DEFICIT FINANCING DI INDONESIA: SATU KAJIAN EMPIRIK
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Abstract
The fiscal policy has become an important issue in Asian countries, including Indonesia. In recent years, a number of papers have focused on the examination official performance, including fiscal sustainability and the relationship between fiscal and monetary variables. This paper attempts to analyze the relationship between fiscal variables, including government expenditure, tax and price in Indonesia. This paper applied cointegration and Vector Error Correction Model (VECM) to analyze the relationship between government expenditure and tax. The result shows that, there is strongly long run relationship between fiscal and monetary variables. A more active fiscal policy and a better fiscal management must be practiced in Indonesia.
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Sriyana, J. (2006). DEFICIT FINANCING DI INDONESIA: SATU KAJIAN EMPIRIK. Jurnal Ekonomi &Amp; Studi Pembangunan, 7(1), 87–108. Retrieved from https://journal.umy.ac.id/index.php/esp/article/view/3264
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References
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Philips, P.C.b and P. Perron, 1988, Testing for nit Roots in a Time Series Regressions, Biometrica, 33 5-46.
Poon, S.H. and C.W.J Granger, 2003, Forecasting Financial Market Volatility, Journal of Economic Literature, 41: 478-539.
Rose, D.C. dan D. R. Hakes, 1995, Deficits and Interest Rates as Evidence of Ricardian Equivalence, Eastern Economic Journal, Vol. 21, No. 1: 57- 81.
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Schuvnecht, Ludger, 2000, Fiscal Policy Cycles and Public Expenditure in Developing Countries, Public Choice, 102: 115-130.
Taggart, Dauglass Mc, Crhistoper Findlay. Michael Parkin, 1999, Macroeconomics, Addison-Wesley.
Thomas, R.L., 1997, Modern Econometrics, Addison Wesley, London.
Toda, Hiro Y and Peter C.B. Philips, 1993, VectorAutoregressive and Causality. Econometrica, Vol. 61, No. 6: 1367-1393.
Trehan, Bharat dan Carl E Walsh, 1990, Seigniorage and Tax Smoothing in United States 1914-1986, Journal of Monetary Economics, 20:97-112.
Tridimas, George, 2001, The Economics and Politics of The Structure of Public Expenditure, Public Choice, 106: 299-3 16.
Wolfson, M.H., 1995, Corporate Restructuring and The Budget Deficit Debate, Eastern Economic Journal, Vol. 19, No.4: 494-5 19.
Ahmed, Sulton and Kenneth V Greene, 2000, Is The Median Voter A Clear Cut Winner? Comparing The Median Voter Theory and Competing Theory in ExplainingLocal Government Spending, Public Choice, 102: 8-24.
Arestis, Philip., Mosahid Khan, dan Kul B. Luintel, 2002, Fiscal Deficits in Monetary Unions: A Comparasion of EMU and United States, Eastern Economic Journal, Vol.1, No.1, Winter: 89-104.
Berument, Hakan, 1994, Political Parties and Government Financing: Empirical Evidence for Industrialized Coutries, Southern Economic Journal, 61:511-5 18.
Chang, Tsang Yao, Wen Rong Liu dan Henry Thompson, 2002, The Vaiability of Fiscal Policy in South Korea, Taiwan and Thailand, ASEAN Economic Bulletin,Vol. 19, No.2: 170-177.
Dornbusch, R dan S Fischer, 1994, Macroeconomics, Mc-Graw Hill, Co.
Ekelund, Robert B, JR, and Robert T Hebert, 1990, A History of Economic Theory and Method, Mc Graw Hill, Co.
Engle, R.F., 1982, Autoregressive Conditional Heteroschedasticity with Estimates of Variance of United Kingdom Inflation, Economterica, 50: 987-1007
Engle, R.F., 1983, Statistical Models for Financial volatility, Financial Analysis Journal, 72-78.
