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"Indonesia sebagai negara berkembang mempunyai beberapa karakteriktik pada ekonomi makronya, seperti kenapa gaji riil pada sektor non-traded lebih rendah dari pada sektor traded, sedangkan tingkat harga barang non-traded relatif lebih tinggi, kemudian selanjutnya pertumbuhan pekerja pada sektor traded relatif lebih tinggi daripada non-traded, menurut Balassa-Samuelson hal ini akan mempengaruhi nilai tukar riil sehingga pada akhirnya bisa menyebabkan penyimpangan nilai tukar Indonesia relatif terhadap negara lain. Pada skripsi ini dibahas mengapa terjadi penyimpangan nilai tukar Indonesia dengan Jepang, apakah undervalued atau overvalued, pembahasan terutama diarahkan ke differential produktifitas antara sektor Traded dan Non-Traded yang menyebabkan harga barang non-traded lebih mahal daripada barang traded yang pada gilirannya mempengaruhi rasio nilai tukar yang diukur berdasar PPP dan nilai tukar nominal. Dari hasil pengujian secara empiris ternyata nilai tukar Indonesia terhadap Jepang secara umum mengalami undervaluation seperti yang diprediksi oleh Balassa-Samuelson, terutama karena adanya perbedaan total produktifitas antara Indonesia dan Jepang."

"ABSTRAKDornbusch rsquo;s exchange rate overshooting hypothesis DOH merupakan salah satu teori terpenting dalam menjelaskan fenomena-fenomena dalam perekonomian internasional seperti pergerakan nilai tukar, harga, dan suku bunga. Namun, Rogoff 2002 berargumen bahwa teori tersebut tidak sepenuhnya dapat dibuktikan secaraempiris melalui data seperti yang ditemukan pada penelitian-penelitian sebelumnya contohnya: Kim Roubini, 2000, dan Favero Marcellino, 2004 . Melalui metodologi penelitiannya, Bjornland 2009 berhasil membuktikan bahwa DOH dapat dibuktikan secara empiris dengan menggunakan kerangka penelitian yang sesuai dengan asumsi-asumsi DOH. Meskipun demikian, penelitian tersebut memiliki kesimpulan yang bersifat unifikasi dan desain penelitiannya tidak menguji pelanggaran asumsi DOH namun hanya sebatas validasi atas metodologi yangdigunakan. Dengan menguji kedua reserach gap tersebut pada negara ASEAN-5, penelitian ini membuktikan bahwa DOH sensitif atau restriktif terhadap asumiasumsinya sehingga DOH tidak dapat dengan baik menjelaskan pergerakan nilai tukar, suku bunga, dan harga pada suatu negara yang memliki kondisi yang tidak sesuai dengan asumsi-asumsi DOH.

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ABSTRACTDornbusch rsquo s exchange rate overshooting hypothesis DOH is one of most important theory on explaining international economics phenomenons especially related to exhange rate, price and interest rate movement. However, Rogoff 2002 comments that DOH may unable to be tested empirically as supported by some findings in prior research i.e. Kim Roubini, 2000 and Favero Marcellino, 2004 . By using new methodology, Bjornland 2009 found that DOH is able to explain the exhange rate, price and interest rate movement if tested by using research framework which inline with DOH assumptions. Despite using proven methodology, Bjornland 2009 displays conclusion separately on each country and does not perform testing on assumption violation. By testing those two research gaps, this research found that DOH is sensitive or restrictive to its assumptions hence DOH unable to properly explain exchange rate, interest rate and price movement on a country with condition which not inline with DOH assumptions."

"ABSTRAKTesis ini membahas alasan mengapa Cina tidak mengambangkan nilai tukar matauangnya. Meningkatnya aktivitas perekonomian internasional Cina membuat nilaitukar mata uang Cina menjadi sorotan negara lain. Peran negara dalam mengontrolnilai tukar mata uang serta arus modal keluar dan masuk menjadi salah satu aspekkeberhasilan Cina dalam kemajuan perekonomian. Kondisi impossible trinityMundell-Fleming memperlihatkan tiga aspek perekonomian yaitu stabilitas nilaitukar, otonomi moneter dan mobilitas modal. Pada Cina, kondisi stabilitas nilai tukarmenjadi tujuan kebijakan nilai tukar mata uang Cina. Nilai tukar mata uang Cina,yuan menjadi penting karena kuatnya perekonomian Cina.

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AbstractThe purpose of this research is to elucidate the reason why China does not depeggedyuan renminbi. The increasing of China's international economic activities madeChina's currency highlighted by other countries. The role of state in controllingexchange rate and capital inflow/outflow become one aspect of China?s success ineconomic advance. The Condition of impossible trinity shows three conditions ineconomic, namely exchange rate stability, monetary autonomy and capital mobility.On China?s case the stability of exchange rate become policy goal of china?sexchange rate. The exchange rate of China, yuan is more important due to the strongchina?s economy."

