bluuebunny/crossref_metadata_2025_split huggingface dataset:
THE ISLAMIC CAPITAL MARKET VOLATILITY: A COMPARATIVE STUDY BETWEEN IN INDONESIA AND MALAYSIA
Authors: Antonio Muhammad Syafii , Hafidhoh Hafidhoh , Fauzi Hilman 
Published: January 2017

This study attempts to examine the short-term and long-term relationship among selected global anddomestic macroeconomic variables fromeach country (Fed rate, crude oil price, Dow Jones Index, interest rate, exchange rate and inflation) for Indonesia and Malaysia Islamic capital market (Jakarta Islamic Index (JII) and FTSE Bursa Malaysia Hijrah Shariah Index (FHSI). The methodology used in this study is vector error correction model (VECM) for the monthly data starting from January 2006 to December 2010. The result shows that in the long-term, all selectedmacroeconomic variables except Dow Jones Index variable have significantly affect in both Islamic stock market FHSI and JII, while in the short-term there is no any selected macroeconomic variables that significantly affect FHSI and only inflation, exchange rate and crude oil price variables seem to significantly affect JII. Keywords : Islamic Stock Market, Jakarta Islamic Index, FTSE Hijrah Shariah Index, VAR/VECMJEL Classification: E52, E44
KOMPETISI INDUSTRI PERBANKAN INDONESIA
Authors: Widyastuti Ratna Sri , Armanto Boedi 
Published: January 2017

This paper analyzes the competition level of banking industry, prior and after the introduction of Indonesian Banking Architecture (API). Using panel data, the result shows the competition of banking decreased after the introduction of API, with large tendency to monopoly or collusive olligopoly. For the bank with niche market such as regional bank and mix bank, the introduction of API did not affect much, while the competition level for foreign bank is the lowest one. Non price variable would be the main determinant on banking competition in the future, including number of branches, wage and credit volume. Keywords: banking competition, market structure, Indonesian Banking Architecture (API).JEL Classification: C23, D40, E44, E58, G21, L11
THE ECONOMIC GROWTH AND THE REGIONAL CHARACTERISTICS: THE CASE OF INDONESIA
Authors: Supartoyo Yesi Hendriani , Tatuh Jen , Sendouw Recky H. E. 
Published: January 2017

This paper analyzed the regional characteristic and the output growth. Using panel data analysis on 33 provinces in Indonesia, the result shows that the labor growth and net export positively affect the output growth. Surprisingly, the inflation and human capital were found to be insignificant on output growth. Keyword : economic growth, panel data, regional characteristicsJEL Classification: O47, C23, R11
THE DYNAMICS OF INDONESIA INFLATION: WHAT CAN WE LEARN FROM INFLATION DISAGGREGATION?
Authors: Kusuma IGP Wira 
Published: January 2017

This paper employs disaggregated data of inflation combined with Factor Augmented Vector Auto Regression (FAVAR) to explore the price behaviour in Indonesia. The main finding of this analysis is that price behaviour in Indonesia exhibits heterogeneity. It is evident not only in terms of the magnitude, but also in the direction and the speed of adjustment to the new equilibrium in response to interest rate shock. Price volatility is mainly related to sector specific shocks instead of macroeconomic shocks. Another finding is, the price puzzle weakens once ITF is adopted. Keywords: price disaggregation, inflation, FAVAR, price puzzle.JEL classification: C32, E31, E52
MODEL KEBIJAKAN MONETER DALAM PEREKONOMIAN TERBUKA UNTUK INDONESIA
Authors: Juoro Umar 
Published: January 2017

This paper analyze the impact of foreign policy (the Fed) on Indonesia’s monetary economy, focusing on the attention is also to the fund rate. An empirical model of VAR (Vector Auto Regression) is developed to capture the impact of increase in fund rate to Indonesia’s monetary sector. The system of equations covers central bank policy rate, lending rate, inflation, real effective rate (REER), and the output growth. The result shows that the increase of fund rate tended to push Bank Indonesia to increase his policy rate, hence the lending rate. On the other side, positive shock of foreign fund rate lower inflation and output growth, and appreciate the Real Effective Exchange Rate with lag. Keyword: monetary policy, lending rate, inflation, exchange rate.JEL Classification: E52, F41
The Economic Growth and the Regional Characteristics : The Case of Indonesia
Authors: Supartoyo Yesi Hendriani , Tatuh Jen , Sendouw Recky H. E. 
Published: January 2017

