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Abstract

Asian’s financial crisis in 1997/1998 is a crisis that caused by exchange rate change which is contagious from one to another country. By having an active regional financial cooperation, this crisis can be prevented better. In the context of regional coordination, it is important to know the impact of exchange rate on inflation, whether it has a homogenous or heterogenous impact across ASEAN countries. By forming data panel of ASEAN-5, using broadmoney, trade openness and trading partner inflation rate as control variable with FGLS Estimator, it is known that the impact of exchange rate on Inflation in ASEAN-5 is heterogeneous.

Bahasa Abstract

Krisis keuangan di Asia tahun 1997/1998 yang terjadi merupakan krisis yang antara lain disebabkan oleh perubahan nilai tukar yang menjalar dari suatu negara ke negara lain (contagious). Krisis dapat dicegah lebih baik dengan kerja sama keuangan yang lebih aktif. Dalam konteks kerja sama, penting diketahui apakah dampak nilai tukar terhadap inflasi bersifat homogen atau heterogen (beragam) di ASEAN-5. Data panel yang dibentuk dengan pertumbuhan jumlah uang yang beredar, derajat keterbukaan perdagangan, dan tingkat inflasi di negara mitra dagang utama ASEAN-5 sebagai variabel kontrol dan menggunakan estimator FGLS, diketahui bahwa dampak nilai tukar terhadap inflasi di ASEAN-5 berdampak heterogen.

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