| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 1-25 |
| Abstraksi Narasi | : | To achieve and maintain price stability has been the chief concern of economic policy-makers during recent months, and their success is reflected in the marked slowdown in the rate of increase in the Jakarta cost of living index. This initial success has resulted from the continuing policy of subsidies on massive imports of rice and other basic commodities reinforced b a favourable combination of seasonal and international factors - a good wet season rice harvest, a large cash surplus in the central government budget in the early months of the fiscal year, tight international monetary conditions, and stable or falling world commodity prices for a number of non-oil exports. No immediate effect on prices could be expected from the 9 April measures which were mainly directed at monetary restraint. But bank credit is growing more slowly compared with the extremely rapid expansion before April, and times deposits have increased in response to higher rates of interest. However it remains to be seen whether overall monetary expansion this fiscal year can be contained within non-inflationary limits as bank credit expamsion approaches the target ceiling of 25 per cent above the end-March level, and government expenditure accelerates. The budget outlook has again been altered by a further substantial increase in oil revenue following another rise in the export price of crude oil, and expenditure for subsidies on imported food and fertiliser will also be higher. The medium-term balance of payments prospects remain good, despite falls in some export prices and the continuing growth in the value of imports, and foreign exchange reserves are growing. Investment in Government and Pertamina financed activities continues to boom, but there are some signs of a slowdown in other investments. Bottlenecks in government administration and the transportation and distribution system continue to be a major short-run obstacle to increasing absorptive capacity. The longer-run strategy for the best use of the enormous and unexpected increase in foreign exchange reserves to enhance growth and move towards more equitable income distribution and more efficient resource allocation is yet to be declineated. Whether the balance between government and private investment envisaged in Repelita II will be changed, the future attitude to foreign investment, and priorities in arranging the greatly increased import programs which are now possible are still unanswered questions. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 108-122 |
| Abstraksi Narasi | : | - |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 54-71 |
| Abstraksi Narasi | : | - |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 123-134 |
| Abstraksi Narasi | : | - |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 135-140 |
| Abstraksi Narasi | : | - |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 72-107 |
| Abstraksi Narasi | : | - |
| Nama Pengarang | : | Marion W. Ward, R. Gerard Ward, G.D. Gwyer, J.J. Avontroodt, Booth, Anne, J. Ahrens, Partadireja, Ace, McCawley, Peter, Phyllis Rosendale |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 26--53 |
| Abstraksi Narasi | : | - |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 56-82 |
| Abstraksi Narasi | : | - |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 83-106 |
| Abstraksi Narasi | : | - |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 1-34 |
| Abstraksi Narasi | : | The increase in the price of Indonesian crude oil, in successive steps from $2.93 per barrel in April 1973 to $11.70 in April 1974, has transformed the country`s economic prospects, certainly in the short and perhaps in the medium term. It has added to the external resources available for development on a scale undreamed of a year ago, resources which can and should be used over the next few years to help promote the social objectives of Repelita II. But the oil bonanza has also added fuel to an already seriously accelerating inflation this year and is making the maintenance of fiscal-monetary and administrative discipline more difficult. The authorities have reacted to these developments with a flurry of initiatives. The last Survey reported on the series of measures announced by the Government in the wake of the January disturbances-measures to assist indigenous entrepreneurs, to give more direction to foreign investment and to discourage luxury living. It also explained that the budget for the fiscal year 1974/5, the first year of the Second Five Year Plan (Repelita II), was being revised to adjust revenue and expenditure estimates from the $7-8 per barrel oil price on which the first draft had been based to the January price of $10.80. Before this task could be completed, the price of crude oil was further raised to $11.70 as from 1 April and, since Parliament had already approved the budget, it was decided not to present revised estimates at this stage. But substantial further funds were allocated to various social policies and to price subsidies, especially for imported rice and fertiliser. On 9 April the Government announced a package of anti inflationary measures, chiefly of monetary and fiscal policy. The need for determined action to slow down inflation had become increasingly apparent during the first quarter of the year. It was further underlined when Jakarta cost-of-living figures published earely in May showed the increase of consumer prices other than rice to have reached an annual rate of over 100 per cent. With ample funds at its disposal to finance price subsidies, the Government seemed likely to be able to maintain the prices of rice and fertiliser stable, but the task of stemming demand inflation appeared daunting in the face of serious obstacles to effective Central Bank control over bank credit expansion and of pressures from all sides to increase government spending. Meanwhile, most of the economy was booming, with a steadily rising rate of public and private investment straining the capacity of the construction industry. Numerous major new industrial developmets were being announced, as well as important new mineral discoveries. An exceptionally favourable season promised another good rice harvest. Most export prices remained high in world markets, though quite a number appeared to pass their peak in February and March. The IGGI consortium at its May meeting in Amsterdam announced pledges exceeding in the aggregate the Indonesian request for $850 million although, not unreasonably in view of the changed balance of payments situation, the bulk of the aid promised took the form of project aid. |
Unduh Dokumen Berkas PDF Utama