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"ABSTRAKTesis ini bertujuan untuk menganalisis integrasi pasar komoditas Cabemerah antar 23 pasar di lokasi produksi sayuran di Indonesia dan integrasi pasarantara Pasar Induk di Jakarta dengan 23 pasar produsen Cabe merah di Indonesia.Data yang digunakan adalah data tahunan mulai dari Januari 2000 hinggaDesember 2011 untuk data harga Cabe merah di tingkat produsen dan datatahunan mulai Januari 2005 hingga Desember 2011 untuk harga Cabe merah ditingkat Pasar Induk Kramat Jati di Jakarta. Selain harga Cabe merah, variabel lainjuga digunakan untuk menganalisis faktor-faktor yang berpengaruh padahubungan antar pasar komoditas Cabe merah antara lain data produksi, populasi,jarak antar pasar, infrastruktur dan jumlah pasar. Engle dan Granger kointegrasites dan ECM digunakan untuk menganalisa transmisi harga, integrasi pasar dandinamika hubungan jangka panjang dan pendek pada pasar komoditas Cabe merahdi Indonesia. Selanjutnya dilakukan analisa deskripsi untuk mengetahui faktorfaktoryang berpengaruh pada integrasi pasar tersebut. Hasil analisis pada model1 menyimpulkan bahwa pada umumnya pasar produsen tidak terintegrasi denganPasar Induk Kramat Jati di Jakarta. Hubungan antar pasar ini cenderung mengarahpada hubungan jangka pendek saja. Sedangkan, hasil pada Model 2mengindikasikan bahwa pasar komoditas Cabe merah antar 23 pasar produsen diIndonesia memiliki hubungan jangka panjang. Selain itu, perubahan harga jangkapendek yang terjadi di pasar komoditas Cabe merah cenderung langsungberdampak pada harga komoditas Cabe merah di pasar produsen yang lain. Studiini juga membuktikan bahwa integrasi pasar komoditas Cabe merah di Indonesiadipengaruhi oleh kualitas infrastruktur yang baik, lokasi dan jarak antar pasar,serta peluang pasar yang diindikasikan melalui besarnya jumlah pasar dan jumlahkonsumen atau populasi di wilayah tersebut.

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ABSTRACTMany researchers have been examined price transmission and marketintegration of staple food in Indonesia, while relatively few studies are there onmarket integration of vegetable commodities markets. Mostly previous studyassessed the information to what extents and to which markets prices aretransmitted across spatially different markets. However, there is scarce literaturethat determines the factors influence market integration or lack of integration inIndonesia. Thus, the analysis of market integration remains weak without furtheranalysis on factors that explain such of market integration or segmentation.Hence, it becomes a gap to be occupied by this research. The author believes thatthe study on commodity markets integration might be more useful if it iscomplemented with further discussion on factor that could explain the process ofmarket integration or lack of integration in Indonesia. Therefore, by using pricesdataset from 23 producer markets and wholesale market in Jakarta that coveringthe years from January 2000 to December 2011 and from January 2005 toDecember 2011 this paper aims to investigate two types of spatial marketintegration with focus on red chilli commodity markets.A series of techniques, such as the Engle-Granger cointegration test andECM were used to test red chilli market integration. With this approaches, then itis possible to analyze price transmission, identify market integration orsegmentation that occurs in red chilli commodity markets in Indonesia, andspecify the long-run and short-run dynamic. Moreover, some variables such asthe number of production, population, distance between markets, the quality ofinfrastructure, and the numbers of markets have been obtained to discuss on factorthat might drives interconnectedness between red chilli markets.The result of model 1 indicates that generally producer markets are notcointegrate with PIKJ as central market. However, these markets tend to haveshort-run relationship. On the other hand, the results of spatial market integrationmodel 2, which test cointegration across 23 producer markets, imply that red chillimarkets across producer provinces tend to integrate in thelong-run. In addition, inthe short-run changes in the red chilli’s price in one producer market also seem tohave immediate impact on red chilli’s price in other producer markets.Finally, the research has shown evidences that red chilli commodity marketsintegration in Indonesia are influenced by the good quality of infrastructure,location or distance between market, and trade opportunity that can be indicatedby the large consumer area such as the number of populations and the number ofmarkets."

"This book presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory and empirical evidence surrounding the fall and rise of integration in the world market. A discussion of institutional developments focuses on capital controls and the pursuit of macroeconomic policy objectives in shifting monetary regimes. The Great Depression emerges as the key turning point in recent history of international capital markets, and offers important insights for contemporary policy debates. Its principal legacy is that the return to a world of global capital is marked by great unevenness in outcomes regarding both risks and rewards of capital market integration. More than in the past, foreign investment flows largely from rich countries to other rich countries. Yet most financial crises afflict developing countries, with costs for everyone."

