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DAMPAK PEMBALIKAN MODAL DAN THRESHOLD DEFISIT NERACA BERJALAN TERHADAP NILAI TUKAR RUPIAH

Bulletin of Monetary Economics and Banking

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Title DAMPAK PEMBALIKAN MODAL DAN THRESHOLD DEFISIT NERACA BERJALAN TERHADAP NILAI TUKAR RUPIAH
 
Creator Nugroho, M. Noor
Ibrahim, Ibrahim
Winarno, Tri
Permata, Meily Ika
 
Description This paper studies the effects of foreign capital flows toward the exchange rate of rupiah both in total and across types of capital investment. This paper also analyzes the thresholds of current account deficit which significantly affect the rate of Rupiah. The estimation shows the capital outflow affect the rate of Rupiah to depreciate and is larger than the appreciation pressure of capital inflow (except when invested in Certificate of Bank Indonesia, SBI). Furthermore, the rate of Rupiah is more sensitive on government bond (SUN) than stock or SBI. The yield of this government bond largely affects the probability of the capital reversal. Related to the current account, the estimation shows that after exceeds the threshold of USD980 million monthly deficit or about 2% of GDP, the exchange rate will depreciate by 12.7% (m-o-m) with the lag effect of 4 months.  Keywords: Capital flows, exchange rate, current account deficit, threshold. JEL Classification: F31, F32
 
Publisher Bank Indonesia
 
Date 2014-09-17
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier https://www.bmeb-bi.org/index.php/BEMP/article/view/22
10.21098/bemp.v16i3.22
 
Source Buletin Ekonomi Moneter dan Perbankan; Vol 16 No 3 (2014): JANUARY; 219-246
Buletin Ekonomi Moneter dan Perbankan; Vol 16 No 3 (2014): JANUARY; 219-246
2460-9196
1410-8046
10.21098/bemp.v16i3
 
Language ind
 
Relation https://www.bmeb-bi.org/index.php/BEMP/article/view/22/15
 
Rights Copyright (c) 2015 M. Noor Nugroho, Ibrahim -, Tri Winarno, Meily Ika Permata