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Abstract - Oil Price Pass-through on Domestic Inflation: Oil Importing Versus Oil Exporting Countries
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Abstract: Previous studies have evident the effects of oil price changes on domestic inflation. However, such effects may vary due to oil dependency factor. This paper extends the examination on two panel groups, namely the oil importing and oil exporting countries. Each group consists of ten countries. Besides, we also compare the relative effects of oil price with other shocks (domestic output, exporter’s production cost and real exchange rate) on domestic inflation (consumer price and producer price). Our results capture significant pass-through effect from oil price changes on domestic inflation at producer and consumer levels. However, oil price is not the main determinant to domestic inflation. The oil price pass-through effect differs between oil importing versus oil exporting groups across consumer and producer levels. Higher oil price causes to higher production price inflation but does not lead to higher consumer price inflation in both groups of countries. The oil price effect together with exchange rate, foreign cost production and GDP have significant long-run impact on domestic inflation in both groups of countries. The joint effects are small and not significant in the short-run. Oil dependency and effective monetary policy matter on determining the effect of oil price changes on domestic inflation. Keywords: Oil price pass-through, consumer and producer price inflation, monetary policy. |
Abstract - The Evaluation of Fiscal Decentralization in Indonesia Based on the Degree of Regional Autonomy
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Abstract: The implementation of regional autonomy in Indonesia has lasted almost 18 years. However, the success of regional autonomy has not been optimal. Some researchers discovered the existence of limitation of Regional Government Budget. This study investigates the presence of the degree of regional autonomy and its impact on social welfare using data covering all districts in Indonesia from 2013 to 2016. To test hypotheses, we first group districts based on the degree of regional autonomy and than test the existence of the degree of regional autonmy and its impact on social welfare simultaneously on each of regional autonomy degree. Partial Least Square release 6 is used to test hypotheses. The results show that the fiscal decentralization has a significant effect on capital expenditure in districts’ APBD in Indonesia but has no significant effect on economic growth and social welfare of districts in Indonesia; capital expenditure in districts’ APBD in Indonesia has a significant effect on the economic growth and social welfare of the districts in Indonesia; and economic growth has no significant effect on the social welfare of the districts in Indonesia. The significance of the influence between variables depends on the degree of regional autonomy. Keywords: Fiscal decentralization, capital expenditure, growth, welfare, degree of regional autonomy. |
Abstract - Corporate Governance and Bank Performance: Global Financial Crisis 2008
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Abstract: This research examine the role of Corporate Governance on bank performance; pre and during global financial crisis 2008. Using 2006 to 2009 data of 27 banks listed in Indonesia Stock Exchange is as research sample. Board, Family and Foreign Ownership as an internal Corporate Governance mechanism and Audit Quality is a proxy for external mechanism. Moderated Regression Analysis is applied. The result shows that there is no role of Corporate Governance in pre-global financial crisis. In addition, this study documented that the role of Corporate Governance practices is poor during global financial crisis 2008, especially 2009. Keywords: Corporate Governance, bank performance and Global Financial Crisis. |
Abstract - Investigating the Relationship on CO2, Energy Consumption and Economic Growth: A Panel Data Approach
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Abstract: In this study, empirical analysis is conducted to reveal the relationship between three variables: energy consumption, GDP and CO2. The analysis is based on 13 oil importing countries and 11 oil exporting countries. The main objectives are (1) to reveal the long-run relationship based on three different models using second generation panel unit-root and panel cointegration tests and (2) to investigate the short-run relationship between pairs of variables using VAR Granger causality test. The panel unit root tests indicate that each variable is integrated of order one, I(1). Based on cointegration tests, the results reveal a long-run relationship in one of the models in both countries. The VAR Granger Causality shows evidence of a short-run relationship between the variables in both groups of countries. Keywords: CO2, energy, growth, panel data. |
