Kurs Mengambang

[ariadna]

Dulu waktu krismon, Steve Hanke sempat
jualan kalo gak salah Kurs Mengambang.
Apa sih maksudnya?
Suer, aku bertanya neh..jawab ya...

[crashed brain]

Kurs mengambang? Floating rate... ini mah yang dipake Indonesia sejak jaman mafia berkeley.

Yang dimaksud mungkin currency board system?

[ariadna]

Pokoknya, yang ditawarkan Steve Hanke, trus gak jadi itu lo.
Trus, terangin dong apa maksud KURS MENGAMBANG itu?
Dalam bahasa awam ya, saya kan bukan orang ekonomi.
Dan diantara kedua sistem itu, bagus yang mana?
negara2 mana saja yang menggunakannya?

[crashed brain]

Nih.. beberapa definisi mengenai currency board system. Pelan-pelan ya ngejawabnya untuk pertanyaan lain...

----------------------------------------------------------------------------------

What is a currency board?[/b]
***

[b]John Williamson:
A currency board is an arrangement under which a country fixes its exchange rate and maintains 100 percent backing of its money supply with foreign exchange.
Source: http://www.iie.com/PRESS/cboard.htm
***

John Williamson:
A currency board has normally been used to hold a fixed exchange rate vis-à-vis some major international currency, which we will call the reserve currency. In principle, one could allow for a certain element of variability in the exchange rate, at least a preannounced decelerating crawl intended to wind down inflation gradually (as will be discussed later). Similarly, it would be possible to fix the exchange rate in terms of a basket rather than of one currency. But the general practice of currency boards has been to hold a rigidly fixed exchange rate in terms of a single reserve currency, and most advocates of currency boards take it for granted that is the right policy. Hence the main analysis assumes a fixed exchange rate in terms of the reserve currency.

A currency board is defined as a monetary institution that issues base money solely in exchange for foreign assets, specifically the reserve currency. Base money consists of notes and coin ("cash," for convenience), and may also include the other reserves, or some of the other reserves, held by commercial banks. Under a currency board system, however, unlike the practice when a country has a central bank, the commercial banks may be allowed, or even required, to hold much or all of their reserves (other than vault cash) in the form of the reserve currency.

Source: http://www.iie.com/CATALOG/CURRENCY/chpa40.htm
***

Kurt Schuler:
A currency board is a monetary authority that issues notes and coins convertible into a foreign anchor currency or commodity (also called the reserve currency) at a truly fixed rate and on demand. An orthodox currency board typically does not accept deposits. A currency board can operate in place of a central bank or as a parallel issuer alongside an existing central bank; cases of parallel issue have been quite rare, though.

Source: http://users.erols.com/kurrency/intro.htm
***

Kurt Schuler:
A currency board is an institution that issues notes and coins convertible on demand and at a fixed rate into a foreign currency or other external "reserve" asset. Ordinarily, a currency board does not accept deposits, though in certain cases it may accept those backed 100 percent by external reserves. As reserves, it holds high-quality, interest-bearing securities denominated in the reserve asset. Its reserve ratio is fixed at 100 percent or slightly more of its notes and coins in circulation, as set by law. The currency board makes profits from the difference between the interest on the securities that it holds and the expense of maintaining its note and coin circulation. It remits to the government all profits beyond what it needs to pay expenses and maintain its reserve ratio. The currency board has no discretion in monetary policy; market forces alone determine the quantity of notes and coins in circulation.

Source: http://users.erols.com/kurrency/webdiss1.htm
***

Anne-Marie Gulde:
A currency board combines three elements: a fixed exchange rate between a country's currency and an "anchor currency," automatic convertibility, and a long-term commitment to the system, often made explicit in the central bank law. The main reason for countries to consider a currency board is to demonstrate that they are pursuing an anti-inflationary policy.

Source: http://www.imf.org/external/pubs/ft/fandd/1999/09/gulde.htm
***

Michael Devereux: A currency board is defined as a monetary institution that issues base money fully backed by a foreign "anchor" or reserve currency, and fully convertible into the reserve currency at a fixed rate on demand.

Source: http://teaching.ust.hk/~econ112/currboard.htm
***

N. Bülent Gültekin & Kâmil Yýlmaz:
A currency board is a monetary authority with a mandate to issue domestic currency that can be exchanged for the foreign reserve currency on demand at a fixed exchange rate. By following rigid money supply rules, the orthodox currency board severely restricts the power of the government on monetary policy. The monetary base increases only when the private sector sells foreign exchange to the board at a fixed rate to meet its demand for national currency, and it decreases when the private sector buys foreign exchange from the board to finance a balance of payments deficit. The board cannot conduct monetary policy by changing the monetary base with traditional tools of monetary policy, such as open market operations and/or credit extension to private or public sector. Under currency board system, the government cannot monetize budget deficits.

Source: http://home.ku.edu.tr/~kyilmaz/papers/parakurf.pdf
***

[crashed brain]

Kurs/Nilai Tukar

Apakah kurs itu? Kurs atau nilai tukar merupakan harga suatu mata uang (contoh Rupiah) terhadap mata uang asing lainnya (contoh US $, Euro, Ringgit).

Nilai tukar atau konvertabilitas suatu mata uang diperlukan untuk keperluan transaksi international (i.e. ekspor dan impor). Nilai tukar tukar suatu mata uang terhadap suatu mata uang asing merupakan cerminan dari penawaran dan permintaan akan uang.

Sistem Nilai Tukar:

Sistem nilai tukar merupakan kebijakan yang diambil oleh suatu negara dalam menentukan posisi mata uangnya di perdagangan internasional. Dalam teori moneter internasional, kita mengenal secara garis besar 2 sistem nilai tukar:

1. Sistem nilai tukar tetap (Fixed Exchange Rate Policy)
Nilai tukar suatu mata uang ditetapkan dalam suatu nilai tertentu.

2. Sistem nilai tukar mengambang bebas (Free Floating Exchange Rate Policy).
Nilai tukar suatu mata uang dibiarkan bebas sesuai penentuan harga yang terjadi akibat penawaran dan permintaan.

[cahaya]

Bagaimana pula nasib rupiah atas dollar pasca pemilu nanti?

Prospeknya baik nggak yah....

utang luar negeri masih numpuk nggak tuh...

[Hans Zimmer]

[tezar]

jadi sekarang sistem yang dipakai sistem campuran yak?

[crashed brain]

Indonesia?
Kayaknya lebih tepat ke managed floating regime deh...