Productivity is an indicator for a country’s competitiveness. This paper analyzes the comparison competitivenesss of Indonesian workers relative to its competitiveness in several ASEAN countries. At the end of this paper, is expected to provide some policy recommendations that should be carried out by Indonesian Government to encourage an increasing of their labour competitiveness in ASEAN. This paper uses comparative analysis techniques. The secondary data was collected from the APO, ILO, UNDP, BPS.The result is, Brunai has the highest level of labour productivity even though it is decreasing. ASEAN has a trend of increasing the labour productivity during 1970-2016 period. Labour productivity in ASEAN tends to increase by almost 4 times from USD 6,2 thousand per worker in 1970 to USD 23,4 thousand per worker in 2016. During the 1970-2016, the labour productivity growth of ASEAN has continued to decline. During the 1970-2016, the labour productivity per hour in ASEAN increased from 2,8 percent in 1970 to 10,9 percent in 2016. The highest labour productivity growth per hour in ASEAN was achieved by Malaysia in 1990-1995 amounted to 6,5 percent, in contrast, the lowest of labour productivity per hour in ASEAN was achieved by Brunei Darussalam at 0,3 percent.
{"title":"Peningkatan Produktivitas Tenaga Kerja Indonesia di ASEAN Sebagai Upaya Peningkatan Daya Saing","authors":"Mohamad Ahlis Djirimu","doi":"10.31685/kek.v4i3.665","DOIUrl":"https://doi.org/10.31685/kek.v4i3.665","url":null,"abstract":"Productivity is an indicator for a country’s competitiveness. This paper analyzes the comparison competitivenesss of Indonesian workers relative to its competitiveness in several ASEAN countries. At the end of this paper, is expected to provide some policy recommendations that should be carried out by Indonesian Government to encourage an increasing of their labour competitiveness in ASEAN. This paper uses comparative analysis techniques. The secondary data was collected from the APO, ILO, UNDP, BPS.The result is, Brunai has the highest level of labour productivity even though it is decreasing. ASEAN has a trend of increasing the labour productivity during 1970-2016 period. Labour productivity in ASEAN tends to increase by almost 4 times from USD 6,2 thousand per worker in 1970 to USD 23,4 thousand per worker in 2016. During the 1970-2016, the labour productivity growth of ASEAN has continued to decline. During the 1970-2016, the labour productivity per hour in ASEAN increased from 2,8 percent in 1970 to 10,9 percent in 2016. The highest labour productivity growth per hour in ASEAN was achieved by Malaysia in 1990-1995 amounted to 6,5 percent, in contrast, the lowest of labour productivity per hour in ASEAN was achieved by Brunei Darussalam at 0,3 percent.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128014570","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 the fact that majority of countries in the world rely heavily on tax revenue, there is a vast difference in terms of tax collection performance. This study reassessed several structural, economic, demographic and institutional factors that potentially explain the variation. We employ pooled OLS, fixed effect and system GMM estimations to analyze a panel data of 161 countries for 15 years spanning from 2002 to 2017. Our findings confirmed that level of development and investment are among key factors that leads to revenue improvement. It is very likely that such a relationship has two-way directions. Other factors such as trade openness, inflation, share of agriculture and national resources in the economy, population, and governance, cannot be downplayed despite its mixed inferences.
