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INDONESIA
KEK (Kajian Ekonomi dan Keuangan)
Published by Kementerian Keuangan
ISSN : 14103249     EISSN : 25409999     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Kajian Ekonomi dan Keuangan (KEK henceforth)was first published in 1996 as an initiative of researchers of Ministry of Finance. In the earlier years of its publication, KEK was also known as Kajian Ilmiah Ekonomi dan Keuangan (KIEK). Since then KEK has been published regularly as one of the prominent sources of reference for public policy evaluation as well as a recommendation, in particular on Indonesian state budgets and finance topics.
Arjuna Subject : -
Articles 143 Documents
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TULISAN LEPAS : STABILITAS SISTEM KEUANGAN DAN PERTUMBUHAN EKONOMI YANG BERKELANJUTAN DALAM RANGKA MEWUJUDKAN NEGARA KESEJAHTERAAN Putra, Muslimin B.
Jurnal Kajian Ekonomi dan Keuangan Vol 13, No 1 (2009)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v13i1.90

Abstract

Sejak 2007 ketika terjadi kasus subprime mortgage di Amerika Serikat dan melambungnya harga minyak dunia, otoritas moneter Indonesia optimis bahwa sistem kuangan pada masa depan memiliki prospek yang stabil dan terkendali. Bank Indonesia (BI) sebagai pemegang otoritas sistem keuangan optimis bahwa perbankan Indonesia memiliki ketahanan yang memadai terhadap berbagai goncangan akibat perubahan variabel makroekonomi seperti nilai tukar dan suku bunga akibat pengaruh eksternal. Pembentukan cadangan dan kuatnya permodalan perbankan diperkirakan dapat mencegah terjadinya instabilitas sistem keuangan. BI juga melihat korporasi besar yang mendapatkan pinjaman dalam bentuk valuta asing (dollar AS) memiliki ketahanan yang cukup kuat terhadap perubahan nilai tukar. Kemungkinan (probability of default) sekitar 75-an perusahaan yang memiliki rasio utang atas modal (debt equity ratio) diatas 100 persen dan utang valuta asong ditas 50 persen diperkirakan mengalami peningkatan.Impian menuju negara kesejahteraan adalah impian akan terwujudnyakesejahterteraan rakyat secara umum melalui kebijakan pembangunan nasional yang didesaign secara inkremental dengan target komprehensif. Stabilitas sektor keuangan dan pertumbuhan ekonomi berkelanjutan adalah salah satu parameter yang paling strategis mencapai impian tersebut. Sebagaimana disebut Espin Andersen, Negara Kesejahteraan pada dasarnya mengacu pada peran Negara yang aktif dalam mengelola dan mengorganisasi perekonomian yang didalamnya mencakup pelayanan kesejahteraan dasar dalam tingkat tertentu bagi warganya. BI sebagai pemegang otoritas keuangan dapat menggunakan peran strategis tersebut demi kemaslahatan rakyat dan bangsa Indonesia.Sebagai rekomendasi kebijakan diharapkan adanya regulasi yang menciptakan lingkungan kondusif untuk sektor swasta yang berkorelasi pada peningkatan ketenagakeijaan, regulasi yang membuka peluang menghasilkan pendapatan untuk kaum perempuan dan kelompok-kelompok marjinal (difable) yang seringkali tidak menjadi target kebijakan ekonomi secara umum, regulasi yang dapat membuka peluang-peluang dibidang enterpreneurship, dan regulasi yang menghindari peluang penghilangan segala intervensi yang dapat merusak pasar.
Apakah Perdagangan Menjadi Pertimbangan Investasi? Muslim, Azis
Jurnal Kajian Ekonomi dan Keuangan Vol 20, No 2 (2016)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v20i2.183

Abstract

Investasi yang berasal dari investor Hong Kong ke Indonesia merupakan salah satu yang terkecil apabila dibandingkan dengan negara ASEAN lainnya. Hal ini juga diindikasikan terjadi karena faktor perdagangan. Oleh karena itu, tujuan dari kajian ini adalah untuk mengevaluasi peranan perdagangan sebagai salah satu faktor pertimbangan investor untuk berinvestasi di Indonesia. Metode yang digunakan studi ini adalah Autoregressive Distributed Lag (ARDL), untuk melihat pengaruh suatu variabel dan mendapatkan nilai pengaruhnya. Hasil kajian memperlihatkan bahwa dalam jangka pendek, faktor perdagangan mempengaruhi keputusan investor asing untuk berinvestasi secara langsung (FDI). , Sedangkan dalam jangka panjang, hanya ekspor yang berpengaruh terhadap FDI. Secara umum, pertumbuhan ekonomi dan stabilitas politik menjadi faktor yang secara relatif lebih dominan apabila dibandingkan perdagangan.
PENGARUH STRUKTUR MODAL TERHADAP KINERJA KEUANGAN PERUSAHAAN : STUDI KASUS PADA PERUSAHAAN SEKTOR PERTAMBANGAN YANG TERCATAT DI BURSA EFEK INDONESIA, 2005-2011 Fadilah, Ansoriyah
Jurnal Kajian Ekonomi dan Keuangan Vol 16, No 1 (2012)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v16i1.20

