Economic Journal of Emerging Markets
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.
Articles
589 Documents
Effectiveness of monetary policy transmission in Indonesia
Muhammad Khoirul Fuddin
Economic Journal of Emerging Markets Volume 6 Issue 2, 2014
Publisher : Universitas Islam Indonesia
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DOI: 10.20885/ejem.vol6.iss2.art5
This study discusses the channel of monetary policy transmission mechanism of money, credit, interest rate and exchange rate in Indonesia. The effectiveness of the transmission mechanism of monetary policy in Indonesia can be described and explained by the ultimate target object in Indonesia, specifically economic growth and inflation. The analytical tool used in this study is Vector Error Correction Model (VECM) which uses impulse response and variance decomposition in determining the effectiveness of monetary policy transmission mechanism. The results explain that the credit channel is considered effective in explaining economic growth and the interest rate channel is effective in explaining inflation found in Indonesia.
Telaah Pembangunan Ekonomi Indonesia
Edy Suandi Hamid;
MB Hendrie Anto
Economic Journal of Emerging Markets Vol. 2 No. 1 (1997)
Publisher : Universitas Islam Indonesia
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DOI: 10.20885/ejem.v2i1.4240
Dalam tiga dasawarsa terakhir kinerja perekonomian Indonesia menunjukkanprestasi yang cukup mengagumkan, sehingga termasuk dalam High Performing Asia Economies (HPAEs). Namun demikian, masih terdapat beberapa masalah yang cukup pelik, seperti tingginya tingkat pengangguran, distribusi pendapatan yang semakin timpang, angka kemiskinan yang cukup besar, serta hutang luar negeri yang sampai pada "lampu merah". Dalam kancah internasional daya saing Indonesia menduduki posisi yang rendah, dan bahkan pada tahun 1996 cenderung turun. Kebijakan pemerintah untuk meningkatkan daya saing ekonomi selama ini sering kurang sistematis dan strategis, serta tidak konsisten. Masih rumitnya permasalahan ekonomi dalam negeri di satu sisi, dan tuntutan perdagangan bebas di sisi lain, telah menempatkan Indonesia pada posisi yang dilematis. Konflik antara kepentingan pemerataan dengan pertumbuhan, kepentingan domestik dan internasional merupakan contoh dilema yang tak mudah dipecahkan. Dibutuhkan suatu tekad yang kuat serta usaha yang konsisten dengan disertai kebijakan strategis untuk dapat survive di masadepan.
The dynamic relationship between money supply and economic growth
Antoni Antoni
Economic Journal of Emerging Markets Volume 7 Issue 2, 2015
Publisher : Universitas Islam Indonesia
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DOI: 10.20885/ejem.vol7.iss2.art2
This study analyzes the influence of the financial sector to economic growth in Indonesia. The variables used are the country's financial sectors which are narrow money (M1), broad money (M2) and money the broadest money (M3), with an interest rate as a control variable. Economic growth is represented by Gross Domestic Product and producer price index. The analysis is performed using an Autoregressive Distributed Lag model (ARDL). The stability test is conducted using CUSUM test to see the changes in the structure and the effect of disruption to financial sector development relationship of economic growth. ARDL analysis results indicate that the development of the financial sector has a significant relationship with the country's economic growth. CUSUM analysis results suggest that the relationship of financial sector development-economic growth is stable against changes in economic structure.
Monetary Policy under Zero Reserve Requirement in Canada
Akhsyim Afandi
Economic Journal of Emerging Markets Vol. 2 No. 1 (1997)
Publisher : Universitas Islam Indonesia
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DOI: 10.20885/ejem.v2i1.4269
Current development shows that financial system tends to move to the direction where controls over banking system would be very minimum. Banks are no longer required to hold afraction of their assets as required reserve with the central bank, and deposits are not subject to interest rate regulation. Fama (1980, 1983) argues that with the absence of reserve ratio price determinacy still holds through the control over currency supply. However, recent development also indicates that the control over currency supply is not any more in the hand of central banks but determined by the demand of the people. Consequently, price level is uncontrollable. Black (1970) even goes further to conclude that the unregulated banking system will bring the traditional monetary theories to an end. This paper deals with the implications of recent development in financial system in Canada. This paper argues that even though there is no longer reserve requirement and currency supply is determined by demand side, the Bank of Canada still has control over nominal magnitude of the economy, namely interest rates, which in turn influence aggregate demand and prices.
Otonomi Daerah dan Kinerja Aparatur Pemerintah Daerah Tingkat II
Abdul Hakim
Economic Journal of Emerging Markets Vol. 2 No. 1 (1997)
Publisher : Universitas Islam Indonesia
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DOI: 10.20885/ejem.v2i1.4272
Pelaksanaan otonomi daerah sudah lama dicita-citakan dengan diberlakukannya UU No. 5 Tahun 1974. Tetapi karena berbagai kendala, maka pelaksanaan otonomi tersebut tertunda selama kurang lebih 20 tahun (tahun 1974 sampai dengan tahun 1995). Diantara berbagai kendala yang ada, factor kemampuan aparatur pemerintah dianggap merupakan kendala utama dan bersifat substansial, yaitu merupakan tumpuan bagi kendala-kendala yang lain. Mengingat posisi penting faktor sumber daya manusia (aparatur pemerintah daerah) ini, maka penelitian akan dipusatkan pada dinamika (perubahan) kinerja aparatur pemerintah daerah dengan adanya otonomi daerah tersebut.Bertumpu pada masalah utama tersebut, makalah ini bermaksud mengamati pengaruh uji-coba pelaksanaan otonomi daerah di Kabupaten Sleman terhadap kinerja aparatur pemerintahannya. Kinerja aparatur pemerintah daerah akan didekati dengan kriteria efisiensi dan efektifitas aparatur tersebut, sedang alat analisanya bertumpu pada analisis Likert (Method of Summated Ratings).Hasil studi menunjukkan adanya hubungan positif antara kedua variabel, yaitu pelaksanaan otonomi daerah sebagai variabel bebas dan kinerja aparatur pemerintah daerah sebagai variabel tak bebas. Pengujian terhadap sejumlah sampel yang diambil memberikan hasil seperti yang diharapkan, yaitu uji-coba pelaksanaan otonomi daerah meningkatkan kinerja aparatur pemerintah daerah Kabupaten Sleman.
