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Susilo Nur Aji Cokro Darsono
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Ki Bagus Hadikusuma Building (E4), 2nd Floor, Universitas Muhammadiyah Yogyakarta, Brawijaya Street (South Ring Road), Tamantirto, Kasihan, Bantul, Special Region of Yogyakarta, Indonesia, 55183
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INDONESIA
Jurnal Ekonomi & Studi Pembangunan
Published by Universitas Muhammadiyah Yogyakarta
ISSN : 14119900     EISSN : 25415506     DOI : https://doi.org/10.18196/jesp
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal Ekonomi & Studi Pembangunan (JESP) focuses on research papers relating to development economics and multidisciplinary concern to systemic problems in developing countries particularly using quantitative or theoretical work in which novelty is essential. JESP does not publish manuscripts in critical review and book review. Nevertheless, we accept in-depth studies of specific cases, events, or regions that are likely to bring more benefits on developing economics.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 2 Documents
 1 
Search results for , issue "Vol. 25 No. 1: April 2024" : 2 Documents clear
Dynamics effect of volatility index, interest rates, and commodity prices on Indonesian bond yields Darsono, Susilo Nur Aji Cokro; Firman, Afrizal; Nugraha, Pazri; Isnaini, Nurul
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 1: April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i1.22189

Abstract

Several factors influence the movements and dynamics of bond yields in financial markets. The determination of monetary policy, specifically the decisions regarding interest rates made by central banks, is a critical factor. Moreover, bond yields can be influenced by various factors such as geopolitical events, financial volatility, market sentiment, and investor risk appetite. These factors can impact the demand and supply dynamics in bond markets. This research aims to analyze the influence of Interest Rates, IDR to USD Exchange Rates, Volatility Index (VIX), Gold and Oil Prices on Bond Yields in Indonesia. The data used in this research is secondary data, which consists of time series data from 2019-2023. This research investigates the impact of financial and commodity prices on bond yields in Indonesia by using the autoregressive distributed lag (ARDL) model to examine both the long-run correlation and short-run effect. Empirical results found that Interest Rate, Volatility Index (VIX), and Oil Prices have a significant positive influence. Meanwhile, the Gold Price variable has a significant negative influence. This research has several crucial policy implications for investors concerning the national monetary policy, exchange rate fluctuation, and global volatility index to create profitable and sustainable portfolio strategies. Moreover, investment managers and investors should be concerned about the global commodities prices that will affect bond yield performances. This research contributes to the recent literature presenting causal relations of global volatility index (VIX) on Indonesian bond yield. 
The impact of gross domestic product, exchange rates and ACFTA implementation on Indonesia’s trade intensity index Wardani, Dyah Titis Kusuma; Huda, Adinda Salshabilla Zhauza; Duasa, Jarita
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 1: April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i1.22191

Abstract

The ASEAN-China Free Trade Area (ACFTA) represents a critical agreement between ASEAN member countries and China, aimed at fostering economic integration by eliminating or reducing trade barriers, enhancing service market access, refining investment regulations, and bolstering economic cooperation. This framework is designed to strengthen economic ties and enhance welfare across the involved nations. This study evaluates the impact of the ACFTA on trade dynamics by analyzing the Trade Intensity Index (TII), GDP, exchange rates, and a dummy variable representing the ACFTA's implementation. Utilizing annual data from 2001 to 2021, sourced from the UN-Comtrade Database and the World Bank, the research employs the Ordinary Least Squares (OLS) method to provide insights into the trade relationships under the ACFTA framework. The findings indicate a divergent impact, while Indonesia experiences a negative and significant influence from GDP, exchange rates, and ACFTA implementation, the ASEAN-6 countries display a positive and significant effect. Moreover, the study reveals that Indonesia's Trade Intensity Index with other ACFTA members is comparatively lower than Malaysia’s. This suggests a need for targeted trade policies in Indonesia aimed at amplifying export volumes in sectors where it holds a comparative advantage. Such strategies could significantly enhance Indonesia's trade intensity within the ACFTA, fostering greater economic integration and benefits under this expansive regional trade agreement.

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