CAPITAL INFLOWS, MACROECONOMIC MANAGEMENT AND FINANCIAL SYSTEM IN INDONESIA: 1990-1996
Abstract
Tulisan ini bertujuan untuk menganalisis arus masuk modal, manajemen ekonomi makro dan sistern keuangan di Indonesia selama periode 1990-1996 yang merupakan periode rentan bagi perekonomian Indonesia. Penyesuaian dalam ekonomi makro memainkan peranan penting dalam menangani situasi yang kacau yang terjadi pada awal periode 1966-1989 serta goncangan baik internal maupun ekstemal. Lonjakan arus modal selama periodel990-1996 memperumit pengelolaan makro ekonomi dan sistem keuangan. Respons kebijakan ekonomi makro terhadap gelombang arus masuk modal yang tidak cocok menyebabkan akumulasi kewajiban ekstemal. Ada beberapa permasalahan yang tetjadi selama periode tersebut seperti, implicit deposit insurance, memuncaknya pinjaman cepat berisiko. Masalah pasar keuangan dan respons yang kurang tanggap membuat Indonesia rentan terhadap goncangan yang akan berdampak negatif pada sentimen pasar terhadap negara dan membuka jalan bagi krisis keuangan pada tahun
1997.
Kata Kunci: arus masuk modal, manajemen ekonomi makro, sistem keuangan, inflasi, kebijakan moneter, kebijakan fiskal, sistem nilai tukar mata uang.
This paper aims to analyze capital inflows, macroeconomic management and financial systems in Indonesia during 1990-1996 which is a vulnerablperiod for the Indonesian economy. Adjustments in macroeconomic plays an important role in dealing with the chaotic situation that occurred at the beginning ofthe period 1966-1989 as well as both internal and external shocks. Surge in capital flows during periodel990-1996 complicated macroeconomic management and financial systems. Inappropriate macroeconomic policy responses to the wave of capital inflows caused accumulation of external liabilities. There are several problems that happened during such as, implicit deposit insurance, rising up risky loans. Financial market issues and less responsive responses caused Indonesia vulnerable to shocks that would have a negative impact on market sentiment against the State and opened the way for the financial crisis in 1997
Keywords: capital inflows, macroeconomic management, financial systems, inflation, monetary policy, fzscal policy, exchange rate system
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