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Mekanisme Transmisi Syariah Pada Sistem Moneter Ganda Di Indonesia

Author

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  • Aam Slamet Rusydiana

    (Lembaga Penelitian dan Pemberdayaan Masyarakat (LPPM) Tazkia Bogor)

Abstract

The transmission mechanism of monetary policy has been an area of abundant economic research in many countries. The financial system links monetary policy and the real economy. Thus, events or trends that affect the financial system can also change the monetary transmission mechanism. This study tries to analyze shariah transmission mechanism in Indonesian dual monetary system, using Vector Auto Regression (VAR) and Vector Error Correction Model (VECM) methods. Results show that the relationship between SWBI (SBI Shariah) and shariah financing (LNFINCG) is negative. It means, when SWBI be higher, the quantity of shariah financing would be lower. And so do SBI and inflation (LNIHK). When the total of shariah financing be increase, it will gives positive contribution for reducing inflation rate in Indonesia, because with this system possibility to make equal growth among monetary and real sectors appears. Therefore, it will be strategic action for monetary authority to grow up shariah banking share in Indonesia, for minimizing «bad inflation» in economy. Other recommendation, SWBI as shariah monetary instrument should be reconsidered to achieve positive impact for real sector

Suggested Citation

  • Aam Slamet Rusydiana, 2009. "Mekanisme Transmisi Syariah Pada Sistem Moneter Ganda Di Indonesia," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 11(4), pages 1-23, April.
    • Handle: RePEc:idn:journl:v:11:y:2009:i:4:p:1-23
    DOI: https://doi.org/10.21098/bemp.v11i4.345
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    Keywords

    Shariah Transmission Mechanism; Dual Monetary System; VAR/VECM;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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