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All Journal Economic Journal of Emerging Markets Review of Indonesian Economic and Business Studies Economics and Finance in Indonesia Journal of Indonesian Social Sciences and Humanities Journal of Indonesian Social Sciences and Humanities Jurnal Ekonomi dan Pembangunan

Esta Lestari

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Author-ID : 306209

Humanities Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

Published : 9 Documents Claim Missing Document

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Articles

IS INDONESIA MORE FINANCIALLY LINKED TO THE WORLD SINCE THE ASIAN FINANCIAL CRISES? lestari, esta
RIEBS Vol 3, No 1 (2012): RIEBS 2012 (1)
Publisher : P2E-LIPI

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (28.922 KB)

The 1997-98 Asian financial crises brought significant changes to theIndonesian economy. The contagion originated in Thailand and spreadthroughout the region, indicating interdependencies of the Indonesianeconomy with the worldâs economies but especially with those in the region.The crisis was channelled through the financial sector, which is assumed tobe the most open sector in the economy. As a result, reform began andchanges took place in many sectors and in the policies that guided them. Howthe financial integration changed over 15 years of reform is the main interestof this study. Specifically, this study analyses the changing financialintegration in stock markets following the Asian crises. Therefore, the periodof the study is in five parts, based on the origins of the US subprime andEuropean crises. Using a quantitative approach, this study employsmultivariate EGARCH-M(1,1) models. These models allow us to examinedifferent effects of positive and negative news on financial risk in stock prices.Daily stock data are used from the Jakarta Stock Exchange (JKSE), theSingapore Exchange (STI), the Kuala Lumpur Stock Exchange (KLSE), theShanghai Composite Index (SSE), Nikkei 225 (NIKK) (Japan), the KoreaStock Exchange (KOSPI), the Bombay Stock Exchange (SENSEX), theGerman stock exchange (DAX), the London FTSE, and Standard and PoorâsUS (SP). The result of this study provides the figures showing thedevelopment of Indonesian financial-market linkage to other countries and willhelp the government to be aware of crises that are initiated by externalfactors, and to be able to manage future crises.

Volatility Spillover Effects in East Asian Capital Markets: A Case Study to the Real Estate Sectors Lestari, Esta
Economics and Finance in Indonesia Volume 58, Number 1, 2010
Publisher : Institute for Economic and Social Research

External Debt Sustainability in Three Asian Economies Lestari, Esta
Economics and Finance in Indonesia Volume 55, Number 1, 2007
Publisher : Institute for Economic and Social Research

Environmental Kuznets Curve: Panel Data Evidence from Developing Countries Sambodo, Maxensius Tri; Lestari, Esta
Economics and Finance in Indonesia Volume 60, Number 2, 2012
Publisher : Institute for Economic and Social Research

SPILLOVER EFFECTS OF THE SUB-PRIME MORTGAGE CRISIS TO THE ASIAN STOCK MARKETS Esta Lestari
Economic Journal of Emerging Markets Volume 4 Issue 2, 2012
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v4i2.3320

AbstractThis paper aims to analyze the effects of the sub-prime mortgage crisis on several Asian stock markets. An Exponential Generalized Autoregressive Conditional Heteroscedasticity (EGARCH) model is employed to provide an empirical evidence of the direct spillover. The indirect effect is measured through the spillover effects from the increased volatility in the U.S. stock markets to the Asian stock markets. The results showed that the market integration occurs within Asian stock markets. Meanwhile the asymmetric effects are evident for all the Asian countries stock markets, indicating that financial markets in Asia are suffered more from negative news (shocks) lead to more volatilities compared to positive news. Keywords: Stock market, sub-prime mortgage crisis, volatility, spillover effectJEL classification numbers: C22, F36, G15AbstrakPaper ini bertujuan untuk menganalisis pengaruh krisis sub-prime mortgage pada beberapa pasar saham Asia. Model Exponential Generalized Autoregressive Conditional Heteroscedasticity (EGARCH) digunakan untuk mendapatkan bukti empiris dari kenaikan volatilitas dalam pasar saham Amerika pada pasar-pasar saham Asia. Hasil analisis memperlihatkan bahwa integrasi pasar terjadi di dalam pasar saham Asia. Sementara itu, pengaruh asimetris terbukti terjadi di pasar-pasar saham Asia, mengindikasikan bahwa pasar-pasar keuangan di Asia menderita lebih parah sebagai akibat dari kejutan negatif dibandingkan dengan dampak dari kejutan positif.Kata kunci: Pasar saham, krisis sub-prime mortgage, volatilitas, pengaruh spillover JEL classification numbers: C22, F36, G15

Ten Years of Reforms: the Impacts of an Increase in the Price of Oil on Welfare Latif Adam; Esta Lestari
Journal of Indonesian Social Sciences and Humanities Vol 1 (2008): Special Issue: Ten Years Reformasi
Publisher : Deputy of Social Sciences and Humanities, the Indonesia Institute of Sciences (LIPI)

The Asian economic crisis that erupted in Indonesia in mid-1997 has resulted in fundamental changes in the structure of the Indonesian economy. For instance, although it was a controversial decision, the fuel subsidy has been extensively reduced since 2000 because of government budget constraints. This paper examines the decision of the government to eliminate the fuel subsidy (and increase the price of fuel) from 2000. It also measures to what extent such a decision has affected the level of peoples welfare in 2005. Using regression analysis, the paper indicates that the decision of the government to increase the price of oil, together with several other variables, correlates negatively with the level of peoples welfare. Based on these findings, it is recommended that the government should be careful in responding to the current conditions in the oil market where the world oil price fluctuates and has increased sharply. Instead of increasing the domestic fuel price, there are several actions that the government can take to respond to the increasing world oil price. Among them are implementing a cross-subsidy policy to redistribute income from higher to lower income groups, making comprehensive plans to increase and achieve lifting oil target, and intensifying efforts to diversify sources of energy.

Syari`ah Investment Esta Lestari; Jusmaliani Jusmaliani
Journal of Indonesian Social Sciences and Humanities Vol 2 (2009): General Issue: Indonesian Social Sciences and Humanities
Publisher : Deputy of Social Sciences and Humanities, the Indonesia Institute of Sciences (LIPI)

Ten Years of Reforms: The Impacts of an Increase in the Price of Oil on Welfare Adam, Latif; Lestari, Esta
Journal of Indonesian Social Sciences and Humanities Vol. 1 (2008): 10 Years Reformasi
Publisher : RMPI-BRIN

Show Abstract | Download Original | Original Source | Check in Google Scholar

The Asian economic crisis that erupted in Indonesia in mid-1997 has resulted in fundamental changes in the structure of the Indonesian economy. For instance, although it was a controversial decision, the fuel subsidy has been extensively reduced since 2000 because of government budget constraints. This paper examines the decision of the government to eliminate the fuel subsidy (and increase the price of fuel) from 2000. It also measures to what extent such a decision has affected the level of people’s welfare in 2005. Using regression analysis, the paper indicates that the decision of the government to increase the price of oil, together with several other variables, correlates negatively with the level of people’s welfare. Based on these findings, it is recommended that the government should be careful in responding to the current conditions in the oil market where the world oil price fluctuates and has increased sharply. Instead of increasing the domestic fuel price, there are several actions that the government can take to respond to the increasing world oil price. Among them are implementing a cross-subsidy policy to redistribute income from higher to lower income groups, making comprehensive plans to increase and achieve lifting oil target, and intensifying efforts to diversify sources of energy.

Dominasi Asing di Pasar Modal dalam Perekonomian Indonesia Esta Lestari
Jurnal Ekonomi dan Pembangunan Vol. 18 No. 1 (2010): Jurnal Ekonomi dan Pembangunan
Publisher : BRIN Publishing (Penerbit BRIN)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14203/JEP.18.1.2010.37-48

Increasing portion of foreign ownership in Indonesia Capital Market bring about debates on either advantage or disadvantage on the economy. On one hand, foreign ownership would induce higher dependency of the economy to the external global. Shocks, subsequently increase domestic risks. On the other hand, foreign ownership resultst on more investment and liquidities for the country that would be giving long term benefits through capital acceleration. This study examines impact of foreign pwnership and its risk to the capital market, as indicated by dynamics of capital market's volatility of Indonesia (BEI). Employing EGARCH(1,1) model, the study finds that Indonesian capitla market is intensively integrated to the world market, especially regional market of Asia compared to the US. Morever, by using OLS model to analyse factors affecting volatility of the market, the results show that along with increasing foreign trading frequencies would lead to positive impact on volatility. In other words, increasing foreign ownership would give less volatility in capital markets and therefore shows characteristics of stabilizing. Other variables are also indicated as factors affecting voaltility of markets, namely interest rates, exchange rate, and previous return.

Co-Authors Adam, Latif Jusmaliani Jusmaliani Latif Adam Maxensius Tri Sambodo

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