{"title":"Worldwide Tax Revenue Collection: Lessons from Pre-Pandemic Era","authors":"Ahmad Zamani","doi":"10.31685/KEK.V4I3.872","DOIUrl":"https://doi.org/10.31685/KEK.V4I3.872","url":null,"abstract":"Despite the fact that majority of countries in the world rely heavily on tax revenue, there is a vast difference in terms of tax collection performance. This study reassessed several structural, economic, demographic and institutional factors that potentially explain the variation. We employ pooled OLS, fixed effect and system GMM estimations to analyze a panel data of 161 countries for 15 years spanning from 2002 to 2017. Our findings confirmed that level of development and investment are among key factors that leads to revenue improvement. It is very likely that such a relationship has two-way directions. Other factors such as trade openness, inflation, share of agriculture and national resources in the economy, population, and governance, cannot be downplayed despite its mixed inferences.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"175 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133835686","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 research is conducted to find out the possibility of implementation of Value Added Tax as Indonesia local government’s potential revenue. There are not many forms of state or local government revenue in Indonesia and to include Value Added Tax as local government source of income could help to boost the local economy. While the introduction of new taxes is always challenging, it is still possible to improve the performance of the tax administration and thereby increase revenues by improving the efficiency and effectiveness of the tax administration. This paper is using literature review of other countries experience that already implements the policy of state value-added tax in their economy from a legal standpoint and how it will fit into Indonesia’s condition. This research shows that some rules and regulations need to be prepared in order to both implement and adjust to apply the state/local government Value Added Tax in Indonesia. Some approaches to improving the efficiency of tax administration have been pointed out in this report. Sharing of the VAT could be implemented in ways that would raise the efficiency of tax administration, including through increased administrative responsibilities and motivation by subnational government revenue officials.
{"title":"The Possibility of VAT Decentralization in Indonesia","authors":"Dhian Adhetiya Safitra, Akhmad Khabibi, Afif Hanifah","doi":"10.31685/KEK.V4I2.460","DOIUrl":"https://doi.org/10.31685/KEK.V4I2.460","url":null,"abstract":"This research is conducted to find out the possibility of implementation of Value Added Tax as Indonesia local government’s potential revenue. There are not many forms of state or local government revenue in Indonesia and to include Value Added Tax as local government source of income could help to boost the local economy. While the introduction of new taxes is always challenging, it is still possible to improve the performance of the tax administration and thereby increase revenues by improving the efficiency and effectiveness of the tax administration. This paper is using literature review of other countries experience that already implements the policy of state value-added tax in their economy from a legal standpoint and how it will fit into Indonesia’s condition. This research shows that some rules and regulations need to be prepared in order to both implement and adjust to apply the state/local government Value Added Tax in Indonesia. Some approaches to improving the efficiency of tax administration have been pointed out in this report. Sharing of the VAT could be implemented in ways that would raise the efficiency of tax administration, including through increased administrative responsibilities and motivation by subnational government revenue officials.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132579329","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}
Since LPS operated in 2005 until 2017, LPS has liquidated 84 BPR/BPRS which were declared as failed banks by BI/OJK. The cause of the failure of the BPR/BPRS is that the bank cannot meet the minimum capital adequacy ratio (CAR) due to losses suffered by the bank. The bank losses are caused fraud by owner, management and employees. Losses are recognized in the financial statements after it found by BI/OJK. We forecast quarterly CAR data before a BPR/BPRS is determined as a bank under special supervision to determine the ability of CAR data prediction whether the bank will be placed as a bank under special supervision using ARIMA. The research result shows the difference between forecasting CAR and actual CAR is significant. This means that CAR data calculated based on financial statements cannot predict the BPR/BPRS will be determined as a bank under special supervision, which in turn has the potential to become a failed bank.
