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Socialization: An important factor of redenomination success in Indonesia

Author

Listed:
  • Bulan Prabawani
  • Ita Hanika Musfirowati
  • Eri Werdani Riandhita

Abstract

Redenomination discourse has become a concern, again, in line with the instructions of the Indonesian President to the Finance Minister to re-socialize the program to the society. Socialization is important given the Indonesian society is geographical, demographical, and psychographic heterogeneous. The heterogeneous society is potential to have a low understanding level of what and how redenomination would be applied, while the ignorance would trigger rush and hyperinflation. Hence, a research is needed to acknowledge the people understanding about redenomination. This is a door knocking survey which involved 600 respondents in Semarang, Kudus, and Banjarnegara as representatives of Indonesian society with diverse backgrounds. The data were processed using Cramer's V Test and Crosstab. The results show that Indonesians' understanding of redenomination is low, especially the people living far from the government centers. In addition, educational factors and occupations are the main factors that determine the level of understanding on redenomination. There is an indication that the higher the education, the higher the public understanding of redenomination. Similarly, people with the Teachers/Lecturers profession, working in the formal sector, and have managerial positions, have a better understanding of redenomination, than people who are not working or working in the informal sector.

Suggested Citation

  • Bulan Prabawani & Ita Hanika Musfirowati & Eri Werdani Riandhita, 2018. "Socialization: An important factor of redenomination success in Indonesia," Business and Economic Horizons (BEH), Prague Development Center, vol. 14(3), pages 700-712, June.
    • Handle: RePEc:pdc:jrnbeh:v:14:y:2018:i:3:p:700-712
    DOI: 10.15208/beh.2018.49
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    References listed on IDEAS

    as
    1. William G. Tierney, 1997. "Organizational Socialization in Higher Education," The Journal of Higher Education, Taylor & Francis Journals, vol. 68(1), pages 1-16, January.
    2. Dzokoto, Vivian Afi Abui & Young, Jessica & Mensah, Clifford Edwin, 2010. "A tale of two Cedis: Making sense of a new currency in Ghana," Journal of Economic Psychology, Elsevier, vol. 31(4), pages 520-526, August.
    3. Andika Pambudi & Bambang Juanda & D.S. Priyarsono Priyarsono, 2014. "Penentu Keberhasilan Redenominasi Mata Uang: Pendekatan Historis Dan Eksperimental," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 17(2), pages 1-30, October.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Redenomination; socialization; geographical; demographical; psychographic;
    All these keywords.

    JEL classification:

    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B55 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Social Economics

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