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FOREIGN INVESTMENT AND THE POLITICAL ECONOMY OF INDONESIAN CAPITAL MARKET IN 2015-2016
Corresponding Author(s) : Faris Al-Fadhat
Humanities & Social Sciences Reviews,
Vol. 7 No. 6 (2019): November
Abstract
Purpose of the study: This article examines the impact of foreign investment—especially through the capital market—towards the economic stability and strategic policy in Indonesia. Despite being a member of G20, a group of states with the world’s highest Gross Domestic Products, Indonesia is still a developing state whose need for investment to support economic growth is high. On the other side, Indonesia has a low capital accumulation rate due to low people’s savings which inhibits the development projects. Therefore, the government prioritizes the incoming flow of foreign investment.
Methodology: This study applies the international political economy approach to provide critical analysis of Indonesian contemporary foreign investment, especially in the capital market. The data used is the investment activities through the Indonesia Stock Exchange during 2015-2016.
Main Findings: It argues that Indonesia’s considerable dependence on investment has enabled foreign investors to play the capital flow to influence the national economic stability for their interests. Such influence was a result of two strategies: (i) the transaction domination in the capital market through the Indonesia Stock Exchange, and (ii) the alliance with financial actors in accessing inside information—which is not commonly owned by domestic investors.
Implications/Applications: This study suggests that the politics of foreign investors has contributed towards the changes of government policies in the financial sectors to facilitate the process and to ensure the flow of foreign investment to Indonesia. Such policies include the government’s control of interest rates, fiscal policy, as well as currency stability through macroprudential regulation.
Novelty/Originality: Essentially, the capital market is not politically neutral. It has been used by foreign investors to augment their interests by dominating transactions and building political alliances at the domestic level.
Keywords
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- Afonso, A. & Sousa, R. M. (2012). The macroeconomic effects of fiscal policy. Applied Economics, (44)34, 4439-4454. https://doi.org/10.1080/00036846.2011.591732 DOI: https://doi.org/10.1080/00036846.2011.591732
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- Bank Indonesia (2016).Mengupas Kebijakan Makroprudensial. Jakarta: Departemen Kebijakan Makroprudensial Bank Indonesia.
- Batten, J. A. &Vo, X. V. (2014). Liquidity and Return Relationships in an Emerging Market. Emerging Markets Finance and Trade, (50)1, 5-21, https://doi.org/10.2753/REE1540-496X500101 DOI: https://doi.org/10.2753/REE1540-496X500101
- Brezigar-Masten, A., Masten, I., & Volk, M. (2015). Discretionary Credit Rating and Bank Stability in a Financial Crisis.Eastern European Economics, (53)5, 377-402, https://doi.org/10.1080/00128775.2015.1086885 DOI: https://doi.org/10.1080/00128775.2015.1086885
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- Dalla, I., Khatkhate, D., Rao, D. C., Kondury, K., Jun, K.,& Chuppe, T.(1995). The Emerging Asian Bond Market. Washington, DC: World Bank.
- Fane, G. (2005). Post-crisis monetary and exchange rate policies in Indonesia, Malaysia, and Thailand.Bulletin of Indonesian Economic Studies, (41)2, 175-195, https://doi.org/10.1080/00074910500117024 DOI: https://doi.org/10.1080/00074910500117024
- Friedman, M. (1970). A Theoretical Framework for Monetary Analysis. Journal of Political Economy, (78)2, 193-238. https://doi.org/10.1086/259623 DOI: https://doi.org/10.1086/259623
- Gie, K. K. (1994). Analisis Ekonomi Politik Internasional.Jakarta: Gramedia Pustaka Utama & SITE IBII.
- Indonesia Investments (2015, May 8).Bagaimana Dengan Ekonomi Indonesia di 2015?.https://www.indonesia-investments.com/id/berita/berita-hari-ini/bagaimana-dengan-ekonomi-indonesia-di-2015/item5537?Retrieved 28 October 2018.
- Jessop, B. (2003). The Future of the Capitalist State. Oxford: Polity Press.
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- Lee, M., Asuncion, R. C., & Kim, J.(2016). Effectiveness of Macroprudential Policies in Developing Asia: An Empirical Analysis.Emerging Markets Finance and Trade, (52)4, 923-937. https://doi.org/10.108 0/1540496X.2015.1103137 DOI: https://doi.org/10.1080/1540496X.2015.1103137
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- Litan, R. E., Pomerleano, M. &Sundararajan, V. (2003). The Future of Domestic Capital Markets in Developing Countries. Washington, DC: Brookings Institution Press.
- Lunawat, R. (2013). The Role of Information in Building Reputation in an Investment/Trust Game.European Accounting Review, (22)3, 513-532. https://doi.org/10.1080/09638180.2012.748256 DOI: https://doi.org/10.1080/09638180.2012.748256
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- Matthies, A. B. (2013). Empirical research on corporate credit-ratings: a literature review. Humbolt-Universitat zu Berlin, SBF 649 Discussion Paper 003.