{"title":"Kegagalan Analisis Laporan Keuangan Dalam Memprediksi Kebangkrutan BPR/BPRS di Indonesia","authors":"Suwandi Miskak","doi":"10.31685/KEK.V3I3.476","DOIUrl":"https://doi.org/10.31685/KEK.V3I3.476","url":null,"abstract":"Since LPS operated in 2005 until 2017, LPS has liquidated 84 BPR/BPRS which were declared as failed banks by BI/OJK. The cause of the failure of the BPR/BPRS is that the bank cannot meet the minimum capital adequacy ratio (CAR) due to losses suffered by the bank. The bank losses are caused fraud by owner, management and employees. Losses are recognized in the financial statements after it found by BI/OJK. We forecast quarterly CAR data before a BPR/BPRS is determined as a bank under special supervision to determine the ability of CAR data prediction whether the bank will be placed as a bank under special supervision using ARIMA. The research result shows the difference between forecasting CAR and actual CAR is significant. This means that CAR data calculated based on financial statements cannot predict the BPR/BPRS will be determined as a bank under special supervision, which in turn has the potential to become a failed bank.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116049813","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}
AbstrakPenelitian ini menganalisis dampak fiskal Otonomi Khusus (Otsus) Provinsi Papua, Papua Barat, dan Aceh terhadap efisiensi pemberian layanan publik, serta implikasinya pada pertumbuhan PDRB per kapita, dengan metode Data Envelopment Analysis (DEA) dan model estimasi Dynamic Generalized Method of Moment (DGMM). Hasil penelitian menunjukkan, bahwa di tingkat provinsi dan kabupaten/kota, penerimaan Otsus berpengaruh negatif pada efisiensi belanja pendidikan, kesehatan, dan infrastruktur publik, namun terhadap efisiensi belanja layanan umum dan layanan publik lainnya berdampak positif di tingkat provinsi, dan berdampak negatif secara terbatas pada tingkat kabupaten/kota. Di tingkat provinsi, efisiensi pada semua jenis belanja publik berdampak positif terhadap pertumbuhan PDRB per kapita, sementara di level kabupaten/kota, efisiensi belanja pendidikan, kesehatan, dan infrastruktur publik berdampak positif terhadap pertumbuhan PDRB per kapita, kecuali efisiensi belanja layanan umum dan layanan publik lainnya berpengaruh negatif terhadap pertumbuhan PDRB per kapita.Kata kunci: Dampak Fiskal, Otonomi Khusus, Efisiensi, Pemberian Layanan Publik, PDRB per Kapita AbstractThis study evaluates the fiscal impact of Special Autonomy in Papua, West Papua and Aceh Provinces on the efficiency of public services delivery and its implications on the growth of GRDP per capita through Data Envelopment Analysis (DEA) and Dynamic Generalized Method of Moment (DGMM) method. The results show that, both at the provincial and district/city level, the Special Autonomy revenue has a negative effect on the efficiency of education, health and public infrastructure spending; but its impact on the efficiency of general and other public services spending is positive at provincial level and limited negative effect at district/city level. At the provincial level, efficiency in all types of public service spending has a positive impact on the growth of GRDP per capita. At the district/city level, on the other hand, the efficiency of education, health, and public infrastructure spending has a positive impact on GRDP per capita growth, except for the efficiency of general and other public services spending, which influence negatively GRDP per capita growth.Key words: Fiscal Impact, Special Autonomy, Efficiency, Public Service Delivery
这项研究的摘要分析了巴布亚、西巴布亚和亚齐的特殊自治对公共服务效率的影响，以及其对人均PDRB增长的影响，以及其对地方检察官分析方法和动态估计方法等时代方法的影响。研究结果表明，在省和市一级，水牛花对教育、卫生和公共基础设施的效率产生负面影响，但公共服务和其他公共服务的效率对各级产生积极影响，对市政程度产生负面影响。在省级公共所有类型的购物效率,积极影响PDRB增长水平县-进城的时候,人均公共教育支出效率、健康和基础设施人均PDRB增长产生积极影响,除了公共服务支出和其他公共服务效率对人均PDRB增长有负面影响。关键词:财政影响,特别自治、公共服务效率,礼物PDRB AbstractThis study evaluates人均财政冲击》特别Autonomy在巴布亚,西巴布亚和亚齐Provinces《新版of public services分娩》和它的后果》增长GRDP per capita无论是Envelopment分析数据(DEA)和动态Generalized方法》(DGMM)方法的时刻。结果显示，在省政府和地区/城市级别，特别的Autonomy revenue对教育、健康和公共基础设施的效率有负面影响;但这影响到一般和其他公共服务的支出在省级别和有限的负面影响水平。在各省，各种公共服务支出的努力对每个capita的gpa增长产生了积极的影响。在地区地区，另一方面，教育、健康和公共基础设施的支出对旅游业有积极的影响，除了对一般和其他公共服务的支出有积极的影响。语言:偷窥，特别自主，Efficiency，公共快递
