PENGUJIAN TINGKAT MOBILITAS MODAL DI INDONESIA DENGAN PENDEKATAN JEFFREY D. SACHS

Aliman Aliman

PENGUJIAN TINGKAT MOBILITAS MODAL DI INDONESIA DENGAN PENDEKATAN JEFFREY D. SACHS

Aliman Aliman^(1*)

(1) Universitas Gadjah Mada
(*) Corresponding Author

Abstract

The objective of this paper is to test capital mobility in Indonesia for the period of 1970-1998 with Jeffrey D. Sachs’s approach. The tools of analysis are cointegration test, Engle-Granger Error Correction Model (EG-ECM), Insukindro-Error Correction Model (I-ECM) and JM test. The empirical results using EG-ECM and I-ECM shows that approach of Sachs’s are useful to identify the degree of capital mobility in Indonesia. The empirical result of EG-ECM and I-ECM for the first approach Sachs failed to identify the degree of capital mobility in Indonesia. However, using second approach of Sachs, the empirical result of EG-ECM and I-ECM show that in the short-run capital mobility in Indonesia is closely perfect—from Indonesia to foreign, but in the long-runs is imperfect. Morever, the empirical result of I-ECM shows shock variable in the short-run influences to current account over the period study. Using JM test, it indicates that IECM is superior than EG-ECM for explaining capital mobility in Indonesia.

Keywords

Capital mobility, Feldstein and Horioka approach, Jeffrey D. Sachs approach, Engle-Granger Error Correction Model, Insukindro-Error Correction Model and JM test.

Full Text:

PDF

References

Asian Development Bank, Key Indicator of Developing Asian and Pasific Countries, Beberapa Edisi. Badan Pusat Statistik, Indikator Ekonomi, Beberapa Edisi.

Batiz, Francisco L. Rivera and Luis A. Rivera Batiz (1994), International Finance and Open Economy Macroeconomics, 2 nd Edition, MacMillan Publishing Company.

Baxter, Marianne and Mario J. Crucini (1993),‖ Explaining Saving-Investment Correlations‖, American Economic Review, Vol. 83, No. 3, June: 416-436.

Bayoumi, Tamim (1990),‖ Saving-Investment Correlations: Immobile Capital, Government Policy, or Endogenous Behavior?‖, IMF Staff Papers, Vol. 37, No. 2, June: 360-387.

Bovenberg, A. Lans and Lawrence H. Goulder (1993),‖ Promoting Investment Under International Capital Mobility: An Intertemporal General Equilibrium Analysis‖, Scandinavia Journal of Economics, Vol. 95, No. 2: 133-156.

Caves, Richard E., Jeffrey A. Frankel and Ronald W. Jones (1993), World Trade and Payment: An Introduction, 6 th Edition, Harper Collins College Publishers.

Dar, Atul A., Saleh Amirkhalkhali and Samad Amirkhalkhali (1994), On The Fiscal Policy Implications of Low Capital Mobility: Some Futhter Evidence from Cross-Country, Time-Series Data‖, Southern Economic Journal, Vol. 61, Issue 1, July: 169-180.

Dekle, Robert (1996),― Saving-Investment Associations and Capital Mobility: On the Evidence from Japanese Regional data‖, Journal of International Economics, Vol. 41, No. ½, August: 53-72.

Dickey, David A. and Wayne A. Fuller (1981),‖ Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root‖, Econometrica, Vol. 49: 1057-1072.

Dooley, Michael, Jeffrey Frankel and Donald J. Mathieson (1987),‖ International Capital Mobility: What Do Saving-Investment Correlation Tell Us?‖, IMF Staff Papers, Vol. 34, No. 3, September: 503-530.

Dornbusch, Rudiger, Stanley Fischer and Richard Startz (1998), Macroeconomics, 7 th Edition, Irwin/McGraw-Hill.

Engle, Robert F. and C. W. J. Granger (1987),‖ Co-Integration and Error Correction: Representation, Estimation, and Testing‖, Econometrica, Vol. 55, No. 2, March: 251-279.

