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Abstrak :
This paper analyzes the economic condition of the second quarter of 2017 and provides the outlook for 2017 and 2018. It covers the global dynamics and domestic in national level as well as spatial views in Indonesia. From external, global economic expansion continues, entailing a shift in the sources of growth with China and Europe was expected to increase, while US economy grew slower than expected. At home, Indonesia economic growth was stable on the back of gain in investment particularly building investment. On the other hand, household consumption growth slowed, government consumption contracted after spending was delayed, and exports posted slower growth. Spatially, the slowdown occurred in Java, Sulawesi, and Kalimantan. CPI invitation was maintained within the target range despite increasing demand during the lead up to national religious holidays. Balance of payments recorded a surplus while current account deficit remains well maintained and financed by a large surplus in the capital and financial account. The rupiah rate moved steadily, with lower volatility relative to peer countries. The banking industry was well maintained and continued to strengthen financial system stability. The continued easing of monetary policy was responded by declining rates on deposits and loans. Moving forward, Bank Indonesia expects economic growth to accelerate in 2017,and grow higher in 2018 of the back of increased investment and consumption in live with more expensive government spending along with space to ease monetary policy. On the other hand, inflationary pressures will be controlled in line with more expansive government spending along with space to ease monetary policy. On the other hand, inflationary pressures will be controlled in line with the lower inflation target.

Abstrak :
Dual banking system in Indonesia provides an excellent opportunity for the growth of Islamic banking industry in Indonesia. Islamic banking industry in Indonesia has improved in number of banks and branches but the performance of Islamic banks has decreased in recent years. This paper measure the efficiency of Islamic banking in Indonesia using the intermediation approach and the Data Envelopment Analysis (DEA) on quarterly reports of 10 Islamic Banks (BUS) and 15 Islamic Business Units (UUS). The result showed that Islamic Banks (BUS) and Islamic Business Unit (UUS) in Indonesia has not been operating efficiently in its intermediation function. The estimation results of data panel regression model showed total financing and CAR have positive and significant impact, whereas the deposits have negative and significant impact to the efficiency of BUS and UUS in Indonesia.

Abstrak :
ABSTRACT
This paper investigates the long-run and short-run impacts of the exchange rate volatility on Indonesia real exports to its major trading partners; Japan and the US. The study uses monthly data from January 1998 to October 2015 in order to capture the structural break period of the Global Financial Crisis 2008. In addition, commodity price is included as an explanatory variable. The index of exchange rate volatility is generated using moving sample standard deviation of the growth of the real exchange rate. This paper estimates the long-run cointegration using Autoregressive Distributed Lag (ARDL) bounds testing, while for short-run dynamic this paper use Error Correction Model (ECM). The findings suggest rupiah volatility against the Japanese yen reduces Indonesia export to Japan, both in the short and the long-run. Fluctuation of rupiah against the US dollar helps Indonesia export to the US in the short run, but the impact is not carried out to the long-run. On the other hand, the impact of commodity price shock is negligible, expect for the long-run export to Japan.

Abstrak :
The ratio of Non-Performing Loan (NPL) and Capital Adequacy Ratio (CAR) is still a measure of bank soundness in various countries including Indonesia. Interdependence across bank condition, diversity of the size, market structure within banking industry, and macroeconomic variables, may be very complex and dynamic. This paper utilizes the advantage of PVAR model on capturing this complexity to analyze the dynamic relationship between the macroeconomic variables and the soundness of the banks. The result shows NPL of banks with small asset will increases rapidly when interest rate fluctuates. For banks with large asset, the increase in interest rates leads to larger reduction on their CAR. On the other hand, the result show banks with smaller capital are less able to adapt quickly to an increase in NPL due to exchange rate depreciation, therefore banks with smaller capital should be cautious about the exchange rate risk.

Abstrak :
We investigate consumer

Abstrak :
We investigate consumer price convergence for 82 Indonesian cities using monthly data from 2014 to 2019. To do so, we employ recent techniques of club convergence and weak sigma convergence. The results reveal, first, consumer price divergence, implying price rigidities across the cities. Second, we find four clubs, suggesting that Indonesian cities converge along four unique transition paths. Third, we find weak evidence of consumer price convergence, suggesting that prices among Indonesian cities adjust, but not freely. Policy should therefore consider unique convergence paths for each club to promote stronger consumer price convergence.

Abstrak :
ABSTRAK This paper evaluates monetary policy transmission in both tranquil and turbulent periods for Mexico, Indonesia, Nigeria, and Turkey. Using a structural vector autoregressive model, we find that the effect of structural shocks from supply, demand, and financial sources tend to fizzle out faster for Nigeria and Mexico compared to Indonesia and Turkey. Another important finding is that while monetary authorities in Indonesia and Turkey are more responsive to inflation those in Mexico and Nigeria are more influenced by the exchange rate. We also observe differences in the conduct of monetary policy between the tranquil and turbulent periods.

Abstrak :
ABSTRAK This paper evaluates monetary policy transmission in both tranquil and turbulent periods for Mexico, Indonesia, Nigeria, and Turkey. Using a structural vector autoregressive model, we find that the effect of structural shocks from supply, demand,and financial sources tend to fizzle out faster for Nigeria and Mexico compared toIndonesia and Turkey. Another important finding is that while monetary authorities in Indonesia and Turkey are more responsive to inflation those in Mexico and Nigeria are more influenced by the exchange rate. We also observe differences in the conduct of monetary policy between the tranquil and turbulent periods.