{"title":"Evaluasi Dinamis Dampak Fiskal Otonomi Khusus terhadap Efisiensi Layanan Publik Dan Pertumbuhan Ekonomi di Provinsi Papua, Papua Barat dan Aceh Tahun 2011-2017","authors":"Boediarso Teguh Widodo","doi":"10.31685/KEK.V3I1.463","DOIUrl":"https://doi.org/10.31685/KEK.V3I1.463","url":null,"abstract":"AbstrakPenelitian ini menganalisis dampak fiskal Otonomi Khusus (Otsus) Provinsi Papua, Papua Barat, dan Aceh terhadap efisiensi pemberian layanan publik, serta implikasinya pada pertumbuhan PDRB per kapita, dengan metode Data Envelopment Analysis (DEA) dan model estimasi Dynamic Generalized Method of Moment (DGMM). Hasil penelitian menunjukkan, bahwa di tingkat provinsi dan kabupaten/kota, penerimaan Otsus berpengaruh negatif pada efisiensi belanja pendidikan, kesehatan, dan infrastruktur publik, namun terhadap efisiensi belanja layanan umum dan layanan publik lainnya berdampak positif di tingkat provinsi, dan berdampak negatif secara terbatas pada tingkat kabupaten/kota. Di tingkat provinsi, efisiensi pada semua jenis belanja publik berdampak positif terhadap pertumbuhan PDRB per kapita, sementara di level kabupaten/kota, efisiensi belanja pendidikan, kesehatan, dan infrastruktur publik berdampak positif terhadap pertumbuhan PDRB per kapita, kecuali efisiensi belanja layanan umum dan layanan publik lainnya berpengaruh negatif terhadap pertumbuhan PDRB per kapita.Kata kunci: Dampak Fiskal, Otonomi Khusus, Efisiensi, Pemberian Layanan Publik, PDRB per Kapita AbstractThis study evaluates the fiscal impact of Special Autonomy in Papua, West Papua and Aceh Provinces on the efficiency of public services delivery and its implications on the growth of GRDP per capita through Data Envelopment Analysis (DEA) and Dynamic Generalized Method of Moment (DGMM) method. The results show that, both at the provincial and district/city level, the Special Autonomy revenue has a negative effect on the efficiency of education, health and public infrastructure spending; but its impact on the efficiency of general and other public services spending is positive at provincial level and limited negative effect at district/city level. At the provincial level, efficiency in all types of public service spending has a positive impact on the growth of GRDP per capita. At the district/city level, on the other hand, the efficiency of education, health, and public infrastructure spending has a positive impact on GRDP per capita growth, except for the efficiency of general and other public services spending, which influence negatively GRDP per capita growth.Key words: Fiscal Impact, Special Autonomy, Efficiency, Public Service Delivery ","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130757674","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}
The aim of this study is to identify the pattern of volatility transmission in ASEAN-5 (Indonesia, Malaysia, Thailand, Singapore and the Philippines) stock market by examine Global Macro Shocks (proxyed by Brent oil price); Cross-Market Linkages (proxied by Dow Jones Index); and Economic Fundamental (proxied by exchange rate) as the sources of volatility. This paper utilizing VAR and asymmetric GARCH (1,1)-BEKK model using the daily data between 4 January 2012 and 30 June 2017. The result shows that all independent variables have a significant volatility transmission to every ASEAN-5 stock market. Then in order to capture the different volatility transmission pattern, we divided the data into two periods which are “high-oil price” era and “low-oil price” era. Besides the different rate of volatility, we also find a different pattern of volatility transmission at Malaysia stock market (KLCI); Thailand stock market (SETI); and at Philippines stock market (PSEI) between these two eras.
