| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Jurnal Ekonomi dan Bisnis Indonesia |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 78-90 |
| Abstraksi Narasi | : | There are three grades in efficient capital market. They are ; (1) weak form, (2) semi strong form, and (3) strong form. Weak form efficiency, the market is efficient in the weak sense if share prices fully reflect the information implied by all prior price movements. The purpose of this research is to know whether the stock price instataneously and fully reflect relevant historical information (weak form efficient capital market hypothesis). This means if someone trades stocks by using historical information, it will not earn abnormal return. In addition, this research is tests the assumption that capital market efficiency in the bullish condition is different from capital market efficiency in the normal condition. The research is necessary for the reason that if stock price does not instantaneously and fully reflect relevant available informations, it will be able to mislead economic decisions. The focus of this research is on the monthly stock price (the share price at the end of the month) to 23 companies which went public before Januari 1989. The year of 1989 was capital market period in the bullish condition, while 1992 year period is capital market period in the normal condition. The hypothesis of this research : (1) Jakarta Stock Exchange (JSX) is efficient, and (2) stock market (JSX) efficiency is the different after stock market condition to reach normal condition. The first hypothesis is to reach normal condition. The first hypothesis is to reach normal condition. The first hypothesis is tested by using probvalue which are base on randomnes test and serial correlation test. Randomnes test is used because one of the characteristics of the efficient market is that prices change randomly, while the serial corelation test is interrelated with the other characteristics of the efficient capital market, that the change of security prices has no corelation to each other. The statistical test, i.e. Wilcoxon`s signed rank test. From the statistical analysis of the data we find that hyphothesis of this research, while serial corelation test failed to reject the second hypothesis. This research hypothesis that stock market efficiency in the bullish condition is different from stock market efficiency in the normal condition was fail to rejected. In other words, if the sample was representative of population, this research implicity stated that weak form capital market efficiency for the year of 1989 and 1992 are valid in Indonesia. The result of this research is in effect for 1989 and 1992 with monthly secondary data get from the share price at the end of the month. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Jurnal Ekonomi dan Bisnis Indonesia |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 15-28 |
| Abstraksi Narasi | : | Tulisan ini bertujuan untuk mengkaji apakah defisit anggaran meningkatkan defisit transaksi berjalan seperti yang diharapkan oleh teori makroekonomi konvensional. Objek dari tulisan ini adalah lima negara pendiri ASEAN (Indonesia, Malaysia, Singapura, Thailand dan Philipina). Terdapat debat mengenai pengaruh defisit anggaran terhadap defisit transaksi berjalan. Pendekatan konvensional menyatakan bahwa defisit anggaran akan meningkatkan defisit transaksi berjalan melalui pengaruh tingkat bunga dan pengaruh output. Pendekatan Ricardian meyakini bahwa defisit anggaran dan defisit transaksi berjalan tidak berhubungan. Selama ini studi-studi empiris menghasilkan kesimpulan yang mendua. Tulisan ini menemukan bahwa pada awal 1980-an defisit transaksi berjalan di ASEAN-5 terutama disebabkan oleh defisit anggaran, sedangkan pada tahun 1990-an defisit transaksi berjalan lebih banyak disebabkan oleh adanya investasi yang berlebihan (overinvestment). Fenomena overinvestment ini disinyalir juga merupakan salah satu sebab timbulnya krisis keuangan di Asia Tenggara. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Jurnal Ekonomi dan Bisnis Indonesia |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 71-77 |
| Abstraksi Narasi | : | The fluctuation of stock prices, in many occassions, are related to so called market anomalies. One of those anomalies is known as a winner-loser anomaly. A winner-loser anomaly is identified when stocks that initially earned extremely positive abnormal returns (winners) or extremely negative abnormal returns (losers) experience extended reversal, so that losers can outperform winners. The presence of this anomaly creates a contrarian investment strategy: buy loser-stocks and sell-short the winner-stocks, in order to earn significant positif abnormal return. De bondt and Thaler (1985) suggested the overreaction hypothesis as an explanation of this anomaly. The hypothesis claims that the market tends to overreact to (especially new and dramatic) information. The market overvalues stock prices as a reaction to good news and undervalues stock prices as a reaction to bad news. This phenomenon is reversed when it is recognized that the market has overreacted to the information. The purpose of this research is to test the exsistence of winner-loser anomaly in the Jakarta Stock Exchange. Using market adjusted abnormal return, data from December 1990 to June 1997, and overlapping six months formation/test periods, this research does not find any indication of market overreaction. So, it is not suggested that investor can use the contrarian investment strategy. This research also finds that there is no significant difference between average size of winners and losers. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Jurnal Ekonomi dan Bisnis Indonesia |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 1-14 |
