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RESPON RETURN PASAR MODAL INDONESIA TERHADAP KEBIJAKAN MONETER DOMESTIK DAN ASING Wulandari, Aulia Yulianti; Achsani, Noer Azam; Anggraeni, Lukytawati
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol. 7 No. 1 (2018): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1090.146 KB) | DOI: 10.29244/jekp.7.1.1-20

Abstract

Understanding the impact of external shocks on the stock market return and volatility is crucial for market participants as volatility is synonymous with risk. This paper provides comprehensive evidence on the spillover effects of the change of monetary policies from inside country and foreign origins on Indonesia stock market in the period of the time from November 2, 2012 to May 15, 2017. Used symmetric (IGARCH) and asymmetric (EGARCH and APARCH) GARCH model analysis to evaluate the impact of surprise and anticipated changes of monetary policies from inside country and foreign policies (from another ASEAN countries and leading economies, in this paper are United States, Europe, and United Kingdom). Surprise change of monetary policy is proxied by one day change in 3 months interbank offered rate, while anticipated change of monetary policy is proxied by one day change in target interest rate or policy rate. The result shows that information of the monetary policy news and Indonesia stock return is asymmetric. Indonesia stock market is only affected by foreign monetary policies. Keywords: ASEAN stock market, GARCH, Monetary policy JEL classification: C01, C50, E50
ANALYSIS OF EXCHANGE RATE PASS-THROUGH, FEAR OF FLOATING, AND IMPLEMENTATION OF INFLATION TARGETING FRAMEWORK Satryo, Agung; Anggraeni, Lukytawati
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol. 5 No. 2 (2016): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1559.649 KB) | DOI: 10.29244/jekp.5.2.1-9

Abstract

This paper analyze the exchange rate pass-through and fear of floating behavior on 18 countries that adopting Inflation Targeting Framework (ITF). Vector Error Correction Model (VECM) is used: (1) to estimate the effect of exchange rate depreciation to inflation (passthrough); and (2) to examine the indication of fear of floating behavior. The result shows that passthrough effect has decreased in most countries after ITF where middle income countries have higher passthrough than high income countries. This effect did not disappear completely and still has a significant role to drive inflation. The interventions on exchange rate movement can be interpreted more as control of inflation than fear of floating. The implementation of ITF especially in middle income countries needs further to be reconsidered since it requires inflation as the only nominal anchor.
DAMPAK INKLUSI KEUANGAN TERHADAP STABILITAS SISTEM KEUANGAN DI ASIA Dienillah, Azka Azifah; Anggraeni, Lukytawati
Buletin Ekonomi Moneter dan Perbankan Vol 18 No 4 (2016): APRIL 2016
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/bemp.v18i4.574

Abstract

Financial inclusion is one of strategy to increase inclusive growth in Asian countries. However, it may cause either stability or instability in the financial system. Therefore, this research aimed to analyze the relationship between financial inclusion and financial stability and to analyze factors that affect the stability of the financial system in seven Asian countries in the periode of 2007-2011. The methods used are Pearson correlation and Fixed Effect Model. The results show that there is negative correlation at 5% significant level between financial inclusion and financial stability. Factors that significantly affect the financial stability are financial inclusion, financial stability in the previous period, non-FDI capital flows to GDP, the ratio of current assets to deposits and Short-term funding, and GDP per capita. Thus the increase in financial inclusion, current assets of banking, GDP per capita, and the portfolio investment can become the strategies to improve the financial stability (Bank z score) on the determined and future year.
Determinan Intensitas Energi di Indonesia Kartiasih, Fitri; Syaukat, Yusman; Anggraeni, Lukytawati
Jurnal Ekonomi dan Pembangunan Indonesia Vol 12, No 2 (2012): Januari
Publisher : Department of Economics-FEUI

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Abstract

AbstrakStudi ini memperkaya kajian energi di Indonesia dengan menganalisis konsumsi dan intensitas energi, sertafaktor-faktor yang memengaruhi intensitas energi di Indonesia baik secara agregat (nasional) maupunsektoral. Indeks Ideal Fisher digunakan untuk mendekomposisi perubahan intensitas energi (esiensi danperubahan aktivitas ekonomi). Analisis Vector Autoregressive (VAR) atau Vector Error Correction Model(VECM) digunakan untuk menganalisis pengaruh variabel-variabel ekonomi terhadap intensitas energi.Studi ini menunjukkan bahwa intensitas energi di Indonesia meningkat selama periode 1977-2010. Faktorutama yang memengaruhi intensitas energi di tingkat nasional adalah perubahan aktivitas ekonomi,sedangkan di tingkat sektoral adalah efek esiensi.
IDENTIFIKASI BANJIR IMPOR KENTANG DAN DAMPAKNYA TERHADAP HARGA DOMESTIK KENTANG DI INDONESIA Hadiwiyono, Hadiwiyono; Firdaus, Muhammad; Anggraeni, Lukytawati
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol. 2 No. 2 (2013): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (937.806 KB) | DOI: 10.29244/jekp.2.2.156-175

