Oil exploration has been subject to economic research for decades. Earlier studies of exploration models are mostly discussed the behavior of exploration at the macro-level analysis such as field, firm, region, and continental. This paper then focuses on the geological and economic factors that determine the well-drilling decision at the micro-level using disaggregated panel data of 32 geological basins in Indonesia over the period of 2004–2013. This study shows that the number of drilled wells is determined significantly by the lag of success rate, lag of discovery size, lag of global oil price, and regional location of geological basin. Abstrak Eksplorasi migas telah menjadi subyek ekonomi dalam beberapa dekade. Studi-studi sebelumnya dengan model eksplorasi, kebanyakan mengembangkan model Fisher (1964), secara umum dikelompokkan oleh persamaan yang menjelaskan respons eksplorasi pada tingkat makro menggunakan lapangan, perusahaan, wilayah, dan kontinental. Paper ini fokus pada analisis faktor-faktor geologi dan ekonomi yang menentukan tingkat sumur pemboran pada tingkat mikro menggunakan data panel dari 32 basin di Indonesia dalam periode 2004–2013. Hasil empiris menunjukkan bahwa tingkat sumur pemboran ditentukan secara signifikan berdasarkan tingkat keberhasilan pemboran, ukuran temuan dan harga minyak pada tahun sebelumnya serta lokasi basin geologis. Kata kunci: Pengeboran; Variabel Geologi; Variabel Ekonomi; Eksplorasi JEL classifications: L71; Q35
几十年来，石油勘探一直是经济研究的主题。早期的勘探模式研究多从油田、企业、区域、大陆等宏观层面分析勘探行为。然后，本文利用2004-2013年印度尼西亚32个地质盆地的分类面板数据，重点研究了微观层面上决定钻井决策的地质和经济因素。研究表明，钻井数量受成功率滞后、发现规模滞后、全球油价滞后、地质盆地区域位置等因素的显著影响。[摘要]中国经济在过去十年中的发展趋势。研究-研究sebelumnya dengan模型eksplorasi, kebanyakan mengembangkan模型Fisher (1964)， secara umum dikelompokkan oleh persamaan yang menjelaskan的响应eksploraspada - tingkat makro menggunakan lapangan, perusahaan, wilayah, dan大陆。论文重点分析了2004-2013年期间印度尼西亚32个盆地的要素-要素地质和经济。Hasil empiris menunjukkan bahwa tingkat sumur pemboran ditentukan secara signfikan berdasarkan tingkat keberhasilan pemboran, ukuran temuan dan harga minyak pada tahun sebelumnya serta lokasi盆地地质。Kata kunci:彭格博然;Variabel Geologi;Variabel Ekonomi;Eksplorasi JEL分类:L71;Q35
{"title":"Oil Exploration Economics: Empirical Evidence from Indonesian Geological Basins","authors":"Harry Patria, Vid Adrison","doi":"10.7454/EFI.V61I3.514","DOIUrl":"https://doi.org/10.7454/EFI.V61I3.514","url":null,"abstract":"Oil exploration has been subject to economic research for decades. Earlier studies of exploration models are mostly discussed the behavior of exploration at the macro-level analysis such as field, firm, region, and continental. This paper then focuses on the geological and economic factors that determine the well-drilling decision at the micro-level using disaggregated panel data of 32 geological basins in Indonesia over the period of 2004–2013. This study shows that the number of drilled wells is determined significantly by the lag of success rate, lag of discovery size, lag of global oil price, and regional location of geological basin. Abstrak Eksplorasi migas telah menjadi subyek ekonomi dalam beberapa dekade. Studi-studi sebelumnya dengan model eksplorasi, kebanyakan mengembangkan model Fisher (1964), secara umum dikelompokkan oleh persamaan yang menjelaskan respons eksplorasi pada tingkat makro menggunakan lapangan, perusahaan, wilayah, dan kontinental. Paper ini fokus pada analisis faktor-faktor geologi dan ekonomi yang menentukan tingkat sumur pemboran pada tingkat mikro menggunakan data panel dari 32 basin di Indonesia dalam periode 2004–2013. Hasil empiris menunjukkan bahwa tingkat sumur pemboran ditentukan secara signifikan berdasarkan tingkat keberhasilan pemboran, ukuran temuan dan harga minyak pada tahun sebelumnya serta lokasi basin geologis. Kata kunci: Pengeboran; Variabel Geologi; Variabel Ekonomi; Eksplorasi JEL classifications: L71; Q35","PeriodicalId":31064,"journal":{"name":"Economics and Finance in Indonesia","volume":"61 1","pages":"196-213"},"PeriodicalIF":0.0,"publicationDate":"2015-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71340278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper considers the nature of assessing productivity and effectiveness in infrastructure investment in the context of governments’ increasing investment in new infrastructure. Taking the case of energy infrastructure investment within Indonesia, this paper makes three contributions: (i) develops a model for assessing infrastructure productivity based on landscape, regime and niche-level changes, (ii) suggests the interconnection between these levels based on sequencing multi-level changes over time, and (iii) shows the role of supply and demand side initiatives in enabling new infrastructure investment is evaluated.