"Penelitian ini bertujuan untuk menganalisis determinan nilai tukar rupiah dan menjelaskan besaran currency misalignment. Variabel yang digunakan dalam studi ini adalah terms of trade, net foreign asset, perbandingan harga barang nontraded dan traded, keterbukaan perdagangan dan perbedaan tingkat suku bunga riil. Penelitian ini menggunakan pendekatan Behavioral Equilibrium Exchange Rate (BEER) untuk mengestimasi nilai tukar ekuilibrium rupiah secara triwulanan selama periode 2000-2018.Hasil penelitian menemukan bahwa variabel yang merupakan determinan signifikan terhadap nilai tukar ekuilibrium jangka panjang adalah net foreign asset, terms of trade sedangkan dalam jangka pendek adalah terms of trade dan relatif harga non traded terhadap traded. Berdasarkan estimasi currency misalignment, disimpulkan bahwa rupiah cenderung mendekati nilai tukar ekuilibrium selama periode penelitian. Penemuaan studi ini menunjukkan bahwa rupiah masih rentan terhadap undervaluation shocks.

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This study aims to analyze the determinants of the rupiah exchange rate and explain the amount of currency misalignment. The variables used in this study are terms of trade, net foreign assets, price comparison of non traded and traded goods, trade openness and real interest rates differential. This study uses the Behavioral Equilibrium Exchange Rate (BEER) approach to estimate the equilibrium value rupiah quarterly over the period 2000-2018.The results of the study found that variables that are significant determinants of long run equilibirum exchange rates are net foreign assets and terms of trade while in the short term are terms of trade and relative non traded prices against traded. Based on the estimation of currency misalignment, it was concluded that rupiah tended to approach equilibrium exchange rates during the study period. The findings of this study indicate that rupiah is still vulnerable to undervaluation shocks."

"The literature is trying to explain the effectiveness of monetary policy in Indonesia in influencing the exchange rate under fixed and flexible exchange rate regime. The analysis is combined with their capital mobility relationship. The explanation based on the Mundell's famous trinity : The incompatible among fixed exchange rate, independent monetary policy and perfect capital mobility. The object of the research is Indonesia exchange rate experience between 1970-1994. Under the condition of sticky domestic price level and uncovered purchasing power parity, by using the two-countries asset-market model, the estimation of Indonesia exchange rate movement under fixed exchange rate regime (1971.1-1978.3) proved the Mundell's theorem, that the monetary policy does not compatible with the fixed exchange rate, while the liberalization of capital account did not followed by the opening of capital market, which made the condition of imperfect capital mobility because the capital is easy to move out but hard to move in. The condition was exacerbated with the financial repression at the time. Meanwhile under the preliminary period of flexible exchange rate, besides the imperfect capital mobility condition issue whis is caused by the not-well developing capital market, there is also a sequencing issue which impede the monetary policy. The issue was due to the lateness of the government to move the financial barriers under financial repression : The peg of interest rate and the peg of credit ceiling. While the flexible exchange rate regime had begun on the late of 1978, the financial repression barriers just removed out in the mid of 1983. One compulsory macro-economic condition which has to be fulfilled in order the monetary policy to have effectiveness in influencing the exchange rate under the flexible regime is the ability of interest rate to move up and down as needed. Otherwise, the result is somewhat alike with the monetary policy under the fixed exchange rate. This is shown up by the estimation in the period 1978.3-1983.2. This also explain why the 1982 monetary policy did not have the influence on the nominal exchange rate fluctuation, but succesfully made the inflation move slowlier. The estimation under flexible exchange rate after 1983 shows that the monetary policy is compatible with the flexible exchange rate, but still before 1988, the capital market had not been developed. The capital market was develop after the 1988 deregulation policy and it was integrated with the international market after 1992. This explain that some of the monetary policy had have the influence on the small fluctuation of the nominal exchange rate. Among those are the 1987 sterilitation policy and the 1990 tight money policy. While the 1991 sterilization policy, did not create any fluctuation on the nominal exchange rate. A small apreciation at the end of 1993 1 believed, was caused by the movement of short run capital. The estimation for the causality of the monetary policy and capital mobility to the exchange rate has shown that for the observation period, the monetary policies which have the effect on the variance of the exchange rate are the removed of the peg of the interest rate out, the sterilization policy and the 1988 reserve requirement policy. Capital mobility did not have the effect to the exchange rate variance."