- Nirmala, R. (2016, July 26). Dana asing meningkat, cermati sektor konstruksi. Beritagar. https://beritagar.id/artikel/berita/dana-asing-meningkat-cermati-sektor-konstruksi. Retrieved21 June 2019.
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- Pontines, V.&Siregar, R. Y. (2019). Non-core liabilities and interest rate pass-through: bank-level evidence from Indonesia. Applied Economics, (51)25, 2703-2714. https://doi.org/10.1080/00036846.2018.1558352 DOI: https://doi.org/10.1080/00036846.2018.1558352
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- Rokhim, R. & Min, I. (2018). Funding Liquidity and Risk-Taking Behavior in Southeast Asian Banks.Emerging Markets Finance and Trade. https://doi.org/10.1080/1540496X.2018.1483230 DOI: https://doi.org/10.1080/1540496X.2018.1483230
- Ruru, B. (1994). The Indonesian capital market: A vision of change. Pacific-Basin Finance Journal, (2)2–3, 147-150. https://doi.org/10.1016/0927-538X(94)90014-0 DOI: https://doi.org/10.1016/0927-538X(94)90014-0
- Santiso, J. (2003). The Political Economy of Emerging Markets Actors, Institutions and Financial Crises in Latin America. New York: Palgrave Mcmillan. https://doi.org/10.1057/9781403973788 DOI: https://doi.org/10.1057/9781403973788
- Scherer, F.M. (2014). Two Paradoxes in the Theory of Capital Investment and Competition.International Journal of the Economics of Business, (21)1, 27-31. https://doi.org/10.1080/13571516.2013.864125 DOI: https://doi.org/10.1080/13571516.2013.864125
- Sharma, S.S., Narayan, P.K., Thuraisamy, K., & Laila, N. (2019). Is Indonesia's stock market different when it comes to predictability?.Emerging Markets Review, (40). https://doi.org/10.1016/j.ememar.2019.100623 DOI: https://doi.org/10.1016/j.ememar.2019.100623
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- Suidarma, I. M., Sanica, I. G., Ayu, P. C., &Diatmika, I. G. N. D. (2018). Overshooting Indonesian Rupiah’s Exchange Rate towards US Dollar: Dornbusch Model Hypotheses Test. International Journal of Economics and Financial Issues, (8)5, 52-58.
- Wirasenjaya, A. M. (2015). Disharmoni Negara danPasarDalamRezim Neoliberal. JurnalHubunganInternasional, (2)1, 83-91. https://doi.org/10.18196/hi.2013.0030.83-91 DOI: https://doi.org/10.18196/hi.2013.0030.83-91
- World Bank (2018). Global Economic Prospects, June 2018: The Turning of the Tide?Washington, DC: World Bank. https://openknowledge.worldbank.org/bitstream/handle/10986/29801/9781464812576.pdf. Retrieved10 August 2019. https://doi.org/10.1596/978-1-4648-1257-6 DOI: https://doi.org/10.1596/978-1-4648-1257-6
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- Yang, A. S. &Pangastuti, A. (2016). Stock market efficiency and liquidity: The Indonesia Stock Exchange merger. Research in International Business and Finance, (36)January, 28-40. https://doi.org/10.1016/j.ribaf.2015.09.002 DOI: https://doi.org/10.1016/j.ribaf.2015.09.002
- Yuliantoro, N. R.&Dinarto, D. (2018). Between Revisionist and Status Quo: The Case of China’s Leadership in the AIIB. Jurnal Hubungan Internasional, (7)2, 169-177. https://doi.org/10.18196/hi.72131 DOI: https://doi.org/10.18196/hi.72131
References
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Badan Kebijakan Fiskal (2016). Mengelola tantangan Untuk Meningkatkan Kesejahteraan. Jakarta: Badan Kebijakan Fiskal, Kementrian Keuangan Republik Indonesia.
Bank Indonesia (2016).Mengupas Kebijakan Makroprudensial. Jakarta: Departemen Kebijakan Makroprudensial Bank Indonesia.
Batten, J. A. &Vo, X. V. (2014). Liquidity and Return Relationships in an Emerging Market. Emerging Markets Finance and Trade, (50)1, 5-21, https://doi.org/10.2753/REE1540-496X500101 DOI: https://doi.org/10.2753/REE1540-496X500101
Brezigar-Masten, A., Masten, I., & Volk, M. (2015). Discretionary Credit Rating and Bank Stability in a Financial Crisis.Eastern European Economics, (53)5, 377-402, https://doi.org/10.1080/00128775.2015.1086885 DOI: https://doi.org/10.1080/00128775.2015.1086885
Chong, T. T. L.& Li, X. (2019). Understanding the China-US trade war: causes, economic impact, and the worst-case scenario. Economic and Political Studies, (7)2, 185-202. https://doi.org/10.1080/20954816.2019.1595328 DOI: https://doi.org/10.1080/20954816.2019.1595328
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Litan, R. E., Pomerleano, M. &Sundararajan, V. (2003). The Future of Domestic Capital Markets in Developing Countries. Washington, DC: Brookings Institution Press.