This paper analyzed the regional characteristic and the output growth. Using panel data analysis on 33 provinces in Indonesia, the result shows that the labor growth and net export positively affect the output growth. Surprisingly, the inflation and human capital were found to be insignificant on output growth. Keyword : economic growth, panel data, regional characteristicsJEL Classification: O47, C23, R11
THE IMPORT RESTRICTION OF HORTICULTURAL PRODUCT, DOMESTIC ACTIVITIES, PRICE LEVEL, AND THE WELFARE
Authors: Winardi Wisnu 
Published: January 2017

This paper analyzes the impact of entry ports reduction on horticultural production on the economic activities, prices and also toward social welfare by using Computable General Equilibrium (CGE) model. The simulation shows higher import restriction on horticultural products will not only increase the factor income (at current value), but will also increase the composite prices. The higher effect of the latter leads to social welfare reduction, but on the other hand favors the agriculture household types. This finding shows import restriction on horticulture product serves as income redistribution policy instrument. With regard to this, the monetary authority should take the issue into account, especially in order to anticipate the effect of composite prices increase, which could lead to the need of extra efforts in managing price stability. Keywords: import reduction; prices, inflation, CGE; social welfare; income distribution.JEL Classification: E25, E27
The Dynamics of Indonesian Inflation: What can We Learn from Inflation Disaggregation?
Authors: Kusuma IGP Wira 
Published: January 2017

This paper employs disaggregated data of inflation combined with Factor Augmented Vector Auto Regression (FAVAR) to explore the price behaviour in Indonesia. The main finding of this analysis is that price behaviour in Indonesia exhibits heterogeneity. It is evident not only in terms of the magnitude, but also in the direction and the speed of adjustment to the new equilibrium in response to interest rate shock. Price volatility is mainly related to sector specific shocks instead of macroeconomic shocks. Another finding is, the price puzzle weakens once ITF is adopted. Keywords: price disaggregation, inflation, FAVAR, price puzzle.JEL classification: C32, E31, E52
Monetary Policy Model for Open Economy of Indonesia
Authors: Juoro Umar 
Published: January 2017

This paper explains stylized facts about the monetary economy in Indonesia covering the Bank Indonesia (BI) policy on the exchange rate, lending rates, inflation, real effective rate (REER), and growth. This is done to get an understanding on the impact of foreign policy (influenced by the Fed) on Indonesia’s monetary economy, with some attention to the fund rate. An empirical model of VAR (Vector Auto Regression) was developed to capture the impact of an increase in fund rate to Indonesia’s monetary sector. Furthermore, a theoretical model was developed to capture the result from empirical model. The theoretical model shows that the increase of fund rate influenced the increase of BI rate, lending rate, inflation, while reducing REER and growth. Keyword: monetary policy, lending rate, inflation, exchange rate.JEL Classification: E52, F41
MENGUKUR RISIKO SISTEMIK DAN KETERKAITAN FINANSIAL PERBANKAN DI INDONESIA
Authors: Ayomi Sri , Hermanto Bambang 
Published: January 2017

This paper measures the insolvency risk of bank in Indonesia. We apply Merton model to identify the probability of defaul tover 30 banks during the period of 2002-2013. This paper also identify role of financial linkage a cross banks on transmitting from one bank to another; which enable us to assess if the risk is systemic or not. The results showed the larger total asset of the bank, the larger they contribute to systemic risk. Keywords : Conditional Value at Risk; Probability of Default; systemic risk and financial linkages;Value at Risk. JEL Classification: D81, G21, G33
DECEBTRALIZATION AND REGIONAL INFLATION IN INDONESIA
Authors: Tirtosuharto Darius , Adiwilaga Handri 
Published: January 2017