Kebijakan Pertanian dan Tanaman Pangan
Awan Setya Dewanta;
Edy Suandi Hamid;
Unggul Priyadi;
Diana Wijayanti
Economic Journal of Emerging Markets Vol. 2 No. 1 (1997)
Publisher : Universitas Islam Indonesia
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DOI: 10.20885/ejem.v2i1.4274
Kebijakan pertanian pangan belum mengalami perubahan sejak masa orde lama hingga sekarang. Kebijakan pertanian pangan masih diprioritaskan pada swasembada pangan (beras). Akibatnya adalah keswasembadaan tersebut memiliki arti politis karena dilakukan dalam rangka penghematan devisa, pengadaan pangan yang murah, dan mengendalikan inflasi. Kondisi ini memberikan dampak yang kurang menguntungkan bagi petani padi yang menganggap padi merupakan komoditi ekonomi sebagaimana komoditi pertanian lainnya.Untuk tetap mengembangkan pertanian pangan, kebijakan pertanian pangan tidak dapat terlepas dari kebijakan pertanian secara keseluruhan dan kebijakan makro-ekonomi. Kebijakan makro di negara-negara berkembang terbukti mengurangi net protection yang diperoleh dari kebijakan pertanian (kebijakan langsung), dan terjadi diskriminasi kebijakan terhadap pertanian.
The impact of health status and smoking behaviour on Indonesian labor wage
Heni Wahyuni
Economic Journal of Emerging Markets Volume 8 Issue 1, 2016
Publisher : Universitas Islam Indonesia
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DOI: 10.20885/ejem.vol8.iss1.art1
In this research, we try to estimate the relationship between health status and smoking behaviour on the labour wage in Indonesia. We investigate using Indonesian Family Life Survey (IFLS) data and two-step Heckman correction to deal with sample selection bias. We found that there is significance relationships between all socioeconomic variables and wage both for smokers and non-smokers. The interesting thing is that the effect on wage is less for smokers than non-smokers.
Optimizing the role of tax auditor in attempt to achieve tax revenue target
Mawan Setianto;
Hamidah Hamidah
Economic Journal of Emerging Markets Volume 8 Issue 1, 2016
Publisher : Universitas Islam Indonesia
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DOI: 10.20885/ejem.vol8.iss1.art4
This study aims to explain the role of Tax Auditor in KPP Madya Surabaya. This study uses a case study by collecting the data from Directorate General of Taxation official sources, either in KPP Madya Surabaya, Regional Office of Directorate General of Taxation East Java I, as well as the Directorate of Potency, Compliance, and Revenue. Researcher also conducted interviews with 12 informants consisting of Tax Auditor, Account Representative, Head of Office, as well as officials from the Directorate of Inspection and Billing. There are discrepancies between the expectations of stakeholders and what being understood/perceived and expected by the Tax Auditor in relation to the role that must be executed. This causes the Tax Auditor to experience a role ambiguity which disrupts the optimizing the implementation of the role. Things that still impede the implementation of the role of the Tax Auditor are: rejection of the Taxpayer; intervention both from inside and outside/difficult to implement the independence in appearance and independence in fact; both physically and psychologically threats; the unclear mutation policy; promotion criteria being implemented inconsistently; and databases that have not been accurate and reliable.
Financial constraints and Islamic finance: Lesson learned from external financing perspective
Achmad Tohirin;
Mohd Adib Ismail
Economic Journal of Emerging Markets Volume 8 Issue 2, 2016
Publisher : Universitas Islam Indonesia
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DOI: 10.20885/ejem.vol8.iss2.art2
This study examines the presence of financial constraints and explores the role of profit-loss sharing (PLS) in mitigating the problem of the financial constraints stemmed from the capital market imperfections. Using Malaysian listed companies’ data, this study finds that the financial constraints are present in the capital market. This finding implies the imperfect capital market. In Islamic PLS framework, there are two options of financing contracts that may be enforced in the capital market as financing mechanisms, i.e. al-musharakah and al-mudharabah. These schemes promote sharing of information and mutual trust between financiers and ‘borrowers’. In these contracts, there are strict terms and conditions to be adhered to by both parties so that the contracts pursue to be valid. Besides, PLS mechanism may reduce the cost of capital since the profit and loss are shared rather than be burdened only on one shoulder. In this regard, the imperfect market problems namely asymmetric information, agency problem and transaction cost can be reduced if not be overcome.
The impact of commercial bank’s characteristics on micro, small, and medium enterprises in India
Motiniva Nayak
Economic Journal of Emerging Markets Volume 9 Issue 1, 2017
Publisher : Universitas Islam Indonesia
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DOI: 10.20885/ejem.vol9.iss1.art1
The paper discusses the changes in the credit distribution to the micro, small and medium enterprises (MSME) sector. It analyses the relationship between commercial banking characteristics and its credit to the sector. It builds an econometric analysis on the relationship between share of credit to MSE and banking characteristics, namely the size, performance of bank, non-performing asset (NPA) out of MSME lending, and capital to risk weighted ratio (CRAR). It finds a negative relationship between the size of the bank and proportion of credit flows to the sector. It also finds that better performing banks are not interested in lending to the sector.