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.
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