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Dasar Kewangan, Sasaran Matlamat Pertengahan dan Matlamat Ekonomi

Author

Listed:
  • Abdul Karim, Zulkefly

    (Fakulti Ekonomi Universiti Kebangsaan Malaysia 43600 UKM Bangi Selangor Darul Ehsan)

  • Mokhtar, Aminudin

    (Fakulti Ekonomi Universiti Kebangsaan Malaysia 43600 UKM Bangi Selangor Darul Ehsan)

  • Zaidi, Mohd Azlan Shah

    (Fakulti Ekonomi Universiti Kebangsaan Malaysia 43600 UKM Bangi Selangor Darul Ehsan)

Abstract

Objektif utama kajian ini adalah untuk mengkaji sasaran pertengahan dasar kewangan yang dilaksanakan oleh Bank Negara Malaysia (BNM) dengan menguji arah penyebab antara pelbagai agregat kewangan dengan pendapatan negara dan tingkat harga. Sebelum pertengahan tahun 1995, BNM lelah menggunakan agregat kewangan sebagai strategi sasaran pertengahan dasar kewangan. Dalam tempoh ini, BNM sentiasa memantau pertumbuhan agregat kewangan supaya selari dengan matlamat ekonomi yang diingini. Mulai November 1995, BNM telah mengubah strategi penengahan tersebut dengan mengawal kadar bunga melalui alat dasar kewangan yaitu kadar campur Tangan tiga bulan dan Nisbah Rezab Berkanun (SRR). Ujian penyebab Granger versi Toda dan Yamamoto (1995) telah digunakan untuk melihat arah penyebab pelbagai agregat kewangan (Mi. M2. M3 dan asas kewangan) terhadap matlamat ekonomi iaitu pendapatan negara dan tingkat harga. Hasil kajian mendapati definisi wang sempit (MJ) signifikan mempengaruhi pertumbuhan ekonomi dan tingkat harga di Malaysia. Manakala, M2 dan asas kewangan hanya mempengaruhi tingkat harga sahaja dan tidak mempengaruhi pendapatan negara. Definisi wang yang lebih meluas (M3) tidak signifikan untuk mempengaruhi pendapatan negara dan tingkat harga dalam tempoh kajian.

Suggested Citation

  • Abdul Karim, Zulkefly & Mokhtar, Aminudin & Zaidi, Mohd Azlan Shah, 2001. "Dasar Kewangan, Sasaran Matlamat Pertengahan dan Matlamat Ekonomi," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 35, pages 13-35.
    • Handle: RePEc:ukm:jlekon:v:35:y:2001:i::p:13-35
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