Pengujian Tingkat Mobilitas Modal Di Indonesia Dengan Pendekatan Jeffrey D. Sachs

• Main Author: Perpustakaan UGM, i-lib
• Format: Article NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2001
• Subjects: Jurnal i-lib UGM
• Online Access: https://repository.ugm.ac.id/25971/; http://i-lib.ugm.ac.id/jurnal/download.php?dataId=8979
• Institution: Universitas Gadjah Mada

ABSTRACT The objective of this paper is to lest capital mobility in Indonesia for the period of 1970-1998 with Jeffrey D. Sachs 's approach. The tools of analysis are cointegration test, Engle-Granger Error Correction Model (EG-ECM), Insukindro-Error Correction Model (I-ECM) and JM test. The empirical results using EG-ECM and I-ECM shows that approach of Sachs's are useful to identify the degree of capital mobility in Indonesia. The empirical result of EG-ECM and I-ECM for the first approach Sachs failed to identify the degree of capital mobility in Indonesia. However, using second approach of Sachs, the empirical result of EG-ECM and 1-ECM show that in the short-run capital mobility in Indonesia is closely perfect�from Indonesia to foreign, but in the long-runs is imperfect. Morever, the empirical result of I-ECM shows shock variable in the short-run influences to current account over the period study. Using JM test, it indicates that I-ECM is superior than EG-ECM for explaining capital mobility in Indonesia. Key words: Capital mobility, Feldstein and Horioka approach, Jeffrey D. Sachs approach, Engle-Granger Error Correction Model, Insukindro-Error Correction Model and JM test.