"Tesis ini dilatarbelakangi oleh fenomena disparitas harga beras Indonesia yang semakin melebar antara level petani dengan level konsumen, sejak tahun 1998. Padahal, sebagai komoditas yang strategis, kebijakan perberasan seharusnya mampu menjamin harga beras yang tinggi di level petani namun tetap terjangkau di level konsumen. Tujuan penelitian ini adalah (1) untuk melakukan analisis pergerakan harga gabah kering panen (GKP) di level petani dengan harga beras di level konsumen, dengan menggunakan pendekatan teori Asymmetric Price Transmission, dan (2) menjelaskan faktor-faktor yang berpengaruh terhadap tingkat integrasi pasar dan transmisi harga beras petani – konsumen, yang dikaitkan dengan kondisi struktur dan perilaku pedagang perantara beras di Indonesia. Model yang digunakan dalam analisa adalah model error correction (ECM), yang diestimasi dari pergerakan data harga GKP di level petani dengan harga beras di level konsumen. Data yang digunakan adalah data sekunder bulanan dengan rentang waktu (time series) dari tahun 2000 sampai dengan tahun 2011. Hasil pendugaan model menunjukkan bahwa dalam jangka pendek transmisi harga GKP petani terhadap harga beras konsumen bersifat simetris, sementara dalam jangka panjang bersifat asimetris. Fenomena transmisi harga tidak simetris pada jangka panjang disebabkan oleh dua hal, yaitu (1) penyalahgunaan market power oleh pedagang perantara, dan (2) kebijakan Pemerintah. Pedagang perantara mendapatkan market power dari kondisi struktur pasar yang bersifat oligopolistik, dimana jumlah pedagang perantara relatif lebih sedikit dibandingkan dengan jumlah petani dan konsumen. Hal ini menyebabkan pedagang perantara memiliki posisi tawar yang lebih tinggi, sehingga memudahkan pedagang perantara untuk mengendalikan harga. Dalam hal kebijakan Pemerintah, berbagai kebijakan perberasan dirancang untuk mengintervensi harga di level petani agar berada di atas level harga Pemerintah, sementara harga di level konsumen diserahkan kepada mekanisme pasar. Hal ini menimbulkan persepsi pedagang perantara bahwa penurunan harga GKP petani hanya bersifat sementara, sehingga pedagang perantara tidak segera bereaksi terhadap penurunan harga GKP petani.

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The background of this thesis is due to the price disparity between the farm level and the consumer retail in rice sectors in Indonesia. The anomaly is the price disparity has widened after the liberalization of the rice market in 1998. As a strategic commodity in Indonesia, the government should develop a policy that can guarantee the price of rice is high at the farmers level and remain affordable at the consumer level.

The goal of this research is (1) to analyze the price transmission between the farm level and the consumer level in rice sector, by using the Asymmetric Price Transmission approach, and (2) to explain the factors that affect the level of market integration and rice price transmission between the farm level and the consumers level, which associated with the condition of the structure and behavior of Indonesian rice middle man.

The model used in the analysis is the error correction model (ECM), which is estimated from the movements of rice price in the farm level with the consumer level. The data used are monthly price in each level from 2000 to 2011.

Based on the model, the price transmission from the farm level to the consumer level is symmetric in the short term. Meanwhile in the long term, the price transmission is asymmetric. It means that the price transmission is caused by the long term factors, such as abuse of market power by the middle man and the government policy.

Middle man get their market power from the market structure of the middle man level which lead to oligopolistic market, where the number of middlemen are relatively few compared to the number of farmers and consumers. This causes the middle man has a higher bargaining position, so they can easily control the prices.

In terms of policy, the Indonesian government prefer to give more protection to farmer than to consumer. In the farm level, government made the Government Purchase Price Policy which aims to ensure that the farmer always get a better price (high price) by selling their rice. While, prices at the consumer level left to the market mechanism. This gives the perception in the middle man level that the falling price in the farm level only temporary, because the government will immediately intervene the market. This makes the middle man not immediately react for the falling prices in the farm level. On the other hand, the middle man believe that the rising price in the farm level is permanent, so they will increase the rice price in the consumers level immediately."

