ANALISIS EFEKTIVITAS TRANSMISI MONETER GANDA TERHADAP PERTUMBUHAN EKONOMI INDONESIA
DOI:
https://doi.org/10.14203/JEP.25.2.2017.127-139Keywords:
monetary transmission mechanism, sharia bank, conventional bank, economic growthAbstract
The mechanism of monetary policy that affects economic growth is called as monetary policy transmission mechanism. Indonesia embraces a dual banking system, i.e. sharia and conventional bank. Bank Indonesia as the monetary authority has sharia transmission mechanism instruments and conventional transmission mechanism instruments. The purpose of this research is to analyze the double monetary transmission effectiveness applying sharia schemes, namely financing and profit sharing, and conventional schemes: credit and interest rate scheme, in order to boost economic growth. This research applies the data in the period of 2008-2015. Data calibration process employs stationery test, co-integration test, stability test, causality test, impulse response function analysis, and forecast error variance decomposition. The result finds that the variable of sharia pathway is effective financing to promote economic growth. Variable of profit sharing and SBIS are not effective to promote economic growth. The variables of conventional schemes which are of total on credit and SBI are not effective in boosting economic growth while interest rate credit is effective to promote it.Downloads
References
Al-Hashfi, Umar, Rizki. (2014). Analisis Efektivitas Transmisi Kebijakan Moneter Syariah Terhadap Pembiayaan Bagi Hasil Syariah di Indonesia Tahun 2007-2012.Fakultas Syariah dan Hukum, Universitas Islam Negeri Sunan Kalijaga Yogyakarta.
Antonio, Syafii. (2010). Bank Syariah Dari Teori ke Praktek. Jakarta: Gema Insani Pers.
Ascarya. (2002). Instrumen-instrumen Pengendalian Moneter. Jakarta: Pusat Pendidikan dan Studi Kebanksentralan (PPSK) Bank Indonesia.
Ascarya. (2010). Alur Transmisi dan Efektivitas Kebijakan Moneter Ganda di Indonesia. Working Paper. Bank Indonesia.
Ascarya. (2012). Alur Transmisi Dan Efektifitas Kebijakan Moneter Ganda Di Indonesia, Buletin Ekonomi Moneter dan Perbankan, Vol. 14, No.3.
Ayub, M. 2007. Understanding Islamic Finance. West Sussex.: John Wiley & Sons Ltd.
Ayuniyyah Q. (2010). Analisis Pengaruh Instrumen Moneter Syariah dan Konvensional terhadap Pertumbuhan Sektor Riil di Indonesia. Bogor (ID): IPB Press.
Bambang Juanda & Junaidi. (2012). Ekonometrika Deret Waktu: Teori & aplikasi. Bogor: IPB Press.
Beik, Ayuniyyah, dan Arsyianti. (2013). Dynamic Analysis of Islamic Bank and Monetary Instrument towards Real Output and Inflation in Indonesia.Proceeding of Sharia Economics Conference-Hannover, 9 February 2013.
Bernanke, Ben S. Gertler, Mark. (1995). Inside The Black Box: The Credit Channel Of The Monetary Policy Transmission. Nationl Bureau Of Economic Research Working Paper No.5146.
Hadikusumah, Ismail. (2007). Analisis Efektivitas Penetapan Suku Bunga Sertifikat Bank Indonesia (SBI) Terhadap Penyaluran Kredit Serta Implikasinya Terhadap Pertumbuhan Ekonomi Nasional. Fakultas Ekonomi Managemen, Institut Pertanian Bogor.
Hardianto, Erwin. (2005). Mekanisme Transmisi Syariah. Buletin Ekonomi Moneter dan Perbankan, Vol. 11, No.4.
Hasanah, Dini. (2012). Analisis Efektivitas Jalur Pembiayaan Dalam Mekanisme Transmisi Kebijakan Moneter di Indonesia Dengan Metode VAR/VECM. Forum Riset Keuangan Syariah. Otoritas Jasa Keuangan.
Husin, MD, Muhammad. (2013). Efficiency of Monetary Policy Transmission Mechanism Via Profit Rate Channel For Islamic Banks In Malaysia. Journal Contemporarry Issues in Business Research, Vol. 2, No. 2.