Abstract

The purpose of this study was to analyze the impact of capital structure on financial performance of mining sector companies listed in the Indonesia Stock Exchange (BEI). This study employed the descriptive analysis and a regression analysis of panel data. This study covered annual data of 30 mining sector companies listed in the BEI in a 7-year time horizon (20052011). The descriptive analysis showed that most of companies applied a low-leverage policy in their capital structure. In average, the companies generate a good financial performance, in terms of profitability ratios and market based ratios. The regression analysis of panel data showed that capital structure has a significant impact on the company's fnancial performance based on ROA, ROE, and PER, but have insignificant effect on the company's financial performance based on market-to-book value ratio.
Memantau Risiko Makro – Finansial di dalam Perekonomian Indonesia Mansur, Alfan; ., Syaifullah
Jurnal Kajian Ekonomi dan Keuangan Vol 2, No 2 (2018)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v2i2.302

Abstract

AbstractTulisan ini mengaplikasikan model MCM Spidergram: Macro Financial Environment Tool (Ms Muffet) yang dikembangkan oleh IMF sebagai alat analisis dan penilaian risiko dan kondisi makro-finansial yang berdampak pada stabilitas sistem keuangan di Indonesia. Model ini dibentuk dari 68 indikator yang digabungkan menjadi 6 indeks gabungan yang merefleksikan 4 risiko dan 2 kondisi makro-finansial. Hasil model dapat menunjukkan performa yang cukup baik dalam memberikan sinyal risiko instabilitas sistem keuangan di Indonesia selama periode 2015-2016. Berdasarkan hal ini, model Ms Muffet ini dapat melengkapi berbagai alat analisis yang digunakan untuk mengukur stabilitas sistem keuangan di Indonesia yang sudah ada. Model ini juga mampu mengatasi sejumlah kekurangan dari model-model pengukuran stabilitas sistem keuangan sebelumnya.
INTERNATIONAL LINKAGES TO THE INDONESIAN CAPITAL MARKET : COINTEGRATION TEST Abimanyu, Yoopi; Warsidi, Nur Sigit; Kartiko, Sunu; Kurnia, Ridiani; Mahrani, Tety
Jurnal Kajian Ekonomi dan Keuangan Vol 16, No 2 (2012)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v16i2.43

Abstract

This paper explores the international linkages of the Indonesian capital market using cointegration tests to examine the long-run equilibrium relationship between the stock markets of Indonesia with China, France, Germany, Hong Kong, Japan, Korea, Malaysia, Netherlands, Philippine, Singapore, Thailand, Taiwan, the United Kingdom, and the United States. The method used in this paper is visual inspection, followed by Johansen cointegration. Our results show that there exist cointegration between these stock market indices except between Indonesia and Philippine.
ANALISIS SEKTOR-SEKTOR UNGGULAN DALAM MENGGERAKKAN SEKTOR RIIL Woroutami, Arti Dyah
Jurnal Kajian Ekonomi dan Keuangan Vol 14, No 1 (2010)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v14i1.81

Abstract

External fluctuation happened on global economy could be anticipated by Indonesia Government through a good coordination between fiscal and monetary policy. It is reflected from the Indonesia's positive economic growth on 2009 which reached 4,5 percent. But Indonesia's economic growth acceleration still retained by the low activity on real sector, so worried about the creation ofsustainable economic growth. Regarding that, it needs priority sharpening for sectors which has superiority on motivating the economy.To answer the problem, this article seek to identify business sectors which has superiority within economy and to formulate the policy needed to develop those sectors. The analysis is done by using Input Output table with baclcward linkage and forward linkage approach. Because of the limited data source, the analysis only from year 2000 until 2005.The output shows that there are 6 (six) sectors which has superiority within economy, that is Chemical Industry, Pesticide Fertilizer Industiy, Other Food industry, Rubber and Pesticide Industry, All-kind of Flour Industry, and Water, Gas and Electricity. For those superior sectors needs to be done a priority program thorugh budget spending policy.
Analisis Permasalahan Pembiayaan UMKM di Indonesia Nurhidayat, R.
Jurnal Kajian Ekonomi dan Keuangan Vol 15, No 2 (2011)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v15i2.156

Abstract

Micrp small and medium enterprises (SMEs) have a strategic role in Indonesia's economy. Therefore, this sector requires adequate financial supprt. By using Granger causality test, this study show that credit to small businesses caused economic growth. The data used in this study from March 2001 to December 2009. Data obtained through the Central Bureau of Statistics, Ministry of Cooperatives and SMEs, as well as Bank Indonesia. This study also found evidence that government-owned banks have been allocated large funds to assist SMEs. However, the credit growth is still less than the credit growth of the foreign and joint banks which are expanding its business into the SME sector. The expanson of foreign and joint banks in the SME sector can be seen from the high growth in credit to this sector. In additon, this study analyzed alternative solutions for financing SMEs. The Government needs to promote microfinance institutions as an alternative solution for SME financing.
POSSIBLE IMPACT OF THE ABE-KURO MONETARY EXPANSION ON THE INDONESIAN ECONOMY Abimanyu, Yoopi
Jurnal Kajian Ekonomi dan Keuangan Vol 17, No 2 (2013)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v17i2.10