"ABSTRACTAceh, a special region of Indonesia is known as the "rice granary" of the Western gate to Indonesia. The region is predominantly an agricultural and exports oriented economy with the majority of the population living in rural areas where rice cultivation predominates. The annual rate of increase of rice production is above the annual rate of population growth.The increased rice production and variations in production both spatial and temporal have created a number of marketing problems. Rice marketing systems need to be developed and expanded to:(a) link markets and rice producers through equalization and distribution,(b) encourage efficient rice trade activity and recruit entrepreneurial talents, (c) serve a connective function,(d) provide outlets for increased rice production,3 and (e) limit rice price variation.Effective rice marketing systems are, therefore, necessary for economic development of agricultural societies Their development make possible regional economic integration and full utilization of whatever assets and productive capacities a region already possesses.The agricultural development plan of Indonesia is directed toward increasing production and production efficiency. For one thing, an increase in agricultural productivity depends on the improved efficiency and effectiveness of current marketing systems in different regions. In spite of broad similarities in the traditional marketing system, there are differences between regions due to a multiplicity of social, geographical, environmental, economic and political factors.The present development plan of Indonesia emphasizes the socio-economic as well as physical aspects and sectoral approaches at the macro level. Micro studies on regional level aim at finding similarities and differences strongly needed to support and improve the existing plan. This regional analysis of agricultural development emphasizing rice marketing in Aceh is meant to be a stimulus to improve the existing marketing systems. Improvement of marketing systems may have significant effects on production, distribution, consumer prices and adoption of improved production methods."

"Disamping memberikan hasil-hasil positif, kebijakan liberalisasi perbankannasional juga mengakibatkan akuisisi bank-bank lokal berskala nasional oleh parainvestor asing dengan kepemilikan saham sampai dengan 99 sembilan puluhsembilan persen. Ketidaksiapan bank-bank milik pemerintah dalam menghadapikompetisi regional berdasarkan kepemilikan aset, perbedaan kebijakan perbankandi negara-negara anggota ASEAN lainnya, harmonisasi dan kodifikasi peraturanperbankan nasional dan semakin dekatnya implementasi kesepakatan SingleMarket Policy merupakan permasalahan yang harus segera mungkin diselesaikanoleh pemerintah agar tercipta tata kelola yang baik, persaingan yang adil dankompetisi yang sehat di sektor perbankan nasional menuju Single Market PolicyIntegrasi Regional Masyarakat Ekonomi ASEAN Tahun 2020.

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In addition to providing positive results, national banking liberalization policy also resulting in acquisition of local nationwide banks by foreign investors withshareholding until 99 ninety nine percent. Unpreparedness of state ownedbanks facing the regional competition based on asset, the differences of bankingpolicies amongst ASEAN country members, harmonization and codification ofnational banking policy and the steady progression of single market policyimplementation are problems that government should be solved to improve bankgovernance, fair and healthy competition in the national banking sector towardsregional integration of single market policy of ASEAN economic community in2020."

"contens :1. entities (the players)2. instruments3. markets and marketplaces4. functions (activities)5. technology-systems, data, and networks6. global markets7. risk management8. regulation"

"Tesis ini membahas struktur mikro pasar valuta asing menggunakan data transaksi harian perdagangan mata uang Dolar Amerika Serikat (USD) terhadap Rupiah (IDR) selama periode Agustus sampai Oktober 2008. Komponen struktur mikro pasar valuta asing mencakup frekuensi dan volume perdagangan serta pergerakan harga, lmplikasi variabel struktur rnikro pasar pada rnanajemen risiko direfleksikan dalam perbandingan volatilitas komponen tersebut saat pasar dalam kondisi normal dan tidak normal melalui pendekatan Valut at Risk (VaR). Hasil penelitian menunjukkan bahwa (I) volume perdagangan cenderung tinggi pada pembukaan dan penutupan pasar dan membentuk pola U-shaped, (2) volume perdagangan tinggi pada hari Selasa dan pada hari-hari berikutnya cenderung menurun hingga Jumat (3) volatilitas pada pasar tidak normal 4 sampai 5 kali dari pasar normal dan tidak berpola U-shaped, (4) pengendali pasar selama periode observasi didominasi oleh bank asing dan bank pemerintah.

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This study focus on the microstructure of foreign exchange markets using a daily transaction data set from American Dollar (USD) against Indonesian Rupiah (IDR) in periods of August to October 2008. The microstructure of foreign exchange markets variables are trading frequency and volume behavior, and price changes. The implication of these variables to market risk management is reflected on its volatility comparison between normal markets and abnormal markets using Value at Risk approach.

The results show that (l) a U-shaped pattern in volume during trading day, that is, volume is highest at the beginning and the end ofthe trading day (2) the trading volume is different within and across days. This research provide of an inverted U-shaped in volume across days. Tuesday has the lowest volume, and on the next days until Friday, volume tends decrease, (3) the volatility of abnormal markets is 4 to 5 times than normal markets. The market makers are relatively denominated by foreign banks and goverment banks."