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INDONESIA
Buletin Ekonomi Moneter dan Perbankan
Published by Bank Indonesia
ISSN : 14108046     EISSN : 24609196     DOI : -
Core Subject :
The Buletin Ekonomi Moneter dan Perbankan/Bulletin of Monetary Economics and Banking (BMEB) is an international peer-reviewed journal. This is a quarterly journal, published in January, April, July and August. The BMEB focuses on a broad range of topics covering monetary economics, banking, macro-prudential, payment systems, financial stability, financial markets, and economic growth (including policy coordination) that are of global relevance. This BMEB’s scope is global and the journal endeavors to publish high quality research that makes a contribution to the literature and/or has an impact on policy making. In this regard, the BMEB welcomes research papers from both central bank and non-central bank economists, academics and policy makers.
Arjuna Subject : -
Articles 651 Documents
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KONVERGENSI PENERIMAAN DAN PENGELUARAN PEMERINTAH PROVINSI DI INDONESIA: hermada dekiawan
Buletin Ekonomi Moneter dan Perbankan Vol 17 No 1 (2014)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/bemp.v17i1.1

Abstract

The study analyse sigma and beta convergence of provincial government revenues and expenditures in Indonesia (APBD) by using panel data 30 provinces over the period 2000-2012. The variables used in this study consists of real income per capita and the revenues and expenditures variables in the APBD. The study also included a spatial weights matrix to analyse dependency among provinces. Spatial weights matrix used consists of two types of weights, the real income per capita and the geographical distance. Testing for the presence of spatial dependency performed using Moran's I. The model used in this study are spatial autoreregressive model (SAM) and the spatial error model (SEM). The models are estimated using panel least squares, fixed effects, random effects, as well as both GMM first difference (GMM-DIFF) and system GMM (GMM-SYS). Based on sigma convergence approach, the results of the study showed that during the period of 2000-2012 occurred convergence on total revenue, income, tax, fund balance, total spending, employee spending, and goods spending, but not for the real income per capita. Estimation with beta convergence approach conducted on four variables as each sample (in per capita value), namely: total income, tax, total spending, and goods spending. Estimation with beta convergence is done by using additional explanatory variables which include: economic growth, the degree of openness, as well as economic growth. Based on the beta convergence approach, the study results indicate the occurrence of convergence on total income, tax, total spending, and goods spending. Estimates also lead to the conclusion that there are spatial dependencies between provinces either use distance and income per capita weight.
RISK OF INDONESIAN BANKS: AN APPLICATION OF HISTORICAL EXPECTED SHORTFALL METHOD Nevi Danila; Bunyamin Bunyamin; Siti Munfaqiroh
Buletin Ekonomi Moneter dan Perbankan Vol 17 No 3 (2015)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (145.784 KB) | DOI: 10.21098/bemp.v17i3.3

Abstract

Asian and European crises were witnesses of banks’ vulnerable due to market risks. The Basel Committee requires an internal risk assessment applying Value at Risk (VaR). However, a replacement of VaR with Expected Shortfall (ES) has been suggested recently due to an excessive losses produced by banks which are beyond VaR estimations. This paper studied the risk of Indonesian banks applying a historical expected shortfall. We used JIBOR (overnight) from 2009 – 2012 as a proxy of market risk. The assessment of a historical expected shortfall of the net position of 27 banks accounts for October 2012 showed that state owned banks placed among the five highest value of each component (net position) in the balance sheet, namely placement to Bank Indonesia, interbank placement, spot and derivatives claims, securities, and loans. It means that the state owned banks had the highest risk and were the most aggressive among Indonesian banks. It might be due to carrying some of the government’s program, such as small enterprise loans. Keywords: expected shortfall, value at risk, banks, risk. JEL Classification: D81, G210
KONVERGENSI PENERIMAAN DAN PENGELUARAN PEMERINTAH PROVINSI DI INDONESIA: PENDEKATAN DATA PANEL DINAMIS SPASIAL TAHUN 2000-2012 hermada dekiawan
Buletin Ekonomi Moneter dan Perbankan Vol 17 No 1 (2014)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1207.587 KB) | DOI: 10.21098/bemp.v17i1.4

