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All Journal Gadjah Mada International Journal of Business
Bakri Abdul Karim
Faculty of Economics and Business, Universiti Malaysia Sarawak
Economics, Econometrics & Finance

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Integration of Stock Markets between Indonesia and Its Major Trading Partners Karim, Bakri Abdul; Majid, M. Shabri Abdul; Abdul Karim, Samsul Ariffin
Gadjah Mada International Journal of Business Vol 11, No 2 (2009): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Using Autoregressive Distributed Lag (ARDL) and Vector Autoregressive (VAR) frameworks, this study examines the integration between the emerging stock market of Indonesia and its major trading partners (i.e., Japan, the U.S., Singapore, and China). During the period of July 1998 to December 2007, the Indonesian stock market is found to be integrated with its major trading partners. Thus, this implies that there is a limited room available for investors to gain risk-reduction benefits through diversifying their portfolio in those markets. Meanwhile, in the short run, the Indonesian market responds more to shocks in the U.S. and Singapore than in Japan and China. In designing policies pertaining to its stock market, the Indonesian government should take into account any development in the stock markets of its major trading partners, particularly the U.S. and Singaporean markets.
Interest Rates Targeting of Monetary Policy: An Open Economy SVAR Study of Malaysia Karim, Zulkefly Abdul; Karim, Bakri Abdul
Gadjah Mada International Journal of Business Vol 16, No 1 (2014): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This paper examines the implementation of monetary policy during the interest rates targeting in a small-open economy (i.e. Malaysia) by using an open-economy structural VAR (SVAR) study. It tests the effect of foreign shocks upon domestic macroeconomic fluctuations and monetary policy, and examines how effective monetary policy is in influencing macroeconomic variables. The results show that during interest rates targeting, monetary policy plays a significant role in affecting macroeconomics variables. This finding suggests that monetary policy has an important role as a stabilization policy in a small-open economy.     
Co-Authors M. Shabri Abd. Majid Samsul Ariffin Abdul Karim Zulkefly Abdul Karim