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Abstrak :
Tesis membahas tentang migrasi orang Madura ke Surabaya yang dihadapkan kepada suatu tantangan untuk dapat menyesuaikan diri terhadap lingkungan hidup buatan di Surabaya. Agar bisa survive, migran harus dapat mengembangkan strategi adaptasi di Surabaya. Cara mengembangkan strategi adaptasi ini akan lebih banyak diperlihatkan dari perilaku ekonominya. Objek penelitian ini dalah warga masyarakat Kelurahan Sidotopo, Kecamatan Semampir, Kotamadya Surabaya. Penelitian ini mengacu pada teori Siagel dan Everet Lee tentang Migration theory, Donald Bogue tentang push-pull factor dan Bennet tentang Adaptive Orgamic. Dari penelitian ini telah dikemukakan bahwa: pertama, migrasi orang Madura ke Surabaya melalui expedisi militer telah terhadi sejak sebelum kerajaan Mojopahit berdiri, yaitu : bantuan pasukan Sria Wiraraja dari Madura kepada Raden Wijaya untuk mengusir tentara Tartar (Gina). Setelah jaman kemerdekaan, apalagi setelah pemerintah mencanangkan Repelita tahun 1969 dan kota Surabaya menjadi kota INDAMARDI (Industri, Dagang, Maritim dan Pendidikan) sejak tahun 1971 kepergian orang Madura semakin intensif dan menjadi pola kebiasaan yang terus mengalir melalui saluran (chanel) teman dekat, saudara atau kerabat sekampung. Faktor pendorongnya adalah (1) tersedianya kesempatan kerja yang lebih luas dan bervariasai, (2) tidak ada hambatan psikologi? sosio dan budaya, (3) cerita sukses yang dibawa orang-orang Madura ketika pulang ke kampung halaman. Kedua, dalam mengembangkan strategi adaptasi, orang Madura senantiasa melakukan diversifikasi usaha dan memiliki jenis usaha atau profesi yang sesuai dengan tuntutan lingkungan serta sesuai pula potensi yang dimilki oleh orang Madura sendiri. Tiga, dalam perilaku ekonomi, orang Madura selalu menunjukkan semangat dan gairah yang tinggi dalam memperebutkan sumber-sumber ekonomi di Surabaya terutama dalam kegiatan ekonomi sektor informal. Perilaku ekonomi (pola produski, pola distribusi dan pola konsumsi) adalah bagian dari strategi adaptasi mereka dalam upaya mengembangkan kehidupannya sacara wajar di kota Surabaya.

Abstrak :
[ABSTRACT
High foreign ownership of domestic government bonds (GB) could generate liquidity and reduce governments? cost of borrowing. However, they also contain risk in the case of sudden reversal. This study investigates the behavior of the foreign investors in the domestic Indonesian GB market by applying the vector auto regression (VAR) model. There are two factors that could determine foreign behavior in the domestic GB market, namely pull (or internal) factors and push (or external) factors. The finding from the VAR estimation provides evidence that oil price, as a push factor, positively drives foreign capital flows. Dynamic analysis from the Impulse Response Function (IRF) shows that the shock of foreign capital flows negatively respond to GB yield, leading indicator, and exchange rate volatility, and vice versa. However, it has a positive impact on interest rates and vice versa. Based on its results, this study has important policy implications, such as government intervention in the secondary market through buyback and debt switch, application of a minimum holding period, strengthening the control and supervision body, construction of a Bond Stabilization Fund framework, and promotion of project-financing bonds

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ABSTRAK
Tingginya porsi kepemilikan asing pada Obligasi Negara (ON) domestik dapat meningkatkan likuiditas dan mengurangi biaya pinjaman pemerintah. Namun demikian, hal ini juga menyimpan risiko dalam hal sudden reversal. Penelitian ini mengamati perilaku investor asing di pasar ON domestik dengan mempergunakan model vektor auto regresi (VAR). Dua faktor yang mempengaruhi perilaku asing di pasar ON domestik yaitu pull factor atau faktor internal dan push factor atau faktor eksternal. Hasil temuan dari estimasi VAR menunjukkan bahwa harga minyak, sebagai faktor eksternal, secara positif menggerakkan arus dana asing. Analisa dari hasil estimasi Impulse Response Function (IRF) menunjukkan bahwa gejolak dari arus dana asing secara negatif saling mempengaruhi yield ON, leading indicator, dan volatilitas nilai tukar, tetapi berpengaruh positif terhadap tingkat suku bunga. Berdasarkan analisa diatas, penelitian ini memiliki implikasi kebijakan antara lain perlunya intervensi pemerintah di pasar sekunder melalui buyback dan debt switch, pemberlakuan minimum holding period, memperkuat fungsi pengawasan dan supervisi, menembangkan kerangka Bond Stabilization Fund (BSF), dan mempromosikan obligasi pembiayaan proyek;Tingginya porsi kepemilikan asing pada Obligasi Negara (ON) domestik dapat meningkatkan likuiditas dan mengurangi biaya pinjaman pemerintah. Namun demikian, hal ini juga menyimpan risiko dalam hal sudden reversal. Penelitian ini mengamati perilaku investor asing di pasar ON domestik dengan mempergunakan model vektor auto regresi (VAR). Dua faktor yang mempengaruhi perilaku asing di pasar ON domestik yaitu pull factor atau faktor internal dan push factor atau faktor eksternal. Hasil temuan dari estimasi VAR menunjukkan bahwa harga minyak, sebagai faktor eksternal, secara positif menggerakkan arus dana asing. Analisa dari hasil estimasi Impulse Response Function (IRF) menunjukkan bahwa gejolak dari arus dana asing secara negatif saling mempengaruhi yield ON, leading indicator, dan volatilitas nilai tukar, tetapi berpengaruh positif terhadap tingkat suku bunga. Berdasarkan analisa diatas, penelitian ini memiliki implikasi kebijakan antara lain perlunya intervensi pemerintah di pasar sekunder melalui buyback dan debt switch, pemberlakuan minimum holding period, memperkuat fungsi pengawasan dan supervisi, menembangkan kerangka Bond Stabilization Fund (BSF), dan mempromosikan obligasi pembiayaan proyek;Tingginya porsi kepemilikan asing pada Obligasi Negara (ON) domestik dapat meningkatkan likuiditas dan mengurangi biaya pinjaman pemerintah. Namun demikian, hal ini juga menyimpan risiko dalam hal sudden reversal. Penelitian ini mengamati perilaku investor asing di pasar ON domestik dengan mempergunakan model vektor auto regresi (VAR). Dua faktor yang mempengaruhi perilaku asing di pasar ON domestik yaitu pull factor atau faktor internal dan push factor atau faktor eksternal. Hasil temuan dari estimasi VAR menunjukkan bahwa harga minyak, sebagai faktor eksternal, secara positif menggerakkan arus dana asing. Analisa dari hasil estimasi Impulse Response Function (IRF) menunjukkan bahwa gejolak dari arus dana asing secara negatif saling mempengaruhi yield ON, leading indicator, dan volatilitas nilai tukar, tetapi berpengaruh positif terhadap tingkat suku bunga. Berdasarkan analisa diatas, penelitian ini memiliki implikasi kebijakan antara lain perlunya intervensi pemerintah di pasar sekunder melalui buyback dan debt switch, pemberlakuan minimum holding period, memperkuat fungsi pengawasan dan supervisi, menembangkan kerangka Bond Stabilization Fund (BSF), dan mempromosikan obligasi pembiayaan proyek;Tingginya porsi kepemilikan asing pada Obligasi Negara (ON) domestik dapat meningkatkan likuiditas dan mengurangi biaya pinjaman pemerintah. Namun demikian, hal ini juga menyimpan risiko dalam hal sudden reversal. Penelitian ini mengamati perilaku investor asing di pasar ON domestik dengan mempergunakan model vektor auto regresi (VAR). Dua faktor yang mempengaruhi perilaku asing di pasar ON domestik yaitu pull factor atau faktor internal dan push factor atau faktor eksternal. Hasil