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Kebijakan Pengendalian Aliran Modal Masuk Di Indonesia

Author

Listed:
  • Endy Dwi Tjahjono

    (Bank Indonesia)

  • Hendy Sulistiowati

    (Bank Indonesia)

Abstract

Sejak tahun 1990 - 1996 Indonesia menerima aliran modal asing dalam jumlah besar. Untuk meredam dampak negatif dari aliran modal masuk tersebut otoritas moneter mengambil kebijakan berupa� sterilized intervention, peningkatan Giro Wajib Minimum (GWM), konversi deposito pemerintah dan sistem nilai tukar mengambang terkendali dengan band intervensi yang semakin longgar. Dari hasil pengujian secara empirik terbukti bahwa kebijakan tersebut cukup efektif dalam meredam dampak negatif aliran modal asing tersebut. Namun demikian, mengingat modal asing yang masuk bersifat sistemic maka kebijakan tersebut tidak dapat digunakan secara terus-menerus. Apalagi hasil pengujian membuktikan bahwa ada hubungan kausalitas 2 arah antara ketidak-seimbangan transaksi berjalan dan transaksi modal. Untuk mencegah krisis dikemudian hari, sistem nilai tukar mengambang bebas merupakan pilihan terbaik yang harus dibarengi dengan penggunaan instrumen kebijakan secara fleksibel dan didukung sistem keuangan yang kuat dan sehat.

Suggested Citation

  • Endy Dwi Tjahjono & Hendy Sulistiowati, 1998. "Kebijakan Pengendalian Aliran Modal Masuk Di Indonesia," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 1(3), pages 1-26, December.
    • Handle: RePEc:idn:journl:v:1:y:1998:i:3j:p:1-26
    DOI: https://doi.org/10.21098/bemp.v1i3.172
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    Cited by:

    1. M Rizki Nurhuda & Muhammad Rozali & Latifa Rakhmatillah & Hendri Hermawan Adinugraha, 2020. "Does The Pruning On The Reference Interest Rate By Bank Indonesia Influence Interest Rate Sensitivity Towards Banking Net Interest Margin During Early Period In Facing Covid-19 In Indonesia?," Annals of the University of Craiova for Journalism, Communication and Management, Department of Communication, Journalism and Education Sciences, University of Craiova, vol. 6(1), pages 13-30, December.

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