scholarly journals Kredit Ketahanan Pangan dan Energi: Implementasi dan Persepsi oleh Petani Padi

2018 ◽  
Vol 15 (2) ◽  
pp. 99
Author(s):  
Iman Widhiyanto ◽  
Nunung Nuryartono ◽  
NFN Harianto ◽  
Hermanto Siregar
Keyword(s):  
Interest Rate ◽  
Agricultural Sector ◽  
Financial Education ◽  
Advanced Technology ◽  
Fiscal Policies ◽  
Market Rate ◽  
Lower Interest Rate ◽  
The Government ◽  
The Interest Rate ◽  
Farm Business

<p>Agricultural sector is the government’s priority through fiscal policies. One of the policies implemented is the interest rate subsidy for Food and Energy Security Credit Program (KKP-E). Some Banks had been appointed and in collaboration with the government to provide KKP-E. KKP-E program had lower interest rate than the market rate and it was expected that the farmers could access it. KKP-E was intended to meet the needs of agricultural equipment and farm inputs purchase. Since the program rolled out from 2008 to 2015, the implementation of KKP-E was below the credit limit. This study aimed to analyze the KKP-E implementation, farmers’ perspectives of KKP-E, and change from KKP-E to KUR (People’s Business Credit) for Agricultural Sector. Results of the study showed that KKP-E disbursement was relatively low. KKP-E distribution channels needed enhancement and the credit could not satisfy all farm business. Farmers did not receive KKP-E from the bank on time. Continuity of subsidized credit was important for farmers. Basic scheme of KKP-E program should be applied to KUR for Agricultural Sector. The government and the Banks need to be more actively in socializing the program, to improve financial education, to utilize more advanced technology, and to simplify bureaucracy.</p><p> </p><p>Abstrak</p><p>Pemerintah berusaha untuk membangun sektor pertanian melalui berbagai instrumen kebijakan fiskal. Salah satu kebijakan yang telah digulirkan adalah subsidi bunga Kredit Ketahanan Pangan dan Energi (KKP-E). Pemerintah bekerjasama dengan bank pelaksana menyediakan KKP-E. Petani diharapkan dapat mengakses KKP-E karena tingkat bunganya lebih rendah dari pasar. KKP-E digunakan untuk memenuhi kebutuhan pembelian peralatan pertanian dan input usaha taninya. Sejak digulirkan pada tahun 2008 sampai dengan 2015, realisasi penyaluran KKP-E masih jauh di bawah plafon kredit, dan realisasi subsidi bunga tidak efisien pada tahun-tahun awal digulirkannya subsidi bunga KKP-E. Penelitian ini bermaksud menganalisis secara diskriptif implementasi KKP-E, perspektif usaha tani terhadap KKP-E, dan perubahan KKP-E menjadi KUR (Kredit Usaha Rakyat) sektor pertanian. Data di lapangan menunjukkan bahwa jangkauan KKP-E masih rendah, saluran distribusi KKP-E perlu ditambah, terjadi fungibility penggunaan KKP-E, pinjaman KKP-E belum dapat memenuhi semua kebutuhan usaha tani, dan pencairan KKP-E masih lama dan tidak tepat waktu. Usaha tani menginginkan agar skim kredit dengan subsidi bunga dapat dilanjutkan di masa yang akan datang. Kemudahan-kemudahan yang ada pada KKP-E hendaknya diterapkan pada KUR sektor pertanian. Pemerintah bersama bank pelaksana perlu lebih masif melakukan sosialisasi dan edukasi keuangan dengan memanfaatkan teknologi yang lebih maju dan menyederhanakan birokrasi. </p>

scholarly journals Die japanischen Lehren für die europäische Krise

2013 ◽  
Vol 62 (1) ◽  
Author(s):  
Gunther Schnabl
Keyword(s):  
Interest Rate ◽  
Aggregate Demand ◽  
Adjustment Costs ◽  
Real Income ◽  
Fiscal Policies ◽  
Fiscal Stimulus ◽  
The Real Estate ◽  
Boom And Bust ◽  
The Interest Rate ◽  
Boom And Bust Cycles

AbstractJapan went 15 years earlier than Europe through a boom-and-bust cycle in the real estate and stock markets. The country has made important experience with crisis therapies in form of monetary expansion, Keynesian fiscal stimulus and recapitalization of financial institutions. Japan has reached the zero interest bound in 1999 and has accumulated a very high public debt level. The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for the boom, the characteristics of the crises, and the (potential) effects of the crisis therapies. It is argued that the consequence of expansionary monetary and fiscal policies is the hysteresis of the zero-interest rate and high debt trap, the erosion of the allocation and signaling function of the interest rate, the gradual nationalization of the financial sector and aggregate demand, as well as gradual real income losses. The economic policy implication for Europe and Japan is the timely exit from crisis therapies in form of expansionary monetary and fiscal policies despite high adjustment costs.

scholarly journals Some Factors for Growing Savings in Kosovo

2018 ◽  
Vol 1 (3) ◽  
pp. 131
Author(s):  
Fitim Mexhuani ◽  
Artur Ribaj
Keyword(s):  
Economic Growth ◽  
Financial Education ◽  
Demographic Variables ◽  
Financial Capital ◽  
Real Sector ◽  
Key Factors ◽  
Network State ◽  
Domestic Savings ◽  
The Government ◽  
The Interest Rate

The main problem for developing countries is the lack of investment, which consequently limits the country's economic growth. Developing the real sector of any economy is not an issue that should be left to random actors. So, the Government of Kosovo, Bank of Kosovo and Commercial Banks are the three main actors that should be focused on factors that influence the growth of the level of domestic savings. By channeling savings into Kosovo's economy through banks for investments in healthy financial capital, Kosovo becomes economically and politically more developed and independent. This paper based on literature analyses and data processing identifies some of the factors that could affect the growth of savings in Kosovo, as these will lead to higher level of financial capital for entrepreneurs and the continuity of the country's economic growth. Taxation and income levels, demographic variables, confidence and deposit security, banking network, state-owned bank, financial education and financial inclusion are among the key factors of increasing savings. The interest rate is also important factor, but since this factor is often subject of other papers, we did not incorporate it in this paper.

scholarly journals Model Pertumbuhan Utang Luar Negeri Indonesia

2018 ◽  
Author(s):  
Muhammad Subhan
Keyword(s):  
Interest Rate ◽  
Government Expenditure ◽  
External Debt ◽  
Tax Revenue ◽  
Literature Study ◽  
First Order ◽  
Expenditure Rate ◽  
The Government ◽  
Linear Differential ◽  
The Interest Rate

The Government of Indonesia do external debt because government expenditure is greater than his revenue. External debt of Indonesia increas every year. To see its growth, it can be done with make a model of Indonesia’s external debt. This research is literature study. The model of the growth of Indonesia’s external debt in form of linear differential equations of first order that the solution can be determined. From the analysis results, Indonesia’s external debt affected by the interest rate, the expenditure rate, the tax revenue rate and non-tax revenue rate.

scholarly journals Financing infrastructure using floating-interest-rate infrastructure bond

2021 ◽  
Vol 4 (2) ◽  
pp. 306
Author(s):  
Naoyuki Yoshino ◽  
Dina Azhgaliyeva ◽  
Ranjeeta Mishra
Keyword(s):  
Interest Rate ◽  
Spillover Effect ◽  
Early Period ◽  
Government Bond ◽  
Fixed Rate ◽  
User Charges ◽  
Tax Revenues ◽  
The Government ◽  
The Interest Rate ◽  
Transparency And Accountability

This paper proposes a floating-interest-rate infrastructure bond, where the interest of a government bond is paid to investors during the period of construction and the early period of operation. Unlike the usual government bond, which provides a fixed interest rate, the proposed floating-interest-rate infrastructure bond pays a floating interest, the rate of which depends on spillover tax revenues. Effective infrastructure projects have a positive effect on the economic growth of a region, known as the spillover effect. When user charges and the return from spillover tax revenues are below the fixed rate of the government bond, the interest rate will equal to the fixed rate of the government bond. In this case, investors in the infrastructure will receive interest on the government bond at the minimum rate. As the spillover effect of the infrastructure increases, the rate of return for infrastructure investment will become greater than the fixed rate of the government bond. The success of the floating-interest-rate infrastructure bond depends on the spillover effect and on transparency and accountability. Policy recommendations are provided in this paper on how to increase the spillover effect and improve transparency and accountability. 

scholarly journals Perspectives on Monetary Policy and Cost of Capital: Evidence from Turkey

2017 ◽  
Vol 6 (2) ◽  
pp. 45-64
Author(s):  
Neslihan Turguttopbas
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Interest Rates ◽  
Weighted Average ◽  
Capital Inflows ◽  
Market Rate ◽  
Rate Transmission ◽  
Lending Rate ◽  
Credit View ◽  
The Interest Rate

Abstract The target of monetary policy is generally set as to create an environment of manageable employment and affordable long-term interest rates. However, priorities of central banks may differ depending on economic and financial circumstances of individual countries. Modern approaches to monetary policy transmission can be grouped under two headings, Money View and Credit View. The money view concentrates on interest rates to explain the effects of monetary policy on aggregate spending by creating an interest rate channel. The credit channel transmission approach focuses on the supply of credits by banks following a monetary policy shift in interest rates. In 2010, the Central Bank of Turkey (CBT) developed an interest rate corridor shaped by one-week and overnight repo lending to the financial banks to absorb excessive volatility caused by short-term capital inflows. Under this framework, the CBT implements its monetary policy in two ways; firstly it can alter the interest rates of weekly repo as well as O/N lending rate. Secondly, it can configure the funding structure it provides to the financial intermediaries. In such a framework, the interest rate transmission mechanism has been operated by two benchmark interest rates, one of which is the weighted average of the cost of funds provided by the CBT and the other is the interest rate in Borsa Istanbul (BIST) money market transactions at an overnight maturity. There is a strong co-movement between the interest rates and they are affected by the movements in the CBT lending rate in both directions. Interest rates applied to deposits and loans by banks are affected by the policy rate (CBT Average Funding Rate) and the market rate (BIST O/N Repo Rate).

Monetary Policy and Structural Decline: Lessons from Japan for the European Crisis

2015 ◽  
Vol 14 (1) ◽  
pp. 124-150 ◽  
Author(s):  
Gunther Schnabl
Keyword(s):  
Interest Rate ◽  
Financial Institutions ◽  
Real Income ◽  
Fiscal Policies ◽  
Fiscal Stimulus ◽  
The Real Estate ◽  
Boom And Bust ◽  
High Government ◽  
The Interest Rate ◽  
High Level

Japan experienced a boom-and-bust cycle in the real estate and stock markets almost 20 years earlier than Europe. Since the bursting of the Japanese bubble economy, the country has fallen into a deep recession and has experimented with crisis therapies in the form of unconventional monetary expansion, Keynesian fiscal stimulus, and recapitalization of financial institutions. Japan reached a low interest rate environment in the mid 1990s and has accumulated an exceptionally high level of public debt during more than two decades of economic stagnation. This paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. It is argued that in both Japan and Europe the consequences of expansionary monetary and fiscal policies include the hysteresis of a low-interest rate and high government debt environment, the erosion of the allocation and signaling functions of the interest rate, the gradual quasi-nationalization of financial institutions, as well as gradual real income losses. The economic policy implication for Europe and Japan is the timely exit from crisis therapies in the form of excessively expansionary monetary and fiscal policies.

scholarly journals MEKANISME SUKU BUNGA SBI SEBAGAI SASARAN OPERASIONAL KEBIJAKAN MONETER DAN VARIABEL MAKROEKONOMI INDONESIA: 1990.1 - 2007.4

2008 ◽  
Vol 11 (1) ◽  
Author(s):  
Nova Riana Banjarnahor
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rate ◽  
Inflation Targeting ◽  
Vector Autoregressive ◽  
Market Rate ◽  
Empirical Ground ◽  
Time Deposit ◽  
The Interest Rate ◽  
Rate Mechanism

Bank Indonesia has applied the Inflation Targeting Framework (ITF) to reach its single-final objective; stabilizing Rupiah reflected in the inflation and its exchange rate. The central bank of Indonesia uses the interest rate as his operational target to achieve the targeted inflation. Regardless of whether Bank Indonesia uses the Certificate of Bank Indonesia (SBI) or the money market rate (PUAB), on empirical ground the targeted inflation is hard to achieve.This paper analyzes the monetary policy of Bank Indonesia and its impact on macroeconomic variables. The application of Differenced Vector Autoregressive (DVAR) method shows that the monetary policy has a direct impact on the time deposit rate and an indirect impact on the exchange rate, money supply, gross domestic product and on consumer’s price index.JEL Classification: C32, E52, E58Keywords: SBI Interest Rate Mechanism, DVAR, IRF, FEVD

scholarly journals Impact of Fiscal Deficit and Government Debt on Interest Rate in Pakistan

2019 ◽  
pp. 1-17
Author(s):  
Najia Shakir ◽  
Sami Ullah ◽  
Salim Ullah Khan ◽  
Muhammad Qasim
Keyword(s):  
Interest Rate ◽  
Money Supply ◽  
Government Debt ◽  
Gdp Per Capita ◽  
Fiscal Deficit ◽  
Per Capita ◽  
The Government ◽  
The Interest Rate ◽  
Relationship Of ◽  
The Relationship