{"title":"Volatility Spillover Effects In Asean-5 Stock Market: Does The Different Oil Price Era Change The Pattern?","authors":"Dwika Darinda, Fikri C Permana","doi":"10.31685/KEK.V3I2.484","DOIUrl":"https://doi.org/10.31685/KEK.V3I2.484","url":null,"abstract":"The aim of this study is to identify the pattern of volatility transmission in ASEAN-5 (Indonesia, Malaysia, Thailand, Singapore and the Philippines) stock market by examine Global Macro Shocks (proxyed by Brent oil price); Cross-Market Linkages (proxied by Dow Jones Index); and Economic Fundamental (proxied by exchange rate) as the sources of volatility. This paper utilizing VAR and asymmetric GARCH (1,1)-BEKK model using the daily data between 4 January 2012 and 30 June 2017. The result shows that all independent variables have a significant volatility transmission to every ASEAN-5 stock market. Then in order to capture the different volatility transmission pattern, we divided the data into two periods which are “high-oil price” era and “low-oil price” era. Besides the different rate of volatility, we also find a different pattern of volatility transmission at Malaysia stock market (KLCI); Thailand stock market (SETI); and at Philippines stock market (PSEI) between these two eras.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"208 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134123155","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}
Belanja negara memiliki peran penting dan strategis dalam mempengaruhi perekonomian untuk mencapai target pembangunan nasional, sehingga belanja negara memilik hubungan yang erat dengan pertumbuhan ekonomi. Dengan pencapaian tingkat pertumbuhan ekonomi yang relatif rendah di satu sisi dan kenaikan alokasi belanja negara yang relatif tinggi di sisi lain merupakan hal yang perlu dikaji berdasarkan data empiris mengetahui bagaimana hubungan kedua variabel tersebut. Berdasarkan hasil penelitian, dapat diketahui bahwa ada hubungan kausalitas satu arah dari PDB Konstan ke belanja k/l, belanja non k/l, dan ke transfer daerah. Lalu ditemukan juga bahwa Belanja K/L dalam jangka panjang secara signifikan berpengaruh positif terhadap PDB Konstan. Selain itu, ditemukan juga bahwa shock belanja negara baru direspon di jangka panjang dan menyebabkan PDB Konstan meningkat dalam jangka panjang. Selain itu, ditemukan juga bahwa peran PDB Konstan di tahun – tahun sebelumnya dalam menjelaskan fluktuasi PDB Konstan itu sendiri masih dominan
{"title":"Belanja Negara dan Pertumbuhan Ekonomi Indonesia : Analisis Kointegrasi dan Kausalitas","authors":"Parluhutan Hutahaean","doi":"10.31685/KEK.V3I2.411","DOIUrl":"https://doi.org/10.31685/KEK.V3I2.411","url":null,"abstract":"Belanja negara memiliki peran penting dan strategis dalam mempengaruhi perekonomian untuk mencapai target pembangunan nasional, sehingga belanja negara memilik hubungan yang erat dengan pertumbuhan ekonomi. Dengan pencapaian tingkat pertumbuhan ekonomi yang relatif rendah di satu sisi dan kenaikan alokasi belanja negara yang relatif tinggi di sisi lain merupakan hal yang perlu dikaji berdasarkan data empiris mengetahui bagaimana hubungan kedua variabel tersebut. Berdasarkan hasil penelitian, dapat diketahui bahwa ada hubungan kausalitas satu arah dari PDB Konstan ke belanja k/l, belanja non k/l, dan ke transfer daerah. Lalu ditemukan juga bahwa Belanja K/L dalam jangka panjang secara signifikan berpengaruh positif terhadap PDB Konstan. Selain itu, ditemukan juga bahwa shock belanja negara baru direspon di jangka panjang dan menyebabkan PDB Konstan meningkat dalam jangka panjang. Selain itu, ditemukan juga bahwa peran PDB Konstan di tahun – tahun sebelumnya dalam menjelaskan fluktuasi PDB Konstan itu sendiri masih dominan","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127862703","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}
Sukuk Negara diterbitkan sebagai upaya diversifikasi pembiayaan APBN sekaligus untuk pengembangan pasar keuangan syariah. Sejak 2008, selain Surat Utang Negara (SUN), Pemerintah memiliki alternatif instrumen pembiayaan APBN yang menyasar investor syariah. Namun dari hasil pengamatan, untuk tenor yang sama Sukuk Negara memiliki rata-rata expected return (yield) lebih tinggi dibandingkan SUN. Penelitian ini bertujuan menganalisis faktor-faktor yang mempengaruhi investor dalam menentukan liquidity premium Sukuk Negara terhadap SUN. Dimensi likuiditas seperti trading cost dan market depth serta terms Sukuk Negara seperti time to maturity dan kupon digunakan untuk menganalisis pengaruh tersebut. Hasil penelitian terhadap seri PBS003 dan PBS004 menunjukkan bahwa dimensi trading cost berpengaruh terhadap kedua seri tersebut. Namun untuk PBS003, terlihat bahwa dalam jangka panjang (t-5) investor lebih mengharapkan volatilitas pasar. Faktor likuiditas dalam memperhitungkan risiko menjadi pertimbangan investor dalam jangka pendek (t-3). Adapun dimensi market depth berpengaruh signifikan terhadap liquidity premium PBS004 namun tidak signifikan terhadap PBS003. Dimensi kedalaman pasar 4 bulan sebelumnya (t-4) signifikan memengaruhi liquidity premium PBS004. Tidak adanya market maker diduga menjadi salah satu penyebab lag dari dimensi kedalaman pasar. Terms Sukuk Negara signifikan mempengaruhi keputusan investor dalam menentukan liquidity premium.
