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37
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38
Torres R, Saridakis G. 2007. Inflation Targeting in Emerging Economies: The case of Israel and Mexico. [Internet] United Kingdom (GB): Department of Economics. University of Warwick; [diunduh 2012 Nov 21]. Tersedia pada:http://www.dcsea.uqroo.mx/fwalla/Ponencias_Coloquio/ponencia%2 0Munoz.pdf.
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39
40
Lampiran 1 Uji Akar Unit (Periode: 8 tahun Sebelum ITF dan 8 tahun Setelah ITF)
No. Negara Periode P Y ER P*
Level 1st diff Level 1st diff Level 1st diff Level 1st diff
1. Selandia Baru Pre-ITF 1.000 0.0099* 0.0009* 0.000* 0.2019 0.000* 0.000* 0.000* Post-ITF 0.6561 0.0561** 0.0533 0.0001* 0.6445 0.000* 0.000* 0.000* 2. Kanada Pre-ITF 1.000 0.0001* 0.9745 0.000* 0.7435 0.000* 0.000* 0.0001* Post-ITF 0.2044 0.000* 0.5580 0.000* 0.8302 0.000* 0.000* 0.0001* 3. Swedia Pre-ITF 0.9989 0.0011* 0.0088* 0.0001* 0.9275 0.000* 0.0025* 0.0001* Post-ITF 1.000 0.000* 0.0043* 0.0001* 0.2106 0.000* 0.0002* 0.0001* 4. Australia Pre-ITF 0.2741 0.0006* 0.0481* 0.000* 0.3869 0.000* 0.000* 0.000* Post-ITF 1.0000 0.0620** 0.0343* 0.000* 0.9692 0.000* 0.0001* 0.000* 5. Polandia Pre-ITF 1.0000 0.0022* 0.000* 0.000* 0.4733 0.000* 0.000* 0.0001* Post-ITF 0.000* 0.000* 0.000* 0.000* 0.2223 0.000* 0.0032* 0.0001* 7. Switzerland Pre-ITF 0.1016 0.000* 0.0115* 0.000* 0.7144 0.000* 0.000* 0.0001* Post-ITF 0.0057* 0.000* 0.0001* 0.000* 0.4523 0.000* 0.000* 0.0001* 8. Korea Selatan Pre-ITF 1.000 0.000* 0.0215* 0.0001* 0.8709 0.000* 0.2757 0.0001* Post-ITF 0.1260 0.000* 0.000* 0.0001* 1.000 0.000* 0.0176* 0.000* 9. Norwegia Pre-ITF 1.000 0.000* 0.000* 0.0001* 0.9347 0.000* 0.000* 0.0001* Post-ITF 0.1815 0.000* 0.000* 0.000* 0.3323 0.000* 0.000* 0.0001* 10. India Pre-ITF 0.1352 0.000* 0.000* 0.000* 1.000 0.000* 0.000* 0.0001* Post-ITF 1.000 0.0001* 0.000* 0.000* 0.0404* 0.000* 0.000* 0.000* 11. Brazil Pre-ITF 0.9587 0.3014 0.1893 0.000* 0.8926 0.1257 0.0041* 0.000* Post-ITF 1.000 0.0078* 0.1181 0.000* 0.6304 0.000* 0.0629** 0.000* 12. Afrika Selatan Pre-ITF 1.000 0.0001* 0.0692** 0.000* 0.2843 0.000* 0.000* 0.0001* Post-ITF 1.000 0.0011* 0.0136* 0.000* 0.7037 0.000* 0.000* 0.000* 13. Meksiko Pre-ITF 1.000 0.0492* 0.0035* 0.000* 0.9681 0.000* 0.000* 0.000* Post-ITF 1.000 0.0008* 0.000* 0.000* 0.9243 0.000* 0.0002* 0.000* 14. Thailand Pre-ITF 1.000 0.000* 0.0386* 0.0003* 0.6288 0.000* 0.0035* 0.000* Post-ITF 1.000 0.000* 0.0001* 0.000* 0.2520 0.000* 0.000* 0.000* 15. Hungaria Pre-ITF 1.000 0.0087* 0.5466 0.000* 1.000 0.000* 0.000* 0.0001* Post-ITF 