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INDONESIA
Review of Indonesian Economic and Business Studies
Published by Lembaga Ilmu Pengetahuan Indonesia
ISSN : 20871392     EISSN : 2502244x     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
RIEBS Journal is a scientific journal published by the Economic Research Center-Indonesian Institute of Sciences (Pusat Penelitian Ekonomi-Lembaga Ilmu Pengetahuan Indonesia/P2E-LIPI) twice a year, with e-ISSN: 2502244X and p-ISSN: 20871392. RIEBS Journal publishes original articles on the most recent knowledge, theoretical and/or applied research, and other development in the fields of economics, business, as well as studies in comparison between Indonesia’s economic and other countries.
Arjuna Subject : -
Articles 19 Documents
 1   2 
Effect of fiscal incentives on coal bed methane price: a hypothetical analysis Makmun, Makmun; Sitepu, Eddy Mayor Putra
RIEBS Vol 3, No 2 (2012): RIEBS 2012 (2)
Publisher : P2E-LIPI

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Abstract

Fossil fuel reserves are diminishing and coal bed methane (CBM) has been regarded as a potentialreplacement energy source because Indonesia’s CBM reserves are enormous, up to 453 trillion cubicfeet. To boost investment in CBM development in Indonesia, support in the form of fiscal incentivesis needed. By analysing the effects of incentives on CBM’s selling price this study assesses whether theforms of incentives provided by the government so far have been appropriate and sufficient. This studyuses economic modelling to calculate the effect of incentives on the economics of CBM developmentin Indonesia. The results of this study show that incentives will have a significant effect on CBM’seconomic price if there is a composite of different forms of incentive. Nevertheless, in implementingan incentives policy it is important to consider the effect fiscal incentives will have on the reduction ofthe subsidy for electricity.Keywords: CBM, Fiscal incentive, Economic price
Has Political Decentralisation Brought Progressive Institutional Changes to Indonesia?* Mokoginta, Ivantia
RIEBS Vol 4, No 1 (2013): Reviews of Indonesian Economic and Bussiness
Publisher : P2E-LIPI

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Abstract

Political decentralisation in Indonesia has not necessarily brought progressive institutional changes leading to a more democratic society at the local level. When social capital is embedded in the ceremonially warranted patterns of behaviour, that is, patrimonial behaviour, the increase in social capital is restricted to the business-bureaucrat-politico networks -- the local political oligarchies. As a result, the increase in social capital at the local level is likely to be wasted by rent collecting. This is the reason progressive institutional changes remain far from complete, at least in the medium term. This paper also shows what could be done and what has been accomplished to push forward progressive institutional changes
THE STOCK MARKET CHANNEL OF MONETARY POLICY IN EMERGING MARKETS: EVIDENCE FROM THE JAKARTA STOCK EXCHANGE Anggara, Aang
RIEBS Vol 6, No 1 (2015): Reviews of Indonesian Economic and Bussiness
Publisher : P2E-LIPI

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Abstract

Studies are scant of the stock market channel of monetary policy in emerging markets. I examine the effect of monetary policy on stock returns in the Composite Stock Price Index (IHSG) from 2000Q1 to 2009Q4. This study used the vector autoregression method based on impulse response analysis. The results indicate that the response of the IHSG to growth returns, which are defined by a change in growth of real (M2) money supply and a change of real interest rate of SBI over one month, are negative. Besides that, the change of the IHSG returns respond negatively to changes in inflation. Other results from this study show that changes in the SBI rate over one month are not influential in affecting the stock market sufficiently to enable it to be an instrument of monetary policy.
An Indicator for Sustainable Development in Indonesia: Genuine Net Saving Yuniarti, Putri Irma
RIEBS Vol 4, No 1 (2013): Reviews of Indonesian Economic and Bussiness
Publisher : P2E-LIPI

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Abstract

It has been learned that there are conflicting approaches between economic development and environmental preservation. It happens because economic development focuses on how to achieve the goals of development, often by exploiting natural resources, which can lead to environmental degradation. Information around the depletion of natural resources and environmental degradation has not been included within Indonesian economic indicators yet. Apparently, Indonesia has a high rate of economic growth, shown by the increasing amount of national income. Yet, this result can come up with the exclusion of the environmental costs. In fact, environmental exploitation and natural resources extraction, results of excessive economic growth, later on will eventually cause problems and might even hamper economic development. This paper investigates these issues because they are related to one of the indicators of sustainable development, that is, Genuine Net Saving, which is the indicator of whether economic development in Indonesia meets the terms of a weak sustainability criterion. Calculating genuine net saving is carried out by reducing Indonesia’s national saving as a cost of capital from depreciation, depletion of natural resources, and the cost of environmental degradation. The results indicate that development in Indonesia does not meet the criteria of weak sustainability, which means that it is not environmentally sustainable.
The role of connectivity for accelerating ASEAN–India economic integration Negara, Siwage Dharma
RIEBS Vol 3, No 2 (2012): RIEBS 2012 (2)
Publisher : P2E-LIPI

