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Evi Gravitiani
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Master of Economics and Development Studies Faculty of Economics and Business, Universitas Sebelas Maret Jl Ir. Sutami 36A Kentingan Surakarta 57126 Central Java Province, Indonesia
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Journal of Applied Economics in Developing Countries
Published by Universitas Sebelas Maret
ISSN : 23546417     EISSN : 26857448     DOI : https://doi.org/10.20961/jaedc
Core Subject : Economy,
Economics, Econometrics & Finance
FOCUS This journal focused on economics, business, and management in developing countries studies and presents developments through the publication of articles and research reports. SCOPE The Journal of Applied Economics in Developing Countries (JAEDC) specializes on Economics, Business, and Management in developing countries, and is intended to communicate original research and current issues on the subject. This journal warmly welcomes contributions from scholars of related disciplines. The focus and scope of the Journal of Applied Economics in Developing Countries include: 1. Development Economics 2. Fiscal policy 3. Monetary economics 4. Public policy 5. Regional economics development 6. Institutional economics 7. Poverty and inequality 8. International economics 9. Financial economics 10. Digital economics 11. Circular and Environmental Economics 12. Health Economics 13. Industrial Economics 14. Labor Economics
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 6 Documents
 1 
Search results for , issue "Vol 5, No 1 (2020): Journal of Applied Economics in Developing Countries" : 6 Documents clear
COMPARATIVE ANALYSIS OF ACCURACY BETWEEN CAPITAL ASSET PRICING MODEL (CAPM) AND ARBITRAGE PRICING THEORY (APT) IN PREDICTING STOCK RETURN (CASE STUDY: MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE 2015-2018 PERIOD) Try Wahyuny; Tri Gunarsih
Journal of Applied Economics in Developing Countries Vol 5, No 1 (2020): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v5i1.53442

Abstract

This study aims to analyze the accuracy comparison between the Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Theory (APT) in predicting stock return in manufacturing companies listed on the Indonesia Stock Exchange (BEI) for the period 2015 - 2018. CAPM is a model of the relationship between risk and expected return of a security or portfolio. It can be used to determine the price of a risky asset, whereas APT is an approach in determining the price of an asset that is not only based on one variable, but many variables. The variables used in this study consist of market risk premium, inflation, exchange rates (Rp / USD), interest rates, and stock returns. The method used in sampling is purposive sampling. Based on the method, 20 samples of companies with certain criteria were obtained. The data used in this study are secondary data. Secondary data collection was obtained from the Yahoo Finance website, the Bank Indonesia website, and the Ok Stock website, which includes monthly time series data on closing stock prices and the Composite Stock Price Index (CSPI), as well as monthly time series on macroeconomic variables. Data analysis in this study uses Mean Absolute Deviation (MAD) by comparing the Capital Asset Pricing Model (CAPM) and Arbitrage Pricing Theory (APT). The results of data calculations show that the Mean Absolute Deviation (MAD) value on the CAPM model has a value of 0.1096 and the APT model has a value of 0.3631. The smaller the value of Mean Absolute Deviation (MAD), it indicates that the regression model is more precise or accurate in predicting the dependent variable, namely stock returns. The results of data analysis show that the CAPM model is more precise or accurate than the APT model in predicting stock returns.Keywords: CAPM, APT, Accuracy, Stock Return  
Covid 19 Impact To Regional Economic Growth And International Trade In Indonesia Eddy Junaidi; Miftakhul Jannah; Khusnudin Tri Subhi; Muhammad Rizki Yudistira
Journal of Applied Economics in Developing Countries Vol 5, No 1 (2020): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v5i1.46143

Abstract

Covid-19 is a global health problem, including in Indonesia. In Southeast Asia, Indonesia is ranked first in the number of positive cases of Corona since June 17, 2020. Covid-19 cases in Indonesia are increasing every day and on November 9, 2020, the total number of Covid-19 cases in Indonesia is 440,569. The increase in the number of Covid-19 cases had an impact on the economic side where Indonesia's economic growth rate decreased and in the third quarter it was -3.49 percent. In addition, the export and import sectors also experienced decline. This research aims to analyze the impact of Covid-19, exports, imports and investment on Indonesia's economic growth and the impact of Covid-19 and investment on exports and imports in Indonesia. This study uses panel regression analysis with periods of data from the first quarter to the third quarter of 2020. The results show that the Covid-19 case has negative and significant effect on economic growth, while exports, imports and domestic investment do not have significant effect on economic growth. On exports and imports, Covid-19 has negative and significant effect on exports and imports while domestic investment has positive and significant impact on exports and imports in Indonesia.Keywords: Covid-19, growth rate, panel regression, time series 
TRANSFORMATION OF PRODUCTION AND LABOR STRUCTURE IN THE ECONOMY OF CENTRAL JAVA PROVINCE Alfin Bahtiar; Juliannus Johnny Sarungu
Journal of Applied Economics in Developing Countries Vol 5, No 1 (2020): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/aedc.v5i1.53443