{"title":"Managing Productivity in the Infrastructure Sector: A Case Study from Indonesia","authors":"E. Knight, James Meade","doi":"10.7454/EFI.V61I3.515","DOIUrl":"https://doi.org/10.7454/EFI.V61I3.515","url":null,"abstract":"This paper considers the nature of assessing productivity and effectiveness in infrastructure investment in the context of governments’ increasing investment in new infrastructure. Taking the case of energy infrastructure investment within Indonesia, this paper makes three contributions: (i) develops a model for assessing infrastructure productivity based on landscape, regime and niche-level changes, (ii) suggests the interconnection between these levels based on sequencing multi-level changes over time, and (iii) shows the role of supply and demand side initiatives in enabling new infrastructure investment is evaluated.","PeriodicalId":31064,"journal":{"name":"Economics and Finance in Indonesia","volume":"61 1","pages":"214-222"},"PeriodicalIF":0.0,"publicationDate":"2015-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71340434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
There is considerable evidence from around the world to support the idea that access to formal financial services is a key factor towards achieving poverty alleviation. The government of Indonesia has placed high importance on the issue of improved access to financial services and one feels that it would be appropriate to begin the process of analyzing effective financial inclusion initiatives with the existing Bank Perkreditan Rakyat (BPR) system. BPRs have long been an integral part of Indonesia’s financial, economic, and social development. This research is focused on BPRs in West Java. In this research, the writer evaluates BPR performance within twenty-five districts in West Java, by measuring the technical efficiency levels of the BPRs through employing the Stochastic Frontier Approach (SFA). The district that has the highest BPR average inefficiency score is Bandung city and the district with the lowest average BPR inefficiency score is the district of Ciamis. Increases in bank concentration (indicated by the Hirschman-Herfindahl Index) and income per capita are shown to decrease BPR inefficiency levels. Increases in the percentage of the population under the poverty line, the percentage of the labor force with a high school education, the percentage of road length per area, and the amount of bank offices per district, increase the inefficiency levels of BPRs. Overall, it is found that BPRs cannot operate efficiently in areas which are too underdeveloped; neither can they operate efficiently in areas which are too well developed. Abstrak Terdapat bukti substantif pengalaman berbagai negara di dunia bahwa akses pada jasa finansial formal adalah faktor kunci dalam upaya pengentasan kemiskinan. Pemerintah Republik Indonesia telah menempatkan upaya peningkatan mutu dan akses jasa finansial bagi masyarakat Indonesia, sebagai salah satu kebijakan utama dalam pengentasan kemiskinan. Tulisan ini bertujuan untuk membahas dan menganalisa efektivitas badan-badan penyedia jasa finansial di Indonesia, sebagai starting-point dengan memulai analisa efektivitas jasa finansial yang diberikan oleh Bank Perkreditan Rakyat (BPR). Penelitian ini difokuskan kepada BPR di Jawa Barat. Penulis mengevaluasi performa BPR pada 25 kabupaten/kota di Jawa Barat, dengan mengukur tingkat efisiensi teknis melalui metode Stochastic Frontier Approach (SFA). Kota tempat BPR yang memiliki rata-rata in-efisiensi tertinggi adalah Kota Bandung dan Kabupaten dengan in-efisiensi rata-rata BPR-nya yang terendah adalah Kabupaten Ciamis. Peningkatan dalam konsentrasi perbankan di sebuah kabupaten/kota (terindikasi Hirschman-Herfindahl Index) dan peningkatan pendapatan per kapita pada kabupaten/kota tersebut terbukti menurunkan tingkat inefisiensi BPR. Sebagai kesimpulan utama, ditemukan bahwa BPR tidak dapat beroperasi secara efektif pada area yang sangat underdeveloped dan juga tidak dapat beroperasi efektif pada area yang sangat developed. Kata kunci: Bank Perkreditan Rakyat (BPR);
