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"ABSTRACTThis study estimates the relationship between Forest and Land Rehabilitation policies and the quality and health of watersheds measured by the Coefficient of Flow Regime. The method used is the estimation of the Granger causality relationship. The results of this study indicate that in the short term or less than three years of forest and land rehabilitation does not have a significant relationship with the good value of the coefficient of flow regime. It is hoped that with these findings, the government can review the methodology, institutional system, location, quality of materials and tools for forest and land rehabilitation by taking into account the natural and geographical conditions around the watershed. furthermore, the government can implement other measures to support forest and land rehabilitation in accordance with existing regulations."

"Terdapat dua pendekatan yang dilakukan untuk meneliti hubungan antara nilai tukar dan harga saham, yaitu good market approach yang menyatakan bahwa perubahan mata uang atau kurs akan mempengaruhi harga saham dan juga portfolio ballance approach yang menyatakan bahwa perubahan harga saham akan mempengaruhi nilai tukar. Penelitian ini bertujuan untuk menganalisis hubungan kausal antara nilai tukar dan harga saham yang ada di Indonesia, baik hubungan tersebut bersifat satu arah dimana hanya terdapat satu variabel yang mempengaruhi maupun dua arah dimana kedua variabel saling mempengaruhi pada periode krisis ekonomi Indonesia tahun 1997-1998 dan juga pada periode tahun 1999-2016 pasca krisis ekonomi Indonesia tahun 1997-1998. Sampel penelitian yang digunakan dalam penelitian adalah data historis mingguan IHSG periode 1997-2016 dan juga kurs dollar Amerika periode 1997-2016. Penelitian ini dilakukan dengan menggunakan model Granger-Causality test dengan tujuan untuk mengetahui seperti apa hubungan antara nilai tukar dan harga saham di Indonesia. Hasil dari penelitian ini menyatakan bahwa terdapat hubungan kausal antara nilai tukar dan harga saham. Pada periode tahun krisis ekonomi Indonesia tahun 1997-1998, nilai tukar dan harga saham memiliki hubungan kausal satu arah dimana hanya nilai tukar yang mempengaruhi harga saham tetapi harga saham tidak mempengaruhi nilai tukar, sedangkan pada periode tahun 1999-2016 pasca krisis ekonomi Indonesia tahun 1997-1998 nilai tukar dan harga saham memiliki hubungan kausal dua arah dimana nilai tukar dan harga saham saling mempengaruhi satu sama lain.

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There are two approaches conducted to examine the relationship between exchange rate and stock price, which is a good market approach which states that changes in currency or exchange rate will affect stock prices and also portfolio ballance approach which states that changes in stock prices will affect the exchange rate. This study aims to analyze the causal relationship between exchange rates and stock prices in Indonesia, both relations are one way where there is only one variable that influences or two way where the two variables affect each other in the period of economic crisis of Indonesia in 1997 1998 and also in the period 1999 2016 after the economic crisis of Indonesia in 1997 1998. The sample of research used in this study is the weekly historical data JCI period 1997 2016 and also the weekly US dollar exchange rate period 1997 2016. This research was conducted by using Granger Causality test model with the aim to know what kind of relationship between exchange rate and stock price in indonesia. The results of this study suggest that there is a causal relationship between exchange rates and stock prices. In the period of 1997 1998 Indonesia 39 s economic crisis, exchange rate and stock price have a one way causal relationship where only exchange rates affect the stock price but the stock price does not affect the exchange rate, while in the period of 1999 2016 after the 1997 Indonesian economic crisis 1998 exchange rates and stock prices have a two way causal relationship where exchange rates and share prices affect each other."

"AbstrakThe role of electricity towards the economy becomes crucial in many countries including in Malaysia. It becomes necessary to investigate whether electricity consumption contributes to economic growth in order to make appropriate energy policies. The purpose of this research is to examine the long run and causal relationships between electric power consumption and real GDP. This paper applies to the error-correction model. The results indicate that electricity consumption has a positive impact on economic growth. Besides that, there was unidirectional Granger causality running from electricity consumption to real GDP but not vice versa. This paper suggests that Malaysia is becoming an energy-dependent country. The government should emphasize on formulating energy strategies so as to avoid adverse effects on economic growth."

"Penelitian ini bertujuan untuk melihat long run equilibrium antara indeks saham di Indonesia dan nilai tukar Rupiah/Dollar Amerika Serikat. Observasi dilakukan pada data harian dari tahun 2001-2013 dengan menggunakan tambahan analisis overlapping (sub periode). Selain itu, ada penambahan variabel kontrol harga emas untuk mengontrol hubungan antar pasar. Studi ini juga menelusuri hubungan kausalitas antara return saham dan nilai tukar. Dari hasil peneilitian ini menunjukkan bahwa tidak ada kointegrasi baik dalam keseluruhan periode maupun sub periode namun ada hubungan kausalitas antara return saham Indonesia (IHSG) dengan nilai tukar Rupiah/Dollar Amerika Serikat yang terjadi di dalamnya.

