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All Journal Economic Journal of Emerging Markets Jurnal Widya Manajemen & Akuntansi KEK (Kajian Ekonomi dan Keuangan)
Haryo Kuncoro
Universitas Negeri Jakarta
Economics, Econometrics & Finance

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Pembiayaan Defisit Anggaran Pembangunan dan Stabilitas Efisiensi Pengeluaran Investasi Swasta Kuncoro, Haryo
Jurnal Widya Manajemen & Akuntansi Vol 2, No 2 (2002)
Publisher : Fakutas Ekonomi Unika Widya Mandala Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (974.848 KB)

Abstract

This research analyzes t he impact of fiscal policy on economic growth in the case of Indonesia. The analysis is based on the relationship between the fiscal policy and the efficiency of private capital-output ratio (ICOR). The estimation result shows that the fiscal-policy has on the change of the ICOR. Consequently, the private investment is more efficient due to the deficit fiscal allocated on the development expenditure. Also ,the influence of the fiscal policy on the efficiency of private investment is stable over time. Those results above indicate that the fiscal policy effectively affects to the economic growth.
CAN THE CREDIBLE FISCAL POLICY MITIGATE THE TERMS OF TRADE FLUCTUATION? Kuncoro, Haryo
Jurnal Kajian Ekonomi dan Keuangan Vol 1, No 3 (2017)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v1i3.214

Abstract

This paper examines the links between fiscal policy and terms-of-trade movement in the case of Indonesia over the period 2001-13. Unlike other researchers, this paper explores both the rules-based and discretionary fiscal policies. The earlier factor covers deficit rule and debt rule which are intended to measure the fiscal policy credibility. The later follows Fatás and Mihov (2003; 2006). The OLS estimation of quarterly data reveals that the less credible deficit rule policy and discretionary fiscal policy have a positive impact on the terms of trade. In contrast, the more credible debt rule policy and government size tend to depreciate the terms of trade. Those findings suggest that fiscal policy credibility does not matter in the context of international market. Furthermore, to mitigate the external risks, the government intervention to the international market debt should be limited.
The role of foreign reserves in inflation dynamics Kuncoro, Haryo
Economic Journal of Emerging Markets Volume 16 Issue 1, 2024
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol16.iss1.art1

Abstract

Purpose – Central banks’ foreign reserve stocks in emerging markets have increased substantially in recent decades. Foreign reserves accumulation has been widely believed as a shock absorber to prevent financial crises. Meanwhile, accelerating foreign reserves might be contradictory to the monetary policy objectives. This research aims to investigate the impact of foreign reserves on the inflation dynamics.Method – We apply the inflation-expectation augmented Phillips curve on the monthly data over the period of 2005(7) to 2020(12) in the case of Indonesia. Findings – We show that stockpiling foreign exchange reserves indeed has an inflationary pressure impact. The central bank's intervention in the foreign exchange market is more significant in selling rather than purchasing foreign exchange. However, the non-monetary factors also play an important role in determining inflation. Implications – Considering channels through which foreign reserves might affect inflation, our findings suggest the monetary authority should be concerned with inflationary expectations in the short term as one of the major policy-driven goals to maintain price stability in the long run.Originality – This paper contributes to the literature on monetary policy in developing countries. Unlike other empirical studies, this research employs the inflation-expectation augmented Phillips curve and accommodates the issue of asymmetric effects of the change in foreign reserves.
Co-Authors Bambang Kustituanto Listya E. Artiani