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Journal : Buletin Ekonomi Moneter dan Perbankan

DAMPAK PEMBALIKAN MODAL DAN THRESHOLD DEFISIT NERACA BERJALAN TERHADAP NILAI TUKAR RUPIAH M. Noor Nugroho; Ibrahim Ibrahim; Tri Winarno; Meily Ika Permata
Buletin Ekonomi Moneter dan Perbankan Vol 16 No 3 (2014)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (458.719 KB) | DOI: 10.21098/bemp.v16i3.22

Abstract

This paper studies the effects of foreign capital flows toward the exchange rate of rupiah both in total and across types of capital investment. This paper also analyzes the thresholds of current account deficit which significantly affect the rate of Rupiah. The estimation shows the capital outflow affect the rate of Rupiah to depreciate and is larger than the appreciation pressure of capital inflow (except when invested in Certificate of Bank Indonesia, SBI). Furthermore, the rate of Rupiah is more sensitive on government bond (SUN) than stock or SBI. The yield of this government bond largely affects the probability of the capital reversal. Related to the current account, the estimation shows that after exceeds the threshold of USD980 million monthly deficit or about 2% of GDP, the exchange rate will depreciate by 12.7% (m-o-m) with the lag effect of 4 months.  Keywords: Capital flows, exchange rate, current account deficit, threshold. JEL Classification: F31, F32
Mikrostruktur Pasar Uang Antar Bank Rupiah Pembentukan Dan Perilaku Harga Wahyu Dewati; Iss Savitri Hafid; Dadal Angkoro; Ibrahim Ibrahim; Zainuddin Nasution
Buletin Ekonomi Moneter dan Perbankan Vol 6 No 4 (2004)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (312.599 KB) | DOI: 10.21098/bemp.v6i4.93

Abstract

Mikrostruktur PUAB Rupiah O/N dipengaruhi perubahan stance kebijakan moneter dari kontraktif menjadi ekspansif selama periode 2001 s.d. 2003 termasuk perubahan kebijakan Fasbi menjadi “dual windows” dan pembedaan rate Fasbi pagi dan sore. Dibandingkan sebelumnya, struktur pasar yang bersifat loose oligopoly lebih tersegmentasi dengan dominasi yang berubah sesuai kondisi pasar dan internal bank. Bank memelihara clientile relationship dengan counterparty tertentu.Perubahan mikrostruktur PUAB mempengaruhi price formation yang tercermin dari pergeseran saat pembentukan harga dan lebih sensitifnya suku bunga terhadap masuknya informasi baru meski volume trasaksi relatif tetap. Perilaku harga intraday lebih volatile terutama sore hari, saat 40% volume transaksi terkonsentrasi. Dari model perilaku harga, suku bunga instrumen moneter seperti Fasbi semakin berperan sebagai reference rate bagi pasar sehingga terbesar pengaruhnya terhadap harga. Perubahan Fasbi menjadi dual windows, perubahan tenor menjadi O/N serta pembedaan suku bunga pagi dan sore secara simultan meningkatkan volatilitas harga dengan persistensi efek yang lebih rendah dibanding sebelumnya. Selain itu, volume transaksi dan shock suku bunga PUAB periode sebelumnya menimbulkan volatilitas yang besar pada hari berikutnya dengan persistensi efek yang relatif rendah. Secara keseluruhan, perubahan kebijakan menyebabkan harga PUAB lebih sensitif terhadap shock.Keterbatasan data menyebabkan belum dapat dikemukakan hubungan spillovers yang konsisten antara pasar Rupiah (PUAB O/N) dan pasar valas maupun pasar saham. Meski demikian, dari model spillovers dapat ditemukan hubungan nilai tukar USD/IDR yang dipengaruhi PUAB O/N, Fed Fund, SIBOR dan kurs sendiri. Sementara harga saham dipengaruhi hanya oleh nilai tukar USD/IDR saja dengan koefisien yang relatif kecil. Menurut survey, bank mengutamakan informasi PUAB dalam keputusan transaksi PUAB Rupiah, kecuali sebagian bank asing dan campuran yang memperhitungkan informasi pasar valas dan modal.Implikasinya, controllability otoritas moneter atas suku bunga PUAB dipengaruhi mikrostruktur pasar, informasi dan pengendalian instrumen moneter yang menjadi reference rate pasar. Saat ini, instrumen tersebut adalah Fasbi. Struktur pasar yang tersegmentasi menghambat pembentukan harga yang efisien sehingga perlu diperbaiki melalui pengaturan dan penataan kembali fungsi dan mekanisme penggunaan instrumen moneter yang menjadi reference pasar. Untuk menjaga stabilitas harga, disarankan: penataan kembali tenor, rate dan mekanisme perdagangan Fasbi seperti pengembalian single window. Selain itu, timing penyampaian informasi kebijakan perlu dilakukan pagi hari sebelum transaksi ramai agar pengaruhnya besar dalam pembentukan harga. Transparansi dan konsistensi komunikasi informasi kepada seluruh pasar harus dijaga agar tidak terjadi fluktuasi harga yang berlebihan. Ke depan diharapkan aktivitas transaksi antar bank meningkat dan animo penempatan pada bank sentral secara berlebihan dapat dikurangi, serta pembentukan harga yang lebih efisien dapat dicapai. Berfungsinya pasar secara baik (well functioning) akan mendukung PUAB sebagai target operasional kebijakan moneter.
PENGARUH DINAMIKA PENAWARAN DAN PERMINTAAN VALAS Sugeng Sugeng; M. Noor Nugroho; Ibrahim Ibrahim; Yanfitri Yanfitri
Buletin Ekonomi Moneter dan Perbankan Vol 12 No 3 (2010)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (300.34 KB) | DOI: 10.21098/bemp.v12i3.245

