Peran Pasar Modal Dalam Pembangunan Ekonomi Indonesia  

Oleh:

Na'Im, Ainun

Jenis: Article from Bulletin/Magazine
Dalam koleksi: KELOLA Gadjah Mada University Business Review vol. VI no. 14 (1997), page 1-17.
Topik: STOCK EXCHANGES; capital market; indonesian economy; regulation; inflation rate; interest rate; asymmetric information
Fulltext: Peran Pasar modal Pembangunan ekonomi.pdf (1.95MB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: KK11.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This article discusses the role of the indonesian capital market in the indonesian economic development. The role of the capital market is examined from the perspective of its relationship with macroeconomic indicators such as interest rate and inflation rate. The capital market is also examined in comparisons with other emerging capital markets in asia such as those in singapore, taiwan, malaysia and thailand. Further, this article also discusses the role of the information regulation on the efficiency of indonesian capital market. Indonesian capital market is categoirzed as thin market, with low market returns and relatively high risk. The examination of the relationship between market stock returns and interest and inflation rate indicates inconssitent results with those in established capital markets such as in new york stock exchange. This inconsistency may be due to the lack of information asymmetry among the market participants. Since 1995, there have been changes in information and capital market regulations by the announcement of (indonesian) financial accounting standards and securities act no. 8, 1995. These changes in regulation may contribute and provide some promises on the development of the indonesian capital market. In addition, the application of jakarta automated trading system may increase the efficiency of the market. In the future, the role of the capital market will depend on the indonesian economy and the enforcement of the (information) regulations.

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