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COOPERATION BETWEEN INDONESIA AND ASEAN TO COUNTER TERRORISM IN INDONESIA  [PDF]
Seniwati,Mohd. Azizuddin Mohd. Sani,K. Nadaraja
Academic Research International , 2012,
Abstract: This paper will discuss cooperation between Indonesia and ASEAN to combat terrorism, although we cannot desperate Indonesia as ASEAN member, hence this section describes ASEAN and Indonesia as a whole. The Indonesian government's strategy as one of ASEAN member of implementing securitizing policy by increasing the cooperation between them in internal security particularly to fight against terrorism was potentially motivated by several contextual factors. Current paper builds upon Caballero-Anthony and Emmers’ securitization theory by emphasizing the importance of political international and institutional motivations behind not only securitizing speech act, but also the related non-discursive action. It may be concluded that the terrorist attacks on the World Trade Centre and the Pentagon on 11 September 2001 (9/11) changed ASEAN’s framework of security cooperation. This event was a turning point when ASEAN began to achieve that there is a need to bring together difference traditional security issues. Instead of adopting some joint declarations and counter terrorism programs, ASEAN also has moved towards the development of a broader framework of cooperation in the security domain. Finally, incorporating Indonesia and other ASEAN countries has brought challenge to Indonesian strategy security and challenge to the capability of ASEAN as a regional cooperation.
ASEAN-5 + 3 and US Stock Markets Interdependence Before, During and After Asian Financial Crisis  [cached]
R.C. Royfaizal,C. Lee,M. Azali
International Journal of Economics and Finance , 2009, DOI: 10.5539/ijef.v1n2p45
Abstract: The issues of international stock markets linkages had been investigated over the time. Since the Asian financial crisis in 1997, many economists are concerned about the relationship between Asian stock markets and others in the world. The main objective of this paper is to examine the linkages between ASEAN-5+3 namely Malaysia, Singapore, the Philippines, Thailand, Indonesia, China, Japan and Korea and US stock markets. The data consists of weekly stock indices data. The total samples are separated into three sub-periods. All the indices applied are expressed in local currencies. In conclusion, we found that ASEAN-5+3 and US stock markets are interdependence during crisis and post-crisis periods and the impact of US stock market is effective in ASEAN-5+3 stock markets only for pre- and during-crisis periods.
THE GRANGER CAUSALITY TESTS FOR THE FIVE ASEAN COUNTRIES STOCK MARKETS AND MACROECONOMIC VARIABLES DURING AND POST THE 1997 ASIAN FINANCIAL CRISIS  [cached]
Adwin Surja Atmadja
Jurnal Manajemen dan Kewirausahaan , 2005,
Abstract: This study seeks to examine the existence of Granger-causality among stock prices indices and macroeconomic variables in five ASEAN countries, Indonesia; Malaysia; the Philippines; Singapore; and Thailand with particular attention to the 1997 Asian financial crisis and period onwards. Using monthly time series data of the countries, a Granger-causality test based on the vector autoregressive (VAR) analytical framework was employed to empirically reveal the causality among the variables. This research finds that there were few Granger causalities found between the country's wtock price index and macroeconomic variables. This indicates that the linkages between domestic stock price movements and macroeconomic factors were very. Due to that, the ASEAN stock markets were crelatively unable to efficiently capture changes in economic fundamentals during the observation period in most of the countries in accordance to the literature in emerging stock markets, and that the influence of specific macroeconomic factors on the domestic economies differ across countries. This also implies that the stock markets do not seem to have played a significant role in most countries' economies, and macroeconomic variables are unlikely to be appropriate indicators to predict not only the future behaviour of other macroeconomic variables, but also that of the stock market price indices. Abstract in Bahasa Indonesia : Makalah ini mencoba untuk menganalisis keberadaan Granger-causality antara indeks harga saham dan variabel-variabel ekonomi makro di lima negara ASEAN, yaitu