Abstract

The purpose of this study is: 1) Describe how much the contribution of the agricultural sector, manufacturing and services in the structure of production and employment 2) Describe the pattern of transformation of production structures in the economy 3) Describe the pattern of labor structure transformation in the economy, and 4) Describe the Base sectors in Central Java Province. This study uses data from the GDP and Labor in Central Java Province and Indonesia, which are grouped based on the agricultural sector, manufacturing and services. The analytical tool used in this study is Shift Share Analysis and Location Quotient (LQ) Analysis. The results of the analysis show that the production structure in 2010 - 2017, the agricultural, manufacturing, and services sector contribute positively to GDP. However, the contribution of the agricultural and manufacturing sectors is classified as weak, while the service sector is classified as strong. In the structure of labor, the contribution of the agricultural sector is also classified as weak, while the manufacturing sector and service sector are relatively strong in absorbing workers. The pattern of changes in production structure shows that the agricultural sector is negative. While the manufacturing sector and service sector always show positive values and tend to increase. The pattern of changes in the employment structure shows that the agricultural sector always decreases the number of workers. Whereas in the manufacturing sector tends to fluctuate, which in 2017 the value increases. Likewise with the service sector, which tends to fluctuate, and in 2017 there was the most significant increase in the number of workers. The agricultural and manufacturing sectors are the base sector and have comparative advantages in Central Java Province.Keywords: Economic structure transformation, GDP, labor, agricultural sector, manufacturing sector, service sector, base sector 
THE EFFECT OF FOREIGN DEBT, FOREIGN DIRECT INVESTMENT, EXPORTS, AND IMPORTS ON ECONOMIC GROWTH IN ASEAN-5 COUNTRIES IN 2000 – 2017 (BEFORE AND AFTER THE GREAT RECESSION OF 2008) Rakka Alhazimi; Supriyono Supriyono
Journal of Applied Economics in Developing Countries Vol 5, No 1 (2020): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v5i1.53444

Abstract

The economic growth rates of developing countries in the ASEAN region such as Indonesia, the Philippines, Laos, Myanmar and Vietnam are currently not high enough to immediately align with the economies of developed countries. This is evidenced by the gross domestic product (GDP) per capita of developing countries in ASEAN which is still far from the GDP per capita of developed countries, so ASEAN developing countries need additional development capital in the form of foreign debt and foreign direct investment (FDI) and conduct international trade in the form of exports and imports. This study aims to determine the effect of foreign debt, FDI, exports and imports on economic growth in ASEAN countries. This study uses a quantitative approach. The data used are secondary data in the form of panel data from Indonesia, Philippines, Laos, Myanmar and Vietnam in 2000 - 2017. Data analysis methods used are panel data regression with fixed effect models (weighting cross-sections seemingly unrelated regression). The results showed that the variables of foreign debt, FDI, exports and imports had a positive and significant influence on economic growth. Conversely, the export variable has a negative influence on economic growth. The results of time series analysis show that the variables of foreign debt, FDI, exports, and imports have a significant effect on economic growth in the period before the recession in 2008. In the period after the 2008 recession, the variables of foreign debt, exports and imports have a significant effect on economic growth, but the variable of FDI have no significant effect on economic growth.Keywords: Economic Growth, Foreign Debt, FDI, Export, Import 
MEASURING THE RELATIONSHIP BETWEEN INTERNATIONAL TRADE AND INTERNATIONAL TOURIST DEMAND (CASE STUDY OF INDONESIA) Faiza Husnayeni Nahar; Dyah Titis Kusuma Wardani; Susilo Nur Aji Cokro Darsono; Delsa Irmasari
Journal of Applied Economics in Developing Countries Vol 5, No 1 (2020): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v5i1.42427

Abstract

This paper tries to investigate whether there is a relationship between international trade and international tourist arrivals in Indonesia using panel data. For measuring the consistency of the variables, the authors used three models such as Pooled Least Squared (PLS), Fixed Effect, and Random Effect. Using 34 countries of origin from 2006-2016. As the control variables, tourist arrivals in the previous year, GDP, population of origin country, visa-free policy, price ratio, and distance were used in helping to build the model. The results showed that there is a positive correlation between International trade and international tourist arrivals. Tourist arrivals in the previous year, GDP of origin country, population of origin country, and visa-free policy have a positive correlation for international tourist arrivals. While distance, and price ratio have a negative significant correlation. These results can be supportive of government strategies that aim to enhance the country’s trade value as well as stimulate Indonesia’s international tourism demand. Keywords: International Tourism Demand, International Trade, Panel Data, Indonesia
THE EFFECT OF ECONOMIC OPENNESS, DEMOCRACY, AND INSTITUTIONAL QUALITY ON INDONESIA EXPORTS TO ASEAN PLUS THREE Wikantioso Wikantioso
Journal of Applied Economics in Developing Countries Vol 5, No 1 (2020): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v5i1.53441

Abstract

The ASEAN Charter Agreement and the cooperation of the East Asia Free Trade Area ASEAN+3 provide momentum for ASEAN countries to increase economic openness, strengthen the application of democratic principles, and improve institutional quality to enhance trade cooperation. This study aims to explore the role of economic openness, democracy, and institutional quality in increasing Indonesia's exports to ASEAN countries plus three during the 1996-2017 period using the augmented gravity model. The results showed that the openness of ASEAN+3 to trade (trade% of GDP), democracy, and institutional quality of Indonesia and ASEAN+3 as Indonesia's export destination had positive effects in increasing  Indonesia's exports to ASEAN+3. However foreign direct investment in Indonesia and ASEAN+3 does not affect the export.Keywords: Indonesia Trade Gravity Model, Economic Openness, Democracy, Governance Institution, Indonesia's export, ASEAN+3

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