Kausalitas Utang Luar Negeri dan Pertumbuhan Ekonomi di Indonesia: Aplikasi Richardian Equivalence Hypothesis
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Sep 30, 2022
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Abstract
This study aims to identify the causal relationship between foreign debt and economic growth and to identify the direction and influence between foreign debt and economic growth in Indonesia, both in the short term and in the long term. By using the Granger causality test method and the estimation of the error correction model with a time period of 1990-2019, this study shows that there is a one-way causality relationship between foreign debt and economic growth in Indonesia. Foreign debt affects economic growth both in the short term and in the long term. This proves that the Richardian Equivalence Hypothesis which states that foreign debt has no effect on economic growth has not been proven to occur in Indonesia.
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Saraswati, B., & Gabriella, G. (2022). Kausalitas Utang Luar Negeri dan Pertumbuhan Ekonomi di Indonesia: Aplikasi Richardian Equivalence Hypothesis. Dinamika Ekonomi: Jurnal Ekonomi Dan Bisnis, 15(2), 459-477. https://doi.org/https://doi.org/10.53651/jdeb.v15i2.398
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References
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Puente-ajovín, M., & Sanso-navarro, M. (2019). The causal relationship between debt and growth : Evidence from OECD countries. January 2014. https://doi.org/10.1016/j.iref.2014.09.007
Saraswati, B. D., Maski, G., Kaluge, D., & Sakti, R. K. (2022). the Impact of Financial Technology on Consumption Function of the Theory of Absolute Income Hypothesis: a Partial Adjustment Model Approach (the Indonesian Evidence). Business: Theory and Practice, 23(1), 109–116. https://doi.org/10.3846/btp.2022.10789
Saraswati, B. D., & Wahyudi, S. T. (2018). The Effect of Fiscal Policy on the Indonesian Household Consumption: The Application of the Ricardian Equivalence Hypothesis. Review of Integrative Business and Economics Research, 7(4), 90–98. https://search.proquest.com/docview/2041568589?accountid=17242
Sardoni, C. (2020). Budget deficits , public debt and the Ricardian Equivalence.
Suhartoko, Y., Pratikto, A. P., & Kirana, I. (2022). Ricardian Equivalence in Indonesia. Jurnal Ekonomi Trisakti, 2(1), 167–198. https://doi.org/10.25105/jet.v2i1.13565
Syaparuddin ; Etik, umiyati ; J. K. (2015). Pengaruh Hutang Luar Negeri Terhadap Pertumbuhan Ekonomi Indonesia, Thailand, Malaysia, Fhilipina, Vietnam. 10(01), 206–220.
Tarsilohadi, edy rahmantyo. (2005). ketimpangan dana dan pembiyaan dalam negeri haruskah dipenuhi dengan hutang luar negeri? Jurnal Ekonomi Pembangunan, 6. https://media.neliti.com/media/publications/83691-ID-ketimpangan-dana-dan-pembiayaan-dalam-ne.pdf
Aditia, D., Nasution, D., Sains, F. S., Pembangunan, U., Budi, P., & Utara, U. S. (2020). Aditia, 2020. Jurnal Benefita, 5(2), 212–224.
Adji, A. J. (2016). Testing for Ricardian equivalence in Indonesia. file:///C:/Users/Gaby/Downloads/Kuliah S1/Skripsi/ricardian.pdf
Atmadja, A. S. (2008). UTANG LUAR NEGERI PEMERINTAH INDONESIA : Jurnal Akuntansi Dan Ekonomika, 83–94. https://doi.org/file:///C:/Users/Gaby/Downloads/Utang-luar-negeri-pemerintah-indonesia-.pdf
Basten, E. Van, Hudayah, S., & Gani, I. (2021). Pengaruh utang luar negeri terhadap pertumbuhan ekonomi dan dampaknya pada pengangguran terbuka di indonesia The effect of foreign debt on economic growth and its impact on open unemployment in indonesia. 23(1), 340–350.
Basuki, A. T., & Prawoto, N. (2015). Analisis Regresi dalam Penelitian Ekonomi & Bisnis. PT Rajagrafindo Persada, Depok, 1–239.
Calderón, César, J. R. F. (2013). Government Debt and Economic Growth. July.
Di, S. T., & Asean, N. E. (2021). P Engaruh U Tang Luar Negeri , Inflasi , Dan Pendapatan Negara Terhadap Pertumbuhan Ekonomi : 1.