Abstract

This study examines the influence of forex demand and supply interaction on Rupiah's exchange rate. Estimation results show that the movement of rupiah is influenced by the forex supply and demand, where the foreign players are dominating. Furthermore, the demand and supply of foreign exchange is asymmetric.This paper also shows the impact of exchange rate movements on output is only in the short term with a more significant influence to the import, while the depreciation of Rupiah has a larger impact than its appreciation.Keywords:Foreign exchange, inflation, exchange rate.JEL Classification: E31, F31
DAMPAK PELAKSANAAN ACFTA TERHADAP PERDAGANGAN INTERNASIONAL INDONESIA Ibrahim Ibrahim; Meily Ika Permata; Wahyu Ari Wibowo
Buletin Ekonomi Moneter dan Perbankan Vol 13 No 1 (2010)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (284.305 KB) | DOI: 10.21098/bemp.v13i1.254

Abstract

This study analyze the impact of the implementation of trade agreements within the framework of ACFTA on Indonesia»s export by using the GTAP model; a Multi Regional Computable General Equilibrium Model. Results shows that ACFTA provide opportunities for increased export from Indonesia; Indonesia obtained a net trade creation of international trade amounted to 2% and total exports growth increased by 1.8. However, the export performance of Indonesia in the period showed a decrease of competitiveness, as shown by the decline in share of Indonesian export commodities which are highly competitive and high intra-industry linkage. This paper also find that because the commodity structure of China and the non compeeting behavior of ASEAN countries including Indonesia (tends to complement), China is relatively easier to penetrate export to the ASEAN market. The entering products from China should provide opportunities for domestic producers to increase production capacity in ASEAN, due to wider choice of relatively cheap capital goods imports.
EFFECTS OF FOREIGN EXCHANGE SUPPLY AND DEMAND DYNAMICS TO RUPIAH EXCHANGE RATE AND ECONOMIC PERFORMANCE Sugeng Sugeng; M. Noor Nugroho; Ibrahim Ibrahim; Yanfitri Yanfitri
Buletin Ekonomi Moneter dan Perbankan Vol 12 No 3 (2010)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (314.823 KB) | DOI: 10.21098/bemp.v12i3.374

Abstract

This study examines the influence of forex demand and supply interaction on Rupiah's exchange rate. Estimation results show that the movement of rupiah is influenced by the forex supply and demand, where the foreign players are dominating. Furthermore, the demand and supply of foreign exchange is asymmetric.This paper also shows the impact of exchange rate movements on output is only in the short term with a more significant influence to the import, while the depreciation of Rupiah has a larger impact than its appreciation.Keywords:Foreign exchange, inflation, exchange rate.JEL Classification: E31, F31
The Impact of Capital Reversal and the Threshold of Current Account Deficit on Rupiah M. Noor Nugroho; Ibrahim Ibrahim; Tri Winarno; Meily Ika Permata
Buletin Ekonomi Moneter dan Perbankan Vol 16 No 3 (2014)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (467.766 KB) | DOI: 10.21098/bemp.v16i3.445

