This paper analyzes the macroprudential policy by the central bank to maintain the financial system stability. Using panel data of the government banks, foreign, private, joint venture, and regional development banks during 2004- 2012, we employ Vector Autoregressive Exogenous (VARX) and event analysis method and find that the level of exchange rate volatility decrease after the implementation of the one month holding period, six-month holding period and net open position policies. However, for the nominal exchange rate, these policies are not effective. In aggregate the reserve requirement plus loan to deposit ratio policy is effective to raise the bank credit allocation. Furthermore, the impact of the primary reserve policy is very limited to lower the liquidity of the economy; while at the same time the flow of foreign capital comes into very heavy

This research is aimed at analysing the cyclicality of banking financial stability, the impact of bank ownership status, bank size group and macroprudential policies on banking financial stability (Z‐score) of ASEAN‐5 countries. The study implements generalised method of moments system estimator and bank‐level data (2011:Q1–2017:Q1). The result indicates that the banking financial stability shows countercyclical behaviour. While government ownership does not affect financial stability, it tends to increase credit risk. Large and small bank group do not have significant different risk‐taking behaviour. Loan‐to‐Value ratio does not affect financial stability but significantly mitigates credit risk. An increase in reserve requirement lowers financial stability.

The development of new trade theory which incorporates the interaction between trade and international capital flows indicates if the possibility of changes in a country's comparative advantage due to the opening of international capital flows. International capital flows allow for changes in the industrial structure of a country depends on the composition of the products produced in that country. More capital-intensive types of products produced by a country, the greater the need for capital and the higher marginal rate of capital that can be given to attract greater international capital flows. Therefore, a comparative advantage should be seen as dynamic rather than static. As a country with large population, Indonesia tends to specialize in labor-intensive products. The other hand, efforts to attract foreign direct investment are very intensively conducted. The estimation results indicate if there was a shift in the pattern of industrial specialization Indonesia, from labor-intensive tends toward capital intensive. Keywords: neoclassical models, capital movements, business, comparative advantage JEL Classification: F11, F21, F23, L60 Intensitas Modal Industri dan Dinamisme Keunggulan Komparatif Produk Ekspor Indonesia AbstrakPerkembangan dalam teori perdagangan internasional baru yang menunjukkan adanya interaksi antara perdagangan barang dengan aliran modal internasional mengindikasikan adanya kemungkinan perubahan keunggulan komparatif sebuah negara. Adanya aliran modal internasional memungkinkan terjadinya perubahan dalam struktur industri sebuah negara yang tergantung pada komposisi produk yang dihasilkan di negara tersebut. Jika sebuah negara semakin memiliki struktur industri yang bersifat padat modal, maka semakin besar kebutuhan akan modal dan semakin tinggi marginal rate of capital yang bisa diberikan untuk menarik semakin besar modal internasional untuk mengalir masuk. Karena itu, sifat keunggulan komparatif suatu negara seharusnya lebih bersifat dinamis, dibandingkan dengan statis. Sebagai sebuah negara yang memiliki populasi besar, Indonesia akan cenderung berspesalisasi dalam produk-produk yang bersifat padat karya. Di sisi lain, upaya untuk menarik aliran modal internasional semakin gencar dilakukan. Hasil estimasi mengindikasikan jika telah terjadi perubahan pola spesialisasi industri di Indonesia, dari yang awalnya bersifat padat tenaga kerja menjadi cenderung ke arah padat modal.