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Likewise, financial integration can help capital-poor countries diversify away from their production bases that mostly depend on agricultural activities or extractions of natural resources; this diversification should reduce macroeconomic volatility Kose et al. Financial integration can also help predict consumption volatility because consumers are risk-averse who have a desire to use financial markets as the insurance for their income risk, so the impact of temporary idiosyncratic shocks to income growth on consumption growth can be softened.

Stronger comoverment of consumption growth across the globe can also be a results of financial integration Kose et al. Furthermore, financial integration can also provide great benefits for international risk-sharing Lewis, ; [9] Obstfeld, ; [10] van Wincoop, [11]. Financial integration can also have adverse effects. In addition, Boyd and Smith [12] argue that capital outflows can journey from capital-poor countries with weak institutions and policies to capital-rich countries with higher institutional quality and sound policies.

Consequently, financial integration actually hurts capital-scarce countries with poor institutional quality and lousy policies. During the past two decades, there has been a significant increase in financial integration; this increased financial integration generates a great deal of cross-border capital flows among industrial nations and between industrial and developing countries. In addition, this increase in financial integration pulls global financial markets closer together and escalates the presence of foreign financial institutions across the globe.

With rapid capital flows around the world, the currency and financial crises in the late s and s were inevitable. Consequently, developing countries that welcomed excessive capital flows were more vulnerable to these financial disturbances than industrial nations. It is widely believed that these developing economies were much more adversely impacted as well. Because of these recent financial crises, there has been a heated debate among both academics and practitioners concerning the costs and benefits of financial integration. This debate is ongoing. Kose et al.

From Wikipedia, the free encyclopedia. IMF Working Paper. New York: Elsevier Science, Inc. Nosirjon Indonesia probably accomplished greater trade liberalization in the s because its initial level of protection was higher than the other economies'. Since the mids, Indonesia has embarked on a series of trade deregulation measures to reduce the high cost of doing business domestically and to increase the competitiveness of domestic production.

A central component of economic strategy had been trade reforms. In the period , four major policy packages were introduced addressing three principal areas: non-tariff barriers NTBs , tariffs, and duty-free inputs for exporters.


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Through the May package, a new deregulation, which encompassed measures to reform the trade regime further reduced NTB coverage and streamline investment licensing procedure, was issued. Generally speaking, trade policy reform has been designed mainly to move away from import licences towards tariffs. In the government announced across-the-board reductions in nominal tariffs and introduced a package of measures to provide inputs to exporters at international prices.

A year later the government announced its intention to remove quantitative restrictions altogether. According to World Bank estimates World Bank, , under this policy the overall value of imports subject to control fell from 43 per cent in mid to 15 per cent in May Import tariffs had also been subject to change. The average import tariff weighted by import value had been reduced from 22 per cent during the early s to about 10 per cent in The reorientation of the industrialization strategy towards export promotion has been strongly underpinned by more active exchange rate management by the government.

Two major devaluations took place during the s, in and Since the devaluation in , the rupiah has been subject to a managed float against Special Drawing Rights SDR , which resulted in the fall of the rupiah exchange rate against the US dollar, and this is substantially increasing the profitability of exports and import substitution. Exports have been strongly supported by the introduction in of an effective scheme through which exporters are provided with duty-free access to imported inputs.

The scheme has two components: a direct import exemption facility and a duty drawback facility. Under the direct import facility, producers that export at least 65 per cent of their output are permitted to import their inputs directly free from import duties, value-added tax, and surcharges. Other exporters that also function as producers are allowed to bypass importers through the duty drawback facility if their inputs are imported directly and subject to licensed importers. As in other developing countries, the role of primary products in Indonesia was initially large, but subsequently they were replaced by oil and gas, especially after the energy crisis in Since then, oil and gas became more important, but their role decreased in The primary consumers of Indonesian oil and gas products are Japan and the United States, which had shares of 61 per cent and 24 per cent in , respectively.

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In regard to Indonesian exports, it is clear that the Asia-Pacific region is continuously increasing its share of Indonesian exports, with Japan holding the biggest share. As is the case with exports, the main countries of origin for most of Indonesian imported goods are Japan, ASEAN, European countries, and the United States, which account for 65 per cent of total imports. The share of Asia-Pacific trade partners in the total imports of Indonesia is slightly higher than their share of its exports.

However, the same pattern is found in which Japan and Singapore are still the main partners. Indonesia started the s with a highly regulated financial structure dominated by state banks. However, reforms implemented in , , and have led to a substantial deregulation of the finance sector. Measures implemented included liberalizing interest rates on deposits and on credit extended, the abolition of credit ceilings, facilitating the entry of both domestic and foreign private banks, lowering reserve requirements, the abolition of most concessional credit schemes, and liberalizing the capital market.

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The reforms have resulted in a substantial increase in the number of banks, the mobilization of domestic savings, and rapid growth in the amount of capital mobilized through the capital market. To promote the role of banks in the development process, on 27 October deregulation measures for the banking sector were issued.

Through this policy package, banks were, among other things, expected to expand their operational network, to enhance their services, and to promote efficiency. This has resulted in the opening of bank offices and the establishment of new banks. Coulter, J.

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The Evidence and Impact of Financial Globalization

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