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All Journal Jurnal Ekonomi Pembangunan Journal of Economics, Business, & Accountancy Ventura Journal of Indonesian Economy and Business Jurnal Ecodemica : Jurnal Ekonomi Manajemen dan Bisnis JPP IPTEK (Jurnal Pengabdian dan Penerapan IPTEK) Journal of Innovation in Business and Economics Studi Kasus Inovasi Ekonomi Jurnal Pengabdian Masyarakat Asia AKSELERASI: Jurnal Ilmiah Nasional Jurnal Ilmu Ekonomi Empowerment Society International Journal of Science and Society (IJSOC) Journal of Financial Economics & Investment PROGRESIF e-Jurnal Apresiasi Ekonomi Economie : Jurnal Ilmu Ekonomi Journal of Economic and Social Empowerment Jurnal Pengabdian Masyarakat dan Lingkungan Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka) Optimum: Jurnal Ekonomi dan Pembangunan
Aris Soelistyo
Universitas Muhammadiyah Malang
Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Materials Science & Nanotechnology Social Sciences Other

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Journal : Journal of Economics, Business,

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Macro-Econometric Model: Keynesian-Monetarist Synthesis of the International Balance of Payments (The Indonesian Case) Soelistyo, Aris
Journal of Economics, Business, and Accountancy Ventura Vol. 25 No. 1 (2022): April - July 2022
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v25i1.2606

Abstract

The study of the Keynesian-monetarist synthesis macroeconomic model on Indonesia’s balance of payments combines the goods market and money market approaches to Indonesia’s balance of payments theory. This study used three models of shortness to balance payments: Keynesian, monetarism, and synthesis of Keynesian and monetarism methods. Data was used from 1998 to 2019 from International Monetary Fund, international financial statistics, and balance sheet book from Bank Indonesia statistics report. The data is analyzed using reduced-form regression analysis. The results show that based on the monetarist approach to the balance of payments, it is found that the effect of the money multiplier on the international balance of payments; the magnitude of which is strongly influenced by the size of the high-powered money or the monetary base; has a negative effect on the international balance of payments, while the Net Domestic Assets has a positive effect on the international balance of payments. In the Keynesian model of the international balance of payments, it is found that government spending, world income, and domestic prices have a negative effect on Indonesia’s balance of payments. Based on the Keynesian-monetary syntheses approach to the balance of payments, it is found that government spending and domestic prices have a negative effect on the international balance of payments; the higher the level of government spending and the level of domestic prices will reduce foreign exchange reserves. At the same time, an increase in foreign income, in this case, an increase in US GDP, will increase Indonesia’s foreign exchange reserves.
Macro-Econometric Model: Keynesian-Monetarist Synthesis of the International Balance of Payments (The Indonesian Case) Soelistyo, Aris
Journal of Economics, Business, and Accountancy Ventura Vol. 25 No. 1 (2022): April - July 2022
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v25i1.2606

Abstract

The study of the Keynesian-monetarist synthesis macroeconomic model on Indonesia’s balance of payments combines the goods market and money market approaches to Indonesia’s balance of payments theory. This study used three models of shortness to balance payments: Keynesian, monetarism, and synthesis of Keynesian and monetarism methods. Data was used from 1998 to 2019 from International Monetary Fund, international financial statistics, and balance sheet book from Bank Indonesia statistics report. The data is analyzed using reduced-form regression analysis. The results show that based on the monetarist approach to the balance of payments, it is found that the effect of the money multiplier on the international balance of payments; the magnitude of which is strongly influenced by the size of the high-powered money or the monetary base; has a negative effect on the international balance of payments, while the Net Domestic Assets has a positive effect on the international balance of payments. In the Keynesian model of the international balance of payments, it is found that government spending, world income, and domestic prices have a negative effect on Indonesia’s balance of payments. Based on the Keynesian-monetary syntheses approach to the balance of payments, it is found that government spending and domestic prices have a negative effect on the international balance of payments; the higher the level of government spending and the level of domestic prices will reduce foreign exchange reserves. At the same time, an increase in foreign income, in this case, an increase in US GDP, will increase Indonesia’s foreign exchange reserves.
Co-Authors A.A. Ketut Agung Cahyawan W Ade Dewi Yulianti Ahmad Jazuli Rahman Ainul Dwi Pangestu Aisyah Najibah Nabilah Almaas Aulia Syah Andri Ashari Anggriawan, Satria Yuda Ardiani Maulidia Oktafia Arif Pangestu Abitaha Arista, Linda Bachrudin Capridasari, Denita Dessy Triaz Wulandari Dewi Ratna Prihaningtyas Dika Saputra, Erzza Dwi Susilowati Dwi Susilowati Dwi Susilowati Dwi Susilowati Dyah Indri Widyapangesti Elma Sintia Dewi Fahad Ainun Saleh Fahrizal Yazid Farid Wijaya Mansoer Farid Wijaya Mansoer Hendra Kusuma Hendra Kusuma Izza Adelia Azizah Izzah, Evita Nurul Juhaina Nur Afifah Juvico Akbar Karuniawan Kusumawardani, Risa Anggraeni Lutfi Nofi Zumaidah Mochamad Reza Irdiansyah Mohammad Faisal Abdullah Muhammad Firmansyah Muhammad Khoirul Fuddin Muhammad Sri Wahyudi Suliswanto Muhammad Yusuf Nabila Eka Marza Oktavia Nabilah, Aisyah Najibah Nirwana Sangga Langi Nofandillah Arumsyah Putri Norita Fitria Novi Rosyana Nuri Hikmahyanti Rahman, Ahmad Jazuli Ratih, Diana Reza, Deft Syatir Putri Rezeta, Frila Riyanto, Wahyu Hidayat Riyanto, Wahyu Hidayat Hidayat Rizky Ramadhanty Rosita Juliana Salim, Tiara Satfika Kurnia Sari Satria Yuda Anggriawan Savira Rahmadianti Setyo Wahyu Sulistyono Setyowati, Ika Yuli Shaula Fathimatuz Zahroh Sri Budi Cantika Subiyakta, Dhea Hervina Sukma Indah Syamsul Ph.D M.A. Hadi Sya’diyah, Putri Alif Tikaloka Wikaningrum Verren Elyviana Supriadi Wahyu Himatul Aliya Wicaksono, Agung Prasetyo Nugroho Wulansari, Anisa Salwa Yahya Yakaria Pangestin Yogie Dahlly Saputro Yunan Syaifullah, Yunan Zainal Arifin Zainal Arifin Zana Chobhita Aris Tusa