The link between decentralization and inflation as one of the key aspects of macro economic stability has been surveyed by a number of studies and the findings are generally inconclusive. Using sample data of developing and developed countries, previous study found that decentralization correlates with lower inflation in developed countries and vice versa, it correlates with higher inflation in developing countries. The key question is what factors play a role in controlling inflation in a decentralized system. This paper is to argue that the coordination problem is the main issue in controlling inflation in a decentralized system, particularly in developing countries. The empirical analysis is to determine the effect of decentralization on regional inflation in Indonesia and whether institutions play a role in the recent downward trend of inflation in Indonesia. A panel data that includes 33 observations of the Indonesian regions (provinces) is constructed with a dummy variable representing the existence of institution. In addition, this study analyzes whether decentralization supports the convergence in regional inflation and also the pattern of spatial correlation in regional inflation. The assumption is that there are some degrees of collective institutional coordination and cooperation with the establishment of Regional Inflation Task Force (RITF). Keywords : Decentralization, Regional Inflation Convergence, Regional InstitutionJEL Classification: E31, H73, R12
EFISIENSI BANK UMUM SYARIAH MENGGUNAKAN PENDEKATAN TWO-STAGE DATA ENVELOPMENT ANALYSIS
Authors: Firdaus Muhammad faza , Hosen Muhamad Nadratuzzaman 
Published: January 2017

The aim of this study is to measure the efficiency of Islamic Bank in Indonesia, to analyze the factors that affect the level of efficiency which is known as Two-Stage Data Envelopment Analysis method and to propose measurement of Bank Soundness with modified CAMELS. The objects of this study are 10 (ten) Islamic Bank (BUS) in Indonesia which analyzes from the second Quarter of 2010 until the fourth Quarter of 2012. There are 2 (two) methods which are used in this study, namely non-parametric method of Data Envelopment Analysis (DEA) on the first stage and Tobit model on the second stage. In addition, this study will illustrate the formulation of the financial factors of CAELS instead of CAMEL by integrating the results of efficiency level measurement using DEA in CAELS formulation. Overall, the results, show that the efficiency level of Islamic banks in Indonesia during the time period in this study, have not yet reach the optimum level of efficiency. In addition, modification of CAELS for the bank performance level method by integrating the result of DEA shows that the modification of CAELS could be more accurate in describing the bank performance level, particularly for Islamic Bank in Indonesia. Keywords: Efficiency, Data Envelopment Analysis (DEA), Tobit Model, CAELS + DEAJEL Classification: C02, C14, C54,G21
SYSTEMIC RISK AND FINANCIAL LINKAGES MEASUREMENT IN THE INDONESIAN BANKING
Authors: Ayomi Sri , Hermanto Bambang 
Published: January 2017

This paper measures the insolvency risk of bank in Indonesia. We apply Merton model to identify the probability of defaul tover 30 banks during the period of 2002-2013. This paper also identify role of financial linkage a cross banks on transmitting from one bank to another; which enable us to assess if the risk is systemic or not. The results showed the larger total asset of the bank, the larger they contribute to systemic risk. Keywords : Conditional Value at Risk; Probability of Default; systemic risk and financial linkages;Value at Risk.JEL Classification: D81, G21, G33
PROFITABILITY, GROWTH OPPORTUNITY, CAPITAL STRUCTURE AND THE FIRM VALUE
Authors: Hermuningsih Sri 
Published: January 2017

This paper examines the influence of profitability, growth opportunity, and capital structure on firm value. We apply Structural Equation Model (SEM) on 150 listed companies on the Indonesia Stock Exchange during 2006 to 2010. The result shows that profitability, growth opportunity and capital structure positively and significanctly affect the company’s value. Secondly, the capital structure intervene the effect of growth profitability on company’s value, but not for profitability. Keywords: profitability, growth opportunitiy, capital structure, firm value, SEM.JEL Classification: C51, G32, L25
Decentralization and Regional Inflation in Indonesia
Authors: Tirtosuharto Darius , Adiwilaga Handri 
Published: January 2017

The link between decentralization and inflation as one of the key aspects of macro economic stability has been surveyed by a number of studies and the findings are generally inconclusive. Using sample data of developing and developed countries, previous study found that decentralization correlates with lower inflation in developed countries and vice versa, it correlates with higher inflation in developing countries. The key question is what factors play a role in controlling inflation in a decentralized system. This paper is to argue that the coordination problem is the main issue in controlling inflation in a decentralized system, particularly in developing countries. The empirical analysis is to determine the effect of decentralization on regional inflation in Indonesia and whether institutions play a role in the recent downward trend of inflation in Indonesia. A panel data that includes 33 observations of the Indonesian regions (provinces) is constructed with a dummy variable representing the existence of institution. In addition, this study analyzes whether decentralization supports the convergence in regional inflation and also the pattern of spatial correlation in regional inflation. The assumption is that there are some degrees of collective institutional coordination and cooperation with the establishment of Regional Inflation Task Force (RITF). Keywords : Decentralization, Regional Inflation Convergence, Regional InstitutionJEL Classification: E31, H73, R12
DAMPAK PEMBALIKAN MODAL DAN THRESHOLD DEFISIT NERACA BERJALAN TERHADAP NILAI TUKAR RUPIAH
Authors: Nugroho M. Noor , Ibrahim Ibrahim , Winarno Tri , Permata Meily Ika 
Published: January 2017