Abstract

Indonesia needed to be cautious of import surge since it has potential to influence import value and price in the era of trade globalization. The main purpose of this reasearch was to examine whether import surge occurred for horticulture commodities in Indonesia, especially for potato. The methods used for identifying occurrence of import surge was based on Special Safeguard Mechanism framework of World Trade Organization which will strengthened with Vector Error Correction Model to analyse the impact of import surge to domestic prices. Based on Special Safeguard Mechanism framework, volume-based Special Safeguard Mechanism triggered in almost all year during 2002-2012 but price-based Special Safeguard Mechanism is not triggered in those years. Based on Impuls Response Function analysis, the impact of import surge shock to domestic price was relatively low but occurred permanently. Based on Forecast Error Variance Decomposition analysis, import surge variables contributed slightly to the domestic price variability but it tend to increased as time. Keywords: Horticulture, Potato, Special Safeguard Mechanism, Import Surge, Vector Error Correction Model
THE DETERMINANTS OF TAX COMPLIANCE IN TAX AMNESTY PROGRAMS: EXPERIMENTAL APPROACH Mahestyanti, Puri; Juanda, Bambang; Anggraeni, Lukytawati
ETIKONOMI Vol 17, No 1 (2018)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (477.984 KB) | DOI: 10.15408/etk.v17i1.6966

Abstract

In an effort of searching for a new source of revenue for funding the infrastructure development for Indonesia, the government chose to do tax amnesty in 2016. This research was conducted to study the effects of factors (wealth, tariff periods, tax penalties, and audit probability) towards tax compliance. Tax compliance measured from the number of units reported by taxpayers, the amount of value indicated by taxpayers, and participation from taxpayers. The study uses primary data that generated through experimental economics. The methods used are Variance Analysis. The result showed that the taxpayer with higher income has lower compliance rather than the taxpayer from lower income. The taxpayers prefer to report their assets at lower rates. The effort of enforcement from the government by implementing tax penalties and audit probability shows greater effect towards tax compliance.DOI: 10.15408/etk.v17i1.6966
ANALISIS STUKTUR, KINERJA, DAN PERILAKU INDUSTRI ROKOK KRETEK DAN ROKOK PUTIH DI INDONESIA PERIODE 1991-2008 Pratiwi, Gustyanita; Anggraeni, Lukytawati
Jurnal Agribisnis Indonesia Vol 1, No 1 (2013): JAI Vol 1 No 1 Juni 2013
Publisher : Jurnal Agribisnis Indonesia

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Abstract

Tobacco industry is one of important manufacturing industry in Indonesia. There are several changes in structure, performance, and behavior of this industry during 1991-2008. This study aim is to analyze the differences between clove cigarette and white cigarette industries with SCP method. Analysis of industrial structure with CR4 index and barriers to entry. Industry performance is measured by Price Cost Margin (PCM) approach. Factors that affect the performance itself are analyzed by the Ordinary Least Square (OLS) method. The results of structural analysis show that the level of industry concentration of clove cigarettes went from tight oligopoly (84.29 percent) to medium oligopoly (52.65 percent) during research period. In contrast, white cigarette industry remained in tight oligopoly level with an average value of CR4 about 94.33 percent. The average value of MES which reflects the barrier to entry in white cigarette industries is higher (95.17 percent) than in cigarette industries (72.85 percent). Regression analysis on a clove cigarette industry indicates that the variable X-eff and growth are significantly positive, whereas a variable number of firms significantly negative effect on PCM. In white cigarette industry, a significant variable to the PCM is the X-eff  (0.366799). The analysis of behavior between the two industries cannot be separated from government regulation, especially in setting of the selling price. Promotion, although it increasing production costs, remains to be important strategy to maintain the industry market share.
STRATEGY FORMULATION FOR DEVELOPING BATIK TULIS Suryani, Indah Eko; Anggraeni, Lukytawati; Suryadi, Ujang
Indonesian Journal of Business and Entrepreneurship (IJBE) Vol 1, No 1 (2015): IJBE, Vol. 1 No. 1, January 2015
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/ijbe.1.1.23

