Mekanisme Trasmisi Kebijakan Moneter Ganda Jalur Harga Aset Terhadap Inflasi di Indonesia
DOI:
https://doi.org/10.15408/thd.v2i1.30479Keywords:
monetary policy transmission, asset price channel, VAR-VECM, dual monetary systemAbstract
The effectiveness of the monetary policy transmission mechanism is important to determine how strong and the lag lenght in the transmission channel. Indonesia implements a dual monetary system policy (conventional and sharia). This study aims to analyze, which monetary system has more effectiveness in controlling inflation in by using the monetary policy transmission of the asset price channel. This study uses the VAR-VECM method to see the level of speed or time lag between the two monetary systems. The results of the study show that the transmission channel of the Islamic monetary mechanism (through the asset price channel has a better effect mechanism in influencing inflation compared to the conventional monetary transmission mechanism.
References
Adrian, T., & Shin, H. S. (2011). Prices and Quantities in the Monetary Policy Transmission Mechanism. In Federal Reserve Bank of New York Staff Report No. 396 (No. 396; Federal Reserve Bank of New York Staff Report No. 396). https://doi.org/10.2139/ssrn.1483825
Alaabed, A. (2019). The Efficacy of Monetary Transmission Mechanism: The Case of the United States. International Journal of Islamic Economics (IJIE), 1(01), 30–34. https://doi.org/The Efficacy of Monetary Transmission Mechanism: The Case of the United States Alaa Alaabed
Alim, M. N., & Suryadi, D. (2021). Uang Dan Moneter Islam Dalam Sistem Moneter Ganda Di Indonesia. Jurnal Asy-Syukriyyah, 22(2), 211–238. https://doi.org/https://doi.org/10.36769/asy.v22i2.169
Altavilla, C., Andreeva, D., Boucinha, M., & Holton, S. (2021). Monetary Policy, Credit Institutions and the Bank Lending Channel in the Euro Area. In SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3383470
Ascarya, A. (2012). Alur Transmisi Dan Efektifitas Kebijakan Moneter Ganda Di Indonesia. Buletin Ekonomi Moneter Dan Perbankan, 14(3), 283–315. https://doi.org/10.21098/bemp.v14i3.360
Ascarya, A. (2014). Monetary Policy Transmission Mechanism Under Dual Financial System In Indonesia: Interest-Profit Channel. International Journal of Economics, Management and Accounting, 22(1), 1–32. http://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/254.
Ascarya, A. (2014). Monetary Policy Transmission Mechanism Under Dual Financial System In Indonesia: Interest-Profit Channel. International Journal of Economics, Management and Accounting, 22(1), 1–32. http://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/254.
Mukhtar, T., & Younas, M. Z. (2019). Monetary Policy Transmission Mechanism of Pakistan: Evidence from Bank Lending and Asset Price Channels. Asian Journal of Economic Modelling, 7(3), 121–139. https://doi.org/10.18488/journal.8.2019.73.121.139
Ouchchikh, R. (2018). Monetary Policy Transmission Mechanism in a Small Open Economy under Fixed Exchange Rate: An SVAR Approach for Morocco. International Journal of Business and Economic Sciences Applied Research (IJBESAR), 11(1), 42–51. https://doi.org/http://dx.doi.org/10.25103/ijbesar.111.05
Syema, I. E. (2019). Channels of Monetary Policy Transmission in Indonesia: A VAR Model Analysis. SSRN Electronic Journal, January 2019, 0–19. https://doi.org/10.2139/ssrn.3286683
Zaelina, F. (2018). Mekanisme Kebijakan Transmisi Moneter Syariah. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 1(1), 19–30. https://doi.org/https://doi.org/10.31538/iijse.v1i1.69
