IS 'THE IMPOSSIBLE TRINITY' TRUE?
Arti D. Adji(1*)
(1) Universitas Gadjah Mada
(*) Corresponding Author
Abstract
Aliran modal masuk ke kawasan Asia-Pasifik meningkat secara signifikan pada akhir tahun 1980-an dan cenderung berlebih pada paruh pertama tahun 1990an. Aliran modal masuk yang berlebih tidak akan berdampak buruk apabila 'The Impossible Trinity' benar terjadi. Tulisan ini bertujuan menelaah fenomena 'The Impossible Trinity (Kemustahilan Tritunggal)' yaitu independensi kebijakan moneter, eksogenitas kurs, dan aliran modal internasional yang bebas. Kawasan Asia-Pasifik tidak dapat menghindari terjadinya 'Kemustahilan Tritunggal'. Salah satu komponen Tritunggal harus diendogenkan. Di samping itu, sterilisasi juga terbukti tidak efektif dalam mengantisipasi aliran modal masuk.
Full Text:
PDFReferences
Aghevli, B., Khan, M., and Montiel, P. (1991), "Exchange Rate Policy in Developing Countries: Some Analytical Issues", IMF Occasional Paper, No.78, March.
Alexander, W.E. et al. (1995), "The Adoption of Indirect Instruments of Monetary Policy", IMF Occasional Paper, no.126, Washington DC, June.
Dornbusch.R., and Reynoso,A (1989), "Financial Factors in Economic Development", The American Economic Review, May.
Gillis, Perkins, Roemer, and Snodgrass (1996), Economics of Development, Fourth Edition, W.W. Norton and Company Inc.
Goldsbrough, D, and Teja, R. (1991), "Globalization of Financial Markets and Implications for Pacific Basin Developing Countries", IMF Working Paper, 91/34, March.
Kouri, P., and Porter, M. (1974), "International Capital Flows and Portfolio Equilibrium", Journal of Political Economy, pp.443' 467.
Lee, Jang-Yung, (1997) "Sterilizing Capital Inflows", IMF Economic Issues no 7.
Leung, E.S. (1991), "Financial Liberalization in Australia and New Zealand", in S. Ostry (Ed), Authority and Academic Scribblers - The Role of Research in East-Asian Policy Reform, International Centre for Economic Growth, San Fransisco.
Leung, E.S. (1994), "Financial Deregulation and Trade Expansion". Economics Division Working Paper 94/6, RSPAS, ANU, to be published in Robertson (Ed), Asia-Pacific Trade and the New World Order, Cambridge University Press.
Leung, E.S. (1996), "Capital Flows, Monetary Policy and Exchange Rates in the Asian Region", Economics Division Working Paper 96/2, RSPAS, ANU.
McKinnon, R.I. (1982), "The Order of Economic Liberalisation: Lessons from Chile and Argentina", Proceedings, Carnegie-Mellon Conference Series on Public Policy 17, pp. 159-186.
Meier, G.M. (1995), Leading Issues in Economic Development, Sixth Edition, Oxford University Press.
Murray, G.L. (1978), "Monetary Poiicy and Capital Inflow", Economic Record, 53, pp,271-280.
Rivera-Batiz, F., and Rivera-Batiz, L. (1994), International Finance and Open Economy Macroeconomics, Second Edition.
World Bank, (1989), World Development Report.
Article Metrics
Abstract views : 5300
| 
views : 2567
Refbacks
- There are currently no refbacks.
Copyright (c) 2018 Journal of Indonesian Economy and Business
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
| Journal of Indonesian Economy and Business |
| 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 |
| © 2019 Journal of Indonesian Economy and Business | Visitor Statistics |