| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 227-242 |
| Abstraksi Narasi | : | A Major challenge for Indonesia economic policy makers is to avoid the recurrence of conditions that could trigger a new economic crisis. One of the important dimensions of this challenge will be to conduct fiscal policy in a way that is sustainable, given the level of interest rates and the rate of growth of the economy. This paper synthesises various approaches to the measurement of fiscal sustainability that have appeared in the economic literature, relates these measures to the fundamental concept of fiscal solvency, and applies the framework to Indonesia over the period 1991-2003. The domestic and foreign debt positions of the central government are treated separately, to capture the influence of exchange rate changes on the relative costs of domestic and foreign borrowing. The empirical analysis indicates that Indonesia has met the fiscal sustainability criterion in recent years, except when the rupiah has depreciated heavily. |
| Nama Pengarang | : | Roger D. Montgomery, Suradi Martawijaya, Stephen V. Marks, Keith O. Fuglie, Stephen V. Marks, C. Peter Timmer |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 243-252 |
| Abstraksi Narasi | : | The sustainability of inorganic `green revolution` rice-grwing technology has been called into question because of the resulting depletion of soil quality and the susceptibility of crops to pest infestations. This, together with health concerns about the use of chemicals in the production of foods, raises the question of whether it might be feasible to return to organic methods for the production of rice in Indonesia. This paper describes an experiment along these lines. It was found that organic farming methods could be used with only a small decline in yields per hectare, but that local demand for organic rice produced domestically was not strong enough to generate sales at prices that would cover higher production costs. If organic farming methods are to be adopted in Indonesia, therefore, it may necessary to focus on exporting to countries where is a potentially strong consumer demand for organic rice. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 77-94 |
| Abstraksi Narasi | : | Given the strong performance and resilience of the Indonesia economy over the previous three decades, the depth and duration of the 1997-98 crisis was unexpected. The IMF`s initial policy prescription was in keeping with the nature of the crisis-characterised by a reversal of foreign capital inflows, interacting with a weak domestic financial sector. But this prescription would work only if there was a quick restoration of market confidence. This was not achieved, and indeed public disputation over the elements of policy undermined confidence. Additional policy elements were needed that would address the capital outflows more directly and resolve the banking collapse. There was a loss of policy cohesion between the Fund and the Indonesian authorities, and among the authorities themselves. Before alternative policies could be put in place, the political dimension became paramount. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 9-35 |
| Abstraksi Narasi | : | - |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 59-75 |
| Abstraksi Narasi | : | During the 1997-1998 financial crisis, Bank Indonesia provided liquidity support to many banks experiencing difficulties. This policy became controversial because of the magnitude of the likely losses to the government, which in the end would have to be borne by the general public. Suspicions of corruption involving bankers and officials of Bank Indonesia fuelled the debate. Surprisingly, however, concerns of this kind have not been raised in relation to the far larger amount of support provided to banks by the government in the form of recapitalisation bonds. The public`s lack of understanding of the operations of the banking sector further complicated the debate. This paper attempts to shed some light on the central bank`s actions and on the proposed solutions to the problems that arose from them. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 37-57 |
| Abstraksi Narasi | : | The Asian crisis devastated the Indonesian banking sector and led to astronomical losses, almost entirely paid for by the government, i.e. by the general public. The paper provides a new perspective on the crisis, stressing that bank losses are not the same as losses to the economy: most of the `losses` of the banks are actually transfers to borrowers and depositors. It should be possible to recover part of the amounts concerned through taxation of the major beneficiaries. The paper contrasts the conventional approach, embedded in business accounting, used to manage the banking crisis, with an alternative approach that relies on national accounting concepts. It shows how the latter can provide a new perspective, elucidating the massive transfer of wealth that took place during the crisis. This suggest possible improvements in bank resolution strategies, through the identification and quantification of the main transfers of wealth, followed by their taxation. |
| Nama Pengarang | : | Ross H. McLeod, Olivier Frecaut, Djiwandono, J. Soedradjad, Lloyd R. Kenward, Grenville, Stephen |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 95-116 |
| Abstraksi Narasi | : | Indonesia`s crisis recovery program has failed badly in relation to the two key objectives of development economics policy making: efficiency and equity. The economy went into severe recession within a few months of the IMF appearing on the scene, and six years later output was little higher than before the crisis. The collapse of the banking system and the associated government bailout of depositors has impose a loss on the public of at least 40% of GDP. This paper describes that collapse and the government`s policy response to oit, under advice from the IMF. It goes on to propose an alternative scheme that might have been followed-and that could be followed in future banking crises. Its twin objectives are to maintain the integrity of the payments system and to avoid inequitable wealth transfers that result from government bailouts of banks and their depositors. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 325-328 |
| Abstraksi Narasi | : | This comment argues that inflation-focused policy is appropriat for Indonesia but that it should be directed at underlying inflation over the medium term. It contends that McLeod`s monetarist explanation of inflation in Indonesia is unsatisfactory in theory and is not consistent with the evidence: traded goods prices rose before, and substantially more than, non-traded goods prices during crisis of 1997-98, which is not consistent with the monetarist view that inflation was caused by excessive base money growth. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 303-324 |
| Abstraksi Narasi | : | Indonesia`s depreciation vastly exceeded that of all other countries hit by th Asia crisis. Indonesia also experienced far higher inflation. This paper argues that there is a close medium to long-term relationship between money growth and inflation in Indonesia, and that this has not been greatly disturbed by the crisis. It argues that the country`s disappointing performance in relation to maintining the value of the rupiah can be explained by the central bank`s failure to sterilise the monetar impact on base money of its last-resort lending to the banks. The fundamental lesson is that Bank Indonesia would be well advised to adopt slow and steady growth of base money as the nominhal anchor for monetary policy, now that the pre-crisis policy of slow and steady decreptionn of the rupiah has been abondoned. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | Bies: Bulletin of Indonesian Economic Studies |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 353-357 |
| Abstraksi Narasi | : | After alengthy process of deliberation, the Indonesian parliament recently passed Law 17/2003 on State Finance. The prime objective of the legislation is to ensure that public finances are managed in an efficient, effective, transparent and accoutable manner. To achiev this objective, the law stipulats the implementation of a number of reforms in the management of state finance. It therefore marks a major step forward in Indonesia`s drive to establish a sound system of public finance management and realise good governance. This paper highlights some of the salient features of the new law and discusses its potential contribution to addressing Indonesia`s chronic problems of corruption. It also highlights several problems that could affect the capacity of government to implement the new law effectively. |
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