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Conference Paper
Econometric studies at Bank Indonesia
Conference Paper
Building the legal and regulatory framework
Journal Article
A currency board for Indonesia?
Conference Paper
Financial reform in Indonesia
Journal Article
Export competition and contagious currency crises
Conference Paper
Financial reform in Indonesia: causes, consequences, and prospects
Conference Paper
Financial reform and monetary control in Indonesia
Working Paper
Real exchange rate targeting and inflation in Indonesia: theory and empirical evidence
Early studies have shown that an exchange rate policy which attempts to stimulate exports through aggressive devaluations is often found to be inflationary. This study tests the validity of this hypothesis for the specific case of Indonesia. To analyze the possible inflationary consequence of the managed floating system of Indonesian rupiah, this paper conducts several times series testings to answer the following questions: (1) Can the study detect any significant effects of government's intervention in the foreign exchange market (forex) in explaining the fluctuations of rupiah?, (2) Has ...
Working Paper
Transaction costs in an emerging market: the case of Indonesia
Despite the dramatic increase in the flow of funds to emerging stock markets, relatively little is known about the cost of transacting on these markets. This paper estimates the execution costs of trading on a representative emerging market stock exchange, the Jakarta Stock Exchange (JSX). We find that execution costs are affected by the difficulty of the trade, the size of the firm traded, and the broker executing the trade. Surprisingly, we find that execution costs on the JSX are only modestly higher than average execution costs in several non-U.S. developed stock markets. In addition, we ...