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"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 menganalisis dampak dari kebijakan tanda tangan elektronik yang diimplementasikan sejak tahun 2019 terhadap migrasi penduduk di tingkat desa, menggunakan data sekunder periode 2017-2021 yang berasal dari Dinas Kependudukan dan Pencatatan Sipil serta Dinas Ketenagakerjaan. Dengan menggunakan pendekatan difference in difference, penelitian ini membandingkan efek dari kebijakan tersebut pada desa-desa non-industri sebagai treatment group dan desa-desa industri sebagai control group sebelum dan setelah adanya kebijakan. Penelitian ini menemukan bahwa secara rata-rata setelah adanya kebijakan Tanda Tangan Elektronik (TTE) jumlah penduduk yang pindah keluar antar desa yang tercatat lebih besar pada desa-desa non-industri disbanding desa-desa industri di Kabupaten Bekasi sebanyak 12 orang. Hal Ini mengindikasikan bahwa efek dari TTE lebih besar dirasakan di desa-desa non-industri dibanding desa-desa industri, karena jumlah penduduk yang memanfaatkan TTE untuk mengurus baik surat kepindahan keluar dari desa non-industri, Kartu Tanda Penduduk (KTP) dan Kartu Keluarga (KK) lebih besar jumlahnya dibandingkan di desa-desa industri. Hal ini kemungkinan disebabkan karena peluang pekerjaan baik di sektor formal dan non formal, pendidikan, tempat hiburan serta alasan penunjang lainnya di desa-desa industri yang relatif lebih besar, sehingga lebih sedikit penduduk yang ingin keluar dari desa-desa tersebut. Pengaruh dari TTE lebih besar dirasakan pada treatment group yang memiliki mobilitas penduduk paling tinggi, dalam hal ini data tentang rata-rata penduduk yang bermigrasi mengkonfirmasi hal tersebut. Oleh karena itu, penelitian ini memberikan kontribusi penting terhadap pemahaman kita tentang bagaimana efek dari penerapan kebijakan tanda tangan elektronik dapat digunakan untuk mempengaruhi dinamika populasi di berbagai lingkungan.

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This study aims to analyze the impact of the electronic signature policy implemented since 2019 on village-level population migration, using secondary data from the period 2017-2021 obtained from the Population and Civil Registration Office as well as the Department of Labor. By employing the difference-in-differences approach, this research compares the effects of the policy on non-industrial villages as the treatment group and industrial villages as the control group before and after the policy's implementation. The study found that, on average, after the implementation of the Electronic Signature (TTE) policy, the number of recorded inter-village migrations was greater in non-industrial villages than in industrial villages in Kabupaten Bekasi, by 12 individuals. This indicates that the effects of TTE are more pronounced in non-industrial villages compared to industrial villages, likely due to a larger number of individuals using TTE to handle various matters, such as change of residence from non-industrial villages, ID cards, and family cards, as compared to industrial villages. This may be attributed to greater employment opportunities in both the formal and informal sectors, education, entertainment, and other supporting factors in industrial villages, leading to fewer residents wishing to leave these areas. The influence of TTE is more significant in the treatment group, which has the highest population mobility. In this case, data on the average population migration confirms this. Therefore, this research makes a significant contribution to our understanding of how the effects of implementing electronic signature policies can be used to influence population dynamics in various environments.

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