scholarly journals Pengaruh Instrumen Moneter Syariah dan Alat Pembayaran Non Tunai Terhadap Money Supply di Indonesia

2020 ◽  
Vol 3 (1) ◽  
pp. 1
Author(s):  
Teresia Puswanti ◽  
Muhammad Nasrullah

Abstrak: Bank Indonesia memiliki satu tujuan tunggal, yaitu mencapai dan memelihara kestabilan nilai rupiah dimana untuk mencapai tujuan tersebut Bank Indonesia menggunakan instrumen moneter konvensional dan syariah. Selain itu Bank Indonesia juga berkewajiban menyediakan sistem pembayaran yang efisien seperti alat pembayaran nontunai yang mana perkembangannya dapat mempengaruhi perhitungan jumlah uang beredar. Tujuan dari penelitian ini adalah untuk mengetahui pengaruh Sertifikat Bank Indonesia Syariah (SBIS), Pasar Uang Antar Bank Syariah (PUAS), kartu debit/ATM, dan e-money terhadap jumlah uang beredar (M1) di Indonesia. Jenis penelitian ini adalah penelitian kuantitatif dengan menggunakan data sekunder dari Statistik Ekonomi dan Keuangan (SEKI) Bank Indonesia. Teknik pengumpulan data menggunakan studi kepustakaan, sedangkan jumlah sampel sebanyak 72 sampel dari bulan Januari 2013 sampai Desember 2018 yang dianalisis dengan menggunakan analisis Error Correction Model (ECM). Hasil penelitian ini menunjukkan bahwa transaksi SBIS tidak berpengaruh terhadap jumlah uang beredar di Indonesia secara parsial, berbeda dengan transaksi PUAS dan transaksi kartu debit/ATM yang berpengaruh signifikan terhadap jumlah uang beredar di Indonesia secara parsial. Sedangkan transaksi e-money juga tidak berpengaruh terhadap jumlah uang beredar di Indonesia secara parsial. Hasil uji simultan menunjukkan bahwa transaksi SBIS, PUAS, kartu debit/ATM, dan e-money secara bersama-sama berpengaruh signifikan terhadap jumlah uang beredar di Indonesia. Keyword : SBIS, PUAS, Kartu Debit/ATM, E-Money, Jumlah Uang Beredar (M1).

2021 ◽  
Vol 10 (1) ◽  
pp. 56-63
Author(s):  
Ruth Damayanti

Increasingly advanced technology encourages people to make transactions using electronic money (e-money). Nowadays, more Indonesian people use electronic money in their dealings, which is proven by the increasing volume of electronic money transactions from year to year. Electronic cash is chosed because it is more practical in making transactions with traders. The rising use of electronic money can affect the money supply, which can affect the inflation rate. Several studies have stated the effect of electronic money on inflation. This study aims to determine the impact of the variable volume and nominal value of electronic money transactions (e-money) on the inflation rate in Indonesia from January 2016 to December 2020. The data used in this study are secondary data with the type of monthly time series taken from Bank Indonesia, Kementerian Perdagangan, and BPS (Badan Pusat Statistik). The analysis technique used is the ECM (Error Correction Model). The Error Correction Model in this study aims to identify long-term and short-term relationships that occur because of the cointegration between research variables and the relationship between variables that are not stationary. This study indicates that in the long term, the variables volume of e-money transactions and money supply (M2) have a significant effect on the inflation variable. In contrast, other macroeconomic variables (BI rate and nominal value of e-money transactions) has no significant impact. Meanwhile, the short-term regression model shows no variables that have a substantial effect on the inflation variable.


Author(s):  
Erni Panca Kurniasih

ABSTRACTThe development of investment and exports in Indonesia shows an increase, as well as money supply, while the inflation rate shows a decline, but this is not always followed by increasing economic growth. This study aims to explain the relationship between investment, export, money supply and inflation with the economic growth in Indonesia. The data used was time series data from the first quarter in 2001 to the fourth quarter in 2014 and was analyzed using multiple regression models with Error Correction Model (ECM) and classical assumptions. The study findings show that in short-term investment, export, money supply and inflation are not significant to economic growth. In long-run, investment has negative and significant effect on the economic growth, while export, money supply and inflation have positive and significant effect on the economic growth in Indonesia. Bank Indonesia must applied a tight money policy consistently to achieve the long-term inflation target ABSTRAKPerkembangan investasi dan ekspor di Indonesia menunjukkan peningkatan, demikian pula jumlah uang beredar, sementara tingkat inflasi menunjukkan penurunan, namun hal tersebut tidak selalu diikuti dengan meningkatnya pertumbuhan ekonomi. Studi ini bertujuan untuk menjelaskan hubungan antara investasi, ekspor neto, jumlah uang beredar dan inflasi terhadap pertumbuhan ekonomi di Indonesia. Data yang digunakan adalah data time series dari kuartal pertama tahun 2001 hingga kuartal keempat tahun 2014 dan dianalisa dengan menggunakan model regresi berganda dengan Error Correction Model (ECM). Hasil studi menunjukkan  bahwa investasi, ekspor, jumlah uang beredar dan inflasi tidak signifikan terhadap pertumbuhan ekonomi di Indonesia dalam jangka pendek. Investasi berpengaruh negatif dan signifikan terhadap pertumbuhan ekonomi di Indonesia dalam jangka panjang, sedangkan ekspor , jumlah uang beredar dan inflasi berpengaruh positif dan  signifikan terhadap pertumbuhan ekonomi di Indonesia. Bank Indonesia harus menerapkan kebijakan moneter yang ketat secara konsisten pada pencapaian sasaran inflasi jangka menenngah 


2020 ◽  
Vol 3 (1) ◽  
pp. 606-615
Author(s):  
Asila Murdiah ◽  
Prasetyo Ari Bowo

The relationship between investment, national income and money supply are interrelated. Increased investment can increase national income. Likewise, the increase in national income can increase investment. Besides investment increase can also increase the money supply. As investment increases, the national income will increase, which means an increase in people's income. The increase in people's income will lead to increased public consumption that would cause an increase in the money supply. If there is excess supply of money, Bank Indonesia will take the policy to reduce interest rates. These conditions will encourage investors to invest which in turn will increase the output and national income. This study aims to prove the causal relationship between the investment, national income and the amount of money circulating in Indonesia period 2007.1-2015.4. To prove the existence of a causal relationship between the study variables then performed Granger causality test method VECM (Vector Error Correction Model). Granger causality analysis results show that, first, there is a causal relationship between national income and investment. Secondly, there is a causal relationship between the national income and the money supply. Third, there is no causal relationship between investment and money supply. Hubungan antara investasi, pendapatan nasional dan jumlah uang beredar saling berkaitan. Peningkatan investasi dapat meningkatkan pendapatan nasional. Begitu pula sebaliknya, peningkatan pