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Mekanisme Transmisi Syariah di Indonesia





Since Indonesia has two different type of banking system (shariah and interest rate system) debtor or investor can chose appropriate system for their investment. When monetary instrument became tightening (high interest rate) so instrument from shariah system will substituted it. This situation arises because of nature from shariah instrument (revenue sharing) that flexible for price volatility. The other circumstances are revenue sharing can reduce inflation because with this system possibility to make equal growth among monetary sectors and real sectors appears. Such phenomenon like that will be investigate by VAR methodologies. Result from forecast error variance decompositions indices that shariah transmission mechanism move from one-month SBI (sertipikat bank indonesia) interest rate to inter-bank rate and finally affect shariah share. Proportion of shariah share shock to CPI inflation are small even that the shock remains (have new equilibrium) within CPI inflation. It proves by IRF (Impulse Response Function) from shariah share to CPI inflation.

Suggested Citation

  • Erwin Hardianto, 2005. "Mekanisme Transmisi Syariah di Indonesia," Macroeconomics 0502031, EconWPA.
  • Handle: RePEc:wpa:wuwpma:0502031 Note: Type of Document - pdf; pages: 16

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    References listed on IDEAS

    1. Evans, Martin D D & Lewis, Karen K, 1995. " Do Expected Shifts in Inflation Affect Estimates of the Long-Run Fisher Relation?," Journal of Finance, American Finance Association, vol. 50(1), pages 225-253, March.
    2. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-115, March.
    3. Hamburger, Michael J., 1977. "Behavior of the money stock : Is there a puzzle?," Journal of Monetary Economics, Elsevier, vol. 3(3), pages 265-288, July.
    4. Laidler, David, 1989. "Dow and Saville's Critique of Monetary Policy--A Review Essay," Journal of Economic Literature, American Economic Association, vol. 27(3), pages 1147-1159, September.
    5. Hoover, Kevin D, 1984. "Two Types of Monetarism," Journal of Economic Literature, American Economic Association, vol. 22(1), pages 58-76, March.
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    More about this item


    shariah share; CPI inflation; transmission mechanism;

    JEL classification:

    • E - Macroeconomics and Monetary Economics

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