Abstract

This paper studies the effects of foreign capital flows toward the exchange rate of rupiah both in total and across types of capital investment. This paper also analyzes the thresholds of current account deficit which significantly affect the rate of Rupiah. The estimation shows the capital outflow affect the rate of Rupiah to depreciate and is larger than the appreciation pressure of capital inflow (except when invested in Certificate of Bank Indonesia, SBI). Furthermore, the rate of Rupiah is more sensitive on government bond (SUN) than stock or SBI. The yield of this government bond largely affects the probability of the capital reversal. Related to the current account, the estimation shows that after exceeds the threshold of USD980 million monthly deficit or about 2% of GDP, the exchange rate will depreciate by 12.7% (m-o-m) with the lag effect of 4 months.  Keywords: Capital flows, exchange rate, current account deficit, threshold.JEL Classification: F31, F32
The Regional Impact Transmission via International Trade: An ASIAN-IO Approach Ibrahim Ibrahim; Tri Winarno; Melva Viva; Yanfitri Yanfitri
Buletin Ekonomi Moneter dan Perbankan Vol 16 No 4 (2014)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1219.452 KB) | DOI: 10.21098/bemp.v16i4.449

Abstract

Global financial crisis which began in the US in the latter part of 2008 hit a lot of countries in both trade and finance. In trade aspect, the crisis spread widely; in Indonesia, the total export value in 2009 dropped to 14,3%. Therefore, the economy of China, tightly linked with Asian countries including Indonesia, which rapidly rose before the crisis but slowed after it should be monitored as this condition, could indirectly hold down Indonesia’s GDP. Applying RAS method to update Asian IO data, this research has attempted to describe the trade structure of Asian countries in 2010. Also, it implemented a simulation of the impact of US and China’s GDP decline and US exports on Indonesia’s GDP, both at aggregate and sector levels. The result of the mapping shows that Indonesia is getting more dependent on China. Generally, the link between Indonesia’s exported products and global production chain is weak. Indonesia’s export commodities which are mostly of intermediate goods have low contribution towards value added. Moreover, the result of the simulation shows that 1% decrease in China’s GDP has greater impact on Indonesia’s GDP (0,14%) than that of the US (0,05%) and EU (0,07%) though with similar point.  Keyword: Trade Interactions, Input Output ModelJEL Classification : F16, R15
APAKAH PERKEMBANGAN FINANSIAL MEREDAM ATAU MEMPERBESAR DAMPAK SUATU KEJUTAN? Meily Ika Permata; Ibrahim Ibrahim; Hidayah Dhini Ari
Buletin Ekonomi Moneter dan Perbankan Vol 14 No 2 (2011)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (322.586 KB) | DOI: 10.21098/bemp.v14i2.459

Abstract

This paper analyzes the role of financial development on economic output in Indonesia. Using vector autoregressive method, the results confirm the positive impact of financial development on output growth. The interaction between the financial development and the shock either in financial or real sector shows that the financial development has a positive role to dampen the negative impact of the shock on the output growth, while strengthen the positive one. Another variable on the model, which significantly affect the output growth are excess money, term of trade, and the price. Compare to these variables, the marginal effect of financial development on output is smaller.
Co-Authors A SAHARUDDIN A.A. Ketut Agung Cahyawan W A.N, Muhammad Dienda Abd. Rasyid Syamsuri Abdul Mail Abdul Rahim Abrani Sulaiman abubakar abubakar Achmad Djunaidi Adam, Saifudin Sabri Ade Riani Adelia Monita Afif Alfiyanto Afriantoni Afriantoni Agus Herianto Agus Salim HR Agus Subrianto Ahmad Zainuri Ahmad Zainuri Ahri, Reza Aril Aidil Adhani Akib, Muhaiminah Akmal, Nurul Akmal, Nurul Al Mawardi Almaidah Sri Kusprapti Almukarramah, Almukarramah AM, Junaidi Ambo Paerah Amir Syarifuddin Amiruddin Amiruddin Andi Alimuddin Unde, Andi Alimuddin Andi Samsuduha Andi Triwenni Wulandari Andika Herlina MP Andika Prabowo Anis Saleh Anita Khairunnisa Ansar CS Anwar Anwar Arafat Arafat Arif Arif Arif Nazaruddin Yusuf Arifin Ahmad Arifin Ahmad, Arifin Arni Amir Arsil Hadi Asnatuti Asnatuti Asnur, Muhammad Nur Ashar Asriati Asriati Auliya Rahman Austin, Trecy Awaludin Martin Awang, Mohd Isha Ayu Mustika Ayuaziza Ayuaziza Azwir Azwir Badaruddin, KMS Badri Munir Sukoco Baharuddin Hasan Baiq Puteri Rabi’atul Adhawiyah Basri, Megawati Bayu Insanistyo Bedriati Ibrahim bogy restu ilahi bt Yusoff, Nurahimah Budy Wiryawan Burhanul Aqil Dadal Angkoro Darma Jaya Syahrudin Darti D Delima Engga Maretha Desi Nur Hanifah Dewi Kusumowati Dewi Retnaningati Dian Pujianto Djauhar Arifin Djeni Hendra Djufri - Dodi Faedlulloh, Dodi Don, Yahya Dwi Astharini Dwi Putri Utami Efelina, Vita Efrilia Rahmadona ELIHAMI, ELIHAMI Elvika Citra Andini Enny Kusumastuti Erika sandra nor Hanifah Eti Rohaeti Eviyanti Palimbong Fadil Oenzil Fahmi Djaguna Fajar Alam Fatriansyah Fatriansyah Ferdian, Komang Jaka Ferdricka Nggeboe Ferdricka Nggeboe Ferninda Dewi K Filissa Thilfani Haryono Gani, Arsyad Abdul Gultom, Siti Rahima Hadi Nasbey Haeruddin Haeruddin Hafsan, Hafsan Hakim S, Abd Halim Halim Hanifi, Rizal Hasanuddin, Muh Iqbal Hasni Hasni Hendra Prayitno Herald Diego Heriyanti Heriyanti, Heriyanti Heru Herlambang Hidayah Dhini Ari Hidayat Hidayat Hidayat Hidayat Hirsan, Fariz Primadi Hisnol Jamali Husain, Balqis Husain, Balqis Husna Husna Iin Ridwan Ika Dwimaya Roza Ika Sulianti Ika Sulianti Iman hidayat Immanuel Ginting Imron Muttaqin, Imron Indah Verawati Indra Kasih Ismail Suardi Wekke Isra Adelya Izzati Iss Savitri Hafid Iwan Kuswidi, Iwan Jailani Jailani Jefri Hutagalung Junita Lubis K, Ferninda Dewi Kahar, Irsan Kamaluddin Kamaluddin Kamelia Kamelia Kapriani Kapriani, Kapriani Kardi, Ipa Sari Karnilawati Karnilawati Kasdir Kasdir Kassaming, Kassaming Khosiah Khosiah Khosiah Khosiah, Khosiah Kiswanto Kiswanto Kristi Agust Kukuh Setyohadi Kumala, Sari Kusprapti, Almaidah