PENGARUH INDEKS PERSEPSI KORUPSI, KEBIJAKAN MONETER DAN FISKAL TERHADAP FUNDAMENTAL EKONOMI MAKRO DI INDONESIA

Abstract

The purpose of this study is to examine the effect of the Corruption Perception Index (CPI), monetary and fiscal policies on macroeconomic fundamentals in Indonesia with the period 2005 - 2013. The variables used in this study include economic growth and inflation as dependent variables, Corruption Perception Index (GPA), BI Rate, statutory reserve requirements, tax revenues, subsidies, capital expenditure and goods expenditure as unbounded (free) variables. The analysis method used is the Error Correction Model (ECM) approach by estimating the static and dynamic models to determine the long-term balance and short-term balance. The results of this study indicate that in the short-term economic growth is significantly influenced by tax and subsidy revenues which are part of the fiscal policy component, while in the long run are significantly influenced by the BI Rate and minimum statutory demand deposits which are monetary policy instruments. And in the short run inflation is significantly influenced by the BI Rate, while in the long term the Corruption Perception Index (CPI), monetary and fiscal policies do not significantly affect inflation