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Abstract

Connectivity is one of the key factors that are important to accelerate economic integration betweenASEAN and India. Improved connectivity is critical to increase ASEAN–India economic relationsand to strengthen ASEAN–India’s share in regional and global production networks. To buildand strengthen this connectivity, several strategic measures are needed. First, there is a need for a clearregional connectivity framework, a multi-modal, multi-functional and multi-tier approach, whichincludes land, maritime and air connectivity. Second, there is a need to establish strong regional institutionsfor cooperation in terms of planning, managing and funding the infrastructure needs. Third,ASEAN and India need to address wide infrastructure variations within their member countries andstates. Specifically, significant resources and time must be dedicated to build and strengthen infrastructurein Myanmar and the northeastern region of India, given their strategic location as the connectingnodes of ASEAN–India connectivity. For infrastructure development, there must be a clear strategyto encourage more private sector participation. Public–private partnership seems not only promisingbut also challenging given the complexity and cost of infrastructure investment. A fair distribution ofrisk remains a big constraint to the promotion of public–private partnerships. Fourth, ASEAN–Indiaconnectivity should be integrated with regional development plans and linked to the internationalproduction network. And finally, there is a need for strong political commitment to execute most of thepolicies and strategies that have been agreed to by the ASEAN countries and India.Keywords: Connectivity, Transport, Regional integration, ASEAN, India
INDONESIA HAS RATIFIED THE ASEAN AGREEMENT ON TRANSBOUNDARY HAZE POLLUTION: WILL THE HAZE DISAPPEAR? Sambodo, Maxensius Tri
RIEBS Vol 6, No 1 (2015): Reviews of Indonesian Economic and Bussiness
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Abstract

Land and forest fires and haze have become one of the biggest environmental challenges in the ASEAN region. Indonesia has become the major source of transboundary haze in the region. By mid-September 2014, Indonesia had ratified the ASEAN Agreement on Transboundary Haze Pollution (AATHP). This paper makes two major contributions: first, the paper quantitatively revisits the causes of hotspots in Indonesia; and second, the paper identifies and discusses the national efforts that have been made and policy handicaps that need to be removed. The government needs to focus on rehabilitating critical land, promoting reforestation, and protecting peatland ecosystems. Although there is a trend for the number of hotspots to decline, there are no guarantees that transboundary haze can be eliminated. There is hope that by ratifying the AATHP, Indonesia can have better resources to conduct preventive, mitigating and monitoring activities, but there is a need to develop streamlined coordination, law enforcement, and capacity building at national and local level that can promote common interests in fighting the haze, and land and forest fires.
Transboundary Capital and Pollution Flows with Endogenous Wealth, Knowledge and Environment Accumulation zhang, wei-bin
RIEBS Vol 7, No 1 (2016): Reviews of Indonesian Economic and Bussiness
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Abstract

The paper deals with global dynamic interdependence between inequalities in income and wealth, economic structures, knowledge growth, capital accumulation, and environmental changes. It builds a trade model with endogenous wealth, environment, knowledge accumulation and labor and capital distribution between sectors and between countries under perfectly competitive markets and free trade. The model is built on the basis of the Solow-Uzawa neoclassical growth model, the Oniki-Uzawa trade model, some neoclassical growth models with environment, ideas about transboundary pollution in environmental economics, Arrow’s learning-by-doing model, and Zhang’s idea about knowledge as international public stock. We integrate these approaches by applying the utility function proposed in a unique manner by Zhang to determine saving and consumption. The dynamics of -country world economy is controlled by differential equations. We simulate the motion of the model with three countries and carry out comparative dynamic analysis with regard to some parameters.
IS INDONESIA MORE FINANCIALLY LINKED TO THE WORLD SINCE THE ASIAN FINANCIAL CRISES? lestari, esta
RIEBS Vol 3, No 1 (2012): RIEBS 2012 (1)
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Abstract

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 world’s 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 Poor’sUS (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.
THE EFFECT OF SUBSIDIES ON INCOME INEQUALITY IN INDONESIA Nugraha, Kunta
RIEBS Vol 4, No 1 (2013): Reviews of Indonesian Economic and Bussiness
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Abstract

It is generally accepted that one of the government’s responsibilities is to reduce income inequality. The most direct and easiest way to support poor people and stabilise prices is through subsidies. There are subsidies for energy and, for instance, for agricultural fertilisers, food and public utilities. Since 1998 in Indonesia, subsidies have tended to increase, especially energy subsidies (fuel and electricity). This paper used benefit incidence analysis, which allocates the benefits of subsidies to households from the poorest to the richest income groups. The major data used were from 2008 National Socioeconomic Survey (Susenas). This research was an important contribution to strengthening the literature on subsidies and income inequality in Indonesia. An important finding was that subsidies benefited the highest income households more than the lowest income households, even though subsidies reduced income inequality. The percentage of subsidy benefits to the lowest income group was higher than for the richest. In the long run, subsidy programs that favour the higher income households can worsen income inequality if the consumption of subsidised goods by high-income households increases gradually. I suggest that if the aim is at reducing income inequality, subsidies, other than those for energy, need to be increased and the subsidy system need to be improved by moving from price subsidies to targeted subsidies.

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