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DISINTERMEDIASI FUNGSI PERBANKAN DI INDONESIA PASCA KRISIS 1997: Faktor Permintaan Atau Penawaran Kredit, Sebuah Pendekatan Dengan Model Disequilibrium

Author

Listed:
  • Harmanta

    (Bank Indonesia)

  • Dr. Mahyus Ekananda

    (FEUI)

Abstract

The goal of this paper is to analyze the determinants of bank credit declining, whether is domi-nated by the supply or the credit demand, post the financial crisis in Indonesia. This paper is a sort of New Keynesian approach, which pre assume the imperfectness of the credit market and hence create disequi-librium. Using the switching regression model and Maximum Likelihood Estimation to determine the prob-ability of supply or demand determination, the result shows the existence of excess demand of credit during the crisis period, 1997/ 1998, confirming the credit crunch situation. After the crisis, the condition is reversed, where the credit supply is higher than the credit demand. The two findings implicitely shows the inflexibility of interest rate to equalize the credit market.

Suggested Citation

  • Harmanta & Dr. Mahyus Ekananda, 2005. "DISINTERMEDIASI FUNGSI PERBANKAN DI INDONESIA PASCA KRISIS 1997: Faktor Permintaan Atau Penawaran Kredit, Sebuah Pendekatan Dengan Model Disequilibrium," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 8(1), pages 1-28, June.
    • Handle: RePEc:idn:journl:v:8:y:2005:i:1:p:1-28
    DOI: https://doi.org/10.21098/bemp.v8i1.128
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    More about this item

    Keywords

    Disintermediasi; kredit; disequilibrium; maximum likelihood; persamaan simultan; switching regression;
    All these keywords.

    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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