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Book Review of Managing Globalization in the Asian Century: Essays in Honour of Prema-Chandra Athukorala

(Taylor and Francis, 2017) Rahardja, Sjamsu

Asia is a region of economic miracles, and this festschrift for the esteemed development economist Prema-Chandra Athukorala highlights a major driver of Asia’s success: globalization. Economic progress in Asia cannot be separated from globalization’s role in industrializing the region’s agrarian economies. Most countries in Asia have, to varying degrees, embraced globalization by opening up to foreign direct investment (to stimulate markets and to transfer know-how) and facilitating the growth of export-oriented industries.
Long-term Impacts of Global Food Crisis on Production Decisions: Evidence from Farm Investments in Indonesia

(Taylor and Francis, 2016-05-12) Nose, Manabu ; Yamauchi, Futoshi

This paper estimates farmers’ investment response to food price spikes using household panel data collected before and after the 2007/08 food price crisis in Indonesia. We found that an increase in farmers’ terms-of-trade allowed relatively large crop-producing farmers to increase their investments at both extensive and intensive margins. Food price spikes had a significant income effect among farmers whose production surplus is large for market sales. During the food price crisis, large farmers particularly increased machine investments, which saved some labour inputs, pointing to the importance of complementarities between land and machine investments.
The Effects of Improved Roads on Wages and Employment Evidence from Rural Labor Markets in Indonesia

(Taylor and Francis, 2016-03-30) Yamauchi, Futoshi

This paper examines the impact of road quality on labour supply and wages using household panel data from rural Indonesia. The analysis uses fixed-effect instrumental variable estimation by first differencing two-round panel data. First, road projects are found to increase the transportation speed. Second, the empirical results from intra-village variations of household endowments and labour-market behaviour show that an increase in transportation speed raised wages in both non-agricultural and agricultural employment, and was associated with a decline in working time in agricultural employment, for the households whose members are relatively educated. The findings support potential complementarity between road quality and education, implying that the government’s public investments in roads and education should be coordinated to capture cross-augmenting positive impacts in the long run.
The Impact of Monetary Policy on Financial Markets in Small Open Economies: More or Less Effective During the Global Financial Crisis?

(Elsevier, 2015-06) Pennings, Steven ; Ramayandi, Arief ; Tang, Hsiao Chink

This paper estimates the impact of monetary policy on exchange rates and stock prices of eight small open economies: Australia, Canada, the Republic of Korea, New Zealand, the United Kingdom, Indonesia, Malaysia, and Thailand. On average across these countries in the full sample, a one percentage point surprise rise in official interest rates leads to a 1% appreciation of the exchange rate and a 0.5–1% fall in stock prices, with somewhat stronger effects in OECD countries than non-OECD countries (though differences are sometimes not significant). We find little robust evidence of a change in the effect of monetary policy surprises during the recent financial crisis.
The Role of Markets, Technology, and Policy in Generating Palm-Oil Demand in Indonesia

(Taylor and Francis, 2015-03-30) Gaskell, Joanne C.

Indonesia produces more palm oil and consumes more palm oil per capita than any country in the world. This article examines the processes through which Indonesia has promoted palm-oil consumption and some of the consequences of that promotion. Partial equilibrium modelling shows that Indonesia's remarkable increase in palm-oil consumption since 1985 is not largely attributable to population and income growth. Instead, much of this consumption growth has resulted from substitution away from coconut oil, facilitated by government policies on technology, pricing, distribution, and trade. The switch from coconut oil to palm oil in Indonesia was associated with increased land conversions to agriculture and diminished smallholder competitiveness. Despite lower rates of cooking-oil substitution in the future, simulations suggest that Indonesia's total palm-oil consumption in 2035 will be at least double that of 2010.