Indonesia; Malaysia; Filipina; Singapore; dan Thailand yang berfokus pada periode terjadinya krisis keuangan Asia pada tahun 1997 dan sesudahnya. Dengan mempergunakan data time series bulanan dari setiap negara tersebut, tes Granger-causality yang didasarkan pada kerangka analisa VAR (vector autoregressive) diaplikasikan untuk mengungkap secara empiris hubungan kausal antar variabel. Dari hasil tes diketahui bahwa hanya terdapat sejumlah kecil Granger-causality antara indeks harga saham dan variabel-variabel ekonomi makro. Hal ini mengindikasikan sangat lemahnya kaitan antara pergerakan indeks harga saham di dalam negeri dengan variabel-variabel ekonomi makro dikarenakan bahwa pasar modal di negara-negara ASEAN relatif tidak mampu secara efisien menangkap informasi perubahan besaran-besaran ekonomi makro domestik. Dan, bahwa pengaruh dari variabel-variabel ekonomi makro tertentu dalam perekonomian domestik ternyata berbeda di tiap negara. Hal tersebut mengimplikasikan bahwa bursa saham ASEAN nampaknya tidak b
ACCOUNTING INNOVATION ANALYSIS FOR THE STOCK PRICES AND MACROECONOMIC FACTORS OF FIVE ASEAN COUNTRIES DURING AND POST THE 1997 ASIAN FINANCIAL CRISIS  [cached]
Adwin Surja Atmadja
Jurnal Akuntansi dan Keuangan , 2004,
Abstract: This paper seeks to examine some of the dynamic interactions of stock prices and macroeconomic factors in five ASEAN countries, Indonesia; Malaysia; the Philippines; Singapore; and Thailand with particular attention to the 1997 Asian financial crisis and period onwards. Using monthly time series data of the countries, accounting innovation analyses based on vector autoregressive (VAR) analytical framework is employed to empirically examine the interaction among the variables. This research reveals that, firstly, a shock to a particular variable in the model results in various contemporaneous reactions by other variables across the countries during the sample period. Secondly, the general forecast error variance decomposition results likely reinforce the outcomes of the general impulse response analyses in most of the countries. Abstract in Bahasa Indonesia : Makalah ini ditujukan untuk mengkaji berbagai interaksi dinamik yang terjadi antara indeks harga saham dan factor-faktor ekonomi makro di kelima negara-negara ASEAN, yaitu Indonesia; Malaysia; Filipina; Singapura; dan Thailand pada saat dan setelah berlangsungnya krisis keuangan Asia tahun 1997. Dengan menggunakan data time series bulanan dari negara-negara tersebut, accounting innovation analysis yang didasarkan atas kerangka analisa vector autoregressive (VAR) diaplikasikan untuk menguji secara empiris interaksi dinamik antara berbagai variabel tersebut. Penelitian ini mengungkapkan bahwa, pertama, suatu goncangan terhadap suatu variabel tertentu di dalam model menghasilkan berbagai reaksi temporer oleh variabel-variabel lainnya di seluruh negara-negara tersebut selama periode penelitian. Kedua, hasil-hasil analisa general forecast error variance decomposition nampaknya cenderung memperkuat hasil-hasil dari analisa general impulse response di sebagian besar negara-negara ASEAN tersebut. Kata kunci: analisa accounting innovation, krisis keuangan Asia, pasar modal, faktor-faktor ekonomi makro, VAR.
The Asean Stock Market Integration: The Effect of the 2007 Financial Crisis on the Asean Stock Indices’ Movements  [cached]
Adwin Surja Atmadja
Jurnal Akuntansi dan Keuangan , 2009,
Abstract: This study attempts to examine the existence of cointegration relationship and the short run dynamic interaction among the five ASEAN stock market indices in the period of before and during the 2007 financial crisis. The multivariate time series analysis frameworks are employed to the series in both sub-sample periods in order to answer the hypotheses.The study finds two cointegrating vectors in the series before the financial crisis period, however it fails to detect any cointegrating vector in the period of financial crisis. Granger causality tests applied to the series reveal that number of significant causal linkages between two variables increase during the crisis period. Moreover, the accounting innovation analysis shows an increase in the explanatory power of an endogenous variable to another within the system during the crisis period, indicating that the contagious effect of the 2007-US financial crisis has entered into the ASEAN capital market, and significantly influenced the regional indices’ movements.