Sri Lainul Ikhsan Latifah Sukmawati Yuniar Lebeharia, Eva Fadilah Lela Nurpulaela Leny Marlina Linda Sekar Utami Listiani Listiani Listiani Listiani Lukmanulhakim Lukmanulhakim M Daus Achmad M Ridhwan M Taufan M Zen Abdullah M. Iqbal Arza M. Noor Nugroho M. Ridhwan M. Sirozi Mahsup, Mahsup Makmur Saini Manik, Syahputra Marwan Marwan Marwan Padli Marwan, Marwan, Marwan,, Marwan, Mas'ad, Mas'ad Mas,ad Mas,ad Masagus Irsan Saleh Mashuri Masri Mashuri Masri Medici Medici Meily Ika Permata Melva Viva Mia Priyanto Miftahul Husni Mintasrihardi, Mintasrihardi Mirnawati Mirnawati Muh Arif Rizaldy Muhaimin Ramdja, Muhaimin Muhamad Syahdan Sa'id Muhammad Baiquni Muhammad Haikal Muhammad Ichsan Haris Muhammad Nasir Muhammad Said Muhammad Saleh Muhammad Supriadi Muhammad Usman Muhammad Zulfadli Muhardini, Sintayana munif arfan Murniati Murni Mursal Ghazali Muttaqien, Zedi N .W. S. Darmayanti Najamuddin Royes Najmudin Fauji Nasri Nasri, Nasri Nasruddin Nasruddin Nasrul Nasrul Nasrullah Nasrullah Nina Hendraswari Nopiyanto, yahya eko Norca Praditya Nuhun, Ridwansyah Nur Adi Saputra Nur Fitri Jamal Nur Hazizah Nur Rachmy Nur Sakiinatullaila Nuraini Zachman Nurbaeti Nurbaeti Nurdan Nurdan Nurhanifa Nurhanifa Nurhayati, Nurhayati Nurjannah Nurjannah Nurlina Nurlina Nurlina Nurlina Nurul Arfinanti NURUL HIDAYAH Pabalik, Dg Padli, Feri Primasari Zahra Hafizhotu Zulfa Pristianto, Hendrik Priyanto, Mia Purwoko, Agus Rabial Kanada Rabial Kanada, Rabial Rachmat Budiwijaya Suba Rafiuddin Rafiuddin Rahman, Mujibul Rahmania Malik Rahmat Hidayat Rahmi Novita Yusuf Ramadhan, Deswanti Rasyidah Jalil Ratna Indah Sari Dewi Razali Razali Razali Razali Rendy Rendy Reni Rahmadewi Ria Juliana Ridhwan, M Riko Setiawan Riza Nur Fadila Rizka Adelia Romlah Romlah Rona Regen Roni, Roni Rudi Fadhli Rusdi Nur Rusdi Rusdi RUSIRAWAN, DANI Saddam Saddam, Saddam Saharuddin Ita Said Abdullah Said Hasan Saidang Saidang Sakiinatullaila, Nur Saleh, Firman Saleh, Firman Salikin Salikin Saputri, Rini Arcdha Sari, Via Anjela Saripin Saripin Sarmila Sarmila Satriananda Satriananda Satriyadi Satriyadi SATRIYAS ILYAS Sattar Sattar Septian Raibowo Setiadi Setiadi Setiadi Setiadi Silfia Ilma Sinka Afmitiani Sintayana Muhardini Siska Sakti Angraini Siska Tridesianti Siti Aisyah Nur Siti Hasanah Sri Rahayu Syah Su Ritohardoyo Subrianto, A. Subrianto, A. Sufriadi Sufriadi Sufriadi Sufriadi, Sufriadi Sugeng Sugeng Suhardi Suhardi sujud sujud Sukmawati, Sukmawati SUMPENA SUMPENA suparman suparman Supriyadi, Adi Surya Agam Surya Nur Rahmatullah Surya Nur Rahmatullah Suzanalisa Suzanalisa Suzanalisa Suzanalisa Syah, Sultan - syaifuddin syaifuddin Syamson, Meriem Meisyaroh Syaparman, Syaparman Takdir Alisyahbana Taslim Taslim Tawaluyan, Folken Smith Tia Ainun Nadiroh Tri Wijaya Tri Winarno Tridesianti, Siska Tugiman Tugiman Ulinnuha Latifa Umar Sagaf Umiyati Jabri Untarti, Dade Prat Valianto, Budi Viky Permana Saputra Vino Rika Novia Wael, Ahmad Wahyu Ari Wibowo Wahyu Dewati wahyu fajar Wawan Kustiawan Widianto, Eri Winarto, Rahman Winarto, Rahman Yahya Eko Nopiyanto Yahya Eko Nopiyanto Yanfitri Yanfitri Yesi Sriyeni Yosep Ruslim Yudi Prayoga Yuliarman Saragih yunardi yunardi Yundari, Yundari Yuni Istanto YUNI, YUNI Yuniar Yuniar Yunita Yunita Zainuddin Nasution Zarina, Berlian