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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 589 Documents
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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.
The Role of Woman on Household Food Security in Sleman Daerah Istimewa Yogyakarta Vini Arumsari
Economic Journal of Emerging Markets Volume 13 Issue 1, 2008: English Version
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/vol13iss1aa540

Abstract

The objectives of this research are (1) to know the diversification design of food material in household level, (2) to analyze the factors that influenced the role of female in food diversification for food security reason in household level and (3) to analyze the factors that influenced the diversification design of food material in household level.The method of this research is descriptive method with the case study at Sleman Regency, Yogyakarta Special Region Province. The primary data is collected from 50 respondents of female in household level using the simple random sampling and the regression analyze with Ordinary Least Square (OLS) method is applied for the data analysis.The result shows that the diversification design of food material in household level is mainly the rice paddy which is followed by potatoes, noodles, wheat and corn. The main  factors that influence the role of female in food diversification for food security is the household income and the numbers of family dependent. Furthermore, the factors that determine the diversification design of food material are household income, product image and the number of family dependent.     Keywords: role of female, food diversification, food security, household level
Seasonality in Equity Market : New Evidence from Four Emerging Market Ruzita Abd Rahim; D. Agus Harjito
Economic Journal of Emerging Markets Volume 11 Issue 1, 2006
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v11i1.576

Abstract

This study investigates the existence of seasonality effect in Malaysia and its three neighboring markets− Indonesia, Singapore, and Thailand– using a sample of 24 selected sectoral and broad indexes over the period of January 1988 to December 2005. This study also examines the influence of trading activity on the market anomaly by dividing the 18-year sample period into thin and active trading sub-periods. The existence of seasonality effect is revealed using a non-parametric Mann-Whitney U test, which later is verified using time-series regression. Considerable evidence in favor of February effect is obtained in Malaysia from the Mann-Whitney U tests in the full period and particularly in the active trading sub-period but it nearly disappears in the thin trading sub-period. While slight evidence of December effect is detected in Singapore and Indonesia, January effect is nearly non-existence in Thailand. In the meantime, the influence of trading activity on seasonality effect is only confined to the equity market of Malaysia. The results from time-series regressions are consistent with these findings. Given the fact that none of these emerging markets impose tax on capital gains, the existence of seasonality effect in month other than the tax-month provides additional evidence against the tax-loss selling hypothesis. Overall, the study concludes that while all except Thailand suggest the presence seasonality effect, from an investment perspective, only in the case of Malaysia the effect seems strong enough to command an exploitable strategy but even then, such rule should be of comfort only if applied in the active-trading period.   Keyword: Seasonality Effect; February Effect; Trading Activity; Emerging Markets
Ketahanan Fiskal: Studi Kasus Malaysia dan Indonesia Jaka Sriyana
Economic Journal of Emerging Markets Vol. 10 No. 2 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v10i2.596

Abstract

In the last ten years, fiscal policy has played an important role to the macroeco¬nomy. This paper aims to explore the fiscal strength and the synchronization between fiscal and monetary policy for Malaysia and Indonesia. For the first issue, this paper applies the Trehan and Walsh method, meanwhile the Berument’s approach is used to examine the syn¬chronization between fiscal and monetary policy. The result shows that in case of Malaysia, the government applied tax-financed policy; meanwhile Indonesia has entered to the debt trap. The Malaysia’s government has also synchronized fiscal and monetary policy, which is different with that in Indonesia.Keyword: Fiscal policy, tax-financed policy, debt trap.
Pengaruh Volatilitas Nilai Tukar Rupiah Terhadap Permintaan Uang M1 Indonesia, Estimasi Data Non Stasioner Etty Puji Lestari
Economic Journal of Emerging Markets Vol. 10 No. 2 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v10i2.598

Abstract

This article attempted to estimate the influence of exchange rate volatility of rupiah toward the demand for Indonesian M1 money using non stationary techniques. This analysis is adopted Morimune and Zhao’s study on 1994 in Japan.These techniques are less dependent Johansen’s maximum likelihood of cointegra¬tion but more depend on the ordinary least squares (OLS) estimation of the equation in¬cluded in the ECM. The dynamic OLS estimation proposed by Phillips and Loretan in 1991 is used to estimate cointegration. Meanwhile, Vector auto regression (VAR) is used to fore¬cast the model which have an interelation time series. Since it desirable to include national income and exchange rate as regressor in the money demand function. To estimate demand function in the short run is used autoregressive distributed lag ECM ADL ECM) which known Hendry type ECM.The results have found that there are non stationary condition in the time series data in. Meanwhile, the estimation with VAR, DOLS and ADL ECM is suggested that vola¬tility of exchange rate impact to demand for Indonesian M1 money.Key words:    volatility of exchange rate rupiah, demand for Indonesian M1 money, non statio¬nary estimation.
Stabilitas Permintaan Uang di Indonesia Sebelum dan Sesudah Perubahan Sistem Nilai Tukar Sahabudin Sidiq
Economic Journal of Emerging Markets Vol. 10 No. 1 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/vol10iss1aa604

