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"Studi ini bertujuan untuk mengivestigasi eksistensi dari transmisi kebijakan moneter melalui jalur harga aset di Indonesia. Dengan menggunakan metode Strucutral Vector Auto Regression (SVAR), penelitian ini menemukan bahwa kontraksi kebijakan moneter hanya dapat mempengaruhi harga aset dalam jangka pendek. Sementara itu goncangan harga aset tidak mampu direspon secara signifikan oleh konsumsi rumah tangga. Lebih jauh, dengan menggunakan teknik counterfactual simulation, studi ini memperlihatkan bahwa harga perumahan lebih berperan dalam mempengaruhi respon konsumsi terhadap kebijakan moneter kontraktif.

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This study aims to investigate the existence of monetary policy transmission through asset price channel in Indonesia. Using Structural Vector Auto Regression (SVAR) method, this research finds that contracting monetary policy indeed affect asset prices in a short run. However, asset prices do not significantly responded by household consumption. In addition, using counterfactual simulation, this study pointed out that house price plays an important role in influencing consumption after contraction on monetary policy."

"This paper provides evidence on the reactions of an emerging financial market to monetary policy announcements. We employ an instrumental variable estimation approach based on the "identification through heteroscedasticity" technique to estimate the impact of a change in the official interest rate and its surprise component on asset prices in Indonesia. The new methodology controls for possible feedback relationships between financial variables and official interest rate changes. Data study objects that I used in this thesis are samples of the stock price indexes of JSX, foreign exchanges and SBI rates. Data samples are daily rctums from JSX database and Bloomberg, respectively. Study period covers from August 03, 1998 to January 02, 2004, a total one thousand and fifteen (1415) observations based on trading dates. In our analysis, official interest rates have a smaller significant impact on stock market movements, driving them in the same direction as the change in stock prices. The results suggest that daily interest rates have a smaller significant impact on stock market movements within the period after the Bank Indonesia Act |999 to year 2004, driving them in the same direction as the change in stock prices. On the other hand before Bank Indonesia Act I999, I observe an influence of official interest MIC changes on short-term stock indices."

"Penelitian ini bertujuan untuk melihat tren dan menganalisis faktor penentu kebijakan cash holding perusahaan manufaktur di Indonesia yang didasarkan pada teori finansial seperti agency theory, pecking order theory, trade off theory, free cash flow theory, dan signaling theory. Sampel yang digunakan adalah perusahaan manufaktur yang tercatat di Bursa Efek Indonesia periode 2007 - 2011. Hasil penelitian menunjukkan bahwa kebijakan cash holding perusahaan manufaktur di Indonesia dipengaruhi oleh growth opportunity, leverage, net working capital, dividend payment. Sehingga dapat disimpulkan bahwa kegiatan operasional dan kegiatan pembiayaan perusahaan adalah kegiatan yang mempengaruhi kebijakan cash holding.

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This research aims to see the trend and analyze the factors of manufacturing companies? cash holding policy in Indonesia that based on financial theory such as agency theory, pecking order theory, trade off theory, free cash flow theory, and signaling theory. Manufacturing companies that listed in Jakarta Stock Exchange on period of 2007 - 2011 are used as sample. The result of this research shows that manufacturing companies? cash holding policy in Indonesia is significantly influenced by growth opportunity, leverage, net working capital, dividend payment. In conclusion, operating and financing activities are activities that influence cash holding policy."

"Contentsa. Monetaire organisaties.--b. Financieringsorganisaties."

"Tulisan ini bertujuan untuk memperluas cakupan penelitian dan menetapkan hubungan antara transisi demografi dan efektivitas kebijakan moneter dengan membuat model teoretis sederhana dan melakukan studi empiris terhadap data tingkat provinsi di Indonesia dari tahun 2007 hingga 2013. Model teoretis menunjukkan bahwa efektivitas kebijakan moneter, diukur dengan elastisitas dari respons pasar kredit konsumen terhadap perubahan suku bunga, terhadap tingkat usia median mengikuti kurva U. Terdapat indikasi bahwa data empiris mengikuti hipotesis, dengan hasil uji statistik yang signifikan. Namun demikian, diperlukan penelitian lebih lanjut menggunakan data dari perekonomian lainnya dengan periode yang lebih panjang untuk menegaskan hubungan antar variabel dalam penelitian ini.

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This paper aims to extend the research and establish general relationship between demographic transition and effectiveness of monetary policy by constructing simple theoretical model and conducting empirical study on Indonesian provincial data between 2007 and 2013. The constructed theoretical model shows that monetary policy effectiveness, measured by interest rate elasticity of consumer credit, follows U-shape curve with respect to median age level. There are indications that empirical data statistically confirms the hypothesis. However, further researches in other economies with longer panel data are needed to strongly confirm this relationship."

