Exchange Rate Pass-Through in ITF Adopting Countries: Indonesia, Thailand, Philippines Comparative Study

Fauziah, Syifa; Akhmad Syakir Kurnia

doi:10.15294/efficient.v7i3.13304

Jurnal

Exchange Rate Pass-Through in ITF Adopting Countries: Indonesia, Thailand, Philippines Comparative Study

Efficient: Indonesian Journal of Development Economics · Vol. 7 No. 3 (2024) · hlm. 220–228

DOI: 10.15294/efficient.v7i3.13304
ISSN: 2655-318X, 2655-6197
Terbit: 2024-12-27
Penerbit: Universitas Negeri Semarang
Bahasa: eng

Abstrak

This paper investigates how the adoption of inflation targeting influenced Exchange Rate Pass-Through (ERPT) in the three developing countries of Southeast Asia – Indonesia, Thailand, and the Philippines. Moreover, this paper aims to analyze the macroeconomic determinants of the degree of pass-through to a consumer price index. For this purpose, we employ an Error Correction Model (ECM) regression analysis. The results found evidence that adopting an inflation-targeting framework does not necessarily reduce the degree of ERPT. However, economic openness emerges as a key limiting factor as higher trade share and lower trade tariffs lessen the degree of ERPT in those countries. It implies that trade liberalization, economic diversification, and enhancing competitiveness to reduce reliance on imports can further mitigate ERPT’s impact on inflation.

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10 penulis · 10 tautan kepenulisan bersama · 4 lintas organisasi

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Diponegoro University
Yogyakarta State University
Universitas Gadjah Mada
Hitotsubashi University

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Rekan penulis	Organisasi	Artikel bersama
Benny Imantria	Diponegoro University	1
Nurul Qolbi	Diponegoro University	1
Khoirul Sukma	Diponegoro University	1
FX Sugiyanto	Yogyakarta State University	1
Muhammad Adnan Assidiq	Universitas Gadjah Mada	1
Fira Syarwadina	Diponegoro University	1
Syahid Izzulhaq	Diponegoro University	1
Sandy J. Maulana	Hitotsubashi University	1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/efficient/oai, pertama di-harvest 5 Nov 2026, terakhir terlihat 8 Nov 2026.

Metadata asli (oai_dc)

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	<dc:title xml:lang="en">Exchange Rate Pass-Through in ITF Adopting Countries: Indonesia, Thailand, Philippines Comparative Study</dc:title>
	<dc:creator xml:lang="en">Fauziah, Syifa</dc:creator>
	<dc:creator xml:lang="en">Akhmad Syakir Kurnia</dc:creator>
	<dc:subject xml:lang="en">Exchange Rate Pass-Through</dc:subject>
	<dc:subject xml:lang="en">Inflation Targeting Framework</dc:subject>
	<dc:subject xml:lang="en"> Trade Openness</dc:subject>
	<dc:subject xml:lang="en">Error Correction Model (ECM)</dc:subject>
	<dc:description xml:lang="en">This paper investigates how the adoption of inflation targeting influenced Exchange Rate Pass-Through (ERPT) in the three developing countries of Southeast Asia – Indonesia, Thailand, and the Philippines. Moreover, this paper aims to analyze the macroeconomic determinants of the degree of pass-through to a consumer price index. For this purpose, we employ an Error Correction Model (ECM) regression analysis. The results found evidence that adopting an inflation-targeting framework does not necessarily reduce the degree of ERPT. However, economic openness emerges as a key limiting factor as higher trade share and lower trade tariffs lessen the degree of ERPT in those countries. It implies that trade liberalization, economic diversification, and enhancing competitiveness to reduce reliance on imports can further mitigate ERPT’s impact on inflation.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2024-12-27</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">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/efficient/article/view/13304</dc:identifier>
	<dc:identifier>10.15294/efficient.v7i3.13304</dc:identifier>
	<dc:source xml:lang="en">Efficient: Indonesian Journal of Development Economics; Vol. 7 No. 3 (2024); 220-228</dc:source>
	<dc:source>2655-318X</dc:source>
	<dc:source>2655-6197</dc:source>
	<dc:source>10.15294/wc0k8a54</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/efficient/article/view/13304/2414</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2024 Efficient: Indonesian Journal of Development Economics</dc:rights>
</oai_dc:dc>