世界各地有大量证据支持这样一种观点，即获得正规金融服务是实现减贫的关键因素。印度尼西亚政府高度重视改善金融服务可及性的问题，人们认为，开始利用现有的国民银行(BPR)系统分析有效的普惠金融举措是合适的。长期以来，BPRs一直是印尼金融、经济和社会发展的重要组成部分。本研究的重点是西爪哇的bpr。在这项研究中，作者通过采用随机前沿方法(SFA)测量业务流程再造的技术效率水平，评估了西爪哇25个地区的业务流程再造绩效。BPR平均无效率得分最高的地区是万隆市，BPR平均无效率得分最低的地区是Ciamis区。银行集中度(由赫希曼-赫芬达尔指数表示)和人均收入的增加显示出降低业务流程再造效率低下的水平。生活在贫困线以下的人口比例、受过高中教育的劳动力比例、每个地区的道路长度比例、每个地区的银行办公室数量的增加，都会增加bpr的效率低下程度。总体而言，研究发现，在经济欠发达的地区，bpr无法有效运行;它们也不能在过于发达的地区有效地运作。【摘要】Terdapat bukti实质性的pengalaman berbagai negara di dunia bahwa是指巴基斯坦金融正式的adala因子，为kunci dalam upaya pengentan和kemiskinan。印度尼西亚共和国，telah menempatkan upaya peningkatan mutu danakses jasa financial bagi masyarakat印度尼西亚，sebagai salah satu kebijakan utama dalam pengentasan kemiskinan。印尼央行(Bank Perkreditan Rakyat, BPR)是印尼央行(Bank Perkreditan Rakyat, BPR)的起始点，也是印尼央行(Bank Perkreditan Rakyat, BPR)的起始点。Penelitian ini difokuskan kepada BPR di javabarat。Penulis mengevaluasperperbpr [j] . kabupaten/kota di Jawa Barat, dengan mengukkur . n] .随机前沿法(SFA)。Kota tempat BPR yang memiliki rata-rata in- efisiensis tertinggi adalah Kota万隆dan Kabupaten dengan in- efisiensis rata-rata BPR-nya yang terendah adalah Kabupaten Ciamis。Peningkatan dalam konsentrasi perbankan di sebuah kabupaten/kota (terindkasi Hirschman-Herfindahl Index)和Peningkatan pendapatan per kapita pada kabupaten/kota tersebut terbukti menurunkan tingkat inefisiensi BPR。Sebagai kespulpulan utama, ditemukan bahwa BPR tidak dapat beroperasi secara efektif pada地区yang sangat不发达danjuga tidak dapat beroperasi efektif pada地区yang sangat发达。Kata kunci:马来西亚人民银行(BPR);Jawa强烈阵雨;Efisiensi Teknis;随机前沿法(SFA) JEL分类:D;L1;L2;G;G2
{"title":"Technical Efficiency Levels of Rural Banks (BPRs) in West Java: A Stochastic Frontier Approach","authors":"P. Natih","doi":"10.7454/EFI.V61I3.513","DOIUrl":"https://doi.org/10.7454/EFI.V61I3.513","url":null,"abstract":"There is considerable evidence from around the world to support the idea that access to formal financial services is a key factor towards achieving poverty alleviation. The government of Indonesia has placed high importance on the issue of improved access to financial services and one feels that it would be appropriate to begin the process of analyzing effective financial inclusion initiatives with the existing Bank Perkreditan Rakyat (BPR) system. BPRs have long been an integral part of Indonesia’s financial, economic, and social development. This research is focused on BPRs in West Java. In this research, the writer evaluates BPR performance within twenty-five districts in West Java, by measuring the technical efficiency levels of the BPRs through employing the Stochastic Frontier Approach (SFA). The district that has the highest BPR average inefficiency score is Bandung city and the district with the lowest average BPR inefficiency score is the district of Ciamis. Increases in bank concentration (indicated by the Hirschman-Herfindahl Index) and income per capita are shown to decrease BPR inefficiency levels. Increases in the percentage of the population under the poverty line, the percentage of the labor force with a high school