PERBANDINGAN EFEKTIFITAS JALUR KREDIT DAN JALUR NILAI TUKAR DALAM MEKANISME TRANSMISI KEBIJAKAN MONETER MENGGUNAKAN METODA STRUCTURAL EQUATION MODEL (SEM) PERIODE 1997.1-2004.12

Nirdukita Ratnawati, Swasti Putri Mahatmi

DOI: https://doi.org/10.23917/jep.v7i1.3992

Abstract

The purpose of this syudy is to compare of effectively of credit and exchange rate channel in transmission mechanism of monetary polcy in Indonesia (1997.1-2004.12). Structural Equation Model method is used for analyzing the data. Credit channel are consist of money supply, deposits total, credit total, investment, GDP and price level. Exchange rate channel are consist of money supply, interest rate of inter banl ell money, exchange rate, net export, GDP and price level.

By using SEM method, the result is exchange rate channel more effective than credit channel in transmission mechanism of monetaiy policy in Indonesia. Finally, this study has purpose to Bank of Indonesia as authority to make the priority of exchange rate stability in monetary policy.

Keywords

transmission mechanism; structural equation model; credit channel; exchange rate channel

Full Text:

PDF

References

Abdullah, Burhanudin. (2003)."Sasaran, Strategi, dan Arah Kebijakan Moneter", Jakarta: Kompas, 10 Agustus 2003

Agung J. Kusmiarso, Bambang. Pramono, Bambang dkk, 2001, "Fenomena Credit Crunch di Indonesia: Fakta, Penyebab dan Implikasi Kebijakan, Paper Goal Strategies, Direktorat Riset Ekonomi dan Kebijakan Moneter Bank Indonesia, Maret 2001 {Unpublished)

Bernanke, Ben S. dan Frederic S. Mishkin, 1997, "Inflation Targeting: A New Framework for Monetary Policy?, "Journal of Economic Perspectives, Vol 11 No.2, Spring, hal 97-115

Boediono, 1998, "Merenungkan Kembali Mekanisme Transmisi Moneter di Indonesia", Buletin Ekonomi Moneter dan Perbankan, Bank Indonesia, Vol 1 (Mi), hal 1-4

Brahmandita. (2004). "Memutus Lingkaran Setan Inflasi", Jakarta: Media Indonesia, 27 September 2004

Dornbush, Rudiger. Fischer, Stanley, dkk, 2004, "Macroeconomics", 7th Edition, New York: Mcgraw-Hill.

Farulin, Man. Rizaldi, Ryan, dkk, 2001, "Kajian terhadap Credit Channel sebagai Mekanisme Transmisi Kebijakan Moneter di Indonesia", Paper On The Job Training, Direktorat Riset Ekonomi dan Kebijakan Moneter Bank Indonesia

Ferdinand, Augusty, 2002, "Structural Equation Model dalam Penelitian Manajemen", Semarang: Fakultas Ekonomi Universitas Diponegoro

Hakim, Lukman, 2000. "Perbandingan Peranan Jalur Kredit dan Jalur Suku Bunga dalam Mekanisme Transmisi Kebijakan Moneter 1990-1999", tesis Pascasarjana UGM, Yogyakarta.

Hakim, Lukman, 2001, "Penerapan Pentargetan Inflasi dalam Mekanisme Transmisi Kebijakan Moneter 1990.1-2000.4, Media Ekonomi, Fakultas Ekonomi Universitas Trisakti, Vol 7 No.2, Agustus, hal 119-137

Hartati, Enny Sri, 2004, "Dampak Pergerakan Nilai Tukar Terhadap Inflasi di Indonesia", Media Ekonomi, Fakultas Ekonomi Universitas Trisakti, Vol 10 No.3, Desember, hal 223-254

Insukrindo, 1997, "Ekonomi Uang dan Bank", Yogyakarta: BPFE UGM

Jakaria, 2004, "Mekanisme Transmisi Sektor Moneter terhadap Permintaan Agregat dengan Menggunakan Structural Equation Model (SEM)", Media Ekonomi, Fakultas Ekonomi Universitas Trisakti, Vol 10 No.l, April, Hal 39-53

Loayza, Norman and Klaus Schmidt Hebbel, 2002, "Monetary Policy: Rules and Transmission Mechanisms", Chile: Central Bank of Chile

Mankiw, N Gregory, 2000, "Teori Ekonomi Makro", edisi keempat, Jakarta: Erlangga

Mishkin, Frederic S, 2004, "The Economic of Money, Banking and Financial Market", 7 Edition, New York: The Harper Collins

Nopirin, 1998, "Ekonomi Moneter", Yogyakarta: BPFE UGM

Oh, Junggun, 1999, "Inflation Targeting, Monetary Trasnmission Mechanism snd Policy Rules in Korea, "Economic Papers of the Bank Korea, Vol 2 No 1, March, Hal 102-108

Rahardja, Pratama dan Mandala Manurung, 2001, "Teori Ekonomi Makro ", Jakarta : Lembaga Penerbit FE UI

Sarwono, Hartadi A. dan Perry Warjiyo, 1998, "Mencari Paradigma Baru Manajemen Moneter dalam Sistem Nilai Tukar Fleksibel: Suatu Pemikiran untuk Penerapannya di Indonesia", Buletin Ekonomi Moneter dan Perbankan, Bank Indonesia, Vol l (Juli),hal5-20

Siswanto, Benny. Kurnati, Yati. dkk, 2001, "Mekanisme Transmisi Kebijakan Moneter Melalui Jalur Nilai Tukar", Jakarta: Bank Indonesia.

Sukirno, Sadono, 2004, "Teori Pengantar Makroekonomi", Edisi Ketiga, Jakarta: PT. Raja Grafindo Persada

Syofyan, Syofriza, "Perbandingan Peranan Jalur Kredit, Jalur Suku Bunga dan Jalur Nilai Tukar dalam Mekanisme Transmisi Kebijakan Moneter di Indonesia (Pendekatan VECM Periode 1990.1-2000.12)", tesis Pascasarjana UI, Jakarta, 2001

Warjiyo, Perry dan Doddy Zulverdi, 1998, "Penggunaan Suku Bunga Sebagai Sasaran Operasional Kebijakan Moneter di Indonesia, "Buletin Ekonomi Moneter dan Perbankan, Bank Indonesia, Vol 1 No 1, Juli, Hal 25-58

Warjiyo, Perry dan Juda Agung, 2002, "Transmission Mechanism of Monetary Policy in Indonesia, Jakarta: Bank Indonesia

Article Metrics

Abstract view(s): 761 time(s)
PDF: 584 time(s)

Refbacks

  • There are currently no refbacks.