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Helmi Noviar,Raja Masbar,Aliasuddin,Sofyan Syahnur,T. Zulham,Jumadil Saputra 대한산업공학회 2020 Industrial Engineeering & Management Systems Vol.19 No.3
Rice is the main source of livelihood and staple in Indonesia. This study examines the welfare of rice farmers ‘house-holds and the availability of rice in terms of domestic rice production. We analyse empirical evidence that households in the rice subsector have not achieved a sufficient level of commercialisation in terms of production. Duality-neoclassic and stochastic frontier approach were employed to evaluate the inefficiency and commercialisation of farmer households in rice production. From the three models, it shows that the level of commercialisation of rice farmers is still low and requires a strong policy instrument to improve commercialization and increase production.
The Application of Optimal Control Through Fiscal Policy on Indonesian Economy
SYAHRINI, Intan,MASBAR, Raja,ALIASUDDIN, Aliasuddin,MUNZIR, Said,HAZMI, Yusri Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.3
The budget deficit is closely related to expansionary fiscal policy as a fiscal instrument to encourage economic growth. This study aims to apply optimal control theory in the Keynesian macroeconomic model for the economy, so that optimal growth can be found. Macroeconomic variables include GDP, consumption, investment, exports, imports, and budget deficit as control variables. This study uses secondary data in the form of time series, the time period 1990 to 2018. Performing optimal control will result in optimal fiscal policy. The optimal determination is done through simulation, for the period 2019-2023. The discrete optimal control problem is to minimize the objective function in the form of a quadratic function against the deviation of the state variable and control variable from the target value and the optimal value. Meanwhile, the constraint is Keynes' macroeconomic model. The results showed that the optimal value of macroeconomic variables has a deviation from the target values consisting of: consumption, investment, exports, imports, GDP, and budget deficit. The largest deviation from the average during the simulation occurs in GDP, followed by investment, exports, and the budget deficit. Meanwhile, the lowest average deviation is found in imports.
Sectoral Stock Markets and Economic Growth Nexus: Empirical Evidence from Indonesia
Hismendi HISMENDI,Raja MASBAR,Nazamuddin NAZAMUDDIN,M. Shabri Abd. MAJID,Suriani SURIANI 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.4
This study aims to analyze the causality relationship between sectoral stock markets (agricultural, financial, industrial, and mining sectors) and economic growth in the short and long term as well as to analyze whether it has similar types or not. The data used is quarterly timeseries data (first quarter 2009 to fourth 2019). To determine the causality relationship, this study conducts a variable and multivariate causality test. The results of the varying granger causality test show that there is only a one-way relationship, where the economic growth of the agriculture sector affects its shares. A one-way relationship also occurs in stocks of the industrial sector, which has an influence on economic growth. The multivariate causality test shows that the economic growth of the agricultural sector has a two-way causality relationship, and it also exists between the industrial sector and the financial sector stock markets. The two-way causality relationship between the stock market and sectoral economic growth is a convergence towards long-term equilibrium. The findings of this study suggest that the government through the Financial Services Authority and the Indonesia Stock Exchange have to maintain stability in the stock market as a supporter of the national economy.