Article Per Year (5 Year)
p-Index From 2020 - 2025
0
P-Index
This Author published in this journals
All Journal Jurnal Ekonomi Kuantitatif Terapan
Hendrikus Passagi
Otoritas Jasa Keuangan Republik Indonesia
Economics, Econometrics & Finance

Published : 1 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search

 1 
Uji Empirik Crowding Out Surat Utang Pemerintah dan Korporasi di Pasar Modal Indonesia Buddi Wibowo; Hendrikus Passagi; Muhammad Budi Prasetyo
Jurnal Ekonomi Kuantitatif Terapan 2018: Vol. 11, No.1, Februari 2018 (pp. 1-144)
Publisher : Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (306.803 KB) | DOI: 10.24843/JEKT.2018.v11.i01.p02

Abstract

Financing government budget deficit through emission of government bonds may create a crowding out in corporate bond market. Crowding out caused the cost of funds incurred by the corporation to be expensive so the corporate bond market is stagnant and banks become the only major source of funding. Sources of funding that are so dependent on the banking sector could threaten financial stability and the country's economy as a whole because of the banks’ systemic risk. Default of a bank not only can influence other banks but also can have a serious impact on the national economy. This research empirically examine the phenomenon of crowding out in Indonesia with a fixed effect model of panel data FGLS and show existence of crowding out, where the yield spread tends to rise when the government issued new debt securities. But the rise in the yield spread was more due to the increase in Credit Default Swaps (CDS) spreads which reflect the default risk of Indonesia, as well as showing the influence of foreign investors in the Indonesian capital market which is strongly influenced by CDS.
Co-Authors Buddi Wibowo Muhammad Budi Prasetyo