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Economic Journal of Emerging Markets
Published by Universitas Islam Indonesia
ISSN : 20863128     EISSN : 2502180x     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
The Economic Journal of Emerging Markets (EJEM) is a peer-reviewed journal which provides a forum for scientific works pertaining to emerging market economies. Published every April and October, this journal welcomes original research papers on all aspects of economic development issues. The journal is fully open access for scholarly readers.
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Articles 6 Documents
 1 
Search results for , issue "Vol. 10 No. 2 (2005)" : 6 Documents clear
The Effect of Macroeconomic Fundamentals in Financial Liberalization to the Stability of Indonesia’s Exchange Rate Wahyu Ario Pratomo; D. Agus Harjito; Ahmad Yani Hazir
Economic Journal of Emerging Markets Vol. 10 No. 2 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v10i2.597

Abstract

Paper ini mengkaji hubungan antara nilai tukar dengan fundamental makroeko¬nomi Indonesia dari tahun 1997 sampai 2004. Kajian ini menerangkan faktor-faktor yang mempengaruhi nilai tukar rupiah terhadap US dollar, baik dalam jangka pendek maupun jangka panjang dengan menggunakan teori kointegrasi. Untuk melihat kestabilan nilai tukar rupiah sebelum dan sesudah krisis ekonomi digunakan Uji Chow. Objektif lain dari kajian ini adalah ingin membuktikan apakah terjadi lonjakan yang tajam (overshoot) terhadap rupiah ketika krisis berlangsung. Hasil kajian menunjukkan bahwa rupiah memang melonjak tajam akibat adanya peningkatan penawaran uang dan inflasi. Hasil juga menunjukkan ter¬jadi hubungan kointegrasi antara nilai tukar dan fundamental makroekonomi serta terjadi perubahan struktural setelah tahun 1998.Keywords: exchange rate; stability; overshooting
Daya Tarik Investasi dan Pungli di DIY Kuncoro Mudrajat; Anggi Rahajeng
Economic Journal of Emerging Markets Vol. 10 No. 2 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v10i2.600

Abstract

This paper attempts to explore to what extent the current regime has changed the investment attractiveness and illegal charges in doing business in Yogyakarta Special Region (DIY). We focus on five factors that lead to regional investment attractiveness, in particular institutional, social-political, regional economy, labor and productivity, and physical infrastructure factor. This paper combined KPPOD method to analyze investment attractiveness at regional level and Analytical Hierarchy Proccess (AHP) to examine the business climate in DIY. We find that noneconomic factor, rather than economic factor, constituted a key factor based on business perspective. The institutional factor is found as the most important factor, followed by physical infrastructure, and social political factor. Interestingly, business community perceived illegal charges persistanly high in DIY, in particular public service, court, and police. Therefore, we argue some suggested corrective actions based the surveys are badly needed for local governments in DIY. Key words: AHP, pungli, daya tarik investasi, peringkat, KPPOD
Investasi dan Pertumbuhan Ekonomi Regional (Studi Kasus pada 26 Propinsi di Indonesia, Pra dan Pasca Otonomi Jamzani Sodik; Didi Nuryadin
Economic Journal of Emerging Markets Vol. 10 No. 2 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v10i2.599

Abstract

The aim of this study is to examine the affect of investment on regional economic growth 26 province pre and pasca authonomy for periods of 1998-2003 using GLS method (General Least Square) for process polling data. Factor that affect the regional economic growth are foreign direct investments (X1), direct domestic investmens (X2), we also identify other factors (as controlled variables) that can influence the regional economic growth. These variables are labor force (X3), inflation rate (X4), and rate openness economic pro¬vince (X5).The results found regional economic growth for periods 1998-2003 are influenced by foreign direct investments (X1), labor force (X3), and rate openness economic pro¬vince (X5). However direct domestic investments (X2), and inflation rate (X4) do not affect to regional economic growth. But for periods 1998-2000 (pre authonomy) foreign direct in¬vestments (X1), and rate openness economic province (X5) affect to regional economic growth. Periods 2000-2003 (pasca authonomy) inflation rate (X4) and rate openness eco¬nomic province (X5) affect to regional economic growth.Keywords:    investment, foreign direct investments, direct domestic investments, regional eco¬nomic growth, pre authonomy, pasca authonomy, and panel data.
Financial Sector Development, Government Size, Trade Openness and Economic Growth: An Emperical Analysis in ASEAN-4 Countries Mohd Azlan Shah Zaidi; Zulkefly Abdul Karim; Zurina Kefeli
Economic Journal of Emerging Markets Vol. 10 No. 2 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v10i2.589

