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Regional Economic Integration, Mobility Of Production Factors And The Role Of Central Bank

Author

Listed:
  • Haris Munandar

    (Bank Indonesia)

  • Ferry Kurniawan

    (Bank Indonesia)

  • Oki Hermansyah

    (Bank Indonesia)

Abstract

Penelitian ini menunjukkan bahwa dalam perekonomian yang terintegrasi penuh yang memungkinkan pergerakan input dan output secara bebas, maka proporsi output dalam perekonomian akan sama dengan proporsi input produktif (yakni physical dan human capital). Ini kami sebut sebagai hubungan proporsional (equal-share relationship). Hubungan ini juga berlaku ketika terdapat perbedaan teknologi atau perbedaan biaya pergerakan input lintas sektor dengan syarat input dan output ini diukur dengan benar dalam merefleksikan perbedaan biaya tersebut. Dalam suatu perekonomian yang terintegrasi, hubungan proporsional ini membatasi distribusi input dan output. Selain itu, hubungan proporsional ini sekaligus memberikan batasan pengambilan kebijakan yang dapat mempengaruhi perkembangan setiap sektor dalam perekonomian yang terintegrasi penuh. Disini investasi memainkan peranan kunci dalam menentukan distribusi produksi. Dengan aplikasi teknik analisis panel pada data negara ASEAN, penelitian ini menelusuri dampak kebijakan moneter terhadap investasi. Hasil penelitian menunjukkan: (i) bank sentral melalui kebijakan moneternya memberikan pengaruh yang signifikan terhadap kinerja investasi, (ii) inflasi yang rendah dan stabilitas perekonomian secara signifikan meningkatkan investasi. Menyongsong terbentuknya ASEAN Economic Community, temuan ini menegaaskan peran penting bank sentral dalam meningkatkan investasi.

Suggested Citation

  • Haris Munandar & Ferry Kurniawan & Oki Hermansyah, 2008. "Regional Economic Integration, Mobility Of Production Factors And The Role Of Central Bank," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 11(1), pages 5-20, July.
    • Handle: RePEc:idn:journl:v:11:y:2008:i:1:p:5-20
    DOI: https://doi.org/10.21098/bemp.v11i1.233
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    References listed on IDEAS

    as
    1. Jeffrey D. Sachs & Andrew Warner, 1995. "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 1-118.
    2. Harry P. Bowen & Haris Munandar & Jean-Marie Viaene, 2005. "The Limiting Distribution of Production in Integrated Economies: Evidence from US States and EU Countries," Tinbergen Institute Discussion Papers 05-045/2, Tinbergen Institute.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    distribusi produksi; pertumbuhan; mobilitas input; kebijakan moneter; integrasi; ASEAN;
    All these keywords.

    JEL classification:

    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • F15 - International Economics - - Trade - - - Economic Integration
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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