Abstract

The study analyse sigma and beta convergence of provincial government revenues and expenditures in Indonesia (APBD) by using panel data 30 provinces over the period 2000-2012. The variables used in this study consists of real income per capita and the revenues and expenditures variables in the APBD. The study also included a spatial weights matrix to analyse dependency among provinces. Spatial weights matrix used consists of two types of weights, the real income per capita and the geographical distance. Testing for the presence of spatial dependency performed using Moran's I. The model used in this study are spatial autoreregressive model (SAM) and the spatial error model (SEM). The models are estimated using panel least squares, fixed effects, random effects, as well as both GMM first difference (GMM-DIFF) and system GMM (GMM-SYS). Based on sigma convergence approach, the results of the study showed that during the period of 2000-2012 occurred convergence on total revenue, income, tax, fund balance, total spending, employee spending, and goods spending, but not for the real income per capita. Estimation with beta convergence approach conducted on four variables as each sample (in per capita value), namely: total income, tax, total spending, and goods spending. Estimation with beta convergence is done by using additional explanatory variables which include: economic growth, the degree of openness, as well as economic growth. Based on the beta convergence approach, the study results indicate the occurrence of convergence on total income, tax, total spending, and goods spending. Estimates also lead to the conclusion that there are spatial dependencies between provinces either use distance and income per capita weight.  
Foreign Exchange Expectations in Indonesia: Regime Switching Chartists & Fundamentalists Approach dedi budiman
Buletin Ekonomi Moneter dan Perbankan Vol 17 No 2 (2014)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (906.606 KB) | DOI: 10.21098/bemp.v17i2.5

Abstract

In this research, the effect of central bank intervention within a heterogeneous expectations exchange rate model, is investigated. The empirical evidence is conducted by applying a Markov switching approach to daily USD/IDR exchange rate, intervention data of Bank Indonesia from 2006 to 2012. The results are supporting both chartists and fundamentalist regimes. It is shown that the two regimes are persistent. Meanwhile, Bank Indonesia’s foreign-exchange intervention has been able to drive the USD/IDR to its fundamentalist rule. However, Bank Indonesia efforts to exert a stabilizing effect of foreign exchange interventions, the result are inconclusive.
FAKTOR-FAKTOR YANG MEMPENGARUHI KEBERHASILAN REDENOMINASI MATA UANG: PENDEKATAN DATA HISTORIS DAN PERCOBAAN pambudi andika
Buletin Ekonomi Moneter dan Perbankan Vol 17 No 2 (2014)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (660.974 KB) | DOI: 10.21098/bemp.v17i2.8

Abstract

Redenomination is a simplification of nominal value of currency by reducing digit (zero number) without reducing the real value of the currency. The main objective of this research was to examine whether the economic conditions at the time of redenomination may affect the success of currency redenomination. The methods used were regression analysis on historical data of 30 countries which are involved in redenominating their currencies, economic experiments with t-test, and survey of people’ perspective. Based on regression analysis, inflation will decrease and economic growth will rise higher after redenomination, if previously a country have experienced high economic growth as well. Based on experimental research, when inflation was high, redenomination could increase the selling price. Otherwise, when inflation was low, redenomination could decrease the selling price. Changes in selling price after redenomination was not affected significantly by differences in economic growth conditions. In different economic conditions, redenomination policy did not significantly affect the changes number of transactions and total value of transactions in the market. From the survey results, public did not believe government can control inflation after redenomination. Redenomination also will not affect consumption pattern
FAKTOR-FAKTOR YANG MEMPENGARUHI KEBERHASILAN REDENOMINASI MATA UANG: PENDEKATAN DATA HISTORIS DAN PERCOBAAN priyarsono deni
Buletin Ekonomi Moneter dan Perbankan Vol 17 No 2 (2014)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (438.799 KB) | DOI: 10.21098/bemp.v17i2.10

Abstract

Redenomination is a simplification of nominal value of currency by reducing digit (zero number) without reducing the real value of the currency. The main objective of this research was to examine whether the economic conditions at the time of redenomination may affect the success of currency redenomination. The methods used were regression analysis on historical data of 30 countries which are involved in redenominating their currencies, economic experiments with t-test, and survey of people’ perspective. Based on regression analysis, inflation will decrease and economic growth will rise higher after redenomination, if previously a country have experienced high economic growth as well. Based on experimental research, when inflation was high, redenomination could increase the selling price. Otherwise, when inflation was low, redenomination could decrease the selling price. Changes in selling price after redenomination was not affected significantly by differences in economic growth conditions. In different economic conditions, redenomination policy did not significantly affect the changes number of transactions and total value of transactions in the market. From the survey results, public did not believe government can control inflation after redenomination. Redenomination also will not affect consumption pattern
The Effect of Ownership and Global Crisis to Income Diversification of Indonesian Banking muhamad murharsito
Buletin Ekonomi Moneter dan Perbankan Vol 17 No 3 (2015)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (362.114 KB) | DOI: 10.21098/bemp.v17i3.11

