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All Journal Journal of Central Banking Law and Institutions Journal Of Advance In Social Sciences And Policy
Konishi, Tetsu
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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CENTRAL BANK INDEPENDENCE AND POLICY OUTCOMES: A TRANS-BOUNDARY COMPARISON Iksan, Muhamad; Konishi, Tetsu
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.34

Abstract

This paper examines how Central Bank Independence (CB Independence), using a dataset that compiled by Garriga (2016), can explain the policy outcomes. This dataset was mainly compiled from Cukierman’s work (1995). The dataset identifies statutory reforms affecting CB Independence, their direction, and the attributes necessary with the aim of building on previous literature, the most widely used Cukierman, Webb and Neyapti index. The focus of this paper is empirically estimating causal inferences of inflation and economic growth with an explanatory variable of the central bank Independence measures. It has four components including central bank CEOs, central bank objectives, policy formulations and central bank lending limit policies. The second focus of this paper aims to harness the Asia Financial Crisis 1998-1999, as natural experiment to understand effect of crises by using semi-experimental method Difference-In-Difference (DID). Panel data regression and DID are two empirical research methods applied in this research. This paper proposes all four CB Independence measures can explain the inflation; but this paper does not find statistical support for the economic growth. Supported by DID estimation, this paper also estimates the effect of CB Independence to inflation and economic growth for the sample countries before and after the 1998 Asia financial crisis experienced by sample countries. To enrich our historicalinstitutional narrative, this paper underlines narrative under the tale of two countries – Japan and Indonesia as exemplify.
The Determining Factors of Foreign Direct Investment (FDI) Inflows: Empirical Studies from the Southeast Asian Countries Iksan, Muhamad; Konishi, Tetsu
JASSP Vol. 3 No. 1 (2023)
Publisher : LPPM Universitas Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23960/jassp.v3i1.109

Abstract

The purpose of the study estimates the possible causal relation between direct foreign investment with intertwined political and economic factors ranging from the investment climate reform initiative, tax policy conducted by the government, size of the government, and political institution. The sample of this study consists of ten countries in the Southeast Asia region. Our study utilizes time series data of 11 years from 2010 to 2020, to empirically tested three proposed hypotheses by using panel data regression analysis.  Our statistical results show that determinants of direct foreign investment can be uncovered through economic rather than political factors. This study provides a negative relationship between the political institution factor (proxied by the veto player) and FDI inflow. On the contrary, the EODB score does not affect FDI inflow by controlling covariates. Moreover, our study could not provide robust evidence that an effective average tax rate could affect the FDI inflow which is contrary to literature expectation. However, our causal inference may suggest that previous FDI inflow is the best predictor for the FDI inflow.
Co-Authors Muhamad Iksan, Muhamad