Abstract

The objective of this study is to analyze the stability of money demand in Indonesia before and after the change of exchange rate system, from managed floating exchange rate to free floating exchange rate in the middle of 1997. And also to analyze the role of exchange rate on the money demand in Indonesia.The result shows that there are no change in stability of money demand for M1 and any change in stability for M2. The role of exchange rate is very significant in money de¬mand in Indonesia not only for M1 but also for M2. Because of right now, the exchange rate system is free floating exchange rate, where no government intervening, so that the govern¬ment should to maintain the exchange rate market more efficient.Keywords: Money Demand, Managed floating exchange rate, free floating exchange rate, stability of money demand
The Sustainability of Fiscal Policy and Deficit Budget Financing : Evidence from Selected Muslim Countries Muhammad Zilal Hamzah; Abd. Ghafar b. Ismail
Economic Journal of Emerging Markets Vol. 10 No. 3 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v10i3.609

Abstract

The sustainability of fiscal policy and how to finance the deficit budget has been receiving increasing attention from economists. The issue is paramount for the Muslim Countries and this is one of the motivations of the paper. In order to assess the sustainability of budget deficits in selected Muslim countries, a descriptive statistics for the stock of revenue, expenditure, tax over GDP and sustainability tests of government debt and deficit are performed for the Muslim countries for the 1971-2000 period. The cointegration model is also used to test the relationship between government expenditures, taxes, and seigniorage. The results show that the Muslim countries use taxes and seigniorage to finance their government expenditures. The empirical results also allow us to conclude that fiscal policy may be sustainable for most Muslim countries. JEL classification: E60; H62; H63;Keywords:    deficit finance; inter-temporal budget constraint; fiscal policy; monetary policy; islamic countries.
Kinerja Kebijakan Fiskal Daerah di Indonesia Pasca Krisis Asnita Frida Sebayang
Economic Journal of Emerging Markets Vol. 10 No. 3 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v10i3.610

Abstract

In 1999-2002, most of regions have a specific pattern in efficiency. This de¬pends on characteristics of the regions. The greatest different among of regions is fiscal ca¬pacity. Using Data Envelopment Analysis, performance of fiscal policy can be measured. Some variables that used are General Transfer (DAU), Routine Expenditure, Expenditure for Transportation, Local Tax, and Local User Charge.This study found, there are two regions that achieve best performance. They are DKI Jakarta and East Java. These regions are not only efficient but also consistent. Most of effi¬cient region will be a benchmark to the others. On the other hand, each region that is inefficient has different source of inefficiency. Some of them are inefficient in DAU, expenditure, local tax and user charge.The pattern of fiscal capacity and fiscal policy performance indicate that there is a regional development gap in Indonesia. Bali and Java have better performance relative to the others. Because of specific characteristic of region, it is important to make a specific ap¬proach for each region. Keywords: Fiscal Capacity, Fiscal Policy Performance, DEA.
Dampak Kontraksi Sektor Industri Terhadap Penyerapan Tenaga Kerja dan Pendapatan Rumah Tangga di Indonesia Sesudah Krisis (1999) Pendekatan Structural Path Analysis (SPA) Endah Saptutyningsih
Economic Journal of Emerging Markets Vol. 10 No. 3 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v10i3.613

Abstract

The objectives of this study are analyzing the impact of industry sector’s contraction to income of household institution and identifying how much it influences to employment. For measuring the impact of industry sector to household income, we use multiplier decom¬posision of SNSE. A Structural Path analysis is used to determine which households and which employment influenced by the contraction.The findings indicate that the greatest impact of industry sector’s contraction is on upper class household in urban. The industry sector which gives the greatest impact is a wood sector. That impact also influences a production and manual employee in urban.Keywords:    household institution, employment, Multiplier Decompotition of SNSE, Structural Path Analysis.

Page 42 of 59 | Total Record : 589

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