temuan dari estimasi VAR menunjukkan bahwa harga minyak, sebagai faktor eksternal, secara positif menggerakkan arus dana asing. Analisa dari hasil estimasi Impulse Response Function (IRF) menunjukkan bahwa gejolak dari arus dana asing secara negatif saling mempengaruhi yield ON, leading indicator, dan volatilitas nilai tukar, tetapi berpengaruh positif terhadap tingkat suku bunga. Berdasarkan analisa diatas, penelitian ini memiliki implikasi kebijakan antara lain perlunya intervensi pemerintah di pasar sekunder melalui buyback dan debt switch, pemberlakuan minimum holding period, memperkuat fungsi pengawasan dan supervisi, menembangkan kerangka Bond Stabilization Fund (BSF), dan mempromosikan obligasi pembiayaan proyek;Tingginya porsi kepemilikan asing pada Obligasi Negara (ON) domestik dapat meningkatkan likuiditas dan mengurangi biaya pinjaman pemerintah. Namun demikian, hal ini juga menyimpan risiko dalam hal sudden reversal. Penelitian ini mengamati perilaku investor asing di pasar ON domestik dengan mempergunakan model vektor auto regresi (VAR). Dua faktor yang mempengaruhi perilaku asing di pasar ON domestik yaitu pull factor atau faktor internal dan push factor atau faktor eksternal. Hasil temuan dari estimasi VAR menunjukkan bahwa harga minyak, sebagai faktor eksternal, secara positif menggerakkan arus dana asing. Analisa dari hasil estimasi Impulse Response Function (IRF) menunjukkan bahwa gejolak dari arus dana asing secara negatif saling mempengaruhi yield ON, leading indicator, dan volatilitas nilai tukar, tetapi berpengaruh positif terhadap tingkat suku bunga. Berdasarkan analisa diatas, penelitian ini memiliki implikasi kebijakan antara lain perlunya intervensi pemerintah di pasar sekunder melalui buyback dan debt switch, pemberlakuan minimum holding period, memperkuat fungsi pengawasan dan supervisi, menembangkan kerangka Bond Stabilization Fund (BSF), dan mempromosikan obligasi pembiayaan proyek, Tingginya porsi kepemilikan asing pada Obligasi Negara (ON) domestik dapat meningkatkan likuiditas dan mengurangi biaya pinjaman pemerintah. Namun demikian, hal ini juga menyimpan risiko dalam hal sudden reversal. Penelitian ini mengamati perilaku investor asing di pasar ON domestik dengan mempergunakan model vektor auto regresi (VAR). Dua faktor yang mempengaruhi perilaku asing di pasar ON domestik yaitu pull factor atau faktor internal dan push factor atau faktor eksternal. Hasil temuan dari estimasi VAR menunjukkan bahwa harga minyak, sebagai faktor eksternal, secara positif menggerakkan arus dana asing. Analisa dari hasil estimasi Impulse Response Function (IRF) menunjukkan bahwa gejolak dari arus dana asing secara negatif saling mempengaruhi yield ON, leading indicator, dan volatilitas nilai tukar, tetapi berpengaruh positif terhadap tingkat suku bunga. Berdasarkan analisa diatas, penelitian ini memiliki implikasi kebijakan antara lain perlunya intervensi pemerintah di pasar sekunder melalui buyback dan debt switch, pemberlakuan minimum holding period, memperkuat fungsi pengawasan dan supervisi, menembangkan kerangka Bond Stabilization Fund (BSF), dan mempromosikan obligasi pembiayaan proyek]

Abstrak :
[ABSTRAK
Tingginya porsi kepemilikan asing pada Obligasi Negara (ON) domestik dapat meningkatkan likuiditas dan mengurangi biaya pinjaman pemerintah. Namun demikian, hal ini juga menyimpan risiko dalam hal sudden reversal. Penelitian ini mengamati perilaku investor asing di pasar ON domestik dengan mempergunakan model vektor auto regresi (VAR). Dua faktor yang mempengaruhi perilaku asing di pasar ON domestik yaitu pull factor atau faktor internal dan push factor atau faktor eksternal. Hasil temuan dari estimasi VAR menunjukkan bahwa harga minyak, sebagai faktor eksternal, secara positif menggerakkan arus dana asing.