education, the percentage of road length per area, and the amount of bank offices per district, increase the inefficiency levels of BPRs. Overall, it is found that BPRs cannot operate efficiently in areas which are too underdeveloped; neither can they operate efficiently in areas which are too well developed. Abstrak Terdapat bukti substantif pengalaman berbagai negara di dunia bahwa akses pada jasa finansial formal adalah faktor kunci dalam upaya pengentasan kemiskinan. Pemerintah Republik Indonesia telah menempatkan upaya peningkatan mutu dan akses jasa finansial bagi masyarakat Indonesia, sebagai salah satu kebijakan utama dalam pengentasan kemiskinan. Tulisan ini bertujuan untuk membahas dan menganalisa efektivitas badan-badan penyedia jasa finansial di Indonesia, sebagai starting-point dengan memulai analisa efektivitas jasa finansial yang diberikan oleh Bank Perkreditan Rakyat (BPR). Penelitian ini difokuskan kepada BPR di Jawa Barat. Penulis mengevaluasi performa BPR pada 25 kabupaten/kota di Jawa Barat, dengan mengukur tingkat efisiensi teknis melalui metode Stochastic Frontier Approach (SFA). Kota tempat BPR yang memiliki rata-rata in-efisiensi tertinggi adalah Kota Bandung dan Kabupaten dengan in-efisiensi rata-rata BPR-nya yang terendah adalah Kabupaten Ciamis. Peningkatan dalam konsentrasi perbankan di sebuah kabupaten/kota (terindikasi Hirschman-Herfindahl Index) dan peningkatan pendapatan per kapita pada kabupaten/kota tersebut terbukti menurunkan tingkat inefisiensi BPR. Sebagai kesimpulan utama, ditemukan bahwa BPR tidak dapat beroperasi secara efektif pada area yang sangat underdeveloped dan juga tidak dapat beroperasi efektif pada area yang sangat developed. Kata kunci: Bank Perkreditan Rakyat (BPR);","PeriodicalId":31064,"journal":{"name":"Economics and Finance in Indonesia","volume":"61 1","pages":"223-240"},"PeriodicalIF":0.0,"publicationDate":"2015-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71340268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract In the last two decades many countries have been starting to employ Inflation Targeting Framework (ITF) as their main monetary policy framework. This is done to achieve an objective of anchoring public expectation on inflation which in the end will steer the price level movement towards ITF’s ultimate target of relatively low and stable inflation rate. By conducting Difference-in-Difference method on panel data consisting of five countries implementing ITF since 2001 and twenty-one selected non-ITF countries for period 1990-2010, it is statistically proved that ITF adoption has a significant effect on inflation. In case of Indonesia, through Structural Break approach, the implementation of ITF since 2005 is also proved able to lower and stabilize inflation rate. Abstrak Dalam dua dekade terakhir ini banyak negara yang telah mulai menggunakan Inflation Targeting Framework (ITF) sebagai kerangka utama kebijakan moneter mereka. Hal ini dilakukan guna mencapai tujuan pengendalian ekspektasi publik yang pada akhirnya akan mengendalikan pergerakan tingkat harga relatif rendah and stabil. Dengan menggunakan metode Difference-in-Difference pada data panel, yang terdiri dari lima negara yang telah mengimplementasikan ITF sejak tahun 2001 dan dua puluh satu negara bukan pengguna ITF, untuk periode 1990-2010, disimpulkan bahwa ITF memiliki dampak signifikan pada tingkat inflasi. Untuk kasus Indonesia yang telah mengimplementasikan ITF sejak tahun 2005, melalui metode Structural Break disimpulkan hasil yang sama, yaitu tingkatan harga yang rendah dan stabil.
