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REAL EXCHANGE RATE MISALIGNMENTS: THE CASE OF THE INDONESIAN RUPIAH

Buletin Ekonomi Moneter dan Perbankan · Vol. 24 No. 3 (2021) · hlm. 441–464

DOI
10.21098/bemp.v24i3.1268
ISSN
2460-9196, 1410-8046
Terbit
2021-09-30
Penerbit
Bank Indonesia
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-nc/4.0

Abstrak

This paper analyses the equilibrium price of the Indonesian Rupiah using the Synthetic Control Method (SCM) and assesses its misalignments. We find evidence of Rupiah misalignment, as the currency was undervalued for most periods, except for 1993-1996. This finding is robust across model specifications, predictors, and weighting. Our finding implies that keeping the exchange rate at its equilibrium level is ideal, and that policymakers can take advantage of the undervalued currency to promote economic growth via exports.

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  • University of Indonesia
  • Bank Indonesia
  • Badan Pusat Statistik
  • Padjadjaran University
  • Ministry of Finance
  • Ministry of Agriculture
  • Afiliasi tidak diketahui
  • Organisasi berbeda
  • Organisasi sama
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Rekan penulisOrganisasiArtikel bersama
I Gede Putu Dharma YusaBadan Pusat Statistik1
Pribadi SantosoPadjadjaran University1
Firman MochtarBank Indonesia1
Janu DewandaruBank Indonesia1
Benedictus Raksaka MahiUniversity of Indonesia1
Andri Yudhi SupriadiBadan Pusat Statistik1
Montty GiriannaAfiliasi tidak diketahui1
Angga AlexanderUniversity of Indonesia1
Aziz Wahyu SuprayitnoMinistry of Finance1
Teguh DartantoUniversity of Indonesia1
Dyah Margani UtamiMinistry of Agriculture1
Rizal MallarangengAfiliasi tidak diketahui1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) https://www.bmeb-bi.org/index.php/BEMP/oai, pertama di-harvest 8 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="id-ID">REAL EXCHANGE RATE MISALIGNMENTS: THE CASE OF THE INDONESIAN RUPIAH</dc:title>
	<dc:creator>Rasbin, Rasbin</dc:creator>
	<dc:creator>Ikhsan, Mohamad</dc:creator>
	<dc:creator>Gitaharie, Beta Y</dc:creator>
	<dc:creator>Affandi, Yoga</dc:creator>
	<dc:description xml:lang="id-ID">This paper analyses the equilibrium price of the Indonesian Rupiah using the Synthetic Control Method (SCM) and assesses its misalignments. We find evidence of Rupiah misalignment, as the currency was undervalued for most periods, except for 1993-1996. This finding is robust across model specifications, predictors, and weighting. Our finding implies that keeping the exchange rate at its equilibrium level is ideal, and that policymakers can take advantage of the undervalued currency to promote economic growth via exports.</dc:description>
	<dc:publisher xml:lang="en-US">Bank Indonesia</dc:publisher>
	<dc:date>2021-09-30</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://www.bmeb-bi.org/index.php/BEMP/article/view/1268</dc:identifier>
	<dc:identifier>10.21098/bemp.v24i3.1268</dc:identifier>
	<dc:source xml:lang="en-US">Buletin Ekonomi Moneter dan Perbankan; Vol 24 No 3 (2021); 441 - 464</dc:source>
	<dc:source xml:lang="id-ID">Buletin Ekonomi Moneter dan Perbankan; Vol 24 No 3 (2021); 441 - 464</dc:source>
	<dc:source>2460-9196</dc:source>
	<dc:source>1410-8046</dc:source>
	<dc:source>10.21098/bemp.v24i3</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://www.bmeb-bi.org/index.php/BEMP/article/view/1268/976</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2021 Buletin Ekonomi Moneter dan Perbankan</dc:rights>
	<dc:rights xml:lang="en-US">http://creativecommons.org/licenses/by-nc/4.0</dc:rights>
</oai_dc:dc>