Hasil Pencarian  ::  Simpan CSV :: Kembali

"ABSTRACTWe develop a financial condition index (FCI) and examine the effects of monetarypolicy on financial conditions in Indonesia. We show that our FCI tracks financialconditions quite well because it captures key financial events (the Asian financialcrisis of 1997 - 1998, the Indonesian banking crisis, and the global financial crisis andits aftermath). A unique feature of our FCI is that it is quarterly and thus offers nearreal-time development in financial conditions. We also show that monetary policyshapes the FCI. A contractionary monetary policy leads to unfavourable financialconditions during the first two quarters, followed by favourable financial conditionsfor nearly three quarters. This finding is robust to an alternative identification strategy.Our findings highlight the critical role of the monetary authority in shaping financialconditions in Indonesia."

"Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools.Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets.This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy."

"The paper examines the interaction of fiscal and monetary policy and the effectiveness of Inflaction Targetting Framework (ITF) using vector Autoregression (VAR) method in Indonesia from 2000 to 2013. The study uses model that is estimated from the Nordhaus approach and the secondary data obtained from Federal Reserve St.Lois (FRED) and CEIC. The study shows the absence of fiscal dominance in Indonesia and the ITF is moderately effective in achieving targeted inflation rate. Tightening monetary policy by bank Indonesia is able to affect almost 30 per-cent the change in inflation variability after two year. Expansionary fiscal policy is only able to reduce the unemployment in a very short term, which will potentially lead to inflation. The results suggest that in a short term the coordination of fiscal and monetary policy is needed and effective to archieve lower unemployment and minimize the gap between the targeted and actual inflation . "