{"title":"Apa yang Mempengaruhi Investor Sukuk Negara dalam Menentukan Liquidity Premium?","authors":"Ihwan Hadi Sunarno, Rifki Ismal, D. Handayani","doi":"10.31685/KEK.V3I2.451","DOIUrl":"https://doi.org/10.31685/KEK.V3I2.451","url":null,"abstract":"Sukuk Negara diterbitkan sebagai upaya diversifikasi pembiayaan APBN sekaligus untuk pengembangan pasar keuangan syariah. Sejak 2008, selain Surat Utang Negara (SUN), Pemerintah memiliki alternatif instrumen pembiayaan APBN yang menyasar investor syariah. Namun dari hasil pengamatan, untuk tenor yang sama Sukuk Negara memiliki rata-rata expected return (yield) lebih tinggi dibandingkan SUN. Penelitian ini bertujuan menganalisis faktor-faktor yang mempengaruhi investor dalam menentukan liquidity premium Sukuk Negara terhadap SUN. Dimensi likuiditas seperti trading cost dan market depth serta terms Sukuk Negara seperti time to maturity dan kupon digunakan untuk menganalisis pengaruh tersebut. Hasil penelitian terhadap seri PBS003 dan PBS004 menunjukkan bahwa dimensi trading cost berpengaruh terhadap kedua seri tersebut. Namun untuk PBS003, terlihat bahwa dalam jangka panjang (t-5) investor lebih mengharapkan volatilitas pasar. Faktor likuiditas dalam memperhitungkan risiko menjadi pertimbangan investor dalam jangka pendek (t-3). Adapun dimensi market depth berpengaruh signifikan terhadap liquidity premium PBS004 namun tidak signifikan terhadap PBS003. Dimensi kedalaman pasar 4 bulan sebelumnya (t-4) signifikan memengaruhi liquidity premium PBS004. Tidak adanya market maker diduga menjadi salah satu penyebab lag dari dimensi kedalaman pasar. Terms Sukuk Negara signifikan mempengaruhi keputusan investor dalam menentukan liquidity premium.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125065075","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}
RCEP is a mega Free Trade Agreement which the existence was built with the aim of bridging the diversity of conditions and economic volume of each ASEAN member is very interesting to study whether indeed that goal can be achieved. By using trade panel data from 2001-2016 to Indonesian trading partners from RCEP member countries, and the econometric method, how much influence RCEP influences on Indonesian trade is measured. GDP, and the Population significantly affect to trade, while Distance is significantly negative correlated. The variation of all variables with the coefficient of Good of Fit shows the benefits are ambiguous, with 49.98% Gravity models can explain endogenous variables of trade, while the other 50.02% have other factors outside the model. Institutional Progress, Logistics Effectiveness, Corruption Perceptions, Consistency of Rule-Law, and Competitiveness Index could be those other factors. Further research is needed to locate a better comprehensive model. Thus Indonesia's participation in RCEP if it only relies on Gravity variables, the impact on trade could might increase or otherwise.
