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The Effect Of Sbi Rate Through Financial System To Economic Growth Of Indonesia

Author

Listed:
  • Donni Fajar Anugrah

    (Bank Indonesia)

Abstract

Bank Indonesia menerapkan Inflation Targeting Framework (ITF) sejak tahun 2000 dengan menggunakan base money sebagai alat kebijakan moneternya. Hasil penerapan framework ini kurang optimal jika melihat inflasi aktual yang tidak selalu berada dalam kisaran target yang telah diumumkan. Di sisi lain, beberapa negara yang juga menerapkan ITF, seperti New Zealand, telah berhasil mencapai tingkat inflasi yang rendah sesuai dengan target yang diumumkan. Mereka menggunakan suku bunga sebagai alat kebijakan moneter dalam penerapan ITF. Oleh karena itu, Bank Indonesia memutuskan untuk menggunakan suku bunga SBI sebagai alat kebijakan untuk mencapai inflasi yang rendah. Permasalahan yang perlu mendapat perhatian yaitu seberapa besar efek dari kebijakan ini terhadap pertumbuhan ekonomi secara bertahap. Dalam penerapannya, suku bunga SBI akan mempengaruhi sistem keuangan melalui suku bunga pasar, seperti suku bunga PUAB dan kredit. Secara teoritis kedua suku bunga pasar tersebut dapat mempengaruhi konsumsi dan investasi. Penelitian ini akan lebih difokuskan pada efek suku bunga pada konsumsi dan investasi yang pada akhirnya berdampak pada tingkat pertumbuhan ekonomi. Dengan menggunakan pendekatan Johansen, akan dapat dijelaskan hubungan jangka panjang antar variabel dan menghasilkan ECM yang digunakan dalam model jangka pendeknya. Hasil penelitian menunjukkan bahwa suku bunga dan konsumsi memiliki hubungan negatif hanya di jangka pendek. Sedangkan suku bunga dengan investasi berhubungan negatif dalam jangka panjang. Hasil akhir menunjukkan peningkatan suku bunga akan berakibat pada penurunan pertumbuhan ekonomi.

Suggested Citation

  • Donni Fajar Anugrah, 2006. "The Effect Of Sbi Rate Through Financial System To Economic Growth Of Indonesia," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 8(4), pages 471-502, March.
  • Handle: RePEc:idn:journl:v:8:y:2006:i:4c:p:471-502
    DOI: https://doi.org/10.21098/bemp.v8i4.146
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    More about this item

    Keywords

    Central Bank; SBI rate; consumption; investment; economic growth; inflation targeting;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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