在过去的二十年中，许多国家开始采用通货膨胀目标制框架作为其主要的货币政策框架。这样做是为了达到一个目标，即使公众对通货膨胀的预期锚定，从而最终引导物价水平朝着创新及投资基金的最终目标——相对较低和稳定的通货膨胀率——移动。通过对2001年以来实施ITF的5个国家和1990-2010年选取的21个非ITF国家的面板数据进行异差法分析，统计证明采用ITF对通货膨胀有显著影响。以印度尼西亚为例，2005年以来实施的ITF通过结构性突破的方法，也被证明能够降低和稳定通货膨胀率。[摘要]通货膨胀目标框架(ITF)是指通货膨胀的目标框架。哈尔尼·迪拉坎·古纳·孟山都·杜鹃·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·彭根达·哈吉达相对稳定。登安孟古纳坎方法的差中差数据面板，杨terdiri dari lima negara杨telah mengimplementesasikan ITF sejak tahun 2001，但dua pulu satu negara bukan pengguna ITF, untuk时期1990-2010,dispulkan bahwa ITF memiliki danpak显著的帕拉坎的数据面板。中国地震学与地震学研究，2005，构造断裂断裂与断裂断裂的关系，中国地震学与地震学研究，中国地震学与地震学。
{"title":"\"Does Inflation Targeting Framework Make a Significant Difference in Lowering Price Level?” What is Its Implication to Indonesia’s Inflation Rate?","authors":"Faisal Rachman","doi":"10.7454/EFI.V61I2.508","DOIUrl":"https://doi.org/10.7454/EFI.V61I2.508","url":null,"abstract":"Abstract In the last two decades many countries have been starting to employ Inflation Targeting Framework (ITF) as their main monetary policy framework. This is done to achieve an objective of anchoring public expectation on inflation which in the end will steer the price level movement towards ITF’s ultimate target of relatively low and stable inflation rate. By conducting Difference-in-Difference method on panel data consisting of five countries implementing ITF since 2001 and twenty-one selected non-ITF countries for period 1990-2010, it is statistically proved that ITF adoption has a significant effect on inflation. In case of Indonesia, through Structural Break approach, the implementation of ITF since 2005 is also proved able to lower and stabilize inflation rate. Abstrak Dalam dua dekade terakhir ini banyak negara yang telah mulai menggunakan Inflation Targeting Framework (ITF) sebagai kerangka utama kebijakan moneter mereka. Hal ini dilakukan guna mencapai tujuan pengendalian ekspektasi publik yang pada akhirnya akan mengendalikan pergerakan tingkat harga relatif rendah and stabil. Dengan menggunakan metode Difference-in-Difference pada data panel, yang terdiri dari lima negara yang telah mengimplementasikan ITF sejak tahun 2001 dan dua puluh satu negara bukan pengguna ITF, untuk periode 1990-2010, disimpulkan bahwa ITF memiliki dampak signifikan pada tingkat inflasi. Untuk kasus Indonesia yang telah mengimplementasikan ITF sejak tahun 2005, melalui metode Structural Break disimpulkan hasil yang sama, yaitu tingkatan harga yang rendah dan stabil.","PeriodicalId":31064,"journal":{"name":"Economics and Finance in Indonesia","volume":"61 1","pages":"131-147"},"PeriodicalIF":0.0,"publicationDate":"2015-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71340216","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study revisits the long-run relationships and short-run dynamic causal linkages among BRIC stock market, with the particular attention to the 2008 subprime mortgage crisis. Extending related empirical studies, comparative analyses of pre-crisis, and post-crisis periods were conducted to comprehensively evaluate how stock market integration was affected by financial crises. In general, after employing cointegration test and VAR test, the results reveal the increase of stock market integration in BRICs after the subprime crisis. The evidence also found that China stock market is the most influential among the BRICs, in which China stock market has the ability to Granger cause the other three BRICs member countries. An important implication of our findings is that the degree of integration among countries tends to change over time, especially around periods marked by financial crises.
{"title":"Revisiting Stock Market Integration Pre-Post Subprime Mortgage Crisis: Insight From BRIC Countries","authors":"Chin-Hong Puah, R. Brahmana, Kai Hung Wong","doi":"10.7454/EFI.V61I2.507","DOIUrl":"https://doi.org/10.7454/EFI.V61I2.507","url":null,"abstract":"This study revisits the long-run relationships and short-run dynamic causal linkages among BRIC stock market, with the particular attention to the 2008 subprime mortgage crisis. Extending related empirical studies, comparative analyses of pre-crisis, and post-crisis periods were conducted to comprehensively evaluate how stock market integration was affected by financial crises. In general, after employing cointegration test and VAR test, the results reveal the increase of stock market integration in BRICs after the subprime crisis. The evidence also found that China stock market is the most influential among the BRICs, in which China stock market has the ability to Granger cause the other three BRICs member countries. An important implication of our findings is that the degree of integration among countries tends to change over time, especially around periods marked by financial crises.","PeriodicalId":31064,"journal":{"name":"Economics and Finance in Indonesia","volume":"56 1","pages":"120-130"},"PeriodicalIF":0.0,"publicationDate":"2015-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71340202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Despite Indonesia’s impressive economic growth, it still lags behind other countries with a similar income level in terms of the quality of its human capital. This paper argues that one key factor explaining this low quality of human capital relates to the lack of focus and clear strategies to develop its education system. This paper attempts to assess Indonesia’s current state of human capital development with particular focus on its education sector. In order to benefit from its demographic bonus, Indonesia needs to to improve its current education and skill-training system. Better education and skill-training system will support the country’s effort to reduce poverty and youth unemployment. The effectiveness of public spending in education should be improved to raise the quality of education. Indonesia needs to integrate its human capital development plan with its economic master plan.