This paper studies the effects of foreign capital flows toward the exchange rate of rupiah both in total and across types of capital investment. This paper also analyzes the thresholds of current account deficit which significantly affect the rate of Rupiah. The estimation shows the capital outflow affect the rate of Rupiah to depreciate and is larger than the appreciation pressure of capital inflow (except when invested in Certificate of Bank Indonesia, SBI). Furthermore, the rate of Rupiah is more sensitive on government bond (SUN) than stock or SBI. The yield of this government bond largely affects the probability of the capital reversal. Related to the current account, the estimation shows that after exceeds the threshold of USD980 million monthly deficit or about 2% of GDP, the exchange rate will depreciate by 12.7% (m-o-m) with the lag effect of 4 months. Keywords: Capital flows, exchange rate, current account deficit, threshold. JEL Classification: F31, F32
The Impact of Capital Reversal and the Threshold of Current Account Deficit on Rupiah
Authors: Nugroho M. Noor , Ibrahim Ibrahim , Winarno Tri , Permata Meily Ika 
Published: January 2017

This paper studies the effects of foreign capital flows toward the exchange rate of rupiah both in total and across types of capital investment. This paper also analyzes the thresholds of current account deficit which significantly affect the rate of Rupiah. The estimation shows the capital outflow affect the rate of Rupiah to depreciate and is larger than the appreciation pressure of capital inflow (except when invested in Certificate of Bank Indonesia, SBI). Furthermore, the rate of Rupiah is more sensitive on government bond (SUN) than stock or SBI. The yield of this government bond largely affects the probability of the capital reversal. Related to the current account, the estimation shows that after exceeds the threshold of USD980 million monthly deficit or about 2% of GDP, the exchange rate will depreciate by 12.7% (m-o-m) with the lag effect of 4 months. Keywords: Capital flows, exchange rate, current account deficit, threshold.JEL Classification: F31, F32
DINAMIKA TOTAL FACTOR PRODUCTIVITY INDUSTRI BESAR DAN SEDANG INDONESIA
Authors: Surjaningsih Ndari , Permono Bayu Panji 
Published: January 2017

This paper calculates and decomposes the Total Factor Productivity (TFP) for large and medium scale industry in Indonesia covering the period of 2000-2009. By using Data Envelopment Analysis (DEA) method, the result shows there is a shift of the supporting factors on the growth of TFP on manufacturing sector within the 2 (two) sample period. In the period of 2000-2004, efficiency change becomes the main contributor on the growth of TFP. Whereas in the period of 2005-2009, technical change becomes the main supporting factor of TFP,however it goes along with the growth of negative efficiency change or the decline of the company’s catching-up effect ability to adapt with the more advance technology. The grouping of the sample across subsectors, technical change and also efficiency change shows the declining amount of manufacture industry with superior productivity. Furthermore, the number of low and weakening catching-up industry is increasing. Keywords: Indonesian manufacturing, total factor productivity, technical change, efficiency change, economic scale change, Data Envelopment Analysis JEL Classification: L6, M11
The Regional Impact Transmission via International Trade: An ASIAN-IO Approach
Authors: Ibrahim Ibrahim , Winarno Tri , Viva Melva , Yanfitri Yanfitri 
Published: January 2017

