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"ABSTRACTThis paper discusses current Indonesia local government accountability system which has undergone fundamental change since the reform era. Through a number of regulations, local governments now have to submit reports which include LPPD, LKPj, ILPPD, and LKPD. In line with what have been constructed by many experts, from normative perspective, those reports have the potential to facilitate a sound local government financial management and in turn, make them more accountable. Has current Indonesia local government accountability system been effectively implemented? Have these accountability mechanisms delivered their potential benefits as promised and constructed by many experts? In order to critically answer the questions, this study employs qualitative method with theory driven approach. The data is mainly obtained through conducting meta analysis through critically reviewing relevant sources or documents. Analysis goes from data reduction, to data organization and to interpretation. Research findings show that Indonesia existing local government accountability system has not been effectively implemented and brought all the potential benefits as calculated in both theoretical realm of accountability as well as constructed Indonesian government regulations. The findings of the study are particularly valuable in terms of filling the void on the analysis and information of current practice of local government accountability system in Indonesia reform era which have been marred by a number of problems, irregular and incomplete reporting, the absence of enforceability, limited capacity of local governments to produce appropriate reports, corruptive behavior of the auditors, and limited public participation."

"ABSTRAKGrubel (1968), membuktikan adanya keuntungan bagi investor yang menyertakan ekuitas asing pada portofolionya. Penelitian Chan, Gup dan Pan (1992) menyimpulkan bahwa koefisien korelasi diantara negara-negara tersebut kecil, sehingga memungkinkan untuk membentuk suatu portofolio yang efektif. Penelitian penelitian oleh Makridakis dan Wheel-wright (1974), Haney clan Lloyd (1978), Watson (1980), Maldonado dan Sounders (1981) menyimpulkan bahwa koefisien korelasi pairwise antar waktu adalah kecil dan tidak stabil, sehingga memberikan indikasi bahwa antara pasar modal duma masih tersegmentasi.Berdasarkan penelitian-penelitian di atas, dilakukan pengujian mengenai korelasi dan integrasi antara indeks saham negara Indonesia terhadap indeks saham negara Singapura Hongkong Jepang, Malaysia, Thailand, Australia dan USA selama periode 31 Juli 1996 - 01 September 2000. Pengujian menunjukkan bahwa koefisien korelasi return indeks pasar modal Indonesia terhadap pasar modal-pasar modal tersebut relatif kecil balk denominasi US$ maupun mata uang lokal.Uji ko-integrasi menunjukkan bahwa tidak terdapat hubungan keseimbangan jangka panjang antara bursa saham negara Indonesia dengan bursa saham negara negara dalam penelitian, kecuali dengan Singapura, dengan penjelasan bahwa para pelaku pasar asing umumnya berasal dan Singapura sehingga terjadi aliran dana jangka pendek. Apabila terjadi keseimbangan di BEJ (Bursa Efek Jakarta), maka pengaruhnya akan terbawa ke Singapura. Banyaknya investor Jakarta yang membeli saham di BEJ lewat Singapura dengan tujuan memanipulasi pasar, juga menyebabkan aliran jangka pendek semakin terkait. Alasan Iainnya adalah bahwa di luar pasar modal, orang Indonesia banyak yang menanamkan modalnya di Singapura."