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Economic Journal of Emerging Markets
Published by Universitas Islam Indonesia
ISSN : 20863128     EISSN : 2502180x     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
The Economic Journal of Emerging Markets (EJEM) is a peer-reviewed journal which provides a forum for scientific works pertaining to emerging market economies. Published every April and October, this journal welcomes original research papers on all aspects of economic development issues. The journal is fully open access for scholarly readers.
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Articles 6 Documents
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Search results for , issue "Volume 11 Issue 2, 2006" : 6 Documents clear
Does Intergovernmental Transfers Cause Flypaper effect on Local Spending? Agus Widarjono
Economic Journal of Emerging Markets Volume 11 Issue 2, 2006
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v11i2.529

Abstract

The local expenditure in Indonesia either province level or district level rely upon intergovernmental transfers. Theoretically, if the lump sums transfers have more stimulate effect on the local expenditure rather than local private income, they can cause the flypaper effect phenomenon. This study investigates whether the intergovernmental transfer leads to the flypaper effect in the province level during 1995-2002. By using the panel data, the results demon-strate that intergovernmental transfers cause the flypaper effect. Our findings also show that the flypaper effect exists heavily at east region as a backward area than west region as a well-developed area. This finding supports the previous research in districts and municipali-ties.Keyword: Intergovernmental transfers, Local government, Flypaper Effect, panel data
Analisis Permintaan Uang Giral dalam Valuta Asing Tahun 2000-2002: Studi Kasus Kabupaten/Kota di Propinsi Daerah Istimewa Yogyakarta, Jawa Tengah, Jawa Timur, dan Jawa Barat Suripto Suripto
Economic Journal of Emerging Markets Volume 11 Issue 2, 2006
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v11i2.532

Abstract

This research investigated demand for demand deposit in foreign exchange. Data used was panel data, which is combination from time series data and cross sectional data.Estimation method used was generalized least square (GLS) with polled regression, fixed effect (Covariance model) and random effect (Error model) models. Based on restricted F test and Lagrange Multiplier test (LM test), it is known that fixed effect model is the best model to explain demand for demand deposit in foreign exchange. It means that element of region (regency/municipality) effects model structure. Least Square Dummy Variable (LSDV) regression model by incorporating time element indicates that local autonomy event did not influence model structure. It is supported with Chow test indicating that the model is stable due to enforcement of Law No 22 and 25 of 1999.Keys Word: demand deposits in foreign exchange, panel data, fixed effect model
Real Effective Exchange Rate Determination in Indonesia: A Behavioral Equilibrium Exchange Rate Approach Didi Nuryadin
Economic Journal of Emerging Markets Volume 11 Issue 2, 2006
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v11i2.531

Abstract

The aim of this paper is to analyze the determination of real effective exchange rate in Indonesia for the period 1994.1-2004.6 using behavioral approach. The sets of funda¬mental variables consisting of net foreign asset, term of trade, ratio total trade to GDP, pri¬vate and government consumption were used to estimate for resulting estimation of behav¬ioral real effective exchange rate.The data was used in this study using time series monthly data from 1994.1 – 2004.6. The source of data were taken from International Financial Statistic and Central Bank of Indonesia. The method of analysis is multivariate cointegration methods of Johansen to determine the long run relationship real effective exchange rate. Exchange rate misalign¬ment was also used in this study by plotting the series between actual real effective exchange rate and the behavioral equilibrium exchange rate. The results of this study showed that from the estimation result of behavioral equi¬librium exchange rate, some variables of the sets fundamental variables such as net foreign asset, term of trade and ratio total trade to GDP were correctly signed, plausible magnitude and statistically significant. But, government and private consumption were not statistically significant and incorrectly signed. From the plotted result between actual and equilibrium estimation, it represents that for the period post-1997, the currency has been undervalued. The close alignment between actual and equilibrium was occurred in 1998 and 1999. But at the end of the sample, the currency looked overvalued.Keywords: Real effective exchange rate, Behavioral equilibrium approach, Cointegration
Analisa Faktor-Faktor yang Mempengaruhi Inflasi di Indonesia Periode 1997:3 – 2005:2 Fery Andrianus; Amelia Niko
Economic Journal of Emerging Markets Volume 11 Issue 2, 2006
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v11i2.533