Analisa dari hasil estimasi Impulse Response Function (IRF) menunjukkan bahwa gejolak dari arus dana asing secara negatif saling mempengaruhi yield ON, leading indicator, dan volatilitas nilai tukar, tetapi berpengaruh positif terhadap tingkat suku bunga. Berdasarkan analisa diatas, penelitian ini memiliki implikasi kebijakan antara lain perlunya intervensi pemerintah di pasar sekunder melalui buyback dan debt switch, pemberlakuan minimum holding period, memperkuat fungsi pengawasan dan supervisi, menembangkan kerangka Bond Stabilization Fund (BSF), dan mempromosikan obligasi pembiayaan proyek.

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ABSTRACT
High foreign ownership of domestic government bonds (GB) could generate liquidity and reduce governments? cost of borrowing. However, they also contain risk in the case of sudden reversal. This study investigates the behavior of the foreign investors in the domestic Indonesian GB market by applying the vector auto regression (VAR) model. There are two factors that could determine foreign behavior in the domestic GB market, namely pull (or internal) factors and push (or external) factors. The finding from the VAR estimation provides evidence that oil price, as a push factor, positively drives foreign capital flows.

Dynamic analysis from the Impulse Response Function (IRF) shows that the shock of foreign capital flows negatively respond to GB yield, leading indicator, and exchange rate volatility, and vice versa. However, it has a positive impact on interest rates and vice versa. Based on its results, this study has important policy implications, such as government intervention in the secondary market through buyback and debt switch, application of a minimum holding period, strengthening the control and supervision body, construction of a Bond Stabilization Fund framework, and promotion of project-financing bonds.;High foreign ownership of domestic government bonds (GB) could generate liquidity and reduce governments? cost of borrowing. However, they also contain risk in the case of sudden reversal. This study investigates the behavior of the foreign investors in the domestic Indonesian GB market by applying the vector auto regression (VAR) model. There are two factors that could determine foreign behavior in the domestic GB market, namely pull (or internal) factors and push (or external) factors. The finding from the VAR estimation provides evidence that oil price, as a push factor, positively drives foreign capital flows. Dynamic analysis from the Impulse Response Function (IRF) shows that the shock of foreign capital flows negatively respond to GB yield, leading indicator, and exchange rate volatility, and vice versa. However, it has a positive impact on interest rates and vice versa. Based on its results, this study has important policy implications, such as government intervention in the secondary market through buyback and debt switch, application of a minimum holding period, strengthening the control and supervision body, construction of a Bond Stabilization Fund framework, and promotion of project-financing bonds.;High foreign ownership of domestic government bonds (GB) could generate liquidity and reduce governments? cost of borrowing. However, they also contain risk in the case of sudden reversal. This study investigates the behavior of the foreign investors in the domestic Indonesian GB market by applying the vector auto regression (VAR) model. There are two factors that could determine foreign behavior in the domestic GB market, namely pull (or internal) factors and push (or external) factors. The finding from the VAR estimation provides evidence that oil price, as a push factor, positively drives foreign capital flows. Dynamic analysis from the Impulse Response Function (IRF) shows that the shock of foreign capital flows negatively respond to GB yield, leading indicator, and exchange rate volatility, and vice versa. However, it has a positive impact on interest rates and vice versa. Based on its results, this study has important policy implications, such as government intervention in the secondary market through buyback and debt switch, application of a minimum holding period, strengthening the control and supervision body, construction of a Bond Stabilization Fund framework, and promotion of project-financing bonds.;High foreign ownership of domestic government bonds (GB) could generate liquidity and reduce governments? cost of borrowing. However, they also contain risk in the case of sudden reversal. This study investigates the behavior of the foreign investors in the domestic Indonesian GB market by applying the vector auto regression (VAR) model. There are two factors that could determine foreign behavior in the domestic GB market, namely pull (or internal) factors and push (or external) factors. The finding from the VAR estimation provides evidence that oil price, as a push factor, positively drives foreign capital flows. Dynamic analysis from the Impulse Response Function (IRF) shows that the shock of foreign capital flows negatively respond to GB yield, leading indicator, and exchange rate volatility, and vice versa. However, it has a positive impact on interest rates and vice versa. Based on