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Alur Transmisi Dan Efektifitas Kebijakan Moneter Ganda Di Indonesia

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  • Ascarya

    (Bank Indonesia)

Abstract

This study aims to investigate transmission mechanism of dual monetary system from conventional and Islamic policy rates to inflation and output using Granger and VAR methods on monthly Indonesian banking data form January 2003 to December 2009. The result shows that conventional transmission mechanisms from conventional policy rate are all linked to output and inflation, while Islamic policy rate are not linked to output and inflation. In addition, the interest rate, credit and conventional interbank rate shocks give negative and permanent impacts to inflation and output, while PLS, financing and Islamic interbank PLS, as well as SBIS(Central Bank Shariah Certificate) as Islamic policy rate shocks give positive and permanent impacts to inflation and output. SBI (Central Bank Certificate) as conventional policy gives positive impact to inflation and negative impact to output.

Suggested Citation

  • Ascarya, 2012. "Alur Transmisi Dan Efektifitas Kebijakan Moneter Ganda Di Indonesia," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 14(3), pages 1-33, January.
    • Handle: RePEc:idn:journl:v:14:y:2012:i:3c:p:1-33
    DOI: https://doi.org/10.21098/bemp.v14i3.360
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    More about this item

    Keywords

    Monetary transmission mechanism; Interest rate pass through; Conventional Banking; Islamic Banking;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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