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Pangestu, M. (2019). China–US trade War: an Indonesian perspective.China Economic Journal, (12)2, 208-230. https://doi.org/10.1080/17538963.2019.1611084 DOI: https://doi.org/10.1080/17538963.2019.1611084
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Pontines, V.&Siregar, R. Y. (2019). Non-core liabilities and interest rate pass-through: bank-level evidence from Indonesia. Applied Economics, (51)25, 2703-2714. https://doi.org/10.1080/00036846.2018.1558352 DOI: https://doi.org/10.1080/00036846.2018.1558352
Prasetyo, W. B. (2015, June 28). ApaManfaat "Credit Rating" dan "Credit Rating Agency"?.Berita Satu. https://www.beritasatu.com/edukasi/286508/apa-manfaat-credit-rating-dan-credit-rating-agency.Retrieved21 June 2019.
Qian, X., Kong, D., &Du, L. (2019). Proximity, information, and loan pricing in internal capital markets: Evidence from China. China economic review, (54). https://doi.org/10.1016/j.chieco.2019.02.005 DOI: https://doi.org/10.1016/j.chieco.2019.02.005
Rahma N. (2019, January 10). Investor Using Tercatat Meningkat. Gatra. https://www.gatra.com/detail/new s/379607-Investor-Asing-Tercatat-Meningkat. Retrieved20August2019.
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Rokhim, R. & Min, I. (2018). Funding Liquidity and Risk-Taking Behavior in Southeast Asian Banks.Emerging Markets Finance and Trade. https://doi.org/10.1080/1540496X.2018.1483230 DOI: https://doi.org/10.1080/1540496X.2018.1483230
Ruru, B. (1994). The Indonesian capital market: A vision of change. Pacific-Basin Finance Journal, (2)2–3, 147-150. https://doi.org/10.1016/0927-538X(94)90014-0 DOI: https://doi.org/10.1016/0927-538X(94)90014-0
Santiso, J. (2003). The Political Economy of Emerging Markets Actors, Institutions and Financial Crises in Latin America. New York: Palgrave Mcmillan. https://doi.org/10.1057/9781403973788 DOI: https://doi.org/10.1057/9781403973788
Scherer, F.M. (2014). Two Paradoxes in the Theory of Capital Investment and Competition.International Journal of the Economics of Business, (21)1, 27-31. https://doi.org/10.1080/13571516.2013.864125 DOI: https://doi.org/10.1080/13571516.2013.864125
Sharma, S.S., Narayan, P.K., Thuraisamy, K., & Laila, N. (2019). Is Indonesia's stock market different when it comes to predictability?.Emerging Markets Review, (40). https://doi.org/10.1016/j.ememar.2019.100623 DOI: https://doi.org/10.1016/j.ememar.2019.100623
Sitorus, T., Pardede, R., &Ardi. (2019). The Influence of Liquidity and Profitability Toward Share Price: Mediated Effect of Hedging (Evidence from Shares of LQ-45 Listed in Indonesian Stock Exchange for Period of 2011 to 2015). Humanities & Social Sciences Reviews, (7)5. https://doi.org/10.18510/hssr.2019.7519 DOI: https://doi.org/10.18510/hssr.2019.7519
Stoica, O. (2002). The Role of the Capital Market in Economic Development. SSRN. https://ssrn.com/abstract=951278.Retrieved5 August 2019. https://doi.org/10.2139/ssrn.951278 DOI: https://doi.org/10.2139/ssrn.951278
Suidarma, I. M., Sanica, I. G., Ayu, P. C., &Diatmika, I. G. N. D. (2018). Overshooting Indonesian Rupiah’s Exchange Rate towards US Dollar: Dornbusch Model Hypotheses Test. International Journal of Economics and Financial Issues, (8)5, 52-58.
Wirasenjaya, A. M. (2015). Disharmoni Negara danPasarDalamRezim Neoliberal. JurnalHubunganInternasional, (2)1, 83-91. https://doi.org/10.18196/hi.2013.0030.83-91 DOI: https://doi.org/10.18196/hi.2013.0030.83-91
World Bank (2018). Global Economic Prospects, June 2018: The Turning of the Tide?Washington, DC: World Bank. https://openknowledge.worldbank.org/bitstream/handle/10986/29801/9781464812576.pdf. Retrieved10 August 2019. https://doi.org/10.1596/978-1-4648-1257-6 DOI: https://doi.org/10.1596/978-1-4648-1257-6
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Yang, A. S. &Pangastuti, A. (2016). Stock market efficiency and liquidity: The Indonesia Stock Exchange merger. Research in International Business and Finance, (36)January, 28-40. https://doi.org/10.1016/j.ribaf.2015.09.002 DOI: https://doi.org/10.1016/j.ribaf.2015.09.002
Yuliantoro, N. R.&Dinarto, D. (2018). Between Revisionist and Status Quo: The Case of China’s Leadership in the AIIB. Jurnal Hubungan Internasional, (7)2, 169-177. https://doi.org/10.18196/hi.72131 DOI: https://doi.org/10.18196/hi.72131