Oil has been one of the main sources of Indonesia’s revenue, either from government budget or balance of payments point of views. Due to supply and demand of oil in the world market, prices of oil, either ICP, Brent UK, or WTI, had been decline lately. There are three hypotheses in this paper. The first hypothesis, oil prices change has a positive relationship with the government revenue. Using correlation coefficient, it is found that prices of oil are positively correlated with government revenue in terms of income tax and non-tax revenue with relatively small value. The second hypothesis, oil prices have a positive correlation with export value. Correlation coefficient indicates that they are positively correlated with a somewhat higher value relative to the first finding. The third hypothesis is oil prices are positively correlated with economic growth in terms of GDP constant price. Using Johansen cointegration, it is found that oil prices are not cointegrated with economic growth. This implies that oil is correlated with government revenue and export value. However, it seems that for the whole economic growth, oil is not correlated to the economy, or the reduction of oil price would not necessarily translate into a decline in the economic output.

Various studies evaluate the impact of budget on government revenue at sub national levels. There are few empirical findings that show how central government budget may influence federal revenue collected by ministries. This study aims to investigate the budget impact of non tax revenue across Indonesian line ministries/agencies in the 2012-2017 period prior to the implementation of Act 9 Year 2018 concerning Non Tax Revenue. By using purposive sampling method, we found there were 24 government institutions observed in this study. We conducted granger causality and panel data analysis by adopting random effect model to examine the effect of goods and services expenditure, capital expenditure, and employee expenditure on non-tax revenue. It is concluded that only government spending on goods and services significantly affects on non-tax revenue performance, while the two other variables have no impacts. Abstrak Sejumlah riset telah dilakukan untuk menguji pengaruh anggaran belanja terhadap pendapatan pemerintah pada level pemerintahan daerah. Sampai saat masih sedikit bukti yang mengungkapkan adanya pengaruh alokasi anggaran belanja pemerintah pusat terhadap pendapatan yang diperoleh Kementerian Negara/Lembaga (K/L). Riset ini bertujuan untuk mengungkapkan pengaruh alokasi anggaran terhadap realisasi Penerimaan Negara Bukan Pajak (PNBP) pada K/L selama periode 2012-2017, sebelum pemberlakuan UU Nomor 9 Tahun 2018 tentang Penerimaan Negara Bukan Pajak. Metode pengambilan sampel yang digunakan adalah purposive sampling, diperoleh 24 instansi pemerintah sebagai objek penelitian. Dengan menggunakan analisis granger dan panel data dengan pendekatan random effect model, penelitian ini menguji pengaruh belanja barang, belanja modal, dan belanja pegawai terhadap kinerja PNBP. Hasil studi ini menyimpulkan bahwa belanja barang berpengaruh signifikan terhadap capaian realisasi PNBP pada K/L, sementara kedua variabel belanja yang lain tidak berdampak signifikan

Using Indonesia as a study case, this paper analyzes the relationship between the actual real exchange rate, the equilibrium real exchange rate, and other macroeconomic variables. The estimate shows that, out of nine explanatory independent variables, only government consumption and the fiscal deficit have significant effects on the real exchange rate variable. Increases in both government consumption and the fiscal deficit appreciate the real exchange rate. This finding rejects Ricardian equivalence. [E62, F41, O53].

This paper explores the international linkages of the Indonesian capital market using cointegration tests to examine the long-run equilibrium relationship between the stock markets of Indonesia with China, France, Germany, Hong Kong, Japan, Korea, Malaysia, Netherlands, Philippine, Singapore, Thailand, Taiwan, the United Kingdom, and the United States. The method used in this paper is visual inspection, followed by Johansen cointegration. Our results show that there exist cointegration between these stock market indices except between Indonesia and Philippine.

Ekonomi China terus bertumbuh selama tiga decade ini.  Analisa kwalitatif menunjukkan bahwa pertumbuhan ekonomi China untuk tahun 2014, 2015, dan 2016, tetap tinggi meskipun ekonomi dunia terus melemah. Karena besarnya peran China dalam perdagangan internasional Indonesia, pertumbuhan ekonomi China sangat penting bagi ekonomi Indonesia. Dengan hipotesa bahwa pertumbuhan ekonomi China akan memiliki dampak positif terhadap ekspor Indonesia ke China, analisa kwantitatif dengan menggunakan two stages least squares antara China Produk Domestik Bruto per kapita dengan ekspor Indonesia ke China menunjukkan bahwa kenaikan China Produk Domestik Bruto per kapita sebesar satu persen saja akan mendorong naiknya ekspor Indonesia ke China sebesar 2,43 persen