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This study has a propose to examine whether there is a long run equilibrium between stock index in Indonesia and exchange rate Rupiah/US Dollar. The observation taken from 2001-2013 and uses overlapping technic to analyze subperiod. In additional, to control the relationship between two markets, international gold price added as control variable. Furthermore in order to detect the short run relationship within the market, Granger Causality test taken into this paper. The result exhibit absence in long term equilibrium either from all or sub period. Meanwhile Granger Causality test proves variation of relationship between stock return and exchange rate from sub periode."

"ABSTRAKberbagai negara terutama negara anggota OECD yang bersaing untuk menarik aliran masuk Foreign Direct Investment (FDI) melalui adaptasi kebijakan tarif pajak sehingga dapat mendorong isu persaingan pajak. Tujuan dari penelitian ini adalah untuk mengetahui secaramendalam tentang pengaruh timbal balik (dua arah) antara Foreign Direct Investment (FDI) dan Tarif Pajak Statutori pada 20 Negara anggota OECD. Penelitian ini menggunakan data sekunder dengan teknik dokumentasi dan content analysis. Sampel yang diambil dalam penelitian ini terdiri dari 20 Negara anggota OECD dengan periode penelitian selama 30 tahun dimulai dari tahun 1989 hingga 2018. Pengujian dilakukan dengan analisis grangercausality untuk melihat hubungan kausalitas (timbal balik) antara Statutory Tax Rate (STR) dengan arus masuk Foreign Direct Investment (IFDI). Data diolah menggunakan software STATA 12.0. Hasil granger causality test menunjukkan bahwa terdapat pengaruh timbal balik (dua arah) atau biasa disebut dengan hubungan kausalitas antara Statutory Tax Rate (STR) dengan arus masuk Foreign Direct Investment (IFDI). Kebijakan negara dalammenentukan tarif pajak dapat menjadi nilai tambah untuk menunjang keputusan investor melakukan FDI di suatu negara

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ABSTRACT

This research is motivated by the global trends that indicate many countries (especially OECD member countries) are competing to attract Foreign Direct Investment (FDI) inflows through the adaptation of the tax rate policies that encourage harmful tax competition issues.

The focus of this study is to analyze the impact of reciprocal influence or causality relationship (two-way) between Foreign Direct Investment (FDI) and Statutory Tax Rate (STR) in 20 OECD member countries. This study uses secondary data with documentation techniques and content analysis. The sample in this study is consists of 20 OECD member countries with a research period of 30 years, starting from 1989 to 2018. The test is conducted

by analyzing granger causality to see the causality (reciprocity) relationship between Foreign Direct Investment (FDI) and Statutory Tax Rate (STR). Processing data is using STATA 12.0 software. The results of the Granger causality test shows that there is a reciprocal influence (two-way) or commonly referred to as the causality relationship between Foreign Direct Investment and Statutory Tax Rate. The governments policy in determining the tax rate becomes an added value to support the investors decision on transferring FDI to the country."

"[ABSTRAKbr

Skripsi ini membahas hubungan interdependensi antara indeks saham konvensional dan syariah di Indonesia dan Malaysia dengan Indeks negara maju DJIA S P 500 FTSE 100 pada periode krisis dan pasca krisis serta membahas mengenai volatitasnya pada periode krisis Tujuan dari peneltian ini adalah untuk melihat apakah saham syariah tidak terpengaruh pergerakan indeks konvensional negara maju dan untuk melihat apakah indeks saham syariah memiliki volatilitas yang lebih rendah pada periode krisis Kesimpulan dari penelitian ini menemukan bahwa walaupun tidak terdapat kointegrasi antara indeks konvensional dan syariah dengan indeks negara maju hubungan interdependensi tetap terjadi diantara keduanya dan volatilitas indeks saham syariah menunjukkan volatilitas yang lebih kecil Dengan demikian meskipun indeks saham syariah tidak sepenuhnya terpisah dari pergerakan indeks konvensional negara maju indeks saham syariah mampu menjadi alternatif investasi yang memiliki risiko lebih rendah

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This research discusses the interdependence between conventional and Islamic stock index in Indonesia and Malaysia with developed country stock index DJIA S P 500 FTSE 100 in the period of crisis and post crisis and to discuss the volatility during the crisis period The purpose of this research is to see whether the movement of Islamic stock index is not affected by conventional developed country stock market movement and to see whether sharia stock index has lower volatility during the period of crisis The conclusion of this study found that although there is no cointegration between conventional and Islamic index in Indonesia and Malaysia with developed country stock index the relationship of interdependence still occurred between both of them and the volatility of sharia stock index is lower than the conventional stock index Thus although the sharia stock index is not completely decoupled from the negara maju conventional index movement sharia stock index can be seen as an alternative investment that has a lower risk., ABSTRACTThis research discusses the interdependence between conventional and Islamic stock index in Indonesia and Malaysia with developed country stock index DJIA S P 500 FTSE 100 in the period of crisis and post crisis and to discuss the volatility during the crisis period The purpose of this research is to see whether the movement of Islamic stock index is not affected by conventional developed country stock market movement and to see whether sharia stock index has lower volatility during the period of crisis The conclusion of this study found that although there is no cointegration between conventional and Islamic index in Indonesia and Malaysia with developed country stock index the relationship of interdependence still occurred between both of them and the volatility of sharia stock index is lower than the conventional stock index Thus although the sharia stock index is not completely decoupled from the negara maju conventional index movement sharia stock index can be seen as an alternative investment that has a lower risk ]"

"This study analyze the influence of non-deliverable forward (NDF) and the spot rate of USD/IDR against Bank Indonesia reference rate, Jakarta Interbank Spot Dollar Rate (JISDOR). NDF which came earlier than JISDOR is used by the market participant as the reference rate. The simple method of NDF determination had a great impact on the volatility of the rupiah currency, pushing the Bank Indonesia to issue its own reference currency. JISDOR is an indication of the rates issued by Bank Indonesia as the reference rate for the foreign exchange market in domestic and overseas. The method of creating the reference rate is by weighting the average rate of real transactions through a monitoring system which is managed by the central bank. However, the question arises: what should be done by the monetary authority when there is a party outside the jurisdiction issued the NDF rate as a benchmark that may affect the domestic exchange rate of rupiah in accordance with the desired agenda of the party. We use OLS and ARCH/GARCH to see if independent variables have an influence on dependent variable. Granger Causality test is also used to observe whether there are any relations among the variables."

"ABSTRAKPenelitian ini menginvestigasi hubungan kausalitas Granger antara harga minyak kelapa sawit, harga saham perusahaan minyak kelapa sawit di Indonesia dan Malaysia, dan pasar saham Indonesia dan Malaysia pada periode Desember 2011 hingga Desember 2015. Penelitian ini menggunakan analisis Granger Causality yang menguji apakah nilai masa lalu dari suatu variabel dapat ikut menjelaskan nilai masa kini dari variabel lain. Hasil dari pengujian ini adalah adanya hubungan kausal dari harga minyak kelapa sawit terhadap harga saham perusahaan minyak kelapa sawit di Indonesia dan Malaysia, namun tidak sebaliknya. Kemudian, tidak ada hubungan kausal antara harga minyak kelapa sawit dan pasar saham Indonesia dan Malaysia.

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ABSTRACTThis research investigates Granger causality relationships between crude palm oil price, stock prices of Indonesian and Malaysian palm oil companies, and Indonesian and Malaysian stock markets between December 2011 to December 2015. This research uses Granger Causality analysis which tests whether past values of a variable could help explain the current values of another variable. The result is there is a causal relationship from crude palm oil price to stock prices of Indonesian and Malaysian crude palm oil companies, but there are no causal relationships in the other direction. Furthermore, there are no causal relationships between crude palm oil price and stock markets indices in Indonesia and Malaysia."

"ABSTRAKSecara keseluruhan subsidi BBM yang telah di belanjakan pemerintah adalah sebesar 1.015 T atau secara rata-rata, sebasar 10,84 dari total APBN dari tahun 2007 ndash; 2014. Secara nasional subsidi BBM berpengaruh positif terhadap IPM. Jawa-Bali dan pulau lainnya diluar Sumatera dan Jawa-Bali subsidi BBM berpengaruh positif terhadap pertumbuhan PDRB tetapi, pengaruh kausalitas sebaliknya terjadi di pulau Sumatera. Di Sumatera dan pulau lainnya peningkatan subsidi BBM mengakibatkan peningkatan IPM. Oleh karena itu, kebijakan penghapusan subsidi BBM terutama premium sudah tepat dilakukan pemerintah dan terkait dengan subsidi solar untuk transportasi dan korosene yang masih diberikan oleh pemerintah saat ini, disarankan juga untuk dihapuskan.

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ABSTRACTOverall fuel subsidy that has been in government spending amounted to 1,015 T or, on average, sebasar 10.84 of the total state budget from 2007 2014. Nationally subsidy positive effect on the HDI. Java Bali and other islands excluding Sumatra and Java Bali fuel subsidy positive effect on GDP growth, however, the influence of the reverse causality occurred on the island of Sumatra. In Sumatra and other islands, the increase in fuel subsidies resulting in an increase in the HDI. Therefore, the policy of eliminating fuel subsidies mainly premium was appropriate for government and associated with subsidized diesel for transportation and korosene are still provided by the government at this time, it is advisable also to be abolished."

"ABSTRAKKarya akhir ini memiliki dua tujuan, pertama, meneliti hubungan keseimbangan jangkapanjang (long-run equilibrium relationships) dan hubungan jangka pendek (short-run relationships) antar indeks saham pasar modal Asia Timur (Thailand, Indonesia, Korea, Malaysia, Philipina, dan Taiwan). Kedua, menganalisa dan menyusun struktur hubungan antarpasar modal Asia Timur. Rentang periode data mulai Agustus 1997 sampai dengan Desember2001. Adanya kecenderungan bahwa negara Asia Timur mengalami krisis ekonomi secarabersama-sama merupakan asumsi yang mendasari penelitian ini. Penelitian yang telah dilakukanoleh Tracy Yang (2002) menemukan bahwa ada kointegrasi antar pasar modal di Asia Timur.Metodologi yang digunakan untuk meneliti hubungan jangka panjang adalah Vector ErrorCorrection Model (VECM) dan prosedur Johansen-Juselius, sedangkan untuk meneliti hubunganjangka pendek digunakan metode Granger-Causality, Impulse Response, dan Forecast VarianceDecomposition.Hasil penelitian pada karya akhir ini menunjukkan bahwa pada terdapat satu persamaankointegrasi yang menunjukkan hubungan keseimbangan jangka panjang antar indeks sahampasar modal Thailand, Indonesia, Korea, Malaysia, Philipina dan Taiwan. Pasar modal Thailanddan Taiwan tidak terpengaruh oleh hubungan jangka panjang pasar modal Asia Timur. Namunpasar modal Indonesia, Malaysia, Korea, dan Philipina terpengaruh oleh hubungan jangkapanjang pasar modal Asia Timur.Dari hasil pengujian granger-causality didapat bahwa dalam jangka pendek, pasar Koreahanya dipengaruhi oleh pasar Thailand. Namun demikian, pasar Korea mempengaruhi banyakpasar Asia Timur lainnya, seperti Thailand, Indonesia, Malaysia, Philipina, dan Taiwan.Malaysia merupakan pasar Asia Timur yang banyak dipengaruhi oleh pasar Asia Timur,diantaranya Thailand, Indonesia, Korea, Philipina, dan Taiwan. Pasar Malaysia banyakmempengaruhi pasar modal lainnya, yaitu Thailand, Indonesia, Philipina, dan Taiwan.Pasar Taiwan dipengaruhi oleh pasar Korea dan Malaysia, dan Pasar Taiwan mempengaruhi pasar Indonesia, Malaysia, dan Philipina. Pasar Thailand dipengaruhi oleh pasar Indonesia, Korea, Malaysia, Philipina, dan Taiwan, dan pasar Thailand mempengaruhi pasar Indonesia, Korea, malaysia, dan Philipina. Pasar Indonesia dipengaruhi oleh pasar Thailand, Korea, Malaysia, dan Pliilipina, dan pasar Indonesia mempengaruhi pasar Thailand, Malaysia, dan Philipina. Pasar Philipina dipengaruhi oleh pasar Thailand, Indonesia, Korea, Malaysia, dan Taiwan.Berdasarkan hasil pengujian Granger-Causality juga didapat urutan terjadinya krisis di Asia Timur. Krisis Asia Timur terjadi pertama kali di Korea kemudian ke Taiwan ke Thailand ke Indonesia ke Malaysia dan terakhir ke Philipina.Analisa forecast variance decomposition menunjukkan bahwa Thailand merupakanvariabel yang paling exogenous. Presentase variance decomposition Thailand, sebesar 92.61persen dijelaskan oleh pasar Thailand sendiri. Philipina merupakan variabel yang palingendogenus. Persentase variance decomposition Philipina yang dijelaskan oleh pasar Philipinasebesar 42.66 persen. Pasar Thailand merupakan pasar Asia Timur yang memiliki banyakpengaruh terhadap pasar Asia Timur lainnya. Pasar Malaysia merupakan pasar endogenous keduasetelah pasar PhilipinaDari hasil analisa impulse response didapat bahwa dalam jangka pendek, pasar Thailand paling cepat merespon perubahan yang terjadi pada pasar Taiwan dibandingkan dengan pasarAsia Timur lainnya. Respon Indonesia terhadap perubahan yang terjadi pada Thailand terjadidalam kurun waktu dua hari. Taiwan merespon perubahan pasar Korea dalam kurun waktu duahari. Pasar Philipina paling cepat merespon perubahan pasar Taiwan dibandingkan dengan pasarAsia lainnya, yaitu dalam kurun waktu dua hari. "