TINGKAT KONVERGENSI DAN PERTUMBUHAN OPTIMAL KAPITAL, SHADOW VALUE KAPITAL DAN HUTANG LUAR NEGERI

Abstract

The objectives of this research are to apply optimal control model and to show how trend of growth and speeds of convergence on the economic performance specially changes in the steady-state capital stock, shadow value of capital and shadow value of foreign bonds. The method analysis uses calibration process through determination parameters value that will be used to dynamic analysis, comparative static analysis either qualitative or quantitative and then equilibrium analysis. The results of this research indicated that trend of growth of capital stock, shadow value of capital and stock of foreign bonds as stock of net foreign assets or foreign debt are convergence to steady state. The asymptotic speed of convergence in the benchmark economic is provided by eigenvalue around 3.6 percent, consistent with the empirical evidence. The half-life of convergence that results of this research is 8.3 years.