Pengaruh Penerapan Bea Keluar Biji Kakao Terhadap Daya Saing Serta Ekspor Produk Kakao Indonesia

The development of Indonesia's cocoa beans before the export duty policy shows that almost 90 per cent of cocoa beans exports were exported from total production, therefore makes Indonesia as known as one of the biggest cocoa beans exporters in the world. Cocoa exports to destination countries cause the domestic stock of raw materials for cocoa beans Domestic stock has decreased. Afterwards, the Indonesian government implemented a cocoa bean export duty policy. This research aimed to analyze the effect of export duties policy for the competitiveness and exports of Indonesian cocoa products to export destination countries. Revealed Comparative Advantage (RCA) method is used to measure competitiveness, while Fully Modified Ordinary Least Square (FMOLS) is used to analyze the long-term effect of export duties on cocoa beans on competitiveness and exports of cocoa products. Based on the analysis result, all cocoa products have competitiveness, Indonesian cocoa butter has the highest competitiveness in export destination countries. Export duties policy has a long-term effect on competitiveness and exports of cocoa paste and powder, but have no long-term effect on competitiveness and exports of cocoa butter. Therefore, the overall increase in competitiveness and export of cocoa products is due to the implementation of the cocoa bean export duty policy.

MONETARY POLICY AND HERDING BEHAVIOR DEVELOPED MARKET AND EMERGING MARKET COMPARISON

The research examines impact of monetary policy on herding behavior in the stock market. This study used OLS Regression, SUR, and Panel Regression Method. The results show that monetary policy affects herd behavior in stock market, specially in emerging market which have a specific characteristic such as low liquidity and low number of investor. Using SUR, this study show that common factors which affect the global herd behavior are not influential. Domestic stock market has its own variable that may initiate herd behavior.

Stock–bond co-movement in ASEAN-5: the role of financial integration and financial development

PurposeThis study aims to observe the extent of asset diversification benefits in the Association of Southeast Asian Nations (ASEAN)-5 market by examining the effect of financial integration (FI) and financial development (FD) on domestic stock–bond co-movements, SBcorr.Design/methodology/approachThe dynamic conditional correlation - multivariate generalized autoregressive conditional heteroskedasticity (DCC-MGARCH) technique is adopted to construct FI and stock−bond co-movement variables. Then, the study uses static panel data analysis to examine the effect of FI on stock−bond co-movements.FindingsFI does not provide asset diversification benefits due to high country risks in ASEAN-5. However, when FI is moderated by FD, FI × FD, the study shows that FI × FD provides higher asset diversification benefits in ASEAN-5.Originality/valueThis study shows the importance of incorporating the level of FD when assessing the effect of FI on stock–bond co-movements in ASEAN-5. In the presence of FI, a well-diversified investor should always consider the state of FD, which will show a better representation of asset diversification strategy in the emerging markets. Additionally, policymakers of ASEAN-5 countries should prioritise enhancing their financial system to attract more investment into the countries.

JUSTIFICATION OF THE ESSENCE, FUNCTIONS AND PURPOSE OF GRAIN FUTURE EXCHANGE MARKET OF AGRICULTURAL PRODUCTS

In the article analyzes the development of the domestic stock market. It is substantiated that crop futures are a derivative financial instrument on the stock exchange, which provides for the obligation of its seller or buyer to periodically transfer sums of money to the opposite party depending on changes in the market price of grain, and (or) the obligation delivery of grain on time. It is determined that only under the conditions of joint efforts on the part of the state, the exchange community, participants of the agrarian market that will allow bringing the exchange commodity market closer to civilized bases.

Peculiarities of the domestic stock market functioning

Subject of research is the stages of development and the actual state of the domestic stock market. The purpose of the article is to identify the stages of formation and development of the domestic stock market and as a result of determining the prospects for further development. Methods used in the research process: method of system-structural analysis and synthesis, method of comparative analysis, generalization, general scientific, special methods of scientific knowledge and other research methods. Study results. The experience of developed economies shows that the stock market, unlike other markets (including commodity or foreign exchange), is one of the most regulated and regulated. The specificity of the domestic stock market is that in Ukraine there is virtually no domestic investor, a significant number of transactions are concluded to obtain speculative profits; quite often shares are bought at the beginning of trading only in order to "sell" the market more expensive to sell them and make money on it. Investigating the activities of the domestic stock market, the main stages of its development are consistently identified. The role and importance of the stock market in ensuring economic development, to a large extent, is determined by the volume and structure of trading in financial instruments. At the current stage of development of the stock market, trading is concentrated on two stock exchanges of PJSC Stock Exchange "Perspective" and PJSC "Stock Exchange PFTS", identified trends to consolidate trade in these infrastructure market participants. Application of results. The results of the study can be used in the activities of the Ministry of Finance of Ukraine, the Verkhovna Rada of Ukraine, the National Commission on Securities and Stock Market, as well as in higher education institutions in the teaching of economic disciplines. Conclusions. The stock market must attract investors with its legality, honesty and order. This can be achieved only through state regulation of the securities industry in close cooperation with its representatives.

