ANALISIS CAPITAL MOBILITY DI INDONESIA DALAM PERSPEKTIF SAVING –INVESTMENT CORRELATION PUZZLE

Abstract

ABSTRAK

Hubungan tabungan dan investasi domestik dalam perspektif saving-invesment correlation puzzle merupakan indikator penting dalam penggukuran capital mobility. Dengan adanya kebebasan pergerakan kapital akibat keterbukaan perekonomian dalam integrasi ekonomi dan globalisasi ekonomi, mengakibatkan perspektif yang disampaikan oleh Feldstein dan Horioka pada tahun 1980 tersebut, terus menimbulkan perdebatan diantara penelitiTujuan dari penelitian ini adalah untk mengetahui capital mobility di Indonesia dalam perspektif saving-invesment correlation puzzle. Metode yang digunakan adalah deskriptif dan kualitatif berdasarkan analisis Error Correction Model (ECM) untuk melihat fenomena saving-invesment correlation puzzle dalam jangka pendek dan jangka panjang.Hasil penelitian ini menunjukkan bahwa di Indonesia terjadi fenomena saving-invesment correlation puzzle, baik dalam jangka pendek maupun dalam jangka panjang. Hal tersebut mengindikasikan adanya capital mobility yang rendah di Indonesia.

Kata kunci : saving-invesment correlation puzzle, capital mobility, Error Correction Model

 

ABSTRACT

Domestic savings and investment relations in the perpective of saving-investment correlation puzzle is an important indicator in the measurement of capital mobility. With the freedom of capital movements due to openness of the economy in economic integration and globalization of the economy, resulting in the perspective presented by Feldstein and Horioka in 1980 continues to generate debate among researchers.The purpose of this study was to determine the mobility of capital in the perpective of saving-investment correlation puzzle. The method used is descriptive and qualitatif analysis based Error Correction Model (ECM) to see the phenomenon of saving-investment correlation puzzle in the short term and long term.These result indicate that the phenomenon of saving-investment correlation puzzle in the short and long term happen in Indonesia. Thus, it indicates a low capital mobility in Indonesia.

Key words : saving-invesment correlation puzzle, capital mobility, Error Correction Model