INTEGRASI PASAR KEUANGAN INDONESIA DI ASEAN: PENDEKATAN FORWARD LOOKING
WIHANA KIRANA JAVA(1*), HERMADA DEKIAWAN(2)
(1) Universitas Gadjah Mada
(2) Universitas Gadjah Mada
(*) Corresponding Author
Abstract
Asean, except Brunei and Vietnam. In this paper, integration expressed by the respond of interest rate to the forward discount/premium curs in the cross rate. In general economic actors judge his actual decision based on backward looking, but in this research, will analized the impact of society expectation for the future period to the actual decision. The forward looking method in this paper is using the co-integration approach and long term unit of F.CM (Error Correction Model) from the data performance. The outcome shows that the community performance in financial integrated market as showed by the interest rate respond to the forward curs, significantly. However, the impact is still relatively small. Forward looking significance indicates tiiat the actual condition is influenced by community expectation about the future.
Keywords
Full Text:
PDFReferences
Ariff, Mohamed (1996), Effects of financial Liberalization on four Southeast Asian Financial Markets, 1973-94, ASEAN Economic Bulletin, Vol. 12 No. 3 Argy, Victor and Zoran Hodjera (1973), financial Integration and Interest Rate Linkages in Industrial Countries, 1958-71, IMF Staff Papers, Vol 20. Brouwer Gordon de (1994), Financial Integration in Western Pacific Economies, Working Paper The Second Conference on "APEC: NAFTA/ASEAN/SAARC". Chariansjah (1995), Analisis Integrasi Keuangan Pasar Keuangan Regional dan Dunia: Pendekatan Paritas Suku Bunga Tertutup Pada Pasar Keuangan Indonesia 1987.07-1994.09, Skripsi Sarjana FE UGM, tidak dipublikasikan. Cuthbertson, K (1988), The Demand for Money Ml: A Forward Looking Buffer Stock Model, Oxford Economic Papers 40. Edwards, Sebastian and Mohsin S. Khan (1985), Interest Rate Determination in Developing Countries, IMF Staff Papers, Vol. 32 Goldstein and Michael Mussa (1993), The Integration of World Capital Markets, IMF Working Paper. Gujarati, Damodar N (1995), Basic Econometrics, Third Edition, McGraw-Hill International Edition, Singapore. Insukindro (1990), The Short Run and Long-term Determinants of Money and Bank Credit Markets in Indonesia, Ph. D Thesis, University of Essex, UK, tidak dipublikasikan. Insukindro (1996), Pendekatan Masa Depan dalam Penyusunan Model Ekonometrika: Forward Looking Model dan Pendekatan Kointegrasi, Jurnal Ekonomi dan Industri PAU-SE UGM, Edisi 2 Maret. Kuncoro, Mudrajad (1996), Manajemen Keuangan Internasional: Pengantar Ekonomi dan Bisnis Global, BPFE, Yogyakarta. Maddala, G. S (1992), Introduction to Econometrics. Second Edition, MacMillan Publishing Company, New York. Moosa, Imad A and Razzaque H. Bhatti (1995), Are Australian and New Zealand Markets Integrated ? Evidence from RIP Tests, Journal of Integration Economic, December. Pindyck, Robert S and Daniel L. Rubinfeld (1991), Econometric Models and Economic Forcasts, McGraw-Hills Inc., Singapore. Price, Simon and Insukindro (1994), The Demand for Indonesia Narrow Money: Long-run equilibrium, Error Correction and forward-Looking Behaviour, Journal of Intenational Trade & Economic Development, 3(2) July. Tucker, Alan L, Jeff Madura and Thomas C. Chiang (1991), International Financial Market, West publishing Company.
Article Metrics
Abstract views : 2532
| 
views : 3183
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 |