0.3404 0.000* 0.8882 0.000* 0.3184 0.000* 0.4057 0.0001* 16. Peru Pre-ITF 1.000 0.0013* 0.0044* 0.0002* 0.9997 0.000* 0.8390 0.000* Post-ITF 1.000 0.000* 0.0023* 0.000* 0.1842 0.000* 0.2095 0.000* 17. Filipina Pre-ITF 1.000 0.000* 0.0959** 0.000* 0.3361 0.000* 0.0212* 0.000* Post-ITF 0.2513 0.0001* 0.0175* 0.000* 0.4816 0.000* 0.0008* 0.0001* 18. Indonesia Pre-ITF 0.0086* 0.0029* 0.000* 0.000* 0.0001* 0.000* 0.0847** 0.000* Post-ITF 0.0106* 0.000* 0.000* 0.000* 0.1999* 0.000* 0.0789** 0.000* 19. Romania Pre-ITF 0.000* 0.0021* 0.0026* 0.0001* 0.9904 0.000* 0.0034* 0.0001* Post-ITF 1.000 0.000* 0.000* 0.0001* 0.2719 0.000* 0.0461* 0.000* 20. Turki Pre-ITF 0.9974 0.0004* 0.0020* 0.000* 0.0545** 0.000* 0.1030 0.000* Post-ITF 0.0790** 0.000* 0.0001* 0.000* 0.8957 0.000* 0.0441* 0.000*
Keterangan : Data diatas menunjukkan nilai p-value
(*) Stasioner pada taraf nyata 5%; (**) Stasioner pada taraf nyata 10%
41
Lampiran 2 Uji Akar Unit (Periode: 7 tahun Sebelum ITF dan 7 tahun Setelah ITF)
No. Country Periode P Y ER P*
Level 1st diff Level 1st diff Level 1st diff Level 1st diff
1. India Pre-ITF 0.2174 0.0012* 0.000* 0.0001* 0.9996 0.000* 0.000* 0.0001* Post-ITF 0.1836 0.0007* 0.0009* 0.0001* 0.1565 0.000* 0.0005* 0.0001* 2. Brazil Pre-ITF 0.6011 0.1562 0.1739 0.000* 0.7672 0.5640 0.0002* 0.0001* Post-ITF 1.000 0.0230* 0.3090 0.000* 0.9379 0.0001* 0.0168* 0.0001* 3. Afrika Selatan Pre-ITF 0.0546** 0.000* 0.1120 0.0001* 0.9985 0.000* 0.000* 0.0001* Post-ITF 1.000 0.0003* 0.0159* 0.0001* 0.5911 0.000* 0.000* 0.0001* 4. Meksiko Pre-ITF 0.6246 0.0359* 0.0407* 0.0001* 0.9667 0.000* 0.0034* 0.0001* Post-ITF 0.3014 0.000* 0.000* 0.0001* 0.8473 0.000* 0.0008* 0.0001* 5. Thailand Pre-ITF 1.000 0.000* 0.6329 0.0508** 0.8909 0.000* 0.1157 0.0001* Post-ITF 1.000 0.000* 0.0012* 0.0004* 0.0790** 0.0001* 0.0008* 0.0001* 6. Hungaria Pre-ITF 1.000 0.0193* 0.6381 0.0001* 1.000 0.000* 0.000* 0.0001* Post-ITF 1.000 0.000* 0.0003* 0.0001* 0.0366* 0.000* 0.000* 0.0001* 7. Peru Pre-ITF 1.000 0.0112* 0.0091* 0.0005* 1.000 0.000* 0.0002* 0.0001* Post-ITF 0.6044 0.000* 0.0106* 0.0002* 0.1204 0.000* 0.000* 0.0001* 8. Filipina Pre-ITF 0.2961 0.000* 0.5892 0.0001* 0.9921 0.000* 0.0140* 0.000* Post-ITF 0.5565 0.0003* 0.0082* 0.0001* 0.1585 0.000* 0.0001* 0.0001* 9. Indonesia Pre-ITF 0.3593 0.000* 0.0001* 0.0001* 0.0124* 0.000* 0.0080* 0.0001* Post-ITF 0.0450* 0.000* 0.0005* 0.0001* 0.4960 0.000* 0.2334 0.000* 10. Romania Pre-ITF 0.000* 0.0023* 0.0002* 0.0001* 0.9704 0.000* 0.0010* 0.0001* Post-ITF 1.000 0.000* 0.000* 0.000* 0.4063 0.000* 0.067** 0.000* 11. Turki Pre-ITF 0.000* 0.0252* 0.0015* 0.000* 0.0373* 0.000* 0.0449* 0.000* Post-ITF 0.1303 0.000* 0.0012* 0.000* 0.7888 0.000* 0.074** 0.000*
