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"Despite the challenges encountered in 2004, Indonesia's economy sustained a favorable performance and is predicted to show a stronger recovery, along with improvements in the components of GDP in 2005. Mutually supportive monetary and fiscal policies have helped maintaining the momentum of economic recovery. Reflecting the progress achieved in 2004 and looking forward to the economic prospects in 2005, at least four main structural challenges ahead be addressed, namely maintaining macroeconomic stability, dealing with unemployment and poverty, financing economic growth without loosening the efforts of maintaining macroeconomic stability, and confronting challenges concerning banking consolidation. Some points can be iterated from the recent progress and from the 2005 prospects for the Indonesian economy. Economic progress in 2004 is the result of Indonesia' s important efforts in laying the foundation for a durable improvement of macroeconomic fundamentals. However, much remains to be done. Nonetheless the solid macroeconomic policy coordination between fiscal and monetary policies provides a sound basis to strengthen economic growth. Furthermore, a consistent implementation of the structural reform programs will allow economic growth to reach approximately 5.5% this year and will establish the basis for real growth rates of 6-7% over the medium-term. The support from the international community, both public and private, will also be a key to further strengthen Indonesian's growth prospects."

"The ratio of Non-Performing Loan (NPL) and Capital Adequacy Ratio (CAR) is still a measure of bank soundness in various countries including Indonesia. Interdependence across bank condition, diversity of the size, market structure within banking industry, and macroeconomic variables, may be very complex and dynamic. This paper utilizes the advantage of PVAR model on capturing this complexity to analyze the dynamic relationship between the macroeconomic variables and the soundness of the banks.The result shows NPL of banks with small asset will increases rapidly when interest rate fluctuates. For banks with large asset, the increase in interest rates leads to larger reduction on their CAR. On the other hand, the result show banks with smaller capital are less able to adapt quickly to an increase in NPL due to exchange rate depreciation, therefore banks with smaller capital should be cautious about the exchange rate risk."

""Once celebrated in the Western media as a shining example of a 'liberal' and 'tolerant' Islam, Indonesia since the end of the Soeharto regime (May 1998) has witnessed a variety of developments that bespeak a conservative turn in the country’s Muslim politics. In this timely collection of original essays, Martin van Bruinessen, our most distinguished senior Western scholar of Indonesian Islam, and four leading Indonesian Muslim scholars explore and explain these developments. Each chapter examines recent trends from a strategic institutional perch: the Council of Indonesian Muslim scholars, the reformist Muhammadiyah, South Sulawesi's Committee for the Implementation of Islamic Shari'a, and radical Islamism in Solo. With van Bruinessen's brilliantly synthetic introduction and conclusion, these essays shed a bright light on what Indonesian Muslim politics was and where it seems to be going. The analysis is complex and by no means uniformly dire. For readers interested in Indonesian Muslim politics, and for analysts interested in the dialectical interplay of progressive and conservative Islam, this book is fascinating and essential reading."—Robert Hefner, DirectorInstitute on Culture, Religion, and World Affairs, Boston University"

"The stock markets are becoming an essential and inseparable part of the economies in many countries, including Indonesia. The fact that stock markets indices become one of the indicators to determine the healthiness of country economics showing the importance of the stock market in a country. Whenever the stock market experiences a substantial decline, there is reason to fear that a recession may come. Thus, policymakers and the government have to be aware of this matter. Macroeconomics plays an essential role in economies activities as well as brings an effect to stock market performance. GDP as an indicator of economic growth, inflation that is limiting consumption, interest rate, and exchange rate are selected macroeconomic variables that affect the stock market performance. Using multiple regression analysis, it is known that GDP and inflation contributing to the rise of stock market value, albeit the effect of inflation is not significant. Contrary, interest rate and exchange rate bring a negative impact on the stock market performance, primarily interest rate, which has a significant effect."