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All Journal Jurnal Penelitian Ekonomi dan Bisnis
Zainuri Zainuri
Department of Economics and Development Studies, Faculty of Economics and Business, University of Jember
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Foreign Portfolio Investment Control Using Macroeconomic and Institutional Policies: Evidence from Indonesia and Thailand Zainuri Zainuri
Jurnal Penelitian Ekonomi dan Bisnis Vol 6, No 2 (2021): Jurnal Penelitian Ekonomi dan Bisnis
Publisher : Universitas Dian Nuswantoro Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33633/jpeb.v6i2.4446

Abstract

This study analyzed the influence of macroeconomic and institutional variables on foreign portfolio investment inflows in two ASEAN countries, Namely Indonesia and Thailand, in 2005 – 2019. The analytical tools used in this research are Panel Vector Error Correction Model (PVECM) and Panel Ordinary Least Square (POLS). The estimation results show that the macroeconomic variables that are proxied using inflation and openness economy and institutional variables that are proxied using the variable level of corruption and quality of regulation have a significant effect. In the long term, the inflation rate, the openness economy, and the quality of regulation variables significantly affect foreign portfolio investment. Meanwhile, in a short time, only the inflation rate variable and the openness ratio have a significant effect on foreign portfolio investment. The two analytical tools used found that macroeconomic and institutional variables consistently affect foreign portfolio investment.Keywords: Foreign portfolio investment, Inflation, Openness Economy ratio, CorruptionRegulation, PVECM, POLS
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