Keterangan : Data diatas menunjukkan nilai p-value
(*) Stasioner pada taraf nyata 5%; (**) Stasioner pada taraf nyata 10% Lampiran 3 Uji Akar Unit (Periode: 6 tahun Sebelum ITF dan 6 tahun Setelah ITF)
No. Country Periode P Y ER P*
Level 1st diff Level 1st diff Level 1st diff Level 1st diff
1. India Pre-ITF 0.3610 0.0014* 0.000* 0.0001* 0.9990 0.000* 0.000* 0.0001* Post-ITF 0.1836 0.0007* 0.0009* 0.0001* 0.1565 0.000* 0.0005* 0.0001* 2. Brazil Pre-ITF 0.8179 0.0381* 0.8513 0.000* 0.000* 0.0289* 0.0221* 0.0001* Post-ITF 1.000* 0.0230* 0.3090 0.000* 0.7553 0.000* 0.8239 0.000* 3. Afrika Selatan Pre-ITF 1.000 0.0022* 0.0971** 0.0001* 0.3113 0.0003* 0.000* 0.0001* Post-ITF 1.000 0.0003* 0.0159* 0.0001* 0.5911 0.000* 0.000* 0.0001* 4. Meksiko Pre-ITF 0.0006* 0.0935** 0.0002* 0.0001* 0.2095 0.000* 0.000* 0.0001* Post-ITF 0.3014 0.000* 0.000* 0.0001* 0.8473 0.000* 0.0008* 0.0001* 5. Thailand Pre-ITF 1.000 0.0001* 0.0773** 0.0009* 0.9127 0.000* 0.0038* 0.0001* Post-ITF 1.000 0.000* 0.0012* 0.0004* 0.0790** 0.0001* 0.0008* 0.0001* 6. Hungaria Pre-ITF 1.000 0.0141* 0.0638** 0.0001* 0.6363 0.000* 0.000* 0.0001* Post-ITF 1.000 0.000* 0.0003* 0.0001* 0.0366* 0.000* 0.000* 0.000* 7. Peru Pre-ITF 1.000 0.0007* 0.0093* 0.0004* 0.9984 0.000* 0.0004* 0.0001* Post-ITF 0.6044 0.000* 0.0106* 0.0002* 0.1204 0.000* 0.000* 0.0001* 8. Filipina Pre-ITF 1.000 0.000* 0.0100* 0.0001* 0.9886 0.000* 0.0109* 0.000* Post-ITF 0.5565 0.0003* 0.0082* 0.0001* 0.1585 0.000* 0.0001* 0.0001* 9. Indonesia Pre-ITF 1.000 0.0004* 0.000* 0.0001* 0.0742** 0.000* 0.1122 0.0001* Post-ITF 0.0450* 0.000* 0.0005* 0.0001* 0.4960 0.000* 0.2334 0.000* 10. Romania Pre-ITF 0.0001* 0.0013* 0.0002* 0.0001* 0.8940 0.000* 0.0002* 0.0001* Post-ITF 0.3301 0.000* 0.0001* 0.0001* 0.3808 0.000* 0.1258 0.000* 11. Turki Pre-ITF 1.000 0.0227* 0.0035* 0.0001* 0.1457 0.000* 0.2073 0.0001* Post-ITF 0.2258 0.000* 0.0049* 0.0001* 0.8876 0.000* 0.9212 0.000*
Keterangan : Data diatas menunjukkan nilai p-value
42
Lampiran 4 Uji Akar Unit (Periode: 5 tahun Sebelum ITF dan 5 tahun Setelah ITF)
No. Country Periode P Y ER P*
Level 1st diff Level 1st diff Level 1st diff Level 1st diff
1. India Pre-ITF 1.000 0.0012* 0.0001* 0.000* 1.000 0.0003* 0.000* 0.000* Post-ITF 1.000 0.0029* 0.0016* 0.000* 0.1013 0.000* 0.0049* 0.000* 2. Brazil Pre-ITF 0.000* 0.000* 0.0277* 0.000* 0.9900 0.0001* 0.0013* 0.000* Post-ITF 1.000 0.0305* 0.2881 0.000* 0.8933 0.000* 0.0002* 0.000* 3. Afrika Selatan Pre-ITF 1.000 0.0011* 0.0059* 0.000* 0.3549 0.0025* 0.000* 0.000* Post-ITF 0.999 0.0011* 0.0531* 0.000* 0.8370 0.000* 0.000* 0.000* 4. Meksiko Pre-ITF 0.0015* 0.0273* 0.0008* 0.000* 0.9507 0.000* 0.000* 0.000* Post-ITF 0.2574 0.000* 0.000* 0.000* 0.8330 0.000* 0.0057* 0.0001* 5. Thailand Pre-ITF 0.9999 0.0002* 0.1082 0.0044* 0.9181 0.000* 0.0031* 0.000* Post-ITF 1.000 0.000* 0.0035* 0.0010* 0.0691** 0.0008* 0.0006* 0.0001* 6. Hungaria Pre-ITF 0.4061 0.0001* 0.0313* 0.000* 0.5327 0.000* 0.000* 0.0001* Post-ITF 1.000 0.0008* 0.0002* 0.0001* 0.0736** 0.000* 0.0001* 0.000* 7. Peru Pre-ITF 1.000 0.0028* 0.0142* 0.0015* 0.9913 0.000* 0.0041* 0.000* Post-ITF 0.9998 0.000* 0.0131* 0.0008* 0.3064 0.0001* 0.000* 0.0001* 8. Filipina Pre-ITF 1.000 0.000* 0.0010* 0.000* 0.3881 0.0001* 0.0276* 0.000* Post-ITF 0.4433 0.0016* 0.0019* 0.000* 0.5562 0.000* 0.000* 0.000* 9. Indonesia Pre-ITF 1.000 0.0023* 0.0001* 0.000* 0.2117* 0.000* 0.2494 0.0001* Post-ITF 0.1014 0.000* 0.0102* 0.000* 0.3097 0.000* 0.3148 0.000* 10. Romania Pre-ITF 0.000* 0.0086* 0.0001* 0.0001* 0.7548 0.000* 0.0018* 0.000* Post-ITF 0.4520 0.0012* 0.0015* 0.000* 0.4012 0.0002* 0.1649 0.000* 11. Turki Pre-ITF 0.000* 0.0439* 0.000* 0.000* 0.000* 0.0015* 0.000* 0.000* Post-ITF 0.3712 0.0001* 0.0039* 0.000* 0.6791 0.000* 0.1006 0.000*
Keterangan : Data diatas menunjukkan nilai p-value
43
Lampiran 5 Ringkasan Hasil Uji Kointegrasi dan Penetapan Lag Optimum (Periode Estimasi: 8 tahun Sebelum ITF dan 8 tahun Setelah ITF) High
Income Countries
Periode Cointegration Lag Optimum
Middle Income Countries
Periode Cointegration Lag Optimum
Kanada Pre-ITF No (1,0,0,0) India Pre-ITF No (1,0,0,0)
Post-ITF No (1,0,0,0) Post-ITF No (1,0,0,0)
Swedia Pre-ITF No (1,0,1,0) Brazil Pre-ITF No (1,0,1,0)
Post-ITF No (0,0,0,0) Post-ITF No (1,0,1,1)
Selandia Baru
Pre-ITF Yes (5,5,0,0) Afrika
Selatan
Pre-ITF No (1,0,0,0)
Post-ITF No (3,0,0,0) Post-ITF Not clear (1,0,1,1)
Australia Pre-ITF No (3,0,0,0) Thailand Pre-ITF No (0,0,1,0)
Post-ITF Not clear (3,0,0,0) Post-ITF Not clear (1,0,0,0)
Polandia Pre-ITF No (3,0,0,1) Meksiko Pre-ITF Yes (1,0,3,0)
Post-ITF No (1,1,0,1) Post-ITF No (1,0,0,0)
Switzerland Pre-ITF Yes (0,2,0,2) Hungaria Pre-ITF Not clear (1,0,0,0)
Post-ITF No (3,2,0,0) Post-ITF No (1,0,1,0)
Korea Selatan
Pre-ITF Yes (1,0,1,0)
Peru Pre-ITF No (1,0,1,0)
Post-ITF No (1,1,0,0) Post-ITF Not clear (1,0,0,0)
Norwegia Pre-ITF No (0,1,0,0) Filipina Pre-ITF No (0,0,0,0)
Post-ITF Not clear (0,0,0,0) Post-ITF No (1,1,1,0)
Indonesia Pre-ITF No (1,0,1,0)
Post-ITF No (1,1,0,0)
Romania Pre-ITF Yes (1,0,0,0)
Post-ITF No (1,0,0,0)
Turki Pre-ITF No (1,0,0,0)
Post-ITF No (1,0,0,0)