"Lembaga asuransi syariah umum merupakan salah satu lembaga yang bertujuan untuk mengurangi risiko-risiko yang dihadapi masyarakat, dengan metode berbagi risiko dengan akad utama berdasarkan akad tolong menolong. Menurut Laporan Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam LK), industri asuransi umum syariah telah mengalami peningkatan baik dari premi yang diperoleh maupun dari segi kekayaan yang dimiliki perusahaan asuransi umum syariah. Berdasarkan laporan perkembangan tersebut, salah satu yang menjadi perhatian dari badan pengawas asuransi yaitu Bapepam LK adalah tingkat kesehatan keuangan asuransi umum syariah. Salah satu pengukuran dari tingkat kesehatan keuangan tersebut adalah dengan melihat tingkat solvabilitas dari perusahaan asuransi umum syariah. Sedangkan faktor internal yang diduga berpengaruh terhadap kesehatan keuangan asuransi umum syariah adalah firm size, investment performance, operating margin, premium growth, surplus growth, combined ratio dan liquidity. Penelitian ini bertujuan untuk menentukan faktor internal apa saja yang berpengaruh terhadap kesehatan keuangan asuransi umum syariah dengan menggunakan model regresi logit. Berdasarkan hasil analisa regresi logit, diperoleh bahwa faktor yang menjadi penentu kesehatan keuangan asuransi umum syariah di Indonesia adalah faktor firm size, investment performance, operating margin dan liquidity.

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Sharia general insurance (takaful) is an institution that aims to reduce the risks faced by the community, by sharing risk method with a major contract by risk sharing contract. According to reports of Badan pepam LK, the general insurance industry has increased both from premiums earned and the wealth owned by the general Islamic insurance companies.

According to the progress report, one concern of the Bapepam LK is the health of Islamic finance general insurance. One measure of the level of financial health is to look at the level of solvability of the Islamic general insurance company.

This study aims to determine what internal factors that affect the financial health Takaful seen from the ratio of solvability. Meanwhile internal factor that affect the financial health of general insurance company are firm size, investment performance, operating margin, premium growth, surplus growth, combined ratio and liquidity. "

"Dari studi Langoni (1987) diketahui bahwa bagi negara-negara yang tergolong memiliki utang luar negeri yang relatif besar dan ketergantungan ekonomi dalam negcrinya terhadap ekonomi dunia relatif tinggi, upaya pengendalian nilai tukar mata uang negara agar temp stabil sangat penting dalam menunjang kestabilan ekonomi negara secara keseluruhan menurun. Menurut World Bank (1996), lima negara yang memiliki utang luar negeri melebihi 100 miliar US dollar pada tahun 1995. adalah Meksiko. Brazil. Cina, India. dan Indonesia.Untuk kasus Indonesia, pada tahun 1995, persentase ekspor ditambah impor dalam PUB (produk domestik bruto) relatif mencapai sekitar 62 pcrsen. Memperhatikan keadaan perekonomian Indonesia serta mengacu pada studi Langoni. maka pengendalian nilai tukar rupiah sangat penting dalam nienciptakan kestabilan perekonomian negara secara keseluruhan."

"Fokus dari penelitian ini adalah meneliti dan menganalisis bagaimana pengaruh nilai tukar terhadap impor kapas di Indonesia. Selain itu pengaruh faktor-faktor lain seperti pendapatan domestik, harga relatif turut digunakan dalam penelitian ini. Analisa pengaruh variabel nilai tukar dan variabel pendapatan domestik, harga relatif terhadap impor kapas di Indonesia menggunakan metode kointegrasi dan error correction model. Data yang dipergunakan untuk analisis dalam tesis ini adalah data sekunder, yang merupakan data time series kuartalan dari 1990: QI sampai 2006: Q2.Pengujian model pada jangka panjang menghasilkan signifikansi pengaruh nilai tukar terhadap impor kapas Indonesia. Variabel pendapatan domestik dan harga relatif juga menunjukkan signifikansi pengaruh terhadap impor kapas Indonesia. Untuk pengujian model pada jangka pendek menghasilkan signifikansi pengaruh nilai tukar terhadap impor kapas Indonesia. Selain itu pada jangka pendek permintaan kapas periode sebelumnya, pendapatan riil, harga relatif dua periode sebelumnya juga menunjukkan signifikansi terhadap impor kapas.

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The Focus of this research is to research and analyze how the impact of exchange rate on Indonesia's cotton import. Meanwhile, the other factors, i.e. domestic income, relative price are also used in this research. Analysis of the impact of variables, i.e. variable of exchange rate, variable of domestic income on Indonesia's cotton imports uses co integration method and error correction model. Data which is used in this research is secondary data which is time series data with quarterly data from 1990: Q1 until 2006:Q2.In the long term of model examination, variable of exchange rate significantly influences Indonesia's cotton import. Meanwhile, variable of domestic income and relative price also significantly inflence Indonesia's cotton imports. In the short term, the variable of exchange rate significantly influences Indonesia's cotton imports. Meanwhile some variables, i.e. variables of demand for cotton which is period is a quarter before, variables of real income, variable of relative price which is periods is two quarter before also significantly influence Indonesia's cotton import."