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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 7 Documents
 1 
Search results for , issue "Vol 21 No 2 (2018)" : 7 Documents clear
DIVORCE AND HOUSING PRICE IN 31 PROVINCES OF CHINA Mingbo Zheng; Yin E Chen; Gen-Fu Feng; Jun Wen; Chun-Ping Chang
Buletin Ekonomi Moneter dan Perbankan Vol 21 No 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (411.268 KB) | DOI: 10.21098/bemp.v21i1.942

Abstract

This paper investigates the long-run cointegration relationship between housing priceand divorce in China using panel data for 31 provinces over the period 1997-2015.We find that housing price and divorce have the long-run cointegrated relationshipin the full samples, in the short run, housing price has a positive effect on divorce inthe whole country, particularly the Eastern region. For the long run, the reverse effectis discovered in the full sample and Eastern region. These results are robust once weuse the residential housing price as an alternative variable. Our finding suggests thatthe government should take the short-run housing price regulation to slowdown thedivorce rate.
SUBPRIME MORTGAGES AND LENDING BUBBLES Ali Yavuz Polat
Buletin Ekonomi Moneter dan Perbankan Vol 21 No 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1309.705 KB) | DOI: 10.21098/bemp.v21i2.955

Abstract

We consider a model with two types of households; the poor with no initial endowment and the rich with positive endowment; and two types of assets; properties in a poor area and properties in a rich area. In the model, poor agents need credit to buy an asset whereas the rich can draw from their endowment. We show that credit-fuelled housing bubbles sometimes may improve welfare, making the poorer individuals better-off. More precisely, there exist two types of equilibria in both markets: One is a bubble equilibrium, and the other is an equilibrium where asset prices are stable over time. While the poor always obtain a positive surplus in the bubble equilibrium, this is not necessarily true for the rich. Our results suggest that there may be scope for market interventions aimed at sustaining the value of assets held by credit-constrained agents after the burst of a credit bubble.
DO ‘LABOUR’ COUNCILS LOWER ECONOMIC FREEDOM? Nicholas Apergis
Buletin Ekonomi Moneter dan Perbankan Vol 21 No 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (294.683 KB) | DOI: 10.21098/bemp.v21i1.958

Abstract

Using a panel of the UK counties, spanning the period 2010-2016, this study exploreswhether having a Labour or Conservative council affects a county’s economic freedom.Due to data unavailability of any economic freedom index for the UK counties,the analysis employed direct measures in relevance to three sub-components ofeconomic freedom, i.e. size of government, sound money and the freedom to tradeinternationally. Using a regression discontinuity approach, we find strong evidencethat the political ideology of a council affects all three sub-components of economicfreedom. An implication of this result is that councils appeal to specific groups ofvoters when making policy.
CULTURAL HERITAGE AND INNOVATION James Ang
Buletin Ekonomi Moneter dan Perbankan Vol 21 No 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (279.799 KB) | DOI: 10.21098/bemp.v21i1.961

Abstract

Cultural heritage is a major driver of behavioral, social and economic norms in a society. This paper studies the relationship between culture and economic development by focusing on how individualism is related to technological innovation. It hypothesizes that individualistic people tend to have beliefs and views that emphasize the importance of innovation and creativity. Using individual-level data from the World Values Survey, the results provide some evidence in favor of this hypothesis.
HAS FINTECH INFLUENCED INDONESIA’S EXCHANGE RATE AND INFLATION? Seema Wati Narayan; Sahminan Sahminan
Buletin Ekonomi Moneter dan Perbankan Vol 21 No 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (485.68 KB) | DOI: 10.21098/bemp.v21i2.966

Abstract

The digital financial services industry or financial technology (FinTech) has emerged in Indonesia in recent years. The FinTech industry, although disruptive, promises among other things to reduce costs of, and improve access to, financial services. This paper investigates the macroeconomic implications of FinTech companies in Indonesia over the period 1998-2017. In particular, we investigate the impact of FinTech on the Indonesian exchange rate (Rupiah vis-a-vis the US dollar) and the inflation rate. Our results suggest that FinTech is able to reduce inflation and lead to a real appreciation of the Rupiah against the US dollar, although its effect on the exchange rate is delayed. We explain our results and discuss future research directions in the paper.
UNDERSTANDING INDONESIA’S MACROECONOMIC DATA: WHAT DO WE KNOW AND WHAT ARE THE IMPLICATIONS? Susan Sunila Sharma; Lutzardo Tobing; Prayudhi Azwar
Buletin Ekonomi Moneter dan Perbankan Vol 21 No 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1745.683 KB) | DOI: 10.21098/bemp.v21i2.967

Abstract

Unit root properties of macroeconomic data are important for both econometric modelling specifications and policy making. The form of variables (whether they are a unit root process) helps determine the correct econometric modelling. Equally, the form of variables helps explain how they react to shocks (both internal and external). Macroeconomic time-series data are often at the forefront of shock analysis and econometric modelling. There is a growing emphasis on research on Indonesia using time-series data; yet, there is limited understanding of data characteristics and shock response of these data. Using an extensive dataset comprising 33 macroeconomic time-series variables, we provide an informative empirical analysis of unit root properties of data. We find that regardless of data frequencies the empirical evidence of unit roots is mixed, some series respond quickly to shocks others do take time, and almost every macroeconomic data suffers from structural breaks. We draw implications of these findings.
CAN ECONOMIC POLICY UNCERTAINTY PREDICT EXCHANGE RATE AND ITS VOLATILITY? EVIDENCE FROM ASEAN COUNTRIES Solikin M. Juhro; Dinh Hoang Bach Phan
Buletin Ekonomi Moneter dan Perbankan Vol 21 No 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (822.184 KB) | DOI: 10.21098/bemp.v21i2.974

Abstract

This paper examines whether global Economic Policy Uncertainty (EPU) predictsexchange rates and their volatility in ten ASEAN countries using monthly datafrom January 1997 to December 2017. Applying the predictive regression model ofWesterlund and Narayan (2012, 2015), we find that EPU positively and statisticallysignificantly predicts the exchange rates of six out of ten currencies. A one standarddeviation increase in the EPU index leads to a depreciation of between 0.050% and2.047% in these currencies. Moreover, EPU predicts exchange rate volatility for allten ASEAN countries. Their exchange rate volatilities increase by between 0.107%and 0.645% as a result of a one standard deviation increase in the EPU index. Theseresults are robust to different forecasting horizons and subsample periods, and aftercontrolling for the Global Financial Crisis.

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