"Krisis keuangan global tahun 2008 silam menarik perhatian berbagai pelaku pasar atas berbagai kebijakan moneter yang diterapkan untuk menstabilkan pasar saham dan ekonomi secara keseluruhan. Kondisi moneter dari negara-negara maju tersebut berdampak pergesaran investasi secara global ke negara-negara berkembang dan menciptakan ketidakstabilan pasar termasuk di Indonesia. Penelitian ini bertujuan untuk menganalisis pengaruh kondisi moneter domestik dan kondisi moneter internasional terhadap likuiditas saham yang menjelaskan kestabilan pasar keuangan di Indonesia pada tahun 2007-2013. Penelitian ini melakukan estimasi dengan panel fixed-effect model dengan tujuan menangkap karakteristik individual saham dalam pengaruhnya terhadap likuiditas. Penelitian ini menemukan bahwa kebijakan moneter domestik ekspansif yang direpresentasikan oleh Jakarta Interbank Offered Rate (JIBOR) dapat efektif meningkatkan likuiditas saham. Namun, kondisi moneter internasional yang direpresentasikan oleh Federal Funds Rate masih belum dapat dibuktikan hubungannya terhadap likuiditas saham di Indonesia. Selain itu, karakteristik individual saham terbukti mempengaruhi likuiditas saham secara signifikan. Imbal hasil saham berpengaruh positif, volatilitas saham berpengaruh negatif, sedangkan kapitalisasi pasar emiten saham juga berpengaruh positif.

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The recent global financial crisis in 2008 has been under the spotlight by monetary policy interventions to stabilize the stock market and the economy as a whole. Monetary conditions from developed countries has impacted global shift in investment to emerging markets countries and created financial market instability, including in Indonesia. This study is aimed to analyze the influence of domestic monetary conditions and international monetary conditions on stock liquidity which explains the stability of financial markets in Indonesia in 2007-2013. This study is estimated by panel fixed-effect model to also capture the characteristics of individual stocks in its effect on liquidity.

This study results suggest that the domestic expansionary monetary policy which is represented by the Jakarta Interbank Offered Rate (JIBOR) can effectively improve stock liquidity. However, the influence of international monetary conditions, represented by the Federal Funds Rate, to stock liquidity in Indonesia still can not be proven. In addition, the characteristics of individual stocks are proved significantly affecting stock. Stock returns affect positively, stock volatility affects negatively, while the market capitalization of listed stocks also have positive influence."

"Macroeconomic untuk Kebijakan Moneter di Indonesia. Disertasi ini mencoba untuk mengembangkan dan mengestimasi Model New Keynesian Small Macroeconomic (NKSM) untuk kebijakan moneter di Indonesia. Model ini berlandaskan pada simple dynamic stochastic general equilibrium yang memfokuskan pada suku bunga nominal sebagai instrumen kebijakan moneter untuk stabilisasi harga. Aspek pengembangan model ini adalah dengan memperhatikan defisit fiskal yang diwakili oleh rasio hutang pemerintah terhadap GDP. Parameterisasi model yang digunakan yaitu dengan Generalized Method of Moments dan teknik kalibrasi (algoritma Gausse-Siegel) untuk perarnalan tiga tahun ke depan. Hasil pengujian koelisien model adalah sangat signifikan yang menunjukkan bahwa model NKSM valid untuk Indonesia. Dari hasil simulasi model yaitu kenailcan rasio hutang pemerintah terhadap GDP sebesar 3% pada tahun 2009 akan meningkatkan output gap secara sementara selama 3-4 kuartal dan secara bersarnaan menimbulkan crowding out. Dampak crowding out menimbulkan inflasi yang lebih kecil dari baseline, sehingga respon sulcu bunga nominal lebih kecil dari baseline.

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This dissertation attempts to develop and estimate New Keynesian Small Macroeconomic (NKSM) Model for monetary policy in Indonesia. This model based on the simple dynamic stochastic general equilibrium that focuses on the nominal interest rate as a monetary policy instrument for price stabilization. An aspect of the development of this model is to consider the fiscal deficit represented by the ratio of govemment debt to GDP. Parameterizes of the model is used the Generalized Method of Moments and calibration techniques (algorithms Gausse-Siegel) to forecast next three years. Results testing hypotesis of model?s coefficients is very significant that indicates that the model NKSM valid for Indonesia. 'lhe results of the simulation model, namely the increasing debt to GDP ratio of 3% in the year 2009 will increase the output gap during the 3-4 quarter and while at the same time cause crowding out. The impact of crowding out cause inflation lower than baseline, so the response of nominal interest rate is smaller than baseline."

"ABSTRACTThe relationship between Monetary Stability and Financial Stability is still ambiguous of whether they are complementing or competing against each other. As financial system develops and comes greater concern for financial stress, this research is aimed to analyze the impact of monetary policy instruments on financial system stability by using world countries samples in the long run. The panel data regression result shows that monetary instability does increase financial instability and the use of Inflation Targeting Framework has the most significant role in reducing financial stress.

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ABSTRAKHubungan antara stabilitas moneter dan stabilitas sistem keuangan masih kerap didebatkan apakah bersifat komplementer atau saling berlawanan. Seiring dengan berkembangnya sistem keuangan dan muncul perhatian yang lebih besar terhadap tekanan di sistem keuangan, penelitian ini ditujukan untuk menganalisa dampak dari instrumen-instrumen kebijakan stabilitas monetar terhadap stabilitas sistem keuangan dengan menggunakan sampel negara-negara di seluruh dunia secara jangka panjang. Hasil dari regresi panel data menunjukkan bahwa instabilitas moneter bersifat meningkatkan instabilitas sistem keuangan dan bahwa penggunaan Inflation Targeting Framework memiliki peran tertinggi dalam mengurangi tekanan pada sistem keuangan."