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Abstract
Paper ini mengkaji hubungan antara nilai tukar dengan fundamental makroeko¬nomi Indonesia dari tahun 1997 sampai 2004. Kajian ini menerangkan faktor-faktor yang mempengaruhi nilai tukar rupiah terhadap US dollar, baik dalam jangka pendek maupun jangka panjang dengan menggunakan teori kointegrasi. Untuk melihat kestabilan nilai tukar rupiah sebelum dan sesudah krisis ekonomi digunakan Uji Chow. Objektif lain dari kajian ini adalah ingin membuktikan apakah terjadi lonjakan yang tajam (overshoot) terhadap rupiah ketika krisis berlangsung. Hasil kajian menunjukkan bahwa rupiah memang melonjak tajam akibat adanya peningkatan penawaran uang dan inflasi. Hasil juga menunjukkan ter¬jadi hubungan kointegrasi antara nilai tukar dan fundamental makroekonomi serta terjadi perubahan struktural setelah tahun 1998.
Keywords: exchange rate; stability; overshooting
Keywords: exchange rate; stability; overshooting
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Economic Journal of Emerging Markets by Center for Economic Studies, Universitas Islam Indonesia is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
How to Cite
Pratomo, W. A., Harjito, D. A., & Hazir, A. Y. (2009). The Effect of Macroeconomic Fundamentals in Financial Liberalization to the Stability of Indonesia’s Exchange Rate. Economic Journal of Emerging Markets, 10(2). https://doi.org/10.20885/ejem.v10i2.597