Utang Luar Negeri dan Defisit Transaksi Berjalan Dalam Perekonomian Indonesia  

Oleh:

Prasetiantono, A. Tony

Jenis: Article from Bulletin/Magazine
Dalam koleksi: KELOLA Gadjah Mada University Business Review vol. V no. 12 (1996), page 96-110.
Topik: utang luar negeri; debt finance; deficit transaction; perekonomian; utang luar negeri

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: KK11.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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There are two big problems with the indonesian balance of payments. First, a large amount of foreign debt (US$ 89,5 billion at the end of 1993).Second, an increasing current account deficit, which reached an all time record of US$ 7,943 billion in the 1995 / 1996 fiscal year. Previous studies on foreign debt by winata (1994) and radelet (1995) revealed two important points. Winata concludes that there is no direct relationship between foreign debt and economic growth. This is a reasonable conclusion, since the government's foreign debt has been concentrated in infrastructure development. On the other hand, radelet concludes that indonesia is not headed toward a crisis in the immediate future. Borrowed funds have generally financed productive investments, contributing to rapid growth in GDP and exports since the late 1980s. This article examiens the relationship between foreign debt and current account deficit in indonesia, and explores the experiences of foreign debt in several developing countries. It concludes that foreign debt has the potential to fill a current account deficit. However, because of the current high level of foreign debt and the risk associated with this debt, this solution to the current account deficit is not to be recommended. This work also suggests rescheduling some megaprojects in order to control the import of large amount of capital goods and repressing the import of some consumption goods in order to stem the outflow of foreign currency. Furthermore it is suggested that more efforts to attract and realize direct foreign investment need to be made to solve the problem of the current account deficit.

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