Mekanisme Transmisi Kebijakan Moneter dalam Mempengaruhi Inflasi dan Pertumbuhan Ekonomi di Indonesia

Abstract

Sejak dikeluarkannya UU Bank Indonesia yang baru tahun 1999, Bank Indonesia telah diberi amanah sebagai otoritas moneter ganda yang dapat menjalankan kebijakan moneter konvensional maupun syariah. Sejak saat itu perbankan dan keuangan syariah berkembang pesat.Penelitian ini bertujuan untuk melihat alur transmisi kebijakan moneter dari sisi konvensional dan syariah dalam mempengaruhi inflasi dan pertumbuhan ekonomi, yang kemudian membandingkan keduanya. Hasil penelitian menunjukkan jalur konvensional memiliki alur sesuai dengan teori transmisi kebijakan moneter yang ada hingga mempengaruhi inflasi dan pertumbuhan ekonomi, sedangkan jalur syariah belum mempunyai alur yang sesuai dengan teori kebijakan moneter yang ada. Berdasarkan hasil VECM variabel syariah dapat menurunkan laju inflasi dan meningkatkan pertumbuhan ekonomi, sedangkan variabel konvensional dapat menurunkan laju inflasi akan tetapi menahan laju pertumbuhan ekonomi. Kemudian berdasarkan hasil FEVD jalur konvensional lebih berpengaruh dalam mengendalikan pertumbuhan ekonomi dan inflasi dengan masing-masing kontribusi sebesar 50,5% dan 19,97%, sedangkan jalur syariah masing-masing sebesar 29,07%. dan 19,47%.
 Since New Banking Act in 1998, Indonesia has implemented a dual banking system, where conventional and Islamic banks can operate side by side throughout Indonesia. With the implementation of Bank of Indonesia’s Act in 1999, Bank of Indonesia has a dual mandate to conduct both conventional and Islamic monetary policies. Since then, the Islamic banking and finance has been growing rapidly. The aim of this study is to see how transmission channel of monetary policy from side of conventional and Sharia channel to Influence Inflation and Economic Growth compare them both. The results showed the conventional channel is worked according to the theory of transmission mechanism of monetary policy that affect the final target inflation and economic growth, whereas Sharia channel does not worked according to the monetary policy. Based on the results of VECM on Sharia channel variable can reduce the inflation and increase the economic growth at the same time, while the variable of conventional channel can reduce the inflation but also reduce the economic growth at the same time. Then based on the results of FEVD conventional channel is more effective in controlling the economic growth and the inflation with contribution of 50.5% and 19.97%. while the Islamic bank financing channel with contribution of 29.07% and 19.47%.

Islamic Monetary Policy and Its Impact on Real Sector

“…Based on the VECM estimation test in Table 3, in the short term, only SBIS variables influence the Industrial Production Index (IPI). This result is consistent with research conducted by Setiawan and Karsinah (2016). According to Setiawan and Karsinah (2016), this shows that Islamic monetary policy requires a time lag to reach the final goal to achieve.…”

“…This result is consistent with research conducted by Setiawan and Karsinah (2016). According to Setiawan and Karsinah (2016), this shows that Islamic monetary policy requires a time lag to reach the final goal to achieve. Ramadhan dan Beik (2013) said that when there is a monetary shock, the financing of Islamic bank could be recovered and stabilized better that the credit of conventional bank.…”

“…The small influence of financing path variables in the transmission of sharia monetary policy is the ultimate goal of output by the research conducted by Setiawan and Karsinah (2016). According to Setiawan and Karsinah (2016), conventional lane variables have a more significant influence on economic growth compared to sharia lane variables due to the sizeable conventional banking share in Indonesia, where the conventional banking share reaches 95%.…”

“…The development of the Islamic banking industry which continued to increase from year to year resulted in the transmission of monetary policy not only affecting conventional banking, but also affecting Islamic banking. Because of this, Bank Indonesia has the responsibility to carry out multiple monetary operations both conventionally and sharia principles (Setiawan and Karsinah, 2016). Although the monetary transmission works through Islamic banking channel is yet controversial (Uddin, 2016).…”

“…Ascarya (2012) that said that Islamic variables such as Islamic bank financing, inter-sharia bank money market (PUAS), and the Sharia Certificate of Bank Indonesia (SBIS) had a significant positive effect on the real sector represented by the Industrial Production Index (IPI). Meanwhile, research conducted by Setiawan and Karsinah (2016) shows that financing and PUAS variables have a positive effect on the real sector, while SBIS variables have an adverse effect on the real sector. In contrast to the previous results, Istiqomah (2012) in his research resulted that SBIS variables have a significant positive effect on the real sector represented by Gross Domestic Product (GDP).…”