Engle, R.F. dan C.W.J. Granger, 1987, Cointegration and Error Correction: Representation, Estimation and Testing, Econometrica, 55: 251-276.
Engle, R.F., 2001, GARCHI01 The Use of ARCH/GARCH Models in Aplied Econometrics, Journal of Economic Perspectives, 15: 157-168.106
Hondroyiannis, G dan Evangela Papapetrue, 2001, An Investigation of The Public Deficit and Government Spending Relationship: Evidence for Greece, Public Choice No. 107: 169 — 182.
Hendry, David F, 1995, Econometrics and Business Cycle Empirics, The Economic Journal, 105, November, 1622-1636.
Jaka Sriyana, 2003, Government Expenditure‘s Welafare Loss; The Case of Malaysia and Indonesia, International Seminar on Revaluation in Fiscal Policy, Kualalumpur.
Im, K.S, H. Pesaran dan Y. Shin, 2003, Testung for Unit Roots in Heterogeneous Panels, Journal of Econometrics, 115:53-74
Johansen, S. 1991, Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models, Econometrica, 37:427-43 8.
Johansen, S. dan K Juselius, 1990, Maximum Likelihood Estimation and Inference on Cointegration With application to The Demand for Money, Oxford Bulletin Economics and Statistics, 52: 169-210
Khao C and M.H. Chiang, 2000, On The Estimation and Inference of a Cointegrated Regression in Panels Data, in Baltagi, B., Fomby T.B. and Hill, R.c (eds), Advances in Econometrics: Nonstationary Panels, Cointegration in Panels and Dnamics Panels, 15: 179-222
Mankiw, N Gregory, 1987, The Optumum Collection of Seigniorage: Theory and Evidence, Journal of Monetary Economics, 20: 327-341.
Merifield, John, 2000, State Government Expenditure Determinants and Tax Revenue Determinants Revissited, Public Choice, 102: 25-50.
Pedroni, P. 1999, Critical Values for Cointegration tests in Heterogeous Panels with Multiple Regressors, Oxford Bulletin of Economics and Statistics, 49: 171-193
Philips, P.C.b and P. Perron, 1988, Testing for nit Roots in a Time Series Regressions, Biometrica, 33 5-46.
Poon, S.H. and C.W.J Granger, 2003, Forecasting Financial Market Volatility, Journal of Economic Literature, 41: 478-539.
Rose, D.C. dan D. R. Hakes, 1995, Deficits and Interest Rates as Evidence of Ricardian Equivalence, Eastern Economic Journal, Vol. 21, No. 1: 57- 81.
Sanep Ahmad dan dan Z A Azis, 2003, The Volatility Comparation of Islamic and Non Islamic Bonds, International Seminar on Revaluation in Fiscal Policy, Kualalumpur.
Syed Othman AL Habsy, 2000, Government Budget in Islamic Perspectij IKIM. Kualalumpur.
Schuvnecht, Ludger, 2000, Fiscal Policy Cycles and Public Expenditure in Developing Countries, Public Choice, 102: 115-130.
Taggart, Dauglass Mc, Crhistoper Findlay. Michael Parkin, 1999, Macroeconomics, Addison-Wesley.
Thomas, R.L., 1997, Modern Econometrics, Addison Wesley, London.
Toda, Hiro Y and Peter C.B. Philips, 1993, VectorAutoregressive and Causality. Econometrica, Vol. 61, No. 6: 1367-1393.
Trehan, Bharat dan Carl E Walsh, 1990, Seigniorage and Tax Smoothing in United States 1914-1986, Journal of Monetary Economics, 20:97-112.
Tridimas, George, 2001, The Economics and Politics of The Structure of Public Expenditure, Public Choice, 106: 299-3 16.
Wolfson, M.H., 1995, Corporate Restructuring and The Budget Deficit Debate, Eastern Economic Journal, Vol. 19, No.4: 494-5 19.