Bulletin of Monetary Economics and Banking (BMEB) / Buletin Ekonomi Moneter dan Perbankan
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The Double-Edge Sword: Does FDI Exacerbate Inefficiency Traps? Evidence of Indonesian Manufacturing Firms
Full text linkEmploying a firm-level panel dataset from Statistik Industri for 2008-2015, this study investigates the effect of incoming Foreign Direct Investment (FDI) on inefficiency traps in Indonesia. Firms often face transient and persistent inefficiencies in production and resource utilization, impeding optimal efficiency and productivity. Stochastic Frontier Analysis and Tobit estimates quantify the positive impact of FDI spillovers on inefficiency traps, with FDI spillovers reducing both inefficiencies, particularly transient inefficiencies. Foreign investment externalities diminish inefficiencies through spatial and sectoral spillovers, with spatial spillovers exerting a larger influence. Improved human capital and increased access to foreign inputs also contribute to the mitigation of inefficiency traps
EDITORIAL Policy Innovation in a Turbulent World: Embracing Digitalization and Artificial Intelligence Amid Global Uncertainty The 18th BMEB International Conference Special Issue
Full text linkPolicy Innovation in a Turbulent World: Embracing Digitalization and Artificial Intelligence Amid Global Uncertainty The 18 th BMEB International Conference Special Issu
EDITORIAL 18 BULLETIN OF MONETARY ECONOMICS AND BANKING (BMEB) INTERNATIONAL CONFERENCE AND CALL FOR PAPERS 2024
Full text link18 BULLETIN OF MONETARY ECONOMICS AND BANKING (BMEB) INTERNATIONAL CONFERENCE AND CALL FOR PAPERS 2024
POLICY INNOVATION IN A TURBULENT WORLD: EMBRACING DIGITALIZATION AND ARTIFICIAL INTELLIGENCE AMID GLOBAL UNCERTAINT
Stock Market Reaction to Outbreak of Covid-19: An Empirical Study of Indian Sectoral Indices
Full text linkThe study examines COVID-19’s effect on the Indian stock market. According to the study’s findings, the pandemic significantly smashed Indian sectoral indices. The highest abnormal loss is observed in the Private Bank Index (-14.62 per cent) and the lowest in the Pharma Index (-6 per cent). The results of panel regression analysis depict that real return, profitability, and size have a substantial impact on the abnormal returns of the sectoral indices. The findings provide valuable insights to policymakers, to navigate market volatility and develop effective risk management strategies during pandemic
The Social Impact of Unconditional Cash Transfer: A Quasi-Experimental Approach
Full text linkThis study investigates the social effects of the unconditional cash transfer program and analyzes the underlying mechanism. The empirical analysis indicates that those who consistently participated as program beneficiaries own greater social capital than those who did not maintain continuous enrollment in the program. One mechanism of this impact is enhanced personality, particularly in social behavior. Furthermore, the characteristic of social capital most impacted is heightened participation in communal activities. This study indicates that the program neither displaces private aid nor promotes altruism. These data contradict the claim that the targeted cash transfer program could incite societal discord by fostering polarization between beneficiaries and non-beneficiaries. Consequently, this outcome may bolster the government’s assurance in augmenting or prolonging the coverage or length of the unconditional cash transfer program during both crises and normal circumstances
How influential are Digital Technologies on Good Governance and Quality Institutions in ASEAN?
Full text linkHow do Digital Technologies (DT) affect the quality of governance and institutions in ASEAN? We address this question through employing a panel data technique on 10 ASEAN countries over the period between 1996 and 2022. The findings reveal that DT are influential in the quality of governance and institutions in these countries. Specifically, fixed broadband subscriptions, individuals using the internet, and mobile cellular subscriptions are vital in promoting good governance and quality institutions in ASEAN. Moreover, government effectiveness and rule of law responded and improved more significantly with the development of DT. It was concluded that effective government policy and sound rule of law in ASEAN is achieved when the development of DT is prioritized, especially those technologies that help to lessen the bureaucratic bottlenecks encountered in the public sector and those that improve the transparency of government policies
Does Climate Change Impacts Output? An Empirical Evidence from Asia Pacific Countries.
Full text linkThe study examines the nexus between output, Gross Domestic Product (GDP), renewable energy, trade openness, carbon emission, and foreign direct investment in Asia Pacific countries Using the autoregressive distributed lag model and yearly data from 1990 to 2021, we find (a) a long-run relationship among the variables under consideration, (b) that GDP positively impacts output in most countries, (c) that CO2 and renewable energy display varied effects, and (d) in the short run, GDP and trade openness generally exert a positive influence, but GDP demonstrates a mix of positive and negative impacts. Policymakers need to provide stable policies for environmental variables for sustainable growth
Cryptocurrencies, Money Demand, and Monetary Policy
Full text linkThis study examines the nexus between money demand and cryptocurrencies by estimating two simultaneous equations using Divisia indices as a proxy for money demand and volume traded for cryptocurrencies. The study examines the linkage between cryptocurrencies and money demand and their potential influence over monetary policy actions. It finds that the volume of cryptocurrencies traded negatively influences money demand. Moreover, we see a positive association between money demand and cryptocurrencies, implying that as the demand for money increases, the demand for cryptocurrencies increases. Further, we examine the determinates of cryptocurrencies and report that the return of cryptocurrencies, the financial development index, GDP, inflation, and stock market indices are significant predictors of the demand for cryptocurrencies
AI Integration and Digital Regulation: Impacts on Global Trade in Digital Services
Full text linkThis study investigates the impact of AI readiness and digital laws on Digitally Deliverable Services (DDS) exports, utilizing a comprehensive dataset that includes developed and developing economies, as well as various global regions. The analysis reveals that AI readiness significantly enhances DDS exports across both developed and developing countries, with notable regional variations. Higher gross national income per capita and larger population sizes are consistently positive factors, while the effects of ITA membership and digital laws, such as cybercrime and consumer protection regulations, vary by region. These findings underscore the importance of tailored policy interventions to enhance DDS exports, considering the unique economic and regulatory contexts of different regions
Sustainability in Forex Trading: a Review in Search of The SARSA-FIS Hybrid Method as a Novelty
Full text linkThis study employs meta-analysis, rich pictures, timeline analysis, and causal loop diagram to explore the sustainability impacts of the SARSA-FIS hybrid method in forex trading robots. It reviews 56 references (2018-2023), using rich pictures to map AI-driven interactions. Timeline analysis traces AI’s evolution in forex, while causal loop diagram clarifies its role in market dynamics. Responsible algorithms and SRI principles mitigate risks, promoting ethical trading. SARSA-FIS enhances strategies, leveraging AI for sustainable forex practices amidst global uncertainties. The research identifies gaps and positions SARSA-FIS as a novel approach, providing a foundation for advancing AI applications in finance, particularly in forex trading