Global financial crisis which began in the US in the latter part of 2008 hit a lot of countries in both trade and finance. In trade aspect, the crisis spread widely; in Indonesia, the total export value in 2009 dropped to 14,3%. Therefore, the economy of China, tightly linked with Asian countries including Indonesia, which rapidly rose before the crisis but slowed after it should be monitored as this condition, could indirectly hold down Indonesia’s GDP. Applying RAS method to update Asian IO data, this research has attempted to describe the trade structure of Asian countries in 2010. Also, it implemented a simulation of the impact of US and China’s GDP decline and US exports on Indonesia’s GDP, both at aggregate and sector levels. The result of the mapping shows that Indonesia is getting more dependent on China. Generally, the link between Indonesia’s exported products and global production chain is weak. Indonesia’s export commodities which are mostly of intermediate goods have low contribution towards value added. Moreover, the result of the simulation shows that 1% decrease in China’s GDP has greater impact on Indonesia’s GDP (0,14%) than that of the US (0,05%) and EU (0,07%) though with similar point. Keyword: Trade Interactions, Input Output ModelJEL Classification : F16, R15
THRESHOLD OF REAL EXCHANGE RATE AND THE PERFORMANCE OF MANUFACTURING INDUSTRY IN INDONESIA
Authors: Surjaningsih Ndari , Maryaningsih Novi , Savitri Myrnawati 
Published: January 2017

This paper analyzes the presence of the threshold of the real rupiah exchange rate which influences the profitability of manufacturing industry in Indonesia. By using a non-dynamics panel data over medium and large scale companies during 2001-2009, we found the threshold of 82.4 for the real rupiah exchange rate (REER). The REER index ranging from 82.24 to 101.13 with the change value between -5.01% and 20.09% (yoy) is secure for the profitability of Indonesian manufacturing industry. This paper also conform the significant affect of Total Factor Productivity on firm’s profitability. Keywords: Profitability, Manufacturing industry, exchange rateJEL classification: F1, D21, L6
DETERMINANT OF CAPITAL RATIO: A PANEL DATA ANALYSIS ON STATE-OWNED BANKS IN INDONESIA
Authors: Raharjo Pamuji Gesang , Hakim Dedi Budiman , Manurung Adler Haymans , Maulana Tubagus Nur Ahmad 
Published: January 2017

Capital plays important role to support the operational of the banks and to create a sound banking system in aggregate. For this reason, the banks are required to have a sufficient amount of capital, both to support its business expansion as well as a buffer to prevent and to absorb any unexpected losses. This paper analyzes determinants of capital ratio of the state-owned banks in Indonesia. Using panel data regression model, the result shows that the capital ratio of these state-owned banks is affected by the size of the bank, the bank’s leverage, the quality of management, and the interest rate risk. Contrary to the existing literatures, this paper does not support the effect of management capability to generate income on the bank’s capital ratio. Keywords: Capital structure, state-owned banks, panel estimation.JEL Classification: C23, G21, G32
INTERNALISASI SEKTOR PERBANKAN DALAM MODEL DSGE
Authors: Harmanta Harmanta , Purwanto Nur M. Adhi , Oktiyanto Fajar Oktiyanto 
Published: January 2017

We build DSGE model for small open economy with financial friction in the form of collateral constrain on banking sector, designed for Indonesian economy. The constructed model is capable to simulate the monetary policy (Bank Indonesia rate) and macroprudential policy (reserve requirement, capital adequacy ratio – CAR, and loan to value – LTV). By internalizing banking sector into the model, this model also enable us to simulate the impact of any shock originated from banking sector. Keywords: monetary policy, DSGE with banking sector, macroprudential policy JEL Classification: E32, E44, E52, E58
PENENTU KEBERHASILAN REDENOMINASI MATA UANG: PENDEKATAN HISTORIS DAN EKSPERIMENTAL
Authors: Pambudi Andika , Juanda Bambang , Priyarsono D.S. Priyarsono 
Published: January 2017

Redenomination is a simplification of nominal value of currency by reducing digit (zero number) without reducing the real value of the currency. The main objective of this research was to examine whether the economic conditions at the time of redenomination may affect the success of currency redenomination. The methods used were regression analysis on historical data of 30 countries which are involved in redenominating their currencies, economic experiments with t-test, and survey of people’ perspective. Based on regression analysis, inflation will decrease and economic growth will rise higher after redenomination, if previously a country have experienced high economic growth as well. Based on experimental research, when inflation was high, redenomination could increase the selling price. Otherwise, when inflation was low, redenomination could decrease the selling price. Changes in selling price after redenomination was not affected significantly by differences in economic growth conditions. In different economic conditions, redenomination policy did not significantly affect the changes number of transactions and total value of transactions in the market. From the survey results, public did not believe government can control inflation after redenomination. Redenomination also will not affect consumption pattern. Keywords: Redenomination, Inflation, Economic Growth, Experiment JEL Classification: C91, E31, E42, E58