ORGANIZATIONAL PRINCIPLES OF TRANSACTIONS IN THE EXCHANGE MARKET

The article highlights the theoretical foundations of the exchange-traded transactions organization in the stock exchange market. It is noted that the economic essence of exchange-traded transactions includes three main differential features: the object of trade, method of execution and maturity of contracts. The theoretical concept of exchange-traded transactions by business entities in international stock exchange markets is highlighted. It has been found that exchange-traded transactions have evolved for a long time from concluding agreements with the supply of real assets (spot) to futures and options contracts. Taking into account the international experience of stock exchange trade, the organizational structure of the stock exchange market, optimal for the implementation in Ukraine is highlighted. It is proved that an effective mechanism for price risks managing and attracting financial resources is the use of the stock exchange market and its tools in the activities of business entities. The organizational mechanism of stock exchange transactions has been constantly transformed on the world stock exchange market from trading in immediate delivery agreements (spot) to futures and options. The priority organizational measures necessary for accelerating the development of the domestic stock exchange market of futures contracts for the main commodity and financial assets are given. Accelerating the development of the domestic stock exchange market at the international level requires qualitative and quantitative changes in the stock exchange environment. The priority organizational measures in this context should be the reset of the regulatory component, strengthening the role of the state regulator in the formation of the regulatory framework and control over the activities of participants, as well as deepening protection of the rights of all stock exchange participants. In addition, it is necessary to stimulate the beginning of consolidation processes in the domestic commodity and stock markets. This direction of improving the implementation of exchange-traded operations on the domestic exchange market will contribute to the universalization and improvement of technological support of stock exchange platforms. The last, but no less important, organizational measure is the creation of the necessary infrastructure for the implementation of futures exchange transactions in the domestic stock exchange market.

DIRECTIONS OF SECURITY LISTING ON THE DOMESTIC STOCK MARKET

The essence of the concept of "listing", "listing of securities" is considered, the procedure of listing on the domestic stock exchange is determined and the levels of listing are highlighted. The basic concepts of securities listing, in accordance with regulations, regulations of Ukrainian stock exchanges and the definition of domestic economists are studied. The main indicators of the first and second level of listing on the Ukrainian stock exchange, selection criteria to the appropriate level are grouped. In Ukraine, public joint stock companies are required to go through the procedure of listing, regardless of the volume and value of the issue of shares. An analysis of the issue of securities on the stock market of Ukraine, listing, trading volumes of securities. It has been established that over the last five years the volume of securities issues of public joint-stock companies on the stock market has significantly decreased, the volume of listing has decreased, which has reduced the volume of trading on both exchange and over-the-counter markets. The negative downward trend in the issue of shares of joint-stock companies was influenced by the reduction of financial intermediaries (underwriters, depositories, financial agents) in the domestic stock market, as well as the level of domestic and foreign investment. The main directions for optimizing the listing procedure, ensuring the competitiveness and investment attractiveness of domestic joint stock companies are identified. The main areas for improving the listing procedure should be provided both at the state level and at the level of joint stock companies, financial intermediaries, and investors. In particular, joint-stock companies are required to submit financial statements (in accordance with international financial reporting standards for legal entities) to stock exchanges, their authorized representatives, the First Stock Trading System and relevant authorities. On the positive side, professional participants of the domestic stock market were able to offer their clients software products for remote conclusion of contracts for the sale of financial instruments.

Geopolitical Risk and Tourism Stocks of Emerging Economies

A bulk of literature suggests that geopolitical events such as terrorist attacks dampen tourism demand. However, there is little research on whether this effect helps predict the return of the tourism equity sector. We provide country-level evidence on whether local and global geopolitical risk (GPR) predicts the first and second moments of tourism stocks in emerging economies. This objective was achieved by employing the non-parametric causality-in-quantiles (CiQ) model and a cross-quantilogram (CQ) test, which allowed us to uncover the predictive potential of GPR for the tourism sector equities. Our findings, obtained through the CiQ model, suggest that while both local and global GPRs carry significant potential for predicting the returns and volatility of tourism stocks of most emerging economies under normal market conditions, they seem to play no such role in certain countries. These countries include South Korea, for which only a limited number of tourism stocks trade on the domestic stock market compared to other sectors, and Colombia, for which both the domestic stock market and tourism sectors are at an emerging stage. Further, it turns out that, compared to its local counterpart, global GPR has a more pronounced predictive power for the tourism stocks of emerging economies. Finally, with some exceptions, the results are qualitatively similar, and hence reasonably robust, to those when a directional predictability model is applied. Given that geopolitical shocks are largely unanticipated, our findings underscore the importance of a robust tourism sector that can help the market recover to stability as well as an open economy that allows local investors to diversify country-specific risks in their portfolios. Implications and directions for future research are discussed.

Genetics and Domestic Fauna in Southern Africa

Genetic analyses of southern African livestock have been limited and primarily focused on agricultural production rather than the reconstruction of prehistory. Attempts to sequence DNA preserved in archaeological remains of domestic stock have been hampered by the discovery of high error rates in the morphological identification of fauna. As such, much DNA sequencing effort that was directed at sequencing southern Africa’s domestic livestock has been expended sequencing wild forms. The few genetic data that are available from both modern and archaeological domestic stock show relatively low genetic diversity in maternally inherited mitochondrial lineages in both sheep and cattle. Analyses of modern stock show, in contrast, that the bi-parentally inherited nuclear genome is relatively diverse. This pattern is perhaps indicative of historic cross-breeding with stock introduced from outside Africa. Critically important to moving forward in our understanding of the prehistory of domesticates in southern Africa is attention to the high error rates in faunal analyses that have been documented both genetically and through ZooMS.