Abstract

This paper attempts to examine the effect of ownership and global crisis to income diversification of Indonesian Banks during period of 2005 to 2012. The income diversification is classified as the taxonomy of De Young and Rice (2004), therefore income diversification is classified in to non-traditional stakeholder non-interest income and traditional and fee for service non-interest income. Apart of regress the whole bank sample, analysis is conducted to each of ownership types as well. Pooled effect and random effect panel data are run to produce the estimation result. The result suggests that ownership affects income diversification of Indonesian banks. In terms of traditional and fee for service non-traditional income, public banks significantly generate less than the other ownership types. On the other hand ownership doesn’t affect the effort of Indonesian banks in generating traditional and fee for service non-interest income. The effect of global crisis has different direction to each non-interest income, it significantly encourages banks to generate traditional and fee for service non-interest income, and although it is not significant, it has negative effect to non-traditional stakeholder non-interest income.
ANALISIS TRIWULAN I - 2014 Tim Penulis Laporan Triwulanan Bank Indonesia
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 (193.973 KB) | DOI: 10.21098/bemp.v16i4.14

Abstract

Perekonomian Indonesia pada triwulan I 2014 menunjukkan stabilitas ekonomi semakin terjaga dan ditopang penyesuaian ekonomi yang tetap terkendali. Dalam perkembangan ini, inflasi berada dalam tren menurun dan diikuti oleh defisit transaksi berjalan yang mengecil. Aliran masuk modal asing juga meningkat sejalan dengan perbaikan fundamental ekonomi tersebut yang pada gilirannya berkontribusi pada nilai tukar rupiah yang berada dalam tren menguat. Sejalan dengan itu, permintaan domestik tetap terkelola dengan baik, meskipun pertumbuhan ekonomi menurun cukup tajam dan lebih rendah dari perkiraan akibat kontraksi ekspor rill dari sektor pertambangan. Perkembangan tersebut tidak terlepas dari konsistensi kebijakan yang ditempuh Bank Indonesia dan Pemerintah sejak pertengahan 2013 untuk memperkuat stabilitas ekonomi dan mengelola pertumbuhan ekonomi agar bergerak secara seimbang dan berkesinambungan.
ANALISIS PENGARUH HARGA CRUDE PALM OIL (CPO) DUNIA TERHADAP NILAI TUKAR RIIL RUPIAH Hilda Aprina
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 (505.614 KB) | DOI: 10.21098/bemp.v16i4.15

Abstract

Indonesia is a biggest producer of Crude Palm Oil (CPO) in the world. Production and export volumes continued to increase from year to year. CPO products have an important role in the Indonesian economy, one of them as the country’s largest foreign exchange earner in the plantation sector. Given that Indonesia has adopted a floating exchange rate regime since 1978, the export of commodities such as palm oil will have an important influence on the real exchange rate. Therefore, this study aimed to see how much the world price of CPO influence the development of the real exchange rate of rupiah. The analytical method used is a simultaneous equation model using time series data from 1984 to 2011. The results showed that the increase in CPO price will lead to real exchange rate rupiah appreciated. Therefore, Indonesia as a major producer of CPO should be able to control the world price of crude palm oil in order to control the stability of the real exchange rate of the rupiah. Keywords : world CPO price, simultaneous equation model, the real exchange rate of rupiah.JEL Classification: E2
DETERMINANT OF CAPITAL RATIO: A PANEL DATA ANALYSIS ON STATE-OWNED BANKS IN INDONESIA Pamuji Gesang Raharjo; Dedi Budiman Hakim; Adler Haymans Manurung; Tubagus Nur Ahmad Maulana
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 (212.9 KB) | DOI: 10.21098/bemp.v16i4.19

Abstract

Capital has an important role in maintaining safety of banks and in order to create a sound banking system. Banks are required to have a sufficient amount of capital, both to support its business expansion as well as a buffer to prevent any unexpected loss that banks might face and absorb losses arising from a variety of risks. Eventhough consists of four banks, State owned banks in Indonesia are catalystor for the banking industry in Indonesia. The failure of state-owned banks can affect the stability of Indonesian banking system. This study aims to study and analyze determinants of capital ratio of state-owned banks. Several variables have been used in previous studies to be used a proxy. The study applied panel data regression model. The capital ratio of state-owned banks is affected by asset growth (LNSIZE), equity to total liabilities ratio (EQTL), non performing loan (NPL), interest rate risk (IRR), and operational cost to operational revenue ratio (BOPO) on a different level of significance.  Keywords: Capital structure, state-owned commercial banks, panel data JEL Classification: C23; G21; G32

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