Pertumbuhan Ekonomi dan Neraca Pembayaran Indonesia 1980 - 1986 : Suatu Pendekatan Keynes dan Monetarst  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: KELOLA Gadjah Mada University Business Review vol. VII no. 18 (1998), page 32-44.
Topik: economic growth; indonesia; moneter; keynes; monetarist

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Perpustakaan Pusat (Semanggi) Nomor Panggil: KK11.5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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The foreign sector has played a key role in indonesia's economic development. Real GNP grew at an annual rate of 7 percent - 8 percent over the 1980 - 1996 period a significant result of foreign capital inflows which helped to fill the current account deficit. This study presents a synthesis of keynesian and monetarist approaches to the balance of payments, by developing a general model that incorporates the behavioural relationship of both approaches. This is archiever by estimating the monetarist and keynesian function developed by frenkel. The important relationship is these two functions is between income (Y) and foreign exchange reserves (R). As expected, the estimation confirms both theories : a negative relationship in the keynesian approach and a positive relationship in the monetarist approach. With regard to its effect on the balance of payments, devaluation has had a positive effect in both the keynesian and monetarist models : through changes in exchange rate, devaluation can improve the balance of payments. Another important relationship found in estimating the M - function is the negative relationship between reserves and domestic credit, as expected by theory. An increase in domestic credit will push up the money supply. People try to get rid of the excess money by investing abroad thereby creating a reserves outflow. Finally, the implication for investment decisions which can be drawn from studying balance of payments is that it wise to invest in a country that has a balance of payment surplus. Do not buy a currency from country that has balance of payments deficit.

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