Lampiran 6 Ringkasan Hasil Uji Kointegrasi dan Penetapan Lag Optimum (Periode Estimasi: 7 tahun Sebelum ITF dan 7 tahun Setelah ITF) Middle
Income Countries
Periode Cointegration Lag Optimum
Middle Income Countries
Periode Cointegration Lag Optimum
India Pre-ITF No (1,0,0,0) Peru Pre-ITF No (1,0,1,1)
Post-ITF No (1,0,0,0) Post-ITF Yes (1,0,0,0)
Brazil Pre-ITF No (1,0,0,0) Filipina Pre-ITF Not clear (0,0,1,1)
Post-ITF No (1,0,1,0) Post-ITF - (2,1,0,0) Afrika Selatan Pre-ITF No (0,0,2,0) Indonesia Pre-ITF No (1,0,0,0) Post-ITF No (1,0,0,0) Post-ITF No (1,1,0,0)
Thailand Pre-ITF No (0,0,1,0) Romania Pre-ITF No (1,0,0,0)
Post-ITF Yes (0,0,0,0) Post-ITF No (1,0,0,0)
Meksiko Pre-ITF No (1,0,3,0) Turki Pre-ITF No (1,0,0,0)
Post-ITF No (1,0,0,0) Post-ITF Yes (1,0,0,0)
Hungaria Pre-ITF No (1,0,0,0)
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Lampiran 7 Ringkasan Hasil Uji Kointegrasi dan Penetapan Lag Optimum (Periode Estimasi: 6 tahun Sebelum ITF dan 6 tahun Setelah ITF) Middle
Income Countries
Periode Cointegration Lag Optimum
Middle Income Countries
Periode Cointegration Lag Optimum
India Pre-ITF No (1,0,0,0) Peru Pre-ITF No (1,0,1,1)
Post-ITF No (1,0,0,0) Post-ITF Yes (1,0,0,0)
Brazil Pre-ITF No (1,0,0,0) Filipina Pre-ITF No (0,0,1,1)
Post-ITF Yes (1,0,1,0) Post-ITF Not clear (1,0,0,0)
Afrika Selatan
Pre-ITF No (1,0,0,0)
Indonesia Pre-ITF No (1,0,0,0)
Post-ITF No (1,0,0,0) Post-ITF No (1,1,0,0)
Thailand Pre-ITF Yes (0,0,0,0) Romania Pre-ITF Yes (3,0,0,3)
Post-ITF No (0,0,0,0) Post-ITF No (0,0,0,0)
Meksiko Pre-ITF Yes (1,0,3,3) Turki Pre-ITF Yes (1,0,0,0)
Post-ITF No (1,0,0,0) Post-ITF Yes (1,0,0,0)
Hungaria Pre-ITF No (1,0,0,0)
Post-ITF No (1,0,0,0)
Lampiran 8 Ringkasan Hasil Uji Kointegrasi dan Penetapan Lag Optimum (Periode Estimasi: 5 tahun Sebelum ITF dan 5 tahun Setelah ITF) Middle
Income Countries
Periode Cointegration Lag Optimum
Middle Income Countries
Periode Cointegration Lag Optimum
India Pre-ITF No (1,0,0,0) Peru Pre-ITF No (1,0,1,0)
Post-ITF Yes (1,0,0,0) Post-ITF No (1,0,0,0)
Brazil Pre-ITF No (1,0,0,0) Filipina Pre-ITF No (0,0,1,1)
Post-ITF No (1,0,1,0) Post-ITF No (1,0,0,0)
Afrika Selatan
Pre-ITF No (0,0,2,0)
Indonesia Pre-ITF Yes (0,0,1,0)
Post-ITF Yes (1,0,0,0) Post-ITF No (1,1,0,0)
Thailand Pre-ITF No (1,0,1,0) Romania Pre-ITF Not clear (1,0,0,0)
Post-ITF No (0,0,0,0) Post-ITF No (0,0,0,0)
Meksiko Pre-ITF No (2,0,0,2) Turki Pre-ITF No (1,0,0,0)
Post-ITF No (0,0,0,0) Post-ITF No (1,0,0,0)
Hungaria Pre-ITF No (1,0,0,0) (1,0,1,0)
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Lampiran 9 Hasil Perhitungan Exchange Rate Pass-Through di Kelompok Middle Income Countries (Periode Estimasi: 7 tahun Sebelum dan 7 tahun Sesudah ITF)
