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Abstrak :
In economic political debates, it has been endeavoured increasingly frequently in Hungary since 2002 to reassess the economic role of each sector. Attempts to relieve the state budget affect a broadening range of public services, and standpoints more on the radical side doubt justification for state financing even in case of previously consensual public services. Reassessment of the state's functions and duties is particularly observable in sectors where the link between financing and output is indirect or where the social benefit of output is only partially or not at all measureable in pecuniary terms.

Abstrak :
Reformation in Indonesian government offices leads to many substantial changes, and demands improved job performances while arguably loading employees with more work. This research aims to understand factors that potentially influence job performance in Indonesian government offices that carries on such reformation. Using adapted scales from previous studies, this research investigates the role of workload, responsibility for others (level of responsibility to care for other people) and need for achievement on employee?s performance. A survey to all full-time workers in an Indonesian government office is conducted. Contrary to expectation, workload does not influence employee?s performance. Instead, regression analysis demonstrates that, employee?s need for achievement and responsibility for others are significant factors affecting individual performance. These results are important because they highlight the significance of need for achievement for the success of reformation in this office, and by extension for reformation in Indonesia. The results are also interesting because this is the first study that points out to the role of responsibility for others in influencing individual performance in Indonesia which is characterized by collectivistic culture. This paper discusses the contributions of these results for theory and practice.

Abstrak :
This paper is motivated by the fact that emerging market assets size has been expanding and trying to use sovereign debt market as part of capital market as main research focus. It is highlighting the distinction between default and non-default determinants and examining their significance in explaining emerging market sovereign bond yield spread. Using Cross-Sectional Fixed-Effect Panel Estimator, we found that both default (as proxied by Credit Rating and Outlook Index) and non-default (as proxied by 3-month Fed Funds Futures) determinants has significant explanatory power to sovereign bond yield spread. Extensively, we also found the significance to add volatility of 3-month Fed Funds Futures and Fed Target Rate basis and volatility of advanced stock markets as variables to stand for non-default determinants in the model. The significance of the latter model is strengthened by higher forecasting as well as indicates the significant role of US market to emerging market sovereign bond market.

Abstrak :
Getting sovereign credit rating upgrades and achieving investment grade status are main goals for countries in order to gain lower yield spread and cost of borrowing. By using ordinary least square method, this research is aimed to analyze the impact of Indonesia sovereign credit rating upgrade and investment grade status on sovereign spread changes. The result shows that the sovereign credit rating upgrades within speculative grade category and investment grade status for Indonesia do not significantly impact sovereign spread reduction. On the other hand, the global condition, especially global risk appetite, has significant impact to Indonesia sovereign yield spread. The research also indicates that Indonesia macroeconomic fundamentals do not significantly explain the movement of sovereign yield spread.