Kassim, S. and Majid. (2009). The Role of Bank Loans and Deposits in the Monetary Transmission Mechanism in Malaysia. Kuala Lumpur: Bond University’s Repository Coordinator.
Kuncoro, Mudrajad. (2011). Metode Kuantitatif. Teori dan Aplikasi Untuk Bisnis dan Ekonomi. Yogyakarta: UPP STIM YKPN.
Kurniawan, Taufik. (2004). Determinan Tingkat Suku Bunga Di Indonesia Tahun 1983. Buletin Ekonomi Moneter dan Perbankan.
Mankiw, N. Gregory et al. (2004). Pengantar Ekonomi Mikro. Principle of Economics. Jakarta: Salemba Empat.
Mishkin, Frederich S. (2009). Ekonomi Uang, Perbankan, dan Pasar Keuangan. Jakarta: Penerbit Salemba Empat.
Mujiatun, Siti. (2014). Kebijakan Moneter dan Fiskal Dalam Islam. Jurnal Ekonomi Pembangunan, Vol.12, No.3.
Natsir, Muhammad. (2011). Analisis Empiris Efektivitas Mekanisme Transmisi Kebijakan Moneter di Indonesia Melalui Jalur Suku Bunga Periode 1990-2007. Jurnal Majalah Ekonomi, No.2.
Noviasari, Annisa. (2012). Efektivitas Mekanisme Transmisi Kebijakan Moneter Ganda di Indonesia. Jurnal Media Ekonomi, Vol. 20, No. 3.
Ooi, Sang K. (2008). The monetary transmission mechanism in Malaysia: current developments and issues. Basel: Bank for International Settlement.
Pratama, Citra, Yogi. (2013). Effectivenness of Conventional and Sharia Monetary Policy. Tazkia Islamic Finance and Bussiness Review, Vol. 8. No. 1
Qoyum, Abdul, Muhammad Rizky Prima Sakti, Hassanudin bin Mohd Thas Thaker, dan Ibnu Qizam. (2015). In Search for Islamic Macroprudential Policy: Concept and Practice in Indonesia. Paper.
Ramadhan, Masyita, Mutiara. (2012). Analisis Pengaruh Instrumen Moneter Syariah dan Konvensional Terhadap Penyaluran Dana ke Sektor Usaha Kecil Mikro dan Menengah (UMKM) di Indonesia. Fakultas Ekonomi Managemen, Institut Pertanian Bogor.
Rusydiana. Aam Slamet. (2009). Mekanisme Transmisi Syariah pada Sistem Moneter Ganda di Indonesia, Buletin Ekonomi Moneter dan Perbankan,Vol.11, No.4.
Sangidi, Wulandari. (2014). Efektivitas Mekanisme Transmisi Moneter Melalui Pembiayaan Syariah. Fakultas Ekonomi Managemen, Institut Pertanian Bogor
Sukirno, Sadino. (2010). Makroekonomi Modern. Jakarta: PT Raja Grafindo.
Sukmana, Raditya. Ascarya. (2010). The Role of Islamic Stock Market in The Monetary Transmission Process in The Indonesian Economy. Paper to be presented in 2nd INSANIAHIRTI International Conference LIFE (Langkawi Islamic Finance and Economics).
Susana, Erni. Prasetyanti, Annisa. (2011). Pelaksanaan dan Sistem Bagi Hasil Pembiayaan Al-Mudharabah Pada Bank Syariah. Jurnal keuangan dan Perbankan, Vol. 15, No. 3.
Taylor. (1995). The Monetary Transmission Mecanism: An Emprical Framework.
Warjiyo, Perry. (2004). Mekanisme Transmisi Kebijakan Moneter di Indonesia. Jakarat: Pusat Pendidikan dan Studi Kebanksentralan (PPSK) Bank Indonesia.
Widarjono, Agus. (2013). Ekonometrika Pengantar dan Aplikasinya. Yogyakarta: Ekonisia-FE UII.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2018 Jurnal Ekonomi Pembangunan
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