| Abstraksi Narasi | : | Before deregulation 1983 the monetary sector was dominated by the government bank. Controlling money supply is directly influenced by Bank Indonesia, so as the interest rate and commercial bank ceiling credit. About 85% of banking assets was dominated by the state bank. Banking deregulation 1983 resulted in a more flexible banking sector. Ceiling credit was abolished and interest rates become market determined. As a result funds mobilization increased, more variety of banking product and competition is getting keen. The banking development has led a dramatic change in the demand for money. Using a fairly standard money demand model, this study attempt to analize: a) Whether there is a liquidity trap (as indicated by high interest elasticity of money demand) b) Whether there is also an economies of scale of holding money c) Stability of the demand for money Using data for the period 1975-1996 and then disagregated into before and after deregulation, the empirical results are: a) For the periode 1975-1996 interest rate was significance factor affecting demand for money and the elasticity is greater than one especially after deregulation. This indicate that there is a liquidity trap, so that fiscal policy is more effective. b) There is also an economies of scale as indicated by less elastic demand for money with respect to income. The reason is that a rapid development in the payment system, such as the use of credit card. c) Finally, using Chow-test shows that the demand for money is unstable. The implication is that real sector policy is more appropriate than monetary policy. |
| Nama Pengarang | : | Catur Sugiyanto, Nopirin, Marwan Asri S.W, Titi Dewi Warninda, Arti D. Adji, Mas'ud Machfoedz, Machfoedz, Mas`ud, Herman Legowo, Edi Prasetyo Nugroho, Arif Suadi, Soepono, Prasetyo , Suyanto, Faried Wijaya Mansoer, Ainun Na'im, Ainun Na`im, Jogiyanto Hartono |
| Nama Majalah/Jurnal | : | Jurnal Ekonomi dan Bisnis Indonesia |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 29-41 |
| Abstraksi Narasi | : | This paper outlines economic frameworks for analyzing the impact of increasing fuel price on the Indonesian economy. The discussions focus on the analysis of inter-fuels substitution, impact of raising fuel price on cost of productions and on the air quality, and the potential benefits-costs from the mentioned policy. The responsiveness of emission with respect to fuel prices makes fuel prices a powerful tool in the kit of indirect policy instruments available to the policy maker. Several empirical researches show that fuel price can be formulated to induce interfuel substitution to reduce the pollution and not necessarily induce high inflation. However, increase in prices for pollution-laden fuels will generally lead to demand reduction, and the net effect on emmision will depend on: whether other fuels will produce lesser pollutant, their cross price elasticities are positive, and which fuel share in the total input used are high (the higher the share of fuel the lesser the price elasticity - need higher percentage change in price to decrease the use of such fuel). The impacts of fuel price policy on the Indonesian governmet budget is examined through change in the government revenue, both from the direct revenue of oils and natural gas sectors and taxation. Lastly, the fuel price policy could be directed to increase the air quality which beneficial for human being. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Jurnal Ekonomi dan Bisnis Indonesia |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 72-79 |
| Abstraksi Narasi | : | - |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Jurnal Ekonomi dan Bisnis Indonesia |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 31-41 |
| Abstraksi Narasi | : | Sejauh ini, belum banyak studi yang secara khusus meneliti kelayakan suatu kebijaksanaan pemerintah pada sektor industri pengolahan. Kebanyakan studi pada sektor industri cenderung mengarah pada aspek pemasaran sebagai manifestasi dari proses pembangunan yang tidak lagi berciri agraris. Studi kelayakan yang pernah dilakukan pada sektor tersebut masih sebatas pada saat pendirian badan usaha industri untuk mengetahui apakah menguntungkan apabila dibangun di suatu daerah tertentu. Dalam realisasi pendiriannya, upah tenaga kerja yang murah menjadi pertimbangan yang utama. Sangat disayangkan, apabila kepentingan bagi proses industrialisasi itu harus mengorbankan kesejahteraan tenaga kerja. Makalah ini mencoba mengevaluasi kelayakan kebijaksanaan pemerintah dalam menaikkan upah minimum regional pada sektor industri tekstil di DIY. Hasil studi memperlihatkan bahwa dalam jangka pendek , kebijaksanaan tersebut tidak layak diberlakukan. Akan tetapi apabila dilihat dalam perspektif jangka panjang, kebijaksanaan penyesuaian UMR tetap layak dipertahankan. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Jurnal Ekonomi dan Bisnis Indonesia |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 14-20 |
| Abstraksi Narasi | : | Globalization and the development of information technology has led to changes in the world financial system into an integrated market. The implication of this phenomena is that the competition is getting fiercer. The restructuring of Indonesian banking is necessary in order to increase efficiency. The direction of banking activities toward electronic banking. The dominance of private banking is bigger and bigger. Merger is likely to happen. Credit allocation need to be scrutinized and directed more on productive activities not for consumtive purposes. Prudential credit policies should be taken in order to reduce bad loans. The banking sector should be sound. Another aspect for improving banking activities is monitoring by Bank Indonesia. Through improving staf quality and using information technology monitoring and evaluation could be conducted efficiently. Last but not least is the human resource development through education and training. Well trained staff, able to utilized high technology together with high moral, ethic and have futuristic perspective is necessary condition for sound banking. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Jurnal Ekonomi dan Bisnis Indonesia |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 53-63 |
| Abstraksi Narasi | : | Artikel ini mereview dan mengevaluasi berbagai studi tentang partisipasi dan mengidentifikasi berbagai isu konseptual dan metodologis terkait. Ada tiga bidang masalah konseptual spesifik yang membatasi pemahaman tentang konstruk partisipasi: kebalauan definisional (definitional confusion), keragaman faktor kontekstual, dan hubungan antara partisipasi dan hasil. Berbagai tantangan disajikan dan disarankan sebagai cara alternatif pelaksanaan riset untuk memecahkan masalah. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Jurnal Ekonomi dan Bisnis Indonesia |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 1-13 |
| Abstraksi Narasi | : | Permintaan listrik di Indonesia meningkat dari waktu ke waktu. Artikel ini membahas penggunaan bagi pembangkitan tenaga listrik sebagai alternatif pemenuhan kebutuhan tersebut. Pembahasan juga mencakup sumberdaya gas, cadangan gas, ekspor gas, konsumsi domestik, penentuan harga, dan berbagai proyek terkait di Indonesia. Fokus pembahasan terutama pada penilaian ekonomis penggunaan gas bagi pembangkitan tenaga listrik. |
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