Ranjivo finansijsko pitanje: Let kapitala u Indoneziji
Sažetak
Indonezija je zemlja u razvoju sa velikom potražnjom kapitala iz domaćih i međunarodnih izvora; međutim, međunarodni tok kapitala je najpotrebniji. Bek kapitala je nepovoljno finansijsko pitanje za zemlje koje nisu zapadne, posebno Indoneziju. Cilj ove studije je da rezimira odliv kapitala u Indoneziju i analizira efekat makroekonomskih i makroekonomskih determinanti kroz beg kapitala. Makroekonomske odrednice su budžetski deficit, ekonomski rast, stopa inflacije i devizni kurs. Ne-makroekonomske odrednice su otvorenost trgovine, razlike u kamatnim stopama i luttički rejting. Podaci potiču od centralne banke Indonezije, BPS-a, Indonezije, OECD-a i Moodi-ove usluge investitora. Primenjene metode su zaostali, trgovinski pogrešni računi i kombinovani metod. Studija otkriva da su makroekonomija najuticajnije odrednice odliva kapitala u Indoneziji u poređenju s drugima.
Reference
Adetiloye, K. A. (2012). Capital Flight Versus Domestic Investment in Developing Countries: An Empirical Analysis from Nigeria. International Journal of Economics and Finance, 4(2), 175–186.
Alfaro, L., Sebnem, K.-O., & Volosovych, V. (2008). Why Doesn’t Capital Flow from Rich to Poor Countries? An Empirical Investigation. The Review of Economics and Statistics, 90(2), 347–368.
Asongu, S.A., Nwachukwu, J.C. (2017). Fighting Capital Flight in Africa: Evidence from Bundling and Unbundling Governance. Journal of Industry, Competition and Trade,17, 305–323.
Asongu, S., Uduji, J. I., & Okolo-Obasi, E. N. (2020). Fighting African Capital Flight: Trajectories, Dynamics and Tendencies. Financial Innovation, 6(14), 1–21.
Bank Indonesia. (2018). Tinjauan Kebijakan Moneter. Jakarta: Bank Indonesia.
Baek, S., & Yang, D. Y. (2010). Institutional Quality, Capital Flight and Capital Flows. The Korean Economic Review, 26(1), 121–155.
Basorudin, M., Kusmaryo, R. D. H., & Rachmad, S. H. (2020). Preventing Capital Flight to Reach Lucrative Investment in Indonesia. Journal of Business Economics and Environmental Studies, 10(1), 29–36.
Brada, J.C., Kutan, A.M. & Vukšić, G. (2011). The Costs of Moving Money Across Borders and The Volume of Capital Flight: The Case of Russia and other CIS Countries. Review of World Economics, volume 147, 717–744.
Brada, J. C., Kutan, A. M., & Vukšić, G. (2013). Capital Flight in the Presence of Domestic Borrowing: Evidence from Eastern European Economies. World Development, 51, 32–46.
Branimir Kalaš*, Jelena Andrašić, M. P. (2016). Aspect of Fiscal Consolidation: Evidence from Serbia. The European Journal of Applied Economics, 13(2), 21–29.
Cerra, V., Rishi, M., & Saxena, S. C. (2008). Robbing the Riches: Capital Flight, Institutions and Debt. The Journal of Development Studies, 44(8), 1190–1213.
Cheung, Y.-W., Steinkamp, S., & Westermann, F. (2016). China’s Capital Flight: Pre- and Post-crisis Experiences. Journal of International Money and Finance, 66, 88–112.
Cheung, Y.-W., Steinkamp, S., & Westermann, F. (2020). Capital flight to Germany: Two alternative measures. Journal of International Money and Finance, 102, 102095.
Dachraoui, H., Smida, M., & Sebri, M. (2020). Role of capital flight as a driver of sovereign bond spreads in Latin American countries. International Economics, 162, 15–33.
Efobi, U., & Asongu, S. (2016). Terrorism and Capital Flight from Africa. International Economics, 148, 81–94.
Gani, A. (2016). Capital Flight from a Small Developing Asia Pacific Economy. Perspectives on Global Development and Technology, 15(3), 303–318.
Geda, A., & Yimer, A. (2016). A Dynamic Optimization and ARDL Approach to Determinants of Capital Flight from Ethiopia: Size, Determinants and Effect on Growth and Poverty. In AAU-Department of Economics Working Papers.