The current study was conducted in the year 2014 in Pakistan to investigate the impact of fiscal deficit and government debt on the interest rate.  Data on selected macroeconomic variables like fiscal deficit, government debt, GDP per capita, money supply and volume of trade etc. from the year 1990 to 2012.  The study also has tried to find out that how the interest rate in the country is affected by the government debt and fiscal deficit. Augmented Dickey-Fuller test was run to address the stationary issue in the data, and then Ordinary Least Square (OLS) model test was run to check the relationship among the variables. Two models were set in the study. In the first model, the relationship of GDP per capita, money supply, total debt servicing and volume of trade showed a significant relationship with the fiscal deficit, while in the second model the relationship of inflation, fiscal deficit, money supply, government debt and public debt showed a significant relationship with the interest rate. Policy makers are advised to focus on the increase of DGP/Capita and export volume. In order to sustain the rate of inflation, the government may regulate the money supply and public borrowing.

scholarly journals VARIABEL MAKRO EKONOMI DAN NON PERFORMING LOAN: BUKTI EMPIRIS DARI BANK UMUM DI INDONESIA

2017 ◽  
Vol 2 (1) ◽  
pp. 1-14
Author(s):  
Amri Amri ◽  
Rahma Harianti
Keyword(s):  
Economic Growth ◽  
Interest Rate ◽  
Significant Influence ◽  
Commercial Banks ◽  
Multiple Regression Model ◽  
Economic Policies ◽  
Macroeconomic Variables ◽  
Corruption Perception ◽  
The Government ◽  
The Interest Rate

This study is aimed at empirically explores the effect of macroeconomic variables i.e., economic growth, interest rate and the Corruption Perception Index (CPI) on the Non-Performing Loans (NPL) of the commercial banks in Indonesia. An annually data from the years 2003 to 2014 were analysed using the multiple regression model. The study documented that: (i) the economic growth has insignificant effect on the Non-Performing Loans (NPL); (ii) the CPI has a negative significant influence on the Non-Performing Loans; and (iii) the interest rate has a positive significant influence on the Non -Performing Loans (NPL). This findings implied that the central bank of Indonesia (Bank Indonesia) and the government should design together the economic policies and regulations that could prevent increasing in the Non-Performing Loans (NPL) of the commercial banks in the country.Penelitian ini bertujuan untuk mengeksplorasi pengaruh variabel makroekonomi yaitu pertumbuhan ekonomi, tingkat suku bunga dan Indeks Persepsi Korupsi (CPI) terhadapkredit macet (NPL) bank- bank komersial di Indonesia. Data yang digunakan adalah tahunan dari tahun 2003-2014 yang dianalisis menggunakan model regresi berganda. Hasil studi ini menunjukkan bahwa: (i) pertumbuhan ekonomi tidak memiliki pengaruh signifikan pada Kredit Macet; (ii) CPI memiliki pengaruh signifikan negatif pada Kredit Macet; dan (iii) tingkat suku bunga memiliki pengaruh signifikan positif terhadap Kredit Macet. Temuan ini menyiratkan bahwa bank sentral (Bank Indonesia) dan pemerintah harus merancang bersama-sama kebijakan ekonomi dan peraturan yang bisa mencegah peningkatan kredit macet bank-bank komersial di Indonesia.

The “black box” of the interest rate channel of monetary policy

2020 ◽  
pp. 5-21
Author(s):  
S. R. Moiseev
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Interest Rates ◽  
Open Economy ◽  
Small Open Economy ◽  
Financial Sector ◽  
General Terms ◽  
The Government ◽  
The Interest Rate ◽  
Interest Rate Channel

In the economic literature authors believe that central banks manage long-term interest rates on loans through the short-term money market interest rate in order to maintain price stability and balanced economic growth. However, macroeconomic theory tells extremely sparingly about the interest rate channel of monetary policy. In general terms, it conducts changes through a term premium and expectations in the government securities market. In applied research, economists only observe the final reaction of lending rates to the non-financial sector. Economists traditionally believe that the interest rate channel requires a developed financial sector. In some cases, in particular, at zero rates or in a small open economy that depends on the exchange rate, the interest rate channel works poorly. However, its effectiveness can be maintained without developed financial markets. The answer is the pricing of banking loans.

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