KETERKAITAN KURS DAN TINGKAT BUNGA

Edy Rahmanryo Tarsilohadi(1*)

(1) Fakultas Ekonomi Universitas Bengkulu
(*) Corresponding Author

Abstract

The deep depreciation of the Rupiah from August 1997 through 1998 poses a big problem for domestic economic. Because the Indonesia economic faced with the international trade deficit and the balance of capital surplus, has given rise to the depreciation of Rupiah. At the same time, the banking sector has been higher interest rates. Examination of the data indicates causal linkage between the exchange rate of rupiah and the interest rate, vice versa. This result reflects the weakness of the real and monetary sectors in Indonesia. To avoid the failure economic, will need the contribution monetary and others policies make to that environment are critical.

Keywords

foreign exchange; interest rate; causality

Full Text:

PDF

References

Arief, Sritua, 1993. Metodologi Penelitian Ekonomi, Jakarta: UI-PRESS.

Boediono, 1998. "Merenungkan Kembali Mekanisme Transmisi Moneter di Indonesia", Buletin Ekonomi dan Perbankan, Vol. I, No. 1, Juli, hal 1-4.

Dornbusch, Rudiger, 1983. "Real Interest Rate, Home Goods, and Optimal External Borrowing", Journal of Political Economy, Vol 91, No.l, , p.p. 141-153, the University of Chicago

Evans, Paul, 1986. "Is the Dollar High Because of the Large Budget Deficits", Journal of Monetary Economic, 18, , p.p. 227 - 249, North-Holland.

Frenkel, J.A., 1976. "A Monetary Approach to the Exchange Rate :Doctrinal Aspects and Empirical Evidence", Scandinavian Journal of Economics, No.2, May, p.p. 200-223

Friedman, Milton, 1968. "The Role of Monetary Policy", The American Economic Review, Vol.LVIII, No. 1, March, pp. 1-17.

Granger, CWJ, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods", Econometrica, July, pp. 424-438

Gujarati, Damodar N, 2003. Basic Econometrics, Fourth Edition, Mc.Graw Hill, International Edition.

Hutchinson, M, & Pigott, C, 1984. Budget Deficits, Exchange Rates and the Current Account: Theory and US Evidence, Federal Reserve Bank of San Francisco, Fall, No.4, p.p. 5-25

Mundell, RA, 1963. "Capital Mobility and Stabilization Policy Under Fixed and Flexible Exchange Rates", Canadian Journal of Economics and Political Science, Vol.XXLX, No.4, November, pp. 475 - 485

Musa, Michael, 1974. "A Monetary Ap¬proach to Balance of Payment Analysis", Journal of Money Credit and Banking", Vol.6,, pp. 333 - 351, USA

DOI: 10.23917/jep.v6i1.4009

Article Metrics

Abstract view(s): 818 time(s)
PDF: 323 time(s)

Refbacks

  • There are currently no refbacks.