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Journal : Buletin Ekonomi Moneter dan Perbankan

CAPITAL FLOWS DI INDONESIA: PERILAKU, PERAN, DAN OPTIMALITAS PENGGUNAANNYA BAGI PEREKONOMIAN Fiskara Indawan; Sri Fitriani; Meily Ika Permata; Indriani Karlina
Buletin Ekonomi Moneter dan Perbankan Vol 15 No 3 (2013)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (578.021 KB) | DOI: 10.21098/bemp.v15i3.67

Abstract

Berlimpahnya likuiditas global paska krisis global mengakibatkan membanjirnya aliran modal internasional ke pasar Surat Utang Negara (SUN). Selain bermanfaat, aliran modal asing tersebut,berpotensi menimbul risiko pembalikan aliran modal asing yang dapat menimbulkan ketidakstabilan di pasar keuangan domestik. Paper ini menganalisis faktor-faktor yang mempengaruhi keputusan investasi investor asing, yang mencakup faktor risiko dan return yang berasal dari domestik (pull factor) dan global (push factor). Hasil pengujian menunjukkan push factor sangat berperan mempengaruhi perilaku investor asing di pasar SUN. Bagi investor long-term, perilaku mereka untuk menempatkan dananya di pasar SUN dipengaruhi push factor, tetapi tidak dipengaruhi secara signifikan oleh pull factor. Namun bagi investor short-term, baik pull maupun push factor, mempengaruhi keputusan investasi mereka. Selain itu hasil simulasi menunjukkan bahwa ke depan, prospek investor asing di pasar SUN masih menghadapi tantangan khususnya dari sisi volatilitas yang relatif tinggi sebagai akibat dari sensitifnya investor asing terhadap shock yang sewaktu-waktu dapat terjadi di tengah ketidakpastian kondisi pasar keuangan internasional akibat penyelesaian krisis utang di negara maju yang berlarut-larut. Dalam hal ini, Bank Indonesia dan Pemerintah perlu terus mempertahankan upaya untuk menjaga dan mengelola return dan risiko investasi di dalam negeri pada level yang lebih kompetitif dan relatif rendah dengan menjaga kekuatan dan ketangguhan perekonomian serta stabilitas keuangan domestik.Keywords : Foreign Exchange, International Lending, Corporate Finance.JEL Classification : F31, F34, G3
Capital Flows in Indonesia: the Behavior, the Role, and Its Optimality Uses for the Economy Fiskara Indawan; Sri Fitriani; Meily Ika Permata; Indriani Karlina
Buletin Ekonomi Moneter dan Perbankan Vol 15 No 3 (2013)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (594.209 KB) | DOI: 10.21098/bemp.v15i3.426

Abstract

The abundance of global liquidity post the global crisis resulted in a huge amount of international capital flows to Government Securities (GS) market. Besides useful, the flow of foreign capital potentially give a risk reversal that may leads to instability in domestic financial market. This paper analyzes the determinant of foreign investors including the risk and returns, both from domestic (pull factor) as well as from global (push factor). The result shows that the push factor was instrumentally influence the behavior of foreign investors in the GS (Government Securities) market. For long-term investors, their behavior to place their funds in GS market is influenced by push factor, but not significantly affected by the pull factor. However, for short-term investors, both pull and push factors influence their investment decisions. In addition simulation results indicate that in the future, the prospect of foreign investors in the securities market still faces challenges, particularly from the relatively high volatility as a result of the shock sensitivity of foreign investors on shock that can happen in the uncertainty in the international financial markets due to ongoing debt crisis resolution in developed countries.Concerning these findings, Bank Indonesia and the government needs to maintain and manage the returns and risks of domestic investment on a more competitive and relatively low level by maintaining the strength and resilience of the domestic economy and financial stability. Keywords : Foreign Exchange, International Lending, Corporate Finance.JEL Classification : F31, F34, G3