Feldstein, Martin S. and Charles Y. Horioka (1980),‖ Domestic Saving and International Capital Flows‖, Economic Journal, Vol. 90, No. 428, June: 314-329.

Frankel, Jeffrey A. (1992),‖ Measuring International Capital Mobility: A Review‖, American Economic Review, Papers and Proceedings, Vol. 82, No. 2, May: 197202. Goeltom, Miranda S. (2001),‖ Kebijakan BI mengenai Non-Internasionalisasi Rupiah‖, Kompas, 16 Januari 2001.

Granger, C. W. J. (1986),‖ Development in the Study of Cointegrated Economic Variables‖, Oxford Bulletin of Economics and Statistics, Vol. 48, No. 3: 213-228.

Insukindro (1990), The Short and Long-Term Determinants of Money and Bank Credit Market in Indonesia‖, P.hD Thesis, Departement of Economics, University of Essex, United of Kingdom, Unpublished.

Insukindro (1993), Ekonomi Uang dan Bank: Teori dan Pengalamam di Indonesia, Edisi Kedua, BPFE, Yogyakarta.

Insukindro (1998),‖ Pendekatan Stok Penyangga Permintaan Uang: Tinjauan Teoritik dan Sebuah Studi Empirik di Indonesia‖, Ekonomi dan Keuangan Indonesia, Vol. XLVI, No. 4: 451-471.

Insukindro dan Aliman (1999),‖ Pemilihan dan Bentuk Fungsi Model Empiris: Studi Kasus Permintaan Uang Kartal Riil di Indonesia‖, Jurnal Ekonomi dan Bisnis Indonesia, Vol. 14, No. 1: 49-61.

Jansen, W. Jos (1996),‖ Estimating SavingInvestment Correlations: Evidence for OECD Countries Based on an Error Correction Model‖, Journal of International Money and Finance, Vol. 15, No. 5, October: 749-781.

Jansen, W. Jos and Günther G. Schulze (1996),‖ Theory-Based Measurement of the Saving-Investment Correlation With an Application to Norway‖, Economic Inquiry, Vol. XXXIV, No. 1, January: 116-132.

Krol, Robert (1996),‖ International Capital Mobility: Evidence from Panel Data‖, Journal of International Money and Finance, Vol. 15, No. 3, June: 467-474.

Moreno, Ramon (1997),‖ Saving-Investment Dynamics and Capital Mobility in the US and Japan‖, Journal of International Money and Finance, Vol. 16, No. 6, December: 837-863.

Penati, Alessandro and Michael Dooley (1984),‖ Current Account Imbalances and Capital Formation in Industrial Countries, 1949-1981‖, IMF Staff Papers, Vol. 31, No. 1, June: 1-24.

Rahman, Mohammad Mafizur (1994),‖ Capital Mobility: The Case of Indonesia‖, Indonesian Quarterly, Vol. XXII, No. 2, 2 nd Quarter: 114-123.

Reksoprajitno, Soedijono (2000),‖ Menstabil - kan Nilai Tukar Rupiah: Sebuah Pendekatan TETERINDO‖, Makalah disampaikan pada Seminar Setengah Hari: Perkembangan Ekonomi Terkini dan Manajemen Nilai Tukar, Kerjasama Bank Indonesia dan Program M.Si dan Doktor Ilmu Ekonomi UGM, Yogyakarta: 18 Desember 2000: 1-5.

Article Metrics

Abstract views : 2037 |

Refbacks

There are currently no refbacks.

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Journal of Indonesian Economy and Business

Journal

Editorial Team
Focus and Scope
Peer Review Process
Publication Ethics
Screening for Plagiarism

Authors

Author Guidelines
Submission Guidelines
Online Submissions
Copyright Notice
Privacy Statement
Author Fees

Download

Author Pack
Submission Form & Manuscript Template

Reviewer

Reviewer Guidelines
Reviewer Acknowledgement

Reader

General Search
Achieves
Author index
Title index

The Journal of Indonesian Economy and Business (print ISSN 2085-8272; online ISSN 2338-5847) is published by the Faculty of Economics and Business Universitas Gadjah Mada, Indonesia. The content of this website is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

Visitor Statistics