Abstract

Abenomics, the economic policies of Japan, which recently has been changed into "Abe-Kuro" referring to the Prime Minister and the Governor of the Central Bank, consists of monetary policy, fiscal policy and growth package. It is meant to resolve Japan's low economic growth and deflation. This short note is trying to see the impact of one of the policies, which is the expansion monetary policy, on the Indonesian economy, in particular on the exchange rate and the balance of payments. The hypothesis of this note is that, even though the Indonesian exchange rate will be appreciated, the impact on the capital account is somewhat more significant relative to the current account. On the current account and capital account, the impact of the monetary expansion policy is more on the capital account, particularly the shortterm portfolio movement relative to the current account. Assuming that the United States will stop her monetary expansion policy, the Japan monetary expansion would substitute the United States policy. On the other hand, if the United States monetary expansion policy would be continued, then the Japan monetary expansion policy would supplement the United States policy. In both cases, the Rupiah exchange rate would be appreciated.Abenomics, the economic policies of Japan, which recently has been changed into "Abe-Kuro"referring to the Prime Minister and the Governor of the Central Bank, consists of monetary policy, fiscalpolicy and growth package. It is meant to resolve Japan's low economic growth and deflation. This shortnote is trying to see the impact of one of the policies, which is the expansion monetary policy, on theIndonesian economy, in particular on the exchange rate and the balance of payments. The hypothesis ofthis note is that, even though the Indonesian exchange rate will be appreciated, the impact on the capitalaccount is somewhat more significant relative to the current account. On the current account and capitalaccount, the impact of the monetary expansion policy is more on the capital account, particularly the shorttermportfolio movement relative to the current account. Assuming that the United States will stop hermonetary expansion policy, the Japan monetary expansion would substitute the United States policy. Onthe other hand, if the United States monetary expansion policy would be continued, then the Japanmonetary expansion policy would supplement the United States policy. In both cases, the Rupiah exchangerate would be appreciated.
CAN THE CREDIBLE FISCAL POLICY MITIGATE THE TERMS OF TRADE FLUCTUATION? Kuncoro, Haryo
Jurnal Kajian Ekonomi dan Keuangan Vol 1, No 3 (2017)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v1i3.214

Abstract

This paper examines the links between fiscal policy and terms-of-trade movement in the case of Indonesia over the period 2001-13. Unlike other researchers, this paper explores both the rules-based and discretionary fiscal policies. The earlier factor covers deficit rule and debt rule which are intended to measure the fiscal policy credibility. The later follows Fatás and Mihov (2003; 2006). The OLS estimation of quarterly data reveals that the less credible deficit rule policy and discretionary fiscal policy have a positive impact on the terms of trade. In contrast, the more credible debt rule policy and government size tend to depreciate the terms of trade. Those findings suggest that fiscal policy credibility does not matter in the context of international market. Furthermore, to mitigate the external risks, the government intervention to the international market debt should be limited.
ANALISIS KETERKAITAN ANTAR INDUSTRI DAN SEKTOR KUNCI DI INDONESIA Soedomo, R Pramono
Jurnal Kajian Ekonomi dan Keuangan Vol 14, No 3 (2010)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v14i3.71

Abstract

The industrial sector plays an important role in the development of the Indonesian economy. The problem of mapping types need anything from 175 industry sectors that have a relationship with each other linkages that need to diprioritas to increase in domestic industrial sector. This study aims to map and analyze the inter-industry linkages and key sectors in Indonesia. To view the analysis of linkage and multiplier analysis in this study using input-output model with the 10-year 2005 data tables 175 sector classification. Linkages among sectors using methods known forward and backward linkage index linkages. Determine the index number of key sectors is a priority sector.From the analysis results can be seen that there are 20 key sectors in Indonesia, the sector: (1) pulp, (2) oil industry of animal and vegetable oils, (3] skin equalize, and preparations, (4) rice industry (5) industrial sugar, (6) basic metal industries rather than iron, (7) animal feed industry, [8] service restaurant, (9) entertainment services, recreation and cultural services, private [10] of meat offal and the like, (11] textile industry, (12] electricity and gas, (13] residential buildings and non residence, (14] and mounted industrial sawn timber, (15] highway transportation services, (16] roads, bridges and ports, (17] poultry and results -result, (18] fertilizer industry, (19] Manufacture of paper and paperboard and (20] marine transportation services. With the 20 key sectors, we can know these sectors have forward and backward linkages are high. For that government policy should be more focused on the 20 key sectors.

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