Abstract

The objective of this study was to formulate a development strategy in order to maintain the existence of Batik Tulis Rolla Junior. The study used a case study approach with Rumah Batik Tulis Rolla Junior as the research object. The data were analyzed by a value chain approach to determine the internal and external conditions influencing the existence of the Batik Tulis Rolla Junior. Furthermore, this study also used the analysis of Internal Factor Evaluation (IFE), External Factor Evaluation (EFE), Internal-External (IE) Matrix, SWOT, dan Quantitative Strategic Planning Matrix (QSPM) to create the development strategy. The results show that the strategies that can be recommended to Rolla Junior include 1) increasing the capital by Kredit Usaha Rakyat (KUR) program, 2) conductiong expansions to other regencies, 3) creating a website/blog  to promote and perform business transactions, 4) increasing the frequency in joining exhibitions or EXPO both in regional and national levels, 5) conducting researches to solve the problem of coloring which requires sun rays, 6) conducting cooperations with raw material suppliers (backward integration), and 7) finding alternative suppliers of raw materials especially from the areas closer to Jember district.Keywords: development strategy, batik tulis Rolla Junior, SWOT, QSPMABSTRAKPenelitian ini bertujuan merumuskan strategi pengembangan sehingga dapat menjaga eksistensi Batik Tulis Rolla Junior. Penelitian menggunakan pendekatan studi kasus dengan Rolla Junior sebagai objek penelitiannya. Data dianalisis dengan pendekatan rantai nilai untuk mengetahui kondisi internal dan eksternal yang berpengaruh terhadap Batik Tulis kemudian menggunakan analisis Internal Factor Evaluation (IFE), External Factor Evaluation (EFE), Internal-External (IE) Matrix, SWOT, dan Quantitative Strategic Planning Matrix (QSPM) untuk menyusun strategi pengembangan Batik Tulis Rolla Junior. Hasil penelitian menunjukkan bahwa strategi-straegi prioritas yang dapat direkomendasikan kepada Rolla Junior yaitu 1) peningkatan permodalan melalui program Kredit Usaha Rakyat (KUR), 2) melakukan ekspansi ke luar daerah Jember, 3) membuat situs web/blog untuk mempromosikan dan transaksi jual beli produk, 4) peningkatan kuantitas keikutesertaan dalam acara pameran atau EXPO baik di tingkat regional maupun nasiona, 5) melakukan penelitian untuk mengatasai kendala pewarnaan yang membutuhkan sinar matahari, 6) melakukan kegiatan kerja sama dengan pemasok bahan baku (integrasi ke belakan, dan 7) mencari alternatif daerah pemasok bahan baku khususnya yang lebih dekat dengan kabupaten Jember.Kata kunci: strategi pengembangan, batik tulis Rolla Junior, SWOT, QSPM
ANALISIS PENGARUH NON-TARIFF MEASURES EKSPOR KOMODITI CRUDE PALM OIL (CPO) INDONESIA KE NEGARA TUJUAN EKSPOR UTAMA Sari, Ayu Renita; Hakim, Dedi Budiman; Anggraeni, Lukytawati
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol. 3 No. 2 (2014): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1635.385 KB) | DOI: 10.29244/jekp.3.2.111-135

Abstract

The study of this paper is aimed to evaluate the effects of non-tariff measures (NTM) upon Indonesian crude palm oil (CPO) export in the main destinations. Identified the competitiveness analysis using the Revealed Comparative Advantage index and the impact of the measures has estimated using a panel data gravity model constructed with disaggregated data about bilateral export trade flow of crude palm oil between Indonesia and its main trade partners for the period from 2003 to 2013. NTM represented binary variable that specified with a dummy variable. The gravity model has estimated with a fixed effects model and the results indicated that the existence of trade barriers to trade (TBT) appears to impede the Indonesian exports of CPO. But the existence of sanitary and phytosanitary measures (SPS) which related to food safety and the existence of trade remedy (antidumping, subsidy, safeguard) presented a positive impact upon the Indonesian exports of CPO. Keywords: Export, Non-Tariff Measures (NTM), Sanitary and Phytosanitary (SPS), Trade Barriers to Trade (TBT), Trade Remedy, Crude Palm Oil
AKSES DAN DAMPAK KREDIT MIKRO TERHADAP PRODUKSI PADI ORGANIK DI KABUPATEN BOGOR Wati, Dewi Rohma; Nuryartono, Nunung; Anggraeni, Lukytawati
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol. 3 No. 2 (2014): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (960.909 KB) | DOI: 10.29244/jekp.3.2.75-94

Abstract

The ultimate problem of organic paddy farm is limited access formal credit due to collateral requirement. Farmers only have access to semi-formal institution like cooperatives and group of farmers (Gapoktan.red) because of simplicity of administration procedure and payment system. The objectives of this study are to analized accessibility of micro-credit to organic paddy farmers in Bogor and its impact to production of organic paddy. With Heckman Sample Selection Model, we found that access of credit influenced negatively by age of farmers, number of household member, membership of farm group, and the acreage of land use. Microcredit give significant impact to production of organic paddy and it is simultaneous with fertilizer and labor. Microcredit that they have taken used to pay labor and also bought the fertilizer. Keywords : access of microcredit, impact of microcredit, production of organic paddy