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Pratama, Tascia Poetri
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PENGARUH VARIABEL FISKAL TERHADAP PENCAPAIAN TARGET INFLASI DALAM INFLATION TARGETING FRAMEWORK DI ASEAN PADA TAHUN 2005-2017 Pratama, Tascia Poetri
Jurnal Ilmiah Mahasiswa FEB Vol. 7 No. 1
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Inflation targeting framework (ITF) is a monetary policy framework that sets specificinflation rate as its goal. Thailand, Philippines and Indonesia are the three countries in ASEAN thatadopted ITF. The ITF implementation in three countries shows different results and are caused byvarious economic factors such as the coordination between their monetary and fiscal institutions.The state of fiscal balance and government debt ratio as the representation of fiscal condition showsa linearly contradictory graph line to the level of inflation. This paper studies the influence of fiscalvariables on the achievement of inflation target in ITF countries in ASEAN using panel data. Besidesusing fiscal variables, this paper also includes GDP growth variables that describe the benchmarkof economic growth and real interest rate as monetary variables. The results show that fiscalbalance and government debt as fiscal variables positively affects the achievement of the inflationtarget in accordance with the fiscal theory of the price level. The monetary variable, real interestrates negatively affect the achievement of the inflation target. However, the GDP growth variablehas no effect on the achievement of the inflation target in ASEAN ITF countries in the period of2005-2017Keywords: Inflation Targeting Framework, fiscal, panel data
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