mesin dalam negeri.
Serum Trypsinogen Levels in Type 1 Diabetes
Authors: Li Xia , Campbell-Thompson Martha , Wasserfall Clive H. , McGrail Kieran , Posgai Amanda , Schultz Andrew R. , Brusko Todd M. , Shuster Jonathan , Liang Faming , Muir Andrew , Schatz Desmond , Haller Michael J. , Atkinson Mark A. 
Published: January 2017

OBJECTIVE
The pancreas in type 1 diabetes exhibits decreased size (weight/volume) and abnormal exocrine morphology. Serum trypsinogen levels are an established marker of pancreatic exocrine function. As such, we hypothesized that trypsinogen levels may be reduced in patients with pre–type 1 diabetes and type 1 diabetes compared with healthy control subjects.

RESEARCH DESIGN AND METHODS
Serum trypsinogen levels were determined in 100 persons with type 1 diabetes (72 new-onset, 28 established), 99 autoantibody-positive (AAb+) subjects at varying levels of risk for developing this disease, 87 AAb-negative (AAb−) control subjects, 91 AAb− relatives with type 1 diabetes, and 18 patients with type 2 diabetes.

RESULTS
Trypsinogen levels increased significantly with age in control subjects (r = 0.71; P &lt; 0.0001) and were significantly lower in patients with new-onset (mean ± SD 14.5 ± 6.1 ng/mL; P &lt; 0.0001) and established type 1 diabetes (16.7 ± 6.9 ng/mL; P &lt; 0.05) versus AAb− control subjects (25.3 ± 11.2 ng/mL), AAb− relatives (29.3 ± 15.0 ng/mL), AAb+ subjects (26.5 ± 12.1 ng/mL), and patients with type 2 diabetes (31.5 ± 17.3 ng/mL). Multivariate analysis revealed reduced trypsinogen in multiple-AAb+ subjects (P &lt; 0.05) and patients with type 1 diabetes (P &lt; 0.0001) compared with AAb− subjects (control subjects and relatives combined) and single-AAb+ (P &lt; 0.01) subjects when considering age and BMI.

CONCLUSIONS
These findings further support the interplay between pancreatic endocrine and exocrine dysfunction. Longitudinal studies are warranted to validate trypsinogen as a predictive biomarker of type 1 diabetes progression.