Abstract

The main objective of this paper is to evaluate the relative impact of financial sector development, government size and trade openness of a country on its economic growth. This is done to investigate which factors play more prominent role in leading the growth of the economy. Four ASEAN countries known for their similar economic orientation, namely Ma-laysia, Thailand, Indonesia and Singapore have been selected for this purpose. To achieve the objective, a series of econometric tests is applied. These include unit root test and cointe-gration test. A vector error correction model (VECM) is then applied to capture both the short-run dynamic and the long-run equilibrium relationship between variables. Impulse response function is utilized to look at the impact of each variable on economic growth while variance decomposition is used to measure the magnitude of the impact. The results show that trade openness plays the leading role in promoting economic growth in Malaysia, Sin-gapore and Indonesia. For Malaysia financial sector development follows second and the government size comes third while for Singapore the order is reverse. For Indonesia, the government size overtakes the leading role at the later stage while the financial sector devel-opment is immaterial. For Thailand, no firm conclusion can be made, as the results are not promising. The results signify that the right policies have been taken by the selected coun-tries to promote higher economic growth. Keywords: Economic growth, financial sector development, government size, trade openness.
Ketahanan Fiskal: Studi Kasus Malaysia dan Indonesia Jaka Sriyana
Economic Journal of Emerging Markets Vol. 10 No. 2 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v10i2.596

Abstract

In the last ten years, fiscal policy has played an important role to the macroeco¬nomy. This paper aims to explore the fiscal strength and the synchronization between fiscal and monetary policy for Malaysia and Indonesia. For the first issue, this paper applies the Trehan and Walsh method, meanwhile the Berument’s approach is used to examine the syn¬chronization between fiscal and monetary policy. The result shows that in case of Malaysia, the government applied tax-financed policy; meanwhile Indonesia has entered to the debt trap. The Malaysia’s government has also synchronized fiscal and monetary policy, which is different with that in Indonesia.Keyword: Fiscal policy, tax-financed policy, debt trap.
Pengaruh Volatilitas Nilai Tukar Rupiah Terhadap Permintaan Uang M1 Indonesia, Estimasi Data Non Stasioner Etty Puji Lestari
Economic Journal of Emerging Markets Vol. 10 No. 2 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v10i2.598

Abstract

This article attempted to estimate the influence of exchange rate volatility of rupiah toward the demand for Indonesian M1 money using non stationary techniques. This analysis is adopted Morimune and Zhao’s study on 1994 in Japan.These techniques are less dependent Johansen’s maximum likelihood of cointegra¬tion but more depend on the ordinary least squares (OLS) estimation of the equation in¬cluded in the ECM. The dynamic OLS estimation proposed by Phillips and Loretan in 1991 is used to estimate cointegration. Meanwhile, Vector auto regression (VAR) is used to fore¬cast the model which have an interelation time series. Since it desirable to include national income and exchange rate as regressor in the money demand function. To estimate demand function in the short run is used autoregressive distributed lag ECM ADL ECM) which known Hendry type ECM.The results have found that there are non stationary condition in the time series data in. Meanwhile, the estimation with VAR, DOLS and ADL ECM is suggested that vola¬tility of exchange rate impact to demand for Indonesian M1 money.Key words:    volatility of exchange rate rupiah, demand for Indonesian M1 money, non statio¬nary estimation.

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