its results, this study has important policy implications, such as government intervention in the secondary market through buyback and debt switch, application of a minimum holding period, strengthening the control and supervision body, construction of a Bond Stabilization Fund framework, and promotion of project-financing bonds.;High foreign ownership of domestic government bonds (GB) could generate liquidity and reduce governments? cost of borrowing. However, they also contain risk in the case of sudden reversal. This study investigates the behavior of the foreign investors in the domestic Indonesian GB market by applying the vector auto regression (VAR) model. There are two factors that could determine foreign behavior in the domestic GB market, namely pull (or internal) factors and push (or external) factors. The finding from the VAR estimation provides evidence that oil price, as a push factor, positively drives foreign capital flows. Dynamic analysis from the Impulse Response Function (IRF) shows that the shock of foreign capital flows negatively respond to GB yield, leading indicator, and exchange rate volatility, and vice versa. However, it has a positive impact on interest rates and vice versa. Based on its results, this study has important policy implications, such as government intervention in the secondary market through buyback and debt switch, application of a minimum holding period, strengthening the control and supervision body, construction of a Bond Stabilization Fund framework, and promotion of project-financing bonds.;High foreign ownership of domestic government bonds (GB) could generate liquidity and reduce governments? cost of borrowing. However, they also contain risk in the case of sudden reversal. This study investigates the behavior of the foreign investors in the domestic Indonesian GB market by applying the vector auto regression (VAR) model. There are two factors that could determine foreign behavior in the domestic GB market, namely pull (or internal) factors and push (or external) factors. The finding from the VAR estimation provides evidence that oil price, as a push factor, positively drives foreign capital flows. Dynamic analysis from the Impulse Response Function (IRF) shows that the shock of foreign capital flows negatively respond to GB yield, leading indicator, and exchange rate volatility, and vice versa. However, it has a positive impact on interest rates and vice versa. Based on its results, this study has important policy implications, such as government intervention in the secondary market through buyback and debt switch, application of a minimum holding period, strengthening the control and supervision body, construction of a Bond Stabilization Fund framework, and promotion of project-financing bonds.;High foreign ownership of domestic government bonds (GB) could generate liquidity and reduce governments? cost of borrowing. However, they also contain risk in the case of sudden reversal. This study investigates the behavior of the foreign investors in the domestic Indonesian GB market by applying the vector auto regression (VAR) model. There are two factors that could determine foreign behavior in the domestic GB market, namely pull (or internal) factors and push (or external) factors. The finding from the VAR estimation provides evidence that oil price, as a push factor, positively drives foreign capital flows. Dynamic analysis from the Impulse Response Function (IRF) shows that the shock of foreign capital flows negatively respond to GB yield, leading indicator, and exchange rate volatility, and vice versa. However, it has a positive impact on interest rates and vice versa. Based on its results, this study has important policy implications, such as government intervention in the secondary market through buyback and debt switch, application of a minimum holding period, strengthening the control and supervision body, construction of a Bond Stabilization Fund framework, and promotion of project-financing bonds., High foreign ownership of domestic government bonds (GB) could generate liquidity and reduce governments’ cost of borrowing. However, they also contain risk in the case of sudden reversal. This study investigates the behavior of the foreign investors in the domestic Indonesian GB market by applying the vector auto regression (VAR) model. There are two factors that could determine foreign behavior in the domestic GB market, namely pull (or internal) factors and push (or external) factors. The finding from the VAR estimation provides evidence that oil price, as a push factor, positively drives foreign capital flows. Dynamic analysis from the Impulse Response Function (IRF) shows that the shock of foreign capital flows negatively respond to GB yield, leading indicator, and exchange rate volatility, and vice versa. However, it has a positive impact on interest rates and vice versa. Based on its results, this study has important policy implications, such as government intervention in the secondary market through buyback and debt switch, application of a minimum holding period, strengthening the control and supervision body, construction of a Bond Stabilization Fund framework, and promotion of project-financing bonds.]