Gouider, A., & Nouira, R. (2014). Relationship Between The Misalignment of The Real Exchange Rate and Capital Flight in The Developing Countries. Theoretical And Applied Economics, 21(11), 121–140.
Gunter, F. R. (2017). Corruption, Costs, and Family: Chinese capital flight, 1984–2014. China Economic Review, 43, 105–117.
Han, Y., Gan, C., Hu, B., & Li, Z. (2012). Hong Kong Capital Flight: Determinants and Features. Investment Management and Financial Innovations, 9(3), 33–46.
Henry, A. W. (2013). Analysis of the Effects of Capital Flight on Economic Growth : Evidence from Nigerian Economy (1980–2011). European Journal of Business and Management, 5(17), 21–33.
Kato, M., Proaño, C. R., & Semmler, W. (2018). Does international-reserves targeting decrease the vulnerability to capital flights? Research in International Business and Finance, 44, 64–75.
Liew, S.-L., Mansor, A. M., & Puah, C.-H. (2016). Macroeconomic Determinants of Capital Flight: An Empirical Study in Malaysia. International Business Management, 10 (13)(January), 2526–2534.
Lommerud, K. E., Meland, F., & Straume, O. R. (2011). Mergers and capital flight in unionised oligopolies: Is there scope for a “national champion” policy? International Review of Economics & Finance, 20(2), 325–341.
Mahmood, Z. (2013). Reverse Capital Flight to Pakistan : Analysis of Evidence. The Pakistan Development Review, 52(1), 1–15.
Mankiw, N. G. (2016). Macroeconomics (Ninth). New York: Worth Publishers.
Mccaslin, W. A. (2013). Capital Flight: An Empirical Study on P.I.G.S. Copenhagen Business School.
Ndikumana, L., & Boyce, J. K. (2011). Capital Flight from Sub‐Saharan Africa: Linkages with External Borrowing and Policy Options, International Review of Applied Economics, 25(2), 149–170.
Ndikumana, L., Boyce, J. K., & Ndiaye, A. S. (2014). Capital Flight: Measurement and Drivers. PERI Working Paper, October(363), 1–62.
Ndikumana, L., & Sarr, M. (2019). Capital flight, foreign direct investment and natural resources in Africa. Resources Policy, 63, 101427.
Ndoricimpa, A. (2018). Greed of The Elite; Capital Flight from a Fragile Country: Case Of Burundi, Journal of Financial Crime, 25(2), 598–618.
Qolbi, N., & Kurnia, A. S. (2015). Intra ASEAN-5 Capital Flows: Do They Represent Neoclassical Belief or Lucas Paradox? Buletin Ekonomi Moneter Dan Perbankan, 18(2), 157–182.
Samboh, Esther. (2020, March 19). Economics of Partial Lockdown to Contain Spread of Coronavirus [The Jakarta Post]. Retrieved from https://www.thejakartapost.com/academia/2020/03/19/economics-of-partial-lockdown-to-contain-spread-of-coronavirus.html
Shalizi, C. (2015). Is R-squared Useless? | University of Virginia Library Research Data Services + Sciences. Retrieved July 30, 2018, from https://data.library.virginia.edu/is-r-squared-useless/
Sovran, S., & Hadzic, M. (2016). Contemporary Forms of International Movement of Capital. The European Journal of Applied Economics, 13(2), 1–9.
Vogiatzoglou, K., & Nguyen, P. N. T. (2016). Economic Openness and Economic Growth: A Cointegration Analysis for Asean-5 Countries. The European Journal of Applied Economics, 13(2), 10–20.
Wujung, V. A., & Mbella, M. E. (2016). Capital Flight and Economic Development: The Experience of Cameroon. Economics, 5(5), 64–72.
Yalta, A. Y. (2009). Capital Flight: Conceptual and Methodological Issues. HU Journal of Faculty of Economics and Administrative Sciences, 27(1), 73–94.
Yalta, A. Y. (2010). Effect of Capital Flight on Investment: Evidence from Emerging Markets. Emerging Markets Finance and Trade, 46(6), 40–54.
Yalta, A. Y., & Yalta, A. T. (2012). Does Financial Liberalization Decrease Capital Flight? A Panel Causality Analysis. International Review of Economics & Finance, 22(1), 92–100.

