KETERKAITAN INFLASI DENGAN NILAI TUKAR RIIL: ANALISIS KOMPARATIF ANTARA ASEAN+3, UNI EROPA DAN AMERIKA UTARA
Abstract: Inflation has
always been one of the most
important macroeconomic issues. Due to
this importance, a study concerning the factors associated with the behavior of
inflation needs to be done. This paper
will be devoted to analyze the relevance of inflation with the exchange rates.
The research will try to compare the response or sensitivity of inflation to the changes in real exchange rates in Asia (ASEAN +3) and
compare the result with those of the EU and North America. Using explorative
statistical analysis and
Granger-causality test, we found that there is a strong correlation between the
movements of inflation with real exchange rate in most countries to be
analyzed. For Asia, there is a significant one-way causal relationship, where
the nominal and real exchange rates have a significant impact on the rate of
inflation. On the other hand, in the Non-Asian regions, the causal relationship
seems to be in the opposite direction.
Furthermore, using panel data model with fixed effects, we found that
the response or sensitivity of inflation to the changes in exchange rates in
Asia is higher in compare to those in
the EU nd North America.
Penulis: Noer A Achsani, Arie
Jayanthy F A Fauzi, Piter Abdullah
Kode Jurnal: jpmanajemendd090137
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