KETIMPANGAN DANA DAN PEMBIAYAAN DALAM NEGERI, HARUSKAH DIPENUHI DENGAN HUTANG LUAR NEGERI?

Edy Rahmantyo Tarsilohadi(1*)

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

Abstract

This research examined the effect of the foreign debt toward the development of Indonesian economy by using caucality test: Final Prediction Error.

Examination of the data, indicates the causality linkage between the foreign debt and the gross domestic product, vice versa; the causality linkage between the foreign debt and the depreciation of the rupiah.

This result indicates that the foreign debt was failed to push economic.

Keywords

the foreign debt; the gross domestic product; the foreign exchange rate

Full Text:

PDF

References

Abell, John D, 1990. "Twin Deficits during the 1980s: An Empirical Investigation", Journal of Macro Economic, Winter, Vol.12, No.l, pp. 81-96

Abimanyu, Anggito, 2003. "Kebijakan Fiskal dan Effektivitas Stimulus Fiskal di Indonesia", Konggres ISEIXV.

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

Bank Indonesia, 1998. Laporan Tahunan 1997", Jakarta: Bank Indonesia.

Blanchard, Oliver, 1997. Macroeconomics, New York: USA Prentice Hall.

Boediono, 1981. Teori Pertumbuhan Ekonomi, Yogyakarta: BPFE UGM.

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

Dornbusch, Rudiger, 1976. "The Theory of Flexible Exchange Rate Regimes and Macroeconomic Policy", Scandinavian Journal of Economics, No.2, May, pp.255-275.

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

Evans, Paul, 1985. "Do Large Deficits Produce High Interest Rates?", The American Economic Review, Vol. 75, No.l, March, pp.68-87

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

Feldstein, M, & Horioka, C, 1980. "Domestic Saving and International Capital Flows", The Economic Journal, 90, June, pp. 314-329.

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

Friedman, Milton, 1968. "The Role of Monetary Policy", The American Economic Review, Vol.LVHI, 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

Hill, Hal, 1996 The Indonesian Economy Since 1966, USA: Cambridge Univer¬sity Press.

Hutchison, Michael, & Pigott, Charles, 1984. "Budget Deficits, Exchange Rates and the Current Account: Theory and U.S. Evidence", Economic Review, Federal Reserve Bank of San Francisco, Fall, pp. 5 - 25

Koromzay,Val, & Llewellyn, John, & Potter, Stephen, 1987. "The Rise and Fall of the Dollar: Some Explanations, Consequences and Lessons", The Economic Journal, 97, March, pp.23 - 43

Laney, Leroy O, 1986. "Twin Deficits in the 1980s; What are the Linkages?", Business Economics, April, pp.40 - 45, USA

McCallum, J & Vines, D, 1981. "Cambridge and Chicago on the Balance of Payment", The Economic Journal, 91, June, pp. 439 - 453

Mishkin, Federic S, 2001. The Economics Money, Banking and Financial Markets, Addison-Wesley, Sixth Edition, USA

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

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

Purnomo, Didit, 2002. "Dampak Aliran Modal Asing bagi Negara-negara Berkembang: Proses 'Perbaikan' ataukah 'Pemburukan' bagi Neraca Pembayaran", Jurnal Ekonomi Pembangunan, Vol.3, No.l, Juni, Surakarta: BPPE UMS.

______,2003. "Hutang Luar Negeri Pemerintah RI: Bermanfaat atau Menyengsarakan?", Jurnal Ekonomi Pembangunan, vol. 4, No.l, Juni, Surakarta: BPPE-UMS.

Soediyono, 1982. Ekonomi Makro: Pengantar Analisa Pendapatan Nasional, Yogyakarta: Liberty.

Sumodiningrat, Gunawan, 1993. Ekonometrika, Yogyakarta: BPFEUGM

Tanzi, Vito, 1985. "Fiscal Deficits and Interest Rates in the United States", IMF Staff Papers, Vol.32, No.4, Dec, pp.551 -575

Todaro, M, 1998. Pembangunan Ekonomi di Dunia Ketiga, Jakarta: Penerbit Erlangga.

Volcker, Paul A, 1984. Facing up the Twin Deficits, Challenge, March-April, USA

DOI: 10.23917/jep.v6i2.4002

Article Metrics

Abstract view(s): 537 time(s)
PDF: 275 time(s)

Refbacks

  • There are currently no refbacks.