Abstract

Contagion Effect from Thailand crisis representing early its economics some State in ASEAN still leave over inflation burden to Indonesia. Serious of Indonesia in overcoming inflation marked with policy of inflation as targeting single to monetary authority. Successfulness this attainment target must be followed by research influencing inflation. For that, this study aim to analyze the influence factors of inflation in Indonesia and also its movement in short-range and long-range. This research background overshadowed by inflation phenomenon in Indonesia not only having an effect in short-range but also on a long term. Through analysis of Ordinary Least Squares (OLS) show that exchange rate and interest rate significant influence the inflation. Through Analysis Partial Adjustment Model (PAM) known that only interest rate influencing fast improvement of inflation in short-range and in long-range. This research used data series time (1997:3-2005:2). Keywords: Inflation, Money Supply, GDP, Exchange Rate, Interest rate.
The Relationship Between Federal Government Revenue and Spending: Empirical Evidence from Asean-5 Countries Zulkefly Abdul Karim; Norain Mod Asri; Azrina Al-Hadi Abdullah; Antoni Antoni; Zetty Zahureen Mohd.Yusoff
Economic Journal of Emerging Markets Volume 11 Issue 2, 2006
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v11i2.528

Abstract

The main objectives of this paper is to examine the long run relationship between total expenditure, revenue (tax and nontax) and economic growth in ASEAN-5 countries namely by Malaysia, Indonesia, Thailand, Singapore and Philippines. According to the prior studies, there are several hypotheses to explain the relationship between revenue and spend-ing such as (1) spend-revenue hypotheses, (2) revenue-spend hypotheses and (3)bi-directional causality hypotheses. To test the validity of these hypotheses, this study will util-ize a cointegration and variance decomposition analysis. Based on empirical evidence, we can concluded that the existence of long run relationship between government spending, revenue (tax and non tax) and economic growth for all ASEAN-5 countries. The result of variance decomposition also shows that the strong influence on expenditure to revenue in countries namely Malaysia, Indonesia and Philippines, which support the ‘spend-revenue hypotheses. Meanwhile, for Thailand and Singapore the budget decision driven by revenue side which support the ‘revenue-spend hypotheses’. In addition, public expenditure plays no role to stimulate economic growth in Malaysia, Thailand, Singapore and Philippines, except for Indonesia. Key words: Fiscal economics; Wagner law; cointegration test; variance decomposition
Pengaruh Utang Luar Negeri, Kebijakan Fiskal Terhadap Konsumsi Masyarakat dalam Paradigma Ricardian Equivalence 1990-2004: Penerapan Model Vector Autoregressions (VAR) Lukman Hakim
Economic Journal of Emerging Markets Volume 11 Issue 2, 2006
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v11i2.530

Abstract

This study to apply Ricardian Equivalence concept in problem of debt in Indonesia. Ricardian Equivalence express that intrinsically governmental debt represent burden to society. Equally, governmental debt in this time is burden expenditure of society in the next year. But with assumption that society behave rationally, hence the debt burden will not in¬fluence society consumption.Based on Kormendi model (1983, 1990, 1995), this study analyse influence inde¬pendent variable to dependent variable. Independent variable are national income (GDP), governmental expenditure (G), tax (TX), subsidy (TR), governmental debt instalment (GINT), and total government debt  (GB), and dependent variable is society consumption (PC). This Study used Vector Autoregression (VAR) method which consist of decomposition variance and impulse response analysis. Decomposition variance analysis seen that before crisis period, consumption is in¬fluenced strongly by fiscal policy, consumption and national income. Meanwhile, ini period crisis a period, consumption is influenced by fiscal policy, government debt and government debt instalment. Impulse response analysis found that fiscal policy have effected strongly to consumption in before and after crisis period. On the contrary, tax had an effect weakly to consumption, although do not negativity Meanwhile at before and a period of economic cri¬sis, governmental debt and debt instalment had an effect strongly to consumption. Besides, before crisis national income have influence stronger than subsidy to consumption. But a crisis period, subsidy influence exactly to consumption than to national income.Pursuant to that finding can be expressed that researching into is in general sup¬port of Ricardian Equivalence perspective according to empirical finding of Kormendi, dif¬ferent only fiscal policy influence to consumption. Theoritical of RE state fiscal policy do not have an effect on to society consumption, but in this research exactly have strong influence. One of argument is since New Order till governance these days, fiscal policy still so central as a means of stimulus growth of national economy. Keywords: government debt, ricardian equivalence, var and impulse respond analysis.

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