{"title":"Dampak Keikutsertaan Indonesia di Dalam RCEP Terhadap Volume Perdagangan – Bukti Dari Gravity Model","authors":"Yunarwanto Yunar","doi":"10.31685/KEK.V3I2.436","DOIUrl":"https://doi.org/10.31685/KEK.V3I2.436","url":null,"abstract":"RCEP is a mega Free Trade Agreement which the existence was built with the aim of bridging the diversity of conditions and economic volume of each ASEAN member is very interesting to study whether indeed that goal can be achieved. By using trade panel data from 2001-2016 to Indonesian trading partners from RCEP member countries, and the econometric method, how much influence RCEP influences on Indonesian trade is measured. GDP, and the Population significantly affect to trade, while Distance is significantly negative correlated. The variation of all variables with the coefficient of Good of Fit shows the benefits are ambiguous, with 49.98% Gravity models can explain endogenous variables of trade, while the other 50.02% have other factors outside the model. Institutional Progress, Logistics Effectiveness, Corruption Perceptions, Consistency of Rule-Law, and Competitiveness Index could be those other factors. Further research is needed to locate a better comprehensive model. Thus Indonesia's participation in RCEP if it only relies on Gravity variables, the impact on trade could might increase or otherwise.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115167591","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}
The role of taxation is very important for the financing of development in Indonesia. However, the performance of tax revenue has not been optimally indicated by the low ratio of tax to Gross Domestic Product (GDP) which in 2015 the ratio is 10.7% of GDP. This tax ratio is still lower than the tax ratio of neighboring countries such as the Philippines (13.6%), Malaysia (14.3%) and Thailand (16.5%). Even in 2016 the tax ratio declined slightly to 10.3% of GDP.With the scope of the study limited to non-oil and gas income tax and value added tax which contributes more than 80 percent of total tax revenue, this study objective is to understand the relationship between tax revenue and economic activity that can provide insight into the effectiveness of tax policy.This study uses monthly realization of tax revenue both total and sectoral. For economic activity data, we use data derived from national account data or GDP based on expenditure and production approach (sectoral). Monthly tax revenue data is then aggregated into quarterly data to match the frequency of GDP data. Period of data being studied is Q1 2010 - Q4 2017. Tax revenue and economic activity data needs to be seasonal adjusted and then separated into trends and cycles. To examine the relationship between tax revenue and economic activity, we performed several tests such as unit root test, cointegration test and causality test.The main contribution of this study are the empirical testing on the lingkage between tax revenue collection and economic activity and the policy implication of this study which in order to increase the tax revenue collection, government should formulate policy to increase production, investment and consumption because production, investment and consumption will increase tax base.
{"title":"TAX REVENUE AND ECONOMIC ACTIVITY: SEASONALITY, COINTEGRATION AND CAUSALITY ANALYSIS","authors":"Rudi Handoko","doi":"10.31685/KEK.V3I1.401","DOIUrl":"https://doi.org/10.31685/KEK.V3I1.401","url":null,"abstract":"The role of taxation is very important for the financing of development in Indonesia. However, the performance of tax revenue has not been optimally indicated by the low ratio of tax to Gross Domestic Product (GDP) which in 2015 the ratio is 10.7% of GDP. This tax ratio is still lower than the tax ratio of neighboring countries such as the Philippines (13.6%), Malaysia (14.3%) and Thailand (16.5%). Even in 2016 the tax ratio declined slightly to 10.3% of GDP.With the scope of the study limited to non-oil and gas income tax and value added tax which contributes more than 80 percent of total tax revenue, this study objective is to understand the relationship between tax revenue and economic activity that can provide insight into the effectiveness of tax policy.This study uses monthly realization of tax revenue both total and sectoral. For economic activity data, we use data derived from national account data or GDP based on expenditure and production approach (sectoral). Monthly tax revenue data is then aggregated into quarterly data to match the frequency of GDP data. Period of data being studied is Q1 2010 - Q4 2017. Tax revenue and economic activity data needs to be seasonal adjusted and then separated into trends and cycles. To examine the relationship between tax revenue and economic activity, we performed several tests such as unit root test, cointegration test and causality test.The main contribution of this study are the empirical testing on the lingkage between tax revenue collection and economic activity and the policy implication of this study which in order to increase the tax revenue collection, government should formulate policy to increase production, investment and consumption because production, investment and consumption will increase tax base.","PeriodicalId":426920,"journal":{"name":"Kajian Ekonomi dan Keuangan","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130588461","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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