Fenomena Fear of Floating Nilai Tukar di Indonesia Periode 1998-2007: Identifkasi, Alasan Ekonomi, dan Implikasinya terhadap Kebijakan Moneter
Abstract: The stable
fluctuation of Rp against the US$ during the free floating exchange rate regime
in 2002-2007 raises the existence of fear of floating exchange rate phenomenon
in Indonesia. The GARCH method is use to verify this phenomenon. Moreover, Time
Varying Parameter and Error Correction Mechanism method shows the economic
reason behind the Monetary Authoritys response in stabilizing rupiah.
Depreciation and increasing volatility of Rupiah raises ination and bank
Non-Performing Loans, while appreciation and increasing volatility of Rupiah,
reduce the net export. Furthermore, Vector Autoregressive confirms the Monetary
Authority respond to exchange rate shock through the interest rate policy for
four months and through the foreign reserves policy for two months.
Keywords: fear of floating,
monetary policy, exchange rate
Penulis: Budiasih
Kode Jurnal: jpmanajemendd110393
