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Journal : Buletin Ekonomi Moneter dan Perbankan

PEMBAYARAN PINJAMAN LUAR NEGERI KORPORASI DAN PERGERAKAN RUPIAH Setiawan, Iwan; Indira, Diah; Paundralingga, Angsoka Yorintha
Buletin Ekonomi Moneter dan Perbankan Vol 9 No 3 (2007): JANUARY 2007
Publisher : Bank Indonesia

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Abstract

The shifting of the exchange rate regime toward the free floating system in Indonesia, have changed the nature of the Indonesian Rupiah fluctuation, both in its magnitude and direction. Public opinion tends to believe that the high corporate demand on foreign exchange to fulfill their foreign debt repayment is one of the major depreciating factors of the Rupiah against the US dollar.This paper analyzes the response of public opinion by analyzing the effect of corporate foreign debt repayments and their general behavior on the foreign exchange demand and supply. This paper also analyzes the impact of the non-oil and gas imports, the international oil price, the interest rate differential, and the country risk.Based on the survey of selected highly leverage corporates in Indonesia, the result shows a unique dependency of the corporate»s foreign exchange demand and supply on the corporate»s earning characteristics and its business sector orientation. The fact that corporations are virtually in the position of excess demand for foreign exchange have prompted persistent pressure on the Rupiah. Furthermore, using the Johansen Cointegration Test and the Error Correction Model verifies that the corporate foreign debt service merely affects the Rupiah exchange rate in the long-run. In the short-run, the movement of Rupiah is highly affected by other factors such us the global oil price, interest rate differentials, and country risks.Keyword: Debt Service, exchange rate, cointegration, Error Correction Model, Indonesia.JEL Classification:  JEL Classification: F31, F34, H63
Co-Authors Abdussamad . Achmad Fuad Achmad Hidayatno Adi Septian Putra Atmaja, Adi Septian Putra Adian Fatchur Rochim Aditya Bakti Priahutama Afrilianto, muhammad Agung Nugroho Agus Sukarto Wismogroho, Agus Sukarto Ahmad Asmedi, Ahmad Ahmad Shafi Mukhaitir Ahmad Thoriq, Ahmad ahmad yani Akbar, Padillah Al-Anshory, Umair Alfa Pradipta, Alfa Ambarwati, Levia Hasvi Andreas Handojo Andrey Wicaksono, Andrey Andrian Kristianto Andrie Al Kausar Angkasa, Syahreza S. Anita Yuliyanti Anne Charina Ardyono Priyadi Ariani, Nofi Risa Arif Satria Arifudin Idrus Aris Sugianto, Aris Aris Triwiyatno Arrasyid, Riko Arsyahadij, Miftahuddin Aryati, Yosephine Vania Prima Ashari, Ayu Aisyah At., Mulyadi Atiek Iriany Azis Wisnu Widhi Nugraha, Azis Wisnu Azis Wisnu Widhi Nugraha, Azis Wisnu Widhi B Devina Puspasari bagja waluya, bagja Basari, M. Aziz Bobby Rachmat Saefudin, Bobby Rachmat Budi Setiyono Camalin, Maudia Colin R Trainor Darjat Darjat Darmanto Darmanto David Setiawan, David Dede Rohmat Dede Sugandi Dede, Moh. Dian Agista Dian Masita Dewi Dianto, Ryan Dista Yoel Tadeus Djedi S. Widarto, Djedi S. Dwi Lesmana Eddy Gaffar Zulkarnain, Eddy Gaffar Eduward Tigor Elly Rasmikayati, Elly Endang Bidayani, Endang Ernowo Ernowo Fadlin Idrus Fajar Wisnu Aribowo Faruk, Mujaddid Feti Fahmimroah, Feti Fifi Swandari Franklin Franklin Friska, Yuliana H, Puput Wahyu Habibi, Muhammad Irfan Hariri, Azka Harlina, Raesa Harsono Harsono Haryadi Permana Hastuti - Sekolah Tinggi Ilmu Kesehatan Nasional Surakarta, Diah Dwi Hastuti, Diah Dwi Hendri Donnel Heni Kusdarwati Hepi Hapsari Hill. Gendoet Hartono Imam Santoso Indira, Diah Insani, Fitrah Rahmah Irkham, Irkham Ismawati, Heny Isnan Fauzan Akrom Ivan Aris Panoyo, Ivan Aris Juliana, Venti Jusagemal Aria EL Justinus Andjarwirawan Kausar, Andrie Al Keith Martin Kukuh Priyangga Laras Dwi Kawuri Lili Somantri Lintjewas, Lediyantje Lisye Setiagustina Luwandi Suhartono M Charlotte Benstead Maria Teodora Ping, Maria Teodora Martina Nainggolan Mauridhi Hery Purnomo Mochammad Facta Moetamar Moetamar Muhammad Fairuz Luthfa Muhammad Farchani Rosyid Muhammad Fathul Faris Muhammad Riyadi Muhammad Supono Kurniawan Munawar Agus Riyadi Mutia Dewi Yuniati Noor Yudhi Noviyanto, Alfian Nugroho, Muhammad Arief Nur Syamsiyah Nurul Taufiqu Rochman Paundralingga, Angsoka Yorintha Phil J Benstead Prabowo Tjitropranoto Pradana, Byan Bagas Pradana, Muhammad Ivan Prasetyo, Agus Budi Prestian Rindho S. Raf Drijvers Rahmawati, Dyana Rano Gusman Namara raudatul jannah Rika Arliza, Rika Riva Amrulloh Rizkiyana, Shella Rizky Mulya Sampurno Roron Wicaksono Hadi Saputri, Inderi Mira Saryanti, Dwi Setiyawidi Setiyawidi, Setiyawidi Sigit Purwanto Silalahi, Indra Pribady Sinaga, Bosker SIska Rasiska, SIska Sorikhi Sorikhi, Sorikhi Sri Fatimah Sri Indarto SUDARSONO SUDARSONO Sudjadi Sudjadi SUHARYANTO SUHARYANTO Sukmandaru Prihatmoko Sumardi Sumardi Sumardjo Sumardjo Supriatin, Hj. Ukilah Sururie, Ramdani Wahyu Surya Wisnurahutama Suryani . Syafri Kamsul Arif Taniady, Vicky Tarya J Sugarda Tejo Sukmadi Teuku Winnetou Thinni Nurul Rochmah Thoyyibah, Ita Tri Bagus Susilo Tri Wiyoko Trias Andromeda Tunjung Dwi Madyanto urai salam Uu Nurul Huda, Uu Nurul Wahyudi Wahyudi Wahyuni, Lies widya astuti Wisnu Ari Adi Yoga Handoko Agustin, Yoga Handoko Yuli Christyono Yulia Yulia Yuslinar, Asep Yusuf Dewantoro, Yusuf Zabib Bashori