The Impact of Government Debt Issuance on Short-Term interest rates in Indonesia

This paper analyzes whether the expansionary fiscal policy funded by issuing debt instruments in financial markets will increase short-term interest rates. If  the expansionary fiscal policy increases interest rates, which decrease private spending especially investment, crowding out occurs. This is interesting because global economic crisis has encouraged many countries to run large budget deficits to stimulate the economy. Indonesia has also run budget deficit during this crisis and even in years before. The impact of such a policy can be significant because Indonesia’s debt market is still narrow and shallow. Therefore, its capability of absorbing the government debt instruments without influencing the private sector funding is limited. This study tests whether the crowding out occurs in Indonesia using a time series econometric model inspired by Cebula and Cuellar’s model. The Cointegration Regression and Error Correction Model (ECM) are used in this study. Monthly data from April 2000 to December 2008 are used for overnight real interbank call money interest rates, real net government bond issues in trading, real narrow money supply, real rate of one-month Certificate of Bank Indonesia, growth of Gross Domestic Product, and real net international capital flows. This empirical study shows that the crowding out problem occurred in Indonesia during the period. This indicates that financing budget deficit in Indonesia by issuing debt instruments in the financial markets has a negative impact on the private sector

DEVELOPMENT INFORMATION SYSTEM OF DAILY CENSUS INPATIENT IN RS. ISLAM KLATEN

RS. Islam Klaten implemented information system Daily Census Inpatient manually. It led to inefficiency of time and personnel effort. Development of Information system Daily Census Inpatient is one alternative in solving the problems of manual systems. The purpose of this study is to develop an information system of Daily Census Inpatient in RS. Islam Klaten.This is research and development information system with qualitative approach and development system. The population on this study are three officers workered in the Daily Census Inpatient management. The sample in this study as many as 13 respondents taking the sample using total sampling method. The data source consists of primary data by observation and interviews and secondary data from the documentation of data, reporting, policies related to information systems Daily Census Inpatient. The results suggest that the need for information sistem Daily Census Inpatient succed based on user identification. The design of the database generates a data table registers, data tables inwards, doctors data tables and data tables inpatients. Entity Relationship Diagram (ERD) system for recording and reporting of patient data from registration, inpatient room, data processing and reporting of medical records become more integrated, accelerate report creation, facilitate in making system. Design of the display consists of the Main Menu, Menu Login, Menu Inpatient Register, as well as the design of daily and monthly reports. Daily Census Inpatient information system increase the efficiency of staff performance

VARIABILITY OF NORMALIZED DIFFERENCE VEGETATION INDICES IN SUMATRA AND ITS RELATION TO CLIMATE ANOMALIES(KERAGAMAN INDEKS VEGETASI DI SUMATERA DAN HUBUNGANNYA DENGAN ANOMALI IKLIM)

Indeks vegetasi yang diperoleh dari data NOAA-AVHRR sudah umum digunakan sebagai indikator kehijauan dan kekeringan vegetasi. Kondisi iklim global dan regional diatas Sumatera mempengaruhi indeks vegetasi di Sumatera. Penelitian ini bertujuan mempelajari keragaman indeks vegetasi terutama di Sumatra dan hubungannya dengan El Nino - Southern Oscillation (ENSO) dan Indian Ocean Dipole Mode Event (DME). LAC NDVI periode 1996-2002 digunakan untuk menganalisa koefisien keragaman dan analisis korelasi kanonik. Keragaman NDVI yang tinggi ditemukan di pantai timur, bagian selatan dan bagian utara Sumatera, sedangkan di bagian barat dan tengah keragamannya rendah. Secara keseluruhan, keragaman NDVI selama monsun barat lebih tinggi daripada periode monsun timur. ENSO dan DME mempangaruhi indeks vegetasi di Sumatera pada lag 0,4,dan 5 bulan (nyata pada taraf 5%). Kontribusi terbesar diberikan oleh variable kanonik lag 1 (R2=70.1%), sisa 29,9 % disebabkan oleh keragaman factor-faktor lainnya. Kerana korelasi dan signifikansi dari parameter iklim secara statistik tinggi, maka dapat digunakan sebagai prediktor NDVI di Sumatera. Diantara 6 time lag , parameter dengan lag 6 bulan mempunyai keragaman yang tertinggi. Namun, uji beda nyata menunjukkan bahwz korelasi kanonik pada lag 0,4,dan 5 yang mempunyai beda nyta tertinggi (pada taraf 95%). Struktur korelasi kanonik untuk parameter iklim pada lag 0 dan 1 didominasi oleh SOI dan anomaly SST. Sedangkan korelasi pada lag 2,5, dan 6 didominasi oleh SOI, anomaly SST, dan DMI. Berdasarkan hasil analisis tersebut, kami menyimpulkan bahwa analisis korelasi kanonik merupakan metode yang optimum untuk memprediksi NDVI di Sumatera pada lag 5 bulan menggunakan SOI, SSTA, dan DMI sebagai prediktor. Hasil ini menunjukkan bahwa parameter iklim dapat digunakan untuk memprediksi NDVI 5 bulan ke depan dengan baik di Sumatera

