ANALISIS NERACA PEMBAYARAN INTERNASIONAL DALAM PRESPEKTIF KESEIMBANGAN INTERNAL DAN EKSTERNAL

Dr. Aris Soelistyo.,M.Si

Abstract


The balance of payments as a component that affects the monetary base along with Domestic Credit and the money multiplier will affect the Money Supply. In the perspective of monetarist and Keynes approaches to the balance of payments, the equilibrium of money market and goods market in a model simultaneous equation. The purpose of this study is to determine the effect of changes in money supply and government spending on the International Balance of Payments and GDP. The conclusion shows that the policy of increasing the money supply has a negative impact on the international balance of payments when the tendency of imports is very strong, but if the elasticity of export demand is relatively higher than the import demand at the condition of the given domestic price, then the effect of increasing the money supply will encourage improved the International Balance of Payments. The effect of changes in government spending will increase the International Balance of Payments, if the trade balance is responsive to changes in real exchange rates. The more elastic net exports to the exchange rate then the fiscal expansion will increase international reserves. The impact of an increase in domestic credit will increase international reserves, when money demand is responsive to changes in interest rates and incomes and a stronger investment response to changes in interest rates. 

Keywords


Balance of Payment, Money Supply, Monetarist, Keynesian

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