Middle Income Countries
Sebelum ITF Setelah ITF Change in pass- through Short-run Long-run Short-run Long-run Short-run Long-run India 0.0063 0.0120 0.0126 0.0283 0.0064 0.0163 Brazil 0.3850 0.9773 -0.0216 0.0739 -0.4066 -0.9034 Afrika Selatan 0.0210 0.0970 0.0002 0.0003 -0.0208 -0.0967 Thailand 0.0093 0.0364 0.0188 0.0188 0.0095 -0.0176 Meksiko 0.0427 0.4531 0.0174 0.0253 -0.0253 -0.4277 Hungaria -0.0166 -0.0368 0.0232 0.0311 0.0397 0.0679 Peru -0.0842 0.0022 0.0377 0.0608 0.1219 0.0585 Filipina -0.0035 0.0645 0.0026 -2.7008 0.0061 -2.7654 Indonesia 0.0525 0.1040 0.0106 0.0217 -0.0419 -0.0824 Romania 0.0084 0.0243 0.0051 0.0070 -0.0033 -0.0173 Turki 0.1247 0.4082 0.0042 0.0057 -0.1205 -0.4025 Sumber : data diolah dengan Microfit 4.1
Lampiran 10 Hasil Perhitungan Exchange Rate Pass-Through di Kelompok Middle Income Countries (Periode Estimasi: 6 tahun Sebelum dan 6 tahun Sesudah ITF)
Middle Income Countries
Sebelum ITF Setelah ITF Change in pass- through Short-run Long-run Short-run Long-run Short-run Long-run India 0.0051 0.0102 0.0143 0.0332 0.0092 0.0231 Brazil 0.3675 0.9426 -0.0228 0.0703 -0.3903 -0.8723 Afrika Selatan 0.0334 0.0471 -0.0008 -0.0013 -0.0342 -0.0485 Thailand 0.0168 0.0231 0.0220 0.0220 0.0052 -0.0011 Meksiko 0.0196 0.3791 0.0096 0.0129 -0.0100 -0.3662 Hungaria -0.0154 -0.0270 0.0256 0.0336 0.0410 0.0606 Peru -0.1068 -0.0370 0.0348 0.0510 0.1417 0.0879 Filipina 0.0019 0.0807 0.0005 0.0009 -0.0014 -0.0798 Indonesia 0.0302 0.0452 0.0154 0.0156 -0.0148 -0.0296 Romania 0.0168 0.0910 0.0090 0.0090 -0.0078 -0.0819 Turki 0.1113 0.3487 0.0067 0.0091 -0.1045 -0.3397 Sumber : data diolah dengan Microfit 4.1
46
Lampiran 11 Hasil Perhitungan Exchange Rate Pass-Through di Kelompok Middle Income Countries (Periode Estimasi: 5 tahun Sebelum dan 5 tahun Sesudah ITF)
Middle Income Countries
Sebelum ITF Setelah ITF Change in pass-through Short-run Long-run Short-run Long-run Short-run Long-run India -0.0034 -0.0066 0.0149 0.0327 0.0183 0.0392 Brazil 0.0155 0.1004 -0.0253 0.0723 -0.0408 -0.0281 Afrika Selatan 0.0217 0.0889 0.0088 0.0159 -0.0128 -0.0730 Thailand 0.0103 0.0474 0.0408 0.0408 0.0305 -0.0067 Meksiko 0.0190 2.3826 0.0181 0.0181 -0.0009 -2.3645 Hungaria -0.0291 -0.0525 0.0125 0.0202 0.0416 0.0727 Peru -0.0762 0.0096 0.0515 0.0762 0.1277 0.0666 Filipina 0.0073 0.0901 0.0313 0.0580 0.0241 -0.0322 Indonesia 0.0164 0.0626 0.0173 0.0208 0.0009 -0.0417 Romania -0.0200 -0.0537 0.0066 0.0066 0.0266 0.0603 Turki 0.1210 0.3911 0.0133 0.0190 -0.1077 -0.3721 Sumber : data diolah dengan Microfit 4.1
47