Analisis Kausalitas antara Perkembangan Sektor Keuangan dengan Pertumbuhan Ekonomi di Indonesia: Analysis on The Causal Relationship between Financial Sector Development and Economic Growth in Indonesia

The study is conducted to analyze the causal relationship between the financial sector development and economic growth in Indonesia during the period of 1983.2-2000.4. The study uses three kinds of variables as proxies to the financial sector development. The causality test is done using Granger-causality test. If the estimated variables are not stationary, yet cointegrated, thus the causality test will be in cointegration framework and Vector Error Correction Model (VECM). If the estimated variables are neither stationary nor cointegrated, thus the causality test will be done using Vector Autoregression model (VAR) in the first difference. The result shows that there is a bidirectional Granger-causality in the long run between the financial sector development and the economic growth when the ratio of broad money to GDP as the proxy from the financial sector development is used. Instead, when the ratio of banking credit to GDP is used, there is a bidirectional Granger-causality in the short run. Meanwhile, when the ratio of demand deposit to narrow money is used, there is no Granger-causality relationship between the financial sector development and economic growth. Key words: Economic growth â Financial sector development -- Granger--causality test -- Vector autoregression (VAR) â Vector error correction model (VECM)â

Dampak depresiasi rupiah terhadap perekonomian jangka panjang

Since July, 1997, a crisis in currency markets has been running into Asian countries. These countries which were known as high performance Asian economic countries (HPAEs) were suddenly knocked down by a prolonged crisis

Peran Otoritas Jasa Keuangan Dalam Pasar Keuangan Indonesia Pada Masa Mendatang

Kata kunci: Otoritas Jasa Keuangan, Pasar Keuangan Indonesi

The effectiveness of laugh therapy to decrease depression level in the elderly at Griya Usila st. Yosep Surabaya and panti werdha Bhakti Luhur Sidoarjo

The aging process is a natural process where an elderly experiences the changing biological, cognitive, psychological, and spiritual. Those chances influence the elderly health in both biological and psychological including the chance or mental health disorders towards an elderly which influences the quality of life such as mood disorder and depression. The managing of depression in the elderly could be done by laugh therapy.  Laugh therapy is a therapy method by utilizing laugh in order to assist each person to reduce a problem in both physical disorder and mental disorder. This study aimed to determine the effectiveness of laugh therapy on the decreasing of depression level for elderly. It included quasi- experimental study was condected at Griya Usila St. Yosef and in Werdha Bhakti Luhur House in  Sidoarjo by utilizing non randomized control pretest posttest design. The sample used in this research the inclusion criteria was 35 people which were divided into treatment group and control group. The treatment group was 19 people and control group was 16 people. The elderly in Griya Usila St. Yosef was as treatment group and the elderly in Panti Wedha Bhakti Luhur was as control group. Both groups performed pretest and postet at the same time to determine the level depression using by Geriatric Depression Scale/GDS. Mann Whitney Test results z = -5.105  and p = 0.000 There are significant differences in changes in the level of depression in the treated.Mann Whitney Test to test the difference in value of the Geriatric Depression Scale(GDS) z = -4.368 and p = 0.000 that was significant differences in the difference in the value of the GDS between the treated group and control group. Laughter therapy is effective in lowering the rate of depression in the elderly. The conclusion is the laugh therapy is effective in reducing the depression level in the elderly at Griya Usila St. Yosef Surabaya and Panti Werdha Luhur Sidoarj

Eksperimentasi Model Pembelajaran Kooperatif Tipe Think Pair Share (Tps) Dan Numbered Heads Together (Nht) Dengan Pendekatan Saintifik Pada Materi Bilangan Ditinjau Dari Adversity Quotient (Aq) Siswa Kelas VII SMP Negeri Se-kabupaten Boyolali

The aim of the research was to determine the effect of learning models on mathematics achievement viewed from student's AQ. The learning models compared were TPS with scientific approach, NHT with scientific approach, and classical with scientific approach. The type of the research was a quasi-experimental research. The population were all students of Junior High School in Boyolali. The samples are the students of SMPN 1 Boyolali, SMPN 1 Sawit and SMPN 3 Sawit, which taken by using stratified cluster random sampling technique. The instruments used were mathematics achievement test and AQ questionnaire. The data was analyzed using unbalanced two-ways Anova. The conclusions were as follows. (1) TPS with scientific approach gives better mathematics achievement than NHT with scientific approach, and both gives better mathematics achievement than classical with scientific approach. (2) Climbers students have better mathematics achievement than campers and quitters students, campers students have better mathematics achievement than quitters students. (3) For TPS with scientific approach, climbers students have better mathematics achievement than campers and quitters students. Campers and quitters students have the same mathematics achievement. For NHT and classical with scientific approach, climbers students have better mathematics achievement than quitters students. Climbers and campers students have the same mathematics achievement. Campers and quitters students have the same mathematics achievement. (4) For climbers students, TPS with scientific approach and NHT with scientific approach give the same mathematics achievement. NHT with scientific approach and classical with scientific approach give the same mathematics achievement. TPS with scientific approach gives the better mathematics achievement than classical with scientific approach. For campers and quitters students, all learning models give the same mathematics achievement