{"title":"Improving Human Capital through Better Education to Support Indonesia’s Economic Development","authors":"Latif Adam, S. Negara","doi":"10.7454/EFI.V61I2.506","DOIUrl":"https://doi.org/10.7454/EFI.V61I2.506","url":null,"abstract":"Despite Indonesia’s impressive economic growth, it still lags behind other countries with a similar income level in terms of the quality of its human capital. This paper argues that one key factor explaining this low quality of human capital relates to the lack of focus and clear strategies to develop its education system. This paper attempts to assess Indonesia’s current state of human capital development with particular focus on its education sector. In order to benefit from its demographic bonus, Indonesia needs to to improve its current education and skill-training system. Better education and skill-training system will support the country’s effort to reduce poverty and youth unemployment. The effectiveness of public spending in education should be improved to raise the quality of education. Indonesia needs to integrate its human capital development plan with its economic master plan.","PeriodicalId":31064,"journal":{"name":"Economics and Finance in Indonesia","volume":"61 1","pages":"92-106"},"PeriodicalIF":0.0,"publicationDate":"2015-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71340164","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In 2014, the Indonesian government had targets to obtain 80% of electrification ratio and 98.9% of rural electrification ratio. Extending the grid and off-grid connection has been done to obtain the targets. This paper aims to compare two main programs on rural electrification namely Super Extra Energy Saving (Super Ekstra Hemat Energi, SEHEN) that belongs to the PLN (state-owned company in electricity) and the Solar Home System (SHS) that is financed by the Ministry of Energy and Mineral Resources (MEMR). Indonesia started the rural electrification program in the late 1950s, but how to provide electricity in a sustainable ways both organizationally and institutionally still becomes a big challenge. The experiences from East Nusa Tenggara provinces showed that both SEHEN and SHS can instantly improve electrification ratio, but government needs to synchronize the technical, administrative, and financial aspect from the two programs. Without any improvements in designing the program, we argue that the existing program is not sustainable.
{"title":"Rural Electrification Program in Indonesia: Comparing SEHEN and SHS Program","authors":"Maxensius Tri Sambodoa","doi":"10.47291/EFI.V61I2.505","DOIUrl":"https://doi.org/10.47291/EFI.V61I2.505","url":null,"abstract":"In 2014, the Indonesian government had targets to obtain 80% of electrification ratio and 98.9% of rural electrification ratio. Extending the grid and off-grid connection has been done to obtain the targets. This paper aims to compare two main programs on rural electrification namely Super Extra Energy Saving (Super Ekstra Hemat Energi, SEHEN) that belongs to the PLN (state-owned company in electricity) and the Solar Home System (SHS) that is financed by the Ministry of Energy and Mineral Resources (MEMR). Indonesia started the rural electrification program in the late 1950s, but how to provide electricity in a sustainable ways both organizationally and institutionally still becomes a big challenge. The experiences from East Nusa Tenggara provinces showed that both SEHEN and SHS can instantly improve electrification ratio, but government needs to synchronize the technical, administrative, and financial aspect from the two programs. Without any improvements in designing the program, we argue that the existing program is not sustainable.","PeriodicalId":31064,"journal":{"name":"Economics and Finance in Indonesia","volume":"61 1","pages":"107-119"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70817945","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper reviews some major works of Thee Kian Wie, one of Indonesia’s most distinguished economic historians, that spans from the Colonial period until the post-New Order period. His works emphasize that economic history can guide future economic policy. Current problems in Indonesia were resulted from past policy failures. Indonesia needs to consistently embark on open economic policies, free itself from "colonial period mentality". Investment should be made in rebuilding crumbling infrastructure, improving the quality of health and education services, and addressing poor law enforcement. If current corruption persists, Indonesia could not hope to become a dynamic and prosperous country.