Donayre, L., & Taivan, A. (2017). Causality between Public Debt and Real Growth in the OECD : A Country-by- country Analysis Causality between Public Debt and Real Growth in the OECD : A Country-by-country Analysis *. April. https://doi.org/10.1111/1759-3441.12175
Giorgioni, G., & Holden, K. (2003). Does the Ricardian Equivalence Proposition hold in less developed countries? International Review of Applied Economics, 17(2), 209–221. https://doi.org/10.1080/0269217032000064062
Gischa, S. (2020). Pentingnya Kestabilan Harga Terhadap Ekonomi. Skola. https://www.kompas.com/skola/read/2020/02/13/143000969/pentingnya-kestabilan-harga-terhadap-ekonomi
Gómez-puig, M. (2015). The causal relationship between debt and growth in EMU countries. 1–27.
Gujarati. (2004). Basic econometric.
Hadhek, Z. (2018). Debt and Economic Growth. June 2014.
Hakim, M. (2019). Hubungan Utang Luar Negeri dan Pertumbuhan Ekonomi di Indonesia. December, 0–10.
Ikiz, A. S. (2020). Testing the Ricardian equivalence theorem: Time series evidence from Turkey. Economies, 8(3). https://doi.org/10.3390/ECONOMIES8030069
junaedi, dedi. (2018). Hubungan Antara Utang Luar Negeri Dengan Perekonomian Dan Kemiskinan: Komparasi Antarezim Pemerintahan. Simposium Nasional Keuangan Negara, 1(1), 563–587. https://jurnal.bppk.kemenkeu.go.id/snkn/article/view/154
Khairad, F., Noer, M., & Refdinal, M. (2020). Analisis penawaran ekspor crude palm oil (cpo) indonesia ke china (pendekatan error correction model). Agrifo, 5(1), 1–12.
Mankiw, N. G. (2016). Macroeconomics (J. E. Tufts (ed.)). Shani Fisher.
Nugroho, faozan tri. (2020). Tujuan dan Fungsi Negara Secara Umum yang Perlu Diketahui. https://doi.org/https://www.bola.com/ragam/read/4387832/tujuan-dan-fungsi-negara-secara-umum-yang-perlu-diketahui
Prasetya, Y. A. J. I., Judul, H., Studi, P., Pembangunan, E., Ekonomi, F., Bisnis, D. A. N., & Surakarta, U. M. (2022). Analisis Ricardian Equivalence Hypothesis.
Puente-ajovín, M., & Sanso-navarro, M. (2019). The causal relationship between debt and growth : Evidence from OECD countries. January 2014. https://doi.org/10.1016/j.iref.2014.09.007
Saraswati, B. D., Maski, G., Kaluge, D., & Sakti, R. K. (2022). the Impact of Financial Technology on Consumption Function of the Theory of Absolute Income Hypothesis: a Partial Adjustment Model Approach (the Indonesian Evidence). Business: Theory and Practice, 23(1), 109–116. https://doi.org/10.3846/btp.2022.10789
Saraswati, B. D., & Wahyudi, S. T. (2018). The Effect of Fiscal Policy on the Indonesian Household Consumption: The Application of the Ricardian Equivalence Hypothesis. Review of Integrative Business and Economics Research, 7(4), 90–98. https://search.proquest.com/docview/2041568589?accountid=17242
Sardoni, C. (2020). Budget deficits , public debt and the Ricardian Equivalence.
Suhartoko, Y., Pratikto, A. P., & Kirana, I. (2022). Ricardian Equivalence in Indonesia. Jurnal Ekonomi Trisakti, 2(1), 167–198. https://doi.org/10.25105/jet.v2i1.13565
Syaparuddin ; Etik, umiyati ; J. K. (2015). Pengaruh Hutang Luar Negeri Terhadap Pertumbuhan Ekonomi Indonesia, Thailand, Malaysia, Fhilipina, Vietnam. 10(01), 206–220.
Tarsilohadi, edy rahmantyo. (2005). ketimpangan dana dan pembiyaan dalam negeri haruskah dipenuhi dengan hutang luar negeri? Jurnal Ekonomi Pembangunan, 6. https://media.neliti.com/media/publications/83691-ID-ketimpangan-dana-dan-pembiayaan-dalam-ne.pdf