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Fragile Balance of Payment in Indonesia in the Midst of Recent Global Economic Uncertainties

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  • Siregar, Reza
  • Wihardja, Monica

Abstract

Amid global financial turbulent, the economy of Indonesia posted an annual average growth of above 6 per cent between 2008 and 2012, except in 2009. This was arguably among the most stable growth performance among the regional economies of East and Southeast Asia. The strength of domestic demand has indeed been a primary driver of the remarkably stable growth performance. However, the uncertainties with the advanced economies, particular in the US and the European Union, had negatively affected the local economy and exposed a number of apparent weaknesses with the Indonesian economy. A couple of these vulnerabilities are worth highlighted as they are arguably structural in nature. First is the country banking sector’s exposure to global cross-border bank lending activities. Second factor has to do with the persistent current account deficit and its link to long-standing fiscal policy of fuel subsidy and global commodity market.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 49027.

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Date of creation: 15 Aug 2013
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Handle: RePEc:pra:mprapa:49027

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Keywords: Current Account; Capital Account; Global Financial Crisis; Energy Subsidy and Commodities;

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  1. Kulwant Rai & Herman Kamil, 2010. "The Global Credit Crunch and Foreign Banks' Lending to Emerging Markets," IMF Working Papers 10/102, International Monetary Fund.
  2. Ralph de Haas & Iman van Lelyveld, 2006. "Internal Capital Markets and Lending by Multinational Bank Subsidiaries," DNB Working Papers 101, Netherlands Central Bank, Research Department.
  3. Siregar, Reza Yamora & Lim, CS Vincent, 2010. "The Role of Central Banks in Sustaining Economic Recovery and in Achieving Financial Stability," MPRA Paper 20846, University Library of Munich, Germany.
  4. Victor Pontines & Reza Siregar, 2012. "How Should We Bank With Foreigners? An Empirical Assessment of Lending Behaviour of International Banks to Six East Asian Countries," CAMA Working Papers 2012-04, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  5. Siregar, Reza Y., 2002. "Interest Rate Policy And Its Implication On The Banking Restructuring Programs In Indonesia During The 1997-Financial Crisis: An Empirical Investigation," EIJS Working Paper Series 154, The European Institute of Japanese Studies.
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