{"title":"The Indonesian Economy from the Colonial Extraction Period until the Post-New Order Period: A Review of Thee Kian Wie’s Major Works","authors":"M. M. Wihardja, S. Negara","doi":"10.47291/EFI.V61I1.496","DOIUrl":"https://doi.org/10.47291/EFI.V61I1.496","url":null,"abstract":"This paper reviews some major works of Thee Kian Wie, one of Indonesia’s most distinguished economic historians, that spans from the Colonial period until the post-New Order period. His works emphasize that economic history can guide future economic policy. Current problems in Indonesia were resulted from past policy failures. Indonesia needs to consistently embark on open economic policies, free itself from \"colonial period mentality\". Investment should be made in rebuilding crumbling infrastructure, improving the quality of health and education services, and addressing poor law enforcement. If current corruption persists, Indonesia could not hope to become a dynamic and prosperous country.","PeriodicalId":31064,"journal":{"name":"Economics and Finance in Indonesia","volume":"61 1","pages":"41-52"},"PeriodicalIF":0.0,"publicationDate":"2015-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70817918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study observes the speculative element in the price determination and its mean reverting pattern. The existence of speculative element in the Indonesian stock market price determination was proven. Exponential Generalized Auto Regressive Conditional Heteroscedasticity (EGARCH) method indicates the nonstationary process of the residuals. There are systematic as well as unsystematic component embedded in the speculative behavior. Vector Error Correction Model (VECM) concludes that prices contain volatilities in the short run, but, it will revert to the mean in the long run. Investors’ behavior are neutral toward expected gain vis a vis losses in a stock trading.
{"title":"The Role of Speculative Factor in the Indonesian Stock Price Determination","authors":"S. Rahardjo","doi":"10.7454/EFI.V61I1.498","DOIUrl":"https://doi.org/10.7454/EFI.V61I1.498","url":null,"abstract":"This study observes the speculative element in the price determination and its mean reverting pattern. The existence of speculative element in the Indonesian stock market price determination was proven. Exponential Generalized Auto Regressive Conditional Heteroscedasticity (EGARCH) method indicates the nonstationary process of the residuals. There are systematic as well as unsystematic component embedded in the speculative behavior. Vector Error Correction Model (VECM) concludes that prices contain volatilities in the short run, but, it will revert to the mean in the long run. Investors’ behavior are neutral toward expected gain vis a vis losses in a stock trading.","PeriodicalId":31064,"journal":{"name":"Economics and Finance in Indonesia","volume":"61 1","pages":"69-82"},"PeriodicalIF":0.0,"publicationDate":"2015-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71340153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper analyzes the development and problems of electricity sector in Indonesia. After the economic crisis of 1997/98, investment in power sector has been decreasing. Minimizing transmission and distribution loss can increase reliability and quality of power supply, improve financial capacity, and reduce electricity subsidy. Electrification ratio and electric power consumption per capita need to be improved equally among provinces. Promoting public private partnership (PPP) can boost investment. Main policy challenges need to be addressed are that government needs to (1) provide information on the investment prospects; (2) solve social aspect of the project; and (3) provide practical guide in land acquisition.
{"title":"Indonesia’s Dynamic Electricity Power Sector: Investigating Need and Supply Performance","authors":"Latif Adam, M. Sambodo","doi":"10.7454/EFI.V61I1.497","DOIUrl":"https://doi.org/10.7454/EFI.V61I1.497","url":null,"abstract":"This paper analyzes the development and problems of electricity sector in Indonesia. After the economic crisis of 1997/98, investment in power sector has been decreasing. Minimizing transmission and distribution loss can increase reliability and quality of power supply, improve financial capacity, and reduce electricity subsidy. Electrification ratio and electric power consumption per capita need to be improved equally among provinces. Promoting public private partnership (PPP) can boost investment. Main policy challenges need to be addressed are that government needs to (1) provide information on the investment prospects; (2) solve social aspect of the project; and (3) provide practical guide in land acquisition.","PeriodicalId":31064,"journal":{"name":"Economics and Finance in Indonesia","volume":"43 1","pages":"53-68"},"PeriodicalIF":0.0,"publicationDate":"2015-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71340110","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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