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All Journal Cakrawala Repositori Imwi Economics Monetary Journal
Hardianto, Feri
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Economics, Econometrics & Finance

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The Impact of Global Interest Rate Policy on Exchange Rate Stability in Developing Countries: A Case Study of Indonesia Falah, Zidnal; Hardianto, Feri
Economics Monetary Journal Vol. 1 No. 1 (2025): Economics Monetary Journal
Publisher : Asosiasi Persatuan Pengusaha Muda Teknik Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64910/ecmont.v1i1.2

Abstract

Global interest rate policies, especially those implemented by the Fed and the European Central Bank (ECB), have a significant impact on exchange rate stability in developing countries, including Indonesia. Changes in interest rates in developed countries can trigger capital outflows that weaken the rupiah exchange rate, putting pressure on national economic stability. This study aims to analyze the impact of global interest rate policy on rupiah exchange rate stability in Indonesia and assess the role of domestic monetary policy implemented by Bank Indonesia in maintaining such stability. The method used is multiple linear regression to measure the influence of the Fed, ECB, and BI Rate interest rates on the Rupiah exchange rate, as well as the Granger Causality test to explore the causal relationship between these variables. The results show that the Fed and ECB interest rate hikes each cause significant depreciation of the Rupiah, while the increase in the BI Rate is able to stabilize the exchange rate in the short term. The Granger Causality test also shows a causal relationship between global interest rate hikes and the weakening of the rupiah. This study provides empirical evidence that global interest rate policy affects exchange rate stability in Indonesia, and domestic monetary policy plays an important role in mitigating these external impacts
Government Financial Accountability and Its Implications for Economic Development Hidayat, Agus Rohmat; Nendi, Ikhsan; Hardianto, Feri; Pujayanti, Difa Ameliora
Cakrawala Repositori IMWI 1700-1705
Publisher : Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52851/cakrawala.v8i5.833

Abstract

This study examines the critical relationship between government financial accountability and economic development across developing and developed nations. Through a comprehensive analysis of financial governance mechanisms, transparency frameworks, and institutional quality, we investigate how accountability systems influence macroeconomic performance. Using panel data from 85 countries spanning 2010-2024, our empirical analysis employs fixed effects regression models and instrumental variable approaches to address endogeneity concerns. Results demonstrate that enhanced financial accountability significantly correlates with improved GDP growth rates, reduced corruption indices, and increased foreign direct investment. The study reveals that countries with robust public financial management systems, characterized by transparent budgeting processes, effective auditing mechanisms, and strong parliamentary oversight, experience 2.3% higher annual GDP growth compared to nations with weaker accountability frameworks. Furthermore, our findings indicate that the relationship between accountability and development is moderated by institutional quality, with stronger effects observed in countries with established democratic governance. The research contributes to the literature by developing a comprehensive Financial Accountability Index (FAI) and providing policy recommendations for strengthening fiscal governance in emerging economies.
Co-Authors Agus Rohmat Hidayat Falah, Zidnal Nendi, Ikhsan Pujayanti, Difa Ameliora