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"Penelitian ini bermaksud untuk melihat beberapa aspek yang belum diteliti dalam studi tentang pengaruh aglomerasi terhadap keputusan lokasi perusahan asing di industri pengolahan Indonesia. Fokus ditekankan pada diferensiasi dua jenis aglomerasi berdasarkan jenis eksternalitas yang dihasilkan, yaitu localization externalities dalam aglomerasi perusahaan dalam industri yang sama (intraindustri) dan urbanization externalities dalam aglomerasi perusahaan berbagai jenis industri (inter-industri). Data tingkat perusahaan bersumber dari Sensus Ekonomi 2006. Model conditional logit (McFadden, 1974) digunakan untuk mengestimasi peluang dari keputusan lokasi pendirian perusahaan asing di industri pengolahan Indonesia. Aglomerasi intra-industri didapati memiliki pengaruh yang positif terhadap keputusan lokasi perusahaan FDI. Namun, aglomerasi inter-industri terbukti tidak memiliki pengaruh terhadap keputusan lokasi perusahaan FDI. Temuan ini menunjukkan bahwa eksternalitas lokalisasi lebih dominan dibandingkan eksternalitas urbanisasi. Walaupun begitu, pengaruh eksternalitas dari aglomerasi intra-industri ini relatif sangat kecil. Keputusan lokasi perusahaan asing di industri pengolahan Indonesia masih sangat dipengaruhi oleh ketersediaan sumber daya produksi. Sedangkan ketersediaan pasar tidak memberikan pengaruh pada keputusan lokasi perusahaan asing.

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This research intends to address several unexplored aspects in the study of the effect of agglomeration toward foreign firms' location decisions in Indonesia's processing industries. The main focus is the distinction between two types of agglomerations based on the different externalities that each one produced, which are localization externalities among firms in the same industry (intra-industry) and urbanization externalities among firms in diverse industries (inter-industry). The firm-level data is acquired from the Indonesian Economic Census of 2006.

Conditional Logit Model (McFadden, 1974) is used to estimate the probabilities of newly created foreign firms' location decisions in a particular province. Intraindustry agglomeration is found to have a positive influence toward the location decisions of foreign firms. On the other hand, inter-industry agglomeration seems to have no influence what so ever to the foreign firms' location decisions.

These results show that localization externalities are far more dominant compared to urbanization externalities. However, this intra-industry externality is considerably small. In fact, foreign firms' location decisions are still heavily influenced by the availability of production resources. While the availability of market does not have any effects to the foreign firms' location decisions."

"Perdagangan intra-industri merupakan fenomena yang mendapat banyak perhatian dari banyak peneliti, baik secara teoritis maupun secara empiris. Awalnya fenomena ini banyak terjadi di negara maju, yang kemudian menyebar ke negara-negara berkembang pada tahun-tahun terakhir. Namun, hanya sedikit studi yang telah dilakukan pada negara-negara berkembang secara umum dan belum ada penelitian yang telah dilakukan terhadap perdagangan intra-industri di Indonesia secara mendalam. Studi ini mengkaji pola dan faktor-faktor determinan perdagangan intra-industri di Indonesia, dengan menggunakan indeks Grubel- Lloyd. Kemudian, perdagangan intra-industri dipisahkan menjadi perdagangan intra-industri horisontal dan perdagangan intra-industri vertikal. Model ekonometrik digunakan untuk menjelaskan faktor-faktor penentu total perdagangan intra-industri, perdagangan intra-industri horisontal dan perdagangan intra-industri vertikal. Hasil penelitian menunjukkan bahwa indeks intra-industri di Indonesia cenderung meningkat pada periode 1991-200 . Secara umum, perdagangan intra- industri vertikal jauh lebih tinggi daripada perdagangan intra-industri horizontal dalam banyak kasus. Empat faktor penentu diidentifikasi untuk total perdagangan intra-industri yaitu, angka rata-rata PDB, selisih antara PDB, jarak geografis dan variabel dummy untuk AFTA, dan faktor-faktor penentu ini sama dengan factor- faktor untuk perdagangan intra-industri horisontal. Untuk perdagangan intra- industri vertikal, hanya ada tiga faktor penentu yang ditemukan signifikan yaitu, angka rata-rata PDB, selisih antara PDB, dan jarak geografis. Temuan ini sebagian besar sejalan dengan hasil penelitian sebelumnya.

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Intra-industry trade is a phenomenon which has received much attention from researchers, both theoretically an empirically. Initially a phenomenon in developed countries, it has expanded to developing countries in recent year. However, only a few studies have conducted on developing countries in general and none has been done on Indonesia’s intra-industry trade. This study investigates the patterns and determinants of Indonesia’s intra-industry trade, measuring it by Grubel-Lloyd index. Then, intra-industry trade is disentangled into horizontal IIT and vertical IIT. Econometric models are used to explain the determinants of total IIT, horizontal IIT or vertical IIT.

The results show that Indonesia’s intra-industry index has tended to increase from 1991 to 2000. In general, vertical intra-industry trade is much higher than horizontal intra-industry trade in most cases. Four determinants were identified for total IIT, the average of the GDP, the difference of GDP, geographical distance and dummy variable for AFTA, and the same determinants were formed for horizontal IIT. For vertical IIT, however, only three determinants were found significant, the average of the GDP, the difference of GDP, and geographical distance. These findings are mostly in line with the results of previous studies on intra-industry trade. "

"Dampak financial deepening terhadap pertumbuhan ekonomi telah menjadi debat selama beberapa dekade. Penelitian ini menganalisa dampak financial deepening terhadap pertumbuhan ekonomi tingkat propinsi di Indonesia periode tahun 2001 sampai dengan 2016. Penggunaan data level propinsi selain jarang ditemukan dalam literature juga untuk mengurangi heterogeinitas yang tidak teramati pada data cross section antar negara. Pendekatan financial deepening dalam penelitian ini dibatasi pada sisi perbankan mengingat dalam sistem keuangan Indonesia, peran perbankan masih sangat dominan dibandingkan sektor keuangan lainnya. Melalui pendekatan data panel, diperoleh hasil bahwa terdapat korelasi positif yang signifikan antara financial deepening dengan pertumbuhan ekonomi regional yang mendukung hipotesa supply leading (finance-led growth) pada penelitian-penelitian sebelumnya. Dalam kaitan ini diperlukan langkah serius pemerintah untuk terus melakukan pendalaman pasar keuangan domestik khususnya melalui sektor perbankan agar mampu memberikan dampak positif bagi pertumbuhan ekonomi.

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Impact of financial deepening to economic growth has been a debate for decades. This research analyzes the impact of financial deepening on provincial-level economic growth in Indonesia from 2001 to 2016. Besides The use of provincial level data is rarely found in the literature, the use of provincial-level data is also intended to reduce unobserved heterogeneity in cross-sectional data between countries. The financial deepening approach in this study is limited to the banking side considering that in Indonesia's banking sector is still very dominant compared to other financial sector. By Using data panel approach, the ratio between liquid liabilities to gross regional domestic product (PDRB) and the ratio between credits distributed by the banking sector to PDRB as a measurement of financial deepening, found a significant positive correlation between financial deepening with regional economic growth that supports supply lead hypothesis (finance-led growth) in previous studies. In this regard, Government must be seriously to enhance policy in order to deepen the domestic financial market, especially through the banking sector to encouraging economic growth."