THE IMPACT OF CRUDE PALM OIL PRICE ON RUPIAH’S RATE
Abstract
Indonesia is a largest producer of Crude Palm Oil in the world, with increasing production and export from time to time. Since Indonesia now adopts a floating exchange rate regime, the export of such commodity may influence the real exchange rate, and this is the aim of this paper. By applying simultaneous equation model on data from 1984 to 2011, we conclude that the increase in CPO price will lead to an appreciation of Rupiah’s real exchange rate. As a major producer of CPO, the authority should be able to control the world price of crude palm oil to help controlling the stability of Rupiah’s rate.
Keywords: CPO, simultaneous equation, real exchange rate.
JEL Classification: E2
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References
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Boediono. 1993. Ekonomi Makro.Edisi ke-4. Yogyakarta : BPFE UGM.
BPS. 2008. Kajian Komoditas Unggulan. Jakarta: BPS.
BPS. 2013. Produk Domestik Bruto Atas Dasar Harga Berlaku Menurut Lapangan Usaha (Miliar Rupiah), 2004-2012. http://www.bps.go.id/tab_sub/view.php?kat=2&tabel=1&daftar=1&id_subyek=11¬ab=1. [1 Juli 2013].
B. Imimole, A. Enoma. 2011. Exchange Rate Depreciation And Inflation In Nigeria. Nigeria: Ambrose Alli University.
Cashin, Paul, Luis F. Cespedes and Ratna Sahay (2004. Commodity Currencies and the Real Exchange Rate. Journal of Development Economics, Elsevier, 75(1.
Chen, Yu-chin and Kenneth Rogoff. 2003. Commodity Currencies. Journal of International Economics, Elsevier, 60(1).
Direktorat Jederal Perkebunan. 2008. Lintasan Tiga Puluh Tahun Pengembangan Kelapa Sawit. http://ditjenbun.deptan.go.id/budtanan/images/bagian %20ii.pdf. [9 Juli 2013].
Dornbush, Fischer &Startz, Richard. 2001. Makroekonomi. 8th Edition. Jakarta : PT. Media Global Edukasi.
Edward, Sebastian. 1987. Commodity Export Price and the Real Exchange Rate in Development Country : Coffee in Columbia. Economic Adjustment and Exchange Rates in Developing Countries.12 Februari 2013. http://www.nber.org/books/edwa86-1.
E. Oriavwote, Victor and J. Eshanake, Samuel. 2012. Real Exchange Rate and Inflation: An Empirical Assessment of the Nigerian Experience. Mediterranean Journal of Social Sciences, 3(3. [2 Mei 2013].
Frankel, Jeffrey (2007. On The Rand: Determinants Of The South African Exchange Rate. South African Journal of Economics, Economic Society of South Africa, 75, 3.
Gujarati, Damodar. 2004. Basic Econometrics. 4th Edition. New York: The McGraw-Hill Companies, Inc.
Khodeir, Aliaa Nabil. 2012. Towards Inflation Targeting in Egypt: The relationship between Exchange Rate and Inflation. Egypt: Helwan University.
Lipsey, R. G., et al. 1995. Pengantar Makroekonomi. Edisi ke-10. Jilid 1. Wasana, Kirbrandoko, dan Budijanto [editor]. Jakarta : Bina Rupa Aksara.
Mankiw, N. Gregory. 2007. Teori Makro Ekonomi Terjemahan: Edisi Keenam. Jakarta : PT. Gelora Aksara Pertama.
Maryatmo, R. 2004. Dampak Moneter Kebijakan Defisit Angaran Pemerintah dan Anggaran Pemerintah dan Peranan Asa Nalar dalam Simulasi Model Makro-Ekonomi Indonesia (1983:1-2002:4. Buletin Ekonomi Moneter dan Perbankan. 12 Juni 2013 www.bi.go.id/NR/rdonlyres/2C2A167B-6E1.../fdampakmon1.pdf.
Maulida, Yusni, Merdiana dan Mayes, Anthonio. 2010. Pengaruh Defisit Anggaran, Jumlah Uang Beredar dan Independensi Bank Indonesia terhadap Inflasi. Pekanbaru : Universitas Riau.
Muqrobi, Syaiful dan Pujiati, Amin. 2011. Inflasi dan Pertumbuhan Ekonomi :Uji Kausalitas. Jurnal Dinamika Keuangan dan Perbankan, 3(1.
Ngandu, S. 2005. Mineral Prices and the Exchange Rate: what does the Literature say. HSRC: Mimeo.
Oladipo, S. O. and Akinbobola, J. O. 2011. Budget Deficit and Inflation in Nigeria: A Causal Relationship. Journal of Emerging Trends in Economics and Management Sciences (JETEMS).
Prayitno, Lily et al. Maret 2002. Fakto-Faktor Yang Berpengaruh Terhadap Jumlah Uang Beredar di Indonesia Sebelum dan Sesudah Krisis: Sebuah Analisis Ekonometrika. Jurnal Manajemen dan Kewirausahaan, 4(1).
Ramli, Rumana. 2012. Inflation, Money Supply And Economic Growth: A Causality Analysis For Malaysia. Malaysia: Department of Statistics.
Samuelson, Paul. A. dan Nordhaus, William D. 2004. Makroekonomi Edisi ke 17. Jakarta : Erlangga.
Sitepu, Rasidin Karo-karo dan Bonar M. Sinaga. 2006. Aplikasi Model Ekonometrika: Estimasi, Simulasi, dan Peramalan Menggunakan Program SAS. Program Studi Ilmu Ekonomi Pertanian. Sekolah Pasca sarjana. Bogor : Institut Pertanian Bogor.
Umaru, Aminu and Zubairu, Anono Abdulrrahman. 2012. Effect of Inflation on the Growth and Development of the Nigerian Economy (An Empirical Analysis. International Journal of Business and Social Science, 3(10).
UNCTAD. 2013. Free Market Commodity Price, Annual. http://unctadstat.unctad.org/ReportFolders/reportFolders.aspx. [3 Juni 2013].
Zuhroh, Idah dan Kaluge, David. 2007. Dampak Pertumbuhan nilai Tukar Riil terhadap Pertumbuhan Neraca Perdagangan Indonesia. Jurnal of Applied Indonesia Aconomic, 191;(1).
Published
2014-10-27
How to Cite
Aprina, H. (2014). THE IMPACT OF CRUDE PALM OIL PRICE ON RUPIAH’S RATE. Buletin Ekonomi Moneter Dan Perbankan, 16(4), 295-314. https://doi.org/10.21098/bemp.v16i4.448
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Buletin Ekonomi Moneter dan Perbankan / Bulletin of Monetary Economics and Banking is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