ARE THE FIVE ASEAN STOCK PRICE INDICES DYNAMICALLY INTERACTED?  [cached]
Adwin Surja Atmadja
Jurnal Akuntansi dan Keuangan , 2005,
Abstract: This study seeks to examine the dynamic interactions of stock price indices in five ASEAN countries, Indonesia; Malaysia; the Philippines; Singapore; and Thailand with particular attention to the 1997 Asian financial crisis and period onwards. Using monthly time series data of the stock price indices countries, a vector error correction model (VECM) is employed to empirically examine the interaction among the variables. The finding is that the five ASEAN stock market prices were found to be integrated with two cointegrating vectors during the sample period, and that accounting innovation analyses show the short run dynamic interactions among those stock markets. The important implication might be drawn from the finding is that portfolio diversification across the five ASEAN stock markets is unlikely to reduce investment risk due to high degree of financial integration of these markets. Abstract in Bahasa Indonesia : Studi ini bertujuan meneliti interaksi dinamis antara indeks harga saham yang terdapat di lima negara ASEAN, yaitu Indonesia, Malaysia, Filipina, Singapura, dan Thailan yang terjadi selama masa krisis finansial Asia tahun 1997 dan periode sesudahnya. Dengan menggunakan data time series bulanan indeks harga saham dari kelima negara tersebut selama periode penelitian, suatu vector error correction model (VECM) diaplikasikan untuk meneliti secara empiris interaksi dinamis yang terjadi diantara berbagai variabel yang dipergunakan dalam penelitian ini. Dari hasil penelitian ditemukan dua vektor kointegrasi (cointegration vector) selama masa penelitian, dan analisa inovasi akuntansi (accounting innovation analyses) menunjukan adanya interaksi dinamis jangka pendek diantara pasar saham tersebut. Implikasi penting yang mungkin perlu diperhatikan dari penemuan ini adalah bahwa diversifikasi portofolio saham pada lima pasar saham tersebut agaknya tidak akan secara signifikan mengurangi tingkat resiko investasi. Hal ini dikarenakan oleh tingginya tingkat integrasi diantara pasar saham tersebut. Kata kunci: krisis finansial Asia, integrasi pasar modal, VECM.
INDUSTRI KEUANGAN BANK SYARIAH NASIONAL DALAM MASYARAKAT EKONOMI ASEAN
DEDI ISKAMTO
JEBI (JURNAL EKONOMI DAN BISNIS ISLAM) , 2016,
Abstract: This paper aims to examine the position of the National Islamic banking in the ASEAN Economic Community. ASEAN Economic Community (AEC) which started in 2015 is a challenge for activ-ists industry sharia economy. Industrial age who are not young, it should be ready to meet the sharia eco-nomic industry single mar-ket in South-east Asia in 2015. Islamic banking, which proved re-sistant to crises, in particular in 1998, became the capital to face free competition in the region. ASEAN Eco-nomic Community (AEC) is a certainty that will be faced by the entire people of In-donesia and the need to anticipate that business people In-donesia not just be a spectator but also players who take advantage of the MEA. After going through a SWOT analy-sis of the current condition of Indonesia is in the Defensive Cells 4. Cell 4 is the most unfavorable situation. Companies facing major en-viron-men-tal threat, interim rela-tively weak position. This situation clearly re-quires strate-gies that fix involvement in product or mar-ket that can be studied.
Exchange Rates and Export Competitiveness in Selected ASEAN Economies  [cached]
Saadiah Mohamad,Mahendhiran Nair,Kamaruzaman, Jusoff
International Business Research , 2009, DOI: 10.5539/ibr.v2n2p156
Abstract: This paper discusses the impact of exchange rates on the export performance of selected ASEAN (Association of South East Asian Nations) economies, namely, Indonesia, Malaysia, Singapore and Thailand. We construct an empirical model to account for the role of the real exchange rate and other economic fundamentals such as macroeconomic stability, terms of trade, capital goods investment, external demand and human capital. This work also attempts to see if the higher import content industries (such as electronics and textile) are more affected by exchange rate changes than the more resource-based industries (such as wood and rubber). The study makes use of a panel data and estimates export equations using a fixed effect model both at the aggregate and sectoral levels. The findings in this study strongly corroborate results from the theoretical framework that the exchange rate misalignment and variability have significant impact on export performance, both at the aggregate and industry level. This work also gives evidence for the importance of capital goods machinery imports (technology) and the role of human capital. The study also finds that the export growth path for the selected ASEAN economies is dependent on global demand conditions, especially demand from OECD countries. However, there is no evidence to indicate that the exports from high-import content industries are more affected by exchange rate changes than the resource based industries.
Power Generation Optimization in ASEAN by 2030  [PDF]
N. Agya Utama, Keiichi N. Ishihara, Tetsuo Tezuka
Energy and Power Engineering (EPE) , 2012, DOI: 10.4236/epe.2012.44031
Abstract: The vast growing economic development in South East Asia (ASEAN) region leads to the increase of energy demand particularly electricity. Almost all the ASEAN member countries are planning to develop nuclear power plant in the near future, despite having quite enormous number of renewable energy potential such as geothermal (Indonesia and Philippines), high solar radiation (between 3 - 5 kW/m2/day), biomass and hydro the countries still required more sophisticated and more reliable source of power for its based load such as nuclear power. Philippines has built the first nuclear power plant back in 1980 in Bataan, however the commissioning of this plant was postponed due to the political power turbulence. The question whether nuclear or renewable energy could be the best option in term of cost effectiveness will be assessed in this paper. The optimization methodology has been used by using GAMS (General Algebraic Model), the econometric based on time series (1999-2010) is used to predict the increases of national power generation up to year 2030. The increases of electricity demand is assumed to be linear with the increased country GDP (Gross Domestic Products) and population. The optimization predicted that In Malaysia, the renewable energy could be the best option, since it shows lower cost compare to the fossil fuel based power plant. Geothermal in the Philippines shows cheaper to be commissioned compare to fossil fuel and nuclear power plant. While Indonesia the cost of nuclear still not competitive enough compare to fossil fuel, mainly due to cost of subsidy.
An ARDL Analysis Of The Exchange Rates Principal Determinants: ASEAN-5 Aligned with The Yen  [cached]
Abdalrahman AbuDalu,Elsadig Musa Ahmed
Asian Economic and Financial Review , 2011,
Abstract: This study examines an empirical analysis of long-run and short-run forcing variables of purchasing power parity (PPP) for ASEAN-5 currencies: Malaysian Ringgit, Indonesian Rupiah, the Philippines Peso, Thailand Bath, and Singapore Dollar, against the Japanese Yen, i.e., their real exchange rate (RER). This study uses a recently developed autoregressive distributed lag (ARDL) approach to co-integration (Pesaran et al., 2001) over the period 1991:Q1 – 2006:Q2. Our empirical results point out that the domestic money supply (M1) is the significant long run forcing variable of PPP for ASEAN-5 RER’s for the study periods. However, in the short- run the impact of variables have different impact during the sub-periods and full period for ASEAN-5 countries, the results suggest that the domestic money supply (M1) for Malaysia, Indonesia, Philippines ,and Singapore respectively, , have the highest significant short run forcing variable of PPP for countries RER’s. However, foreign interest rates followed by domestic money supply are the short-run forcing variables for Thailand’s RER. This may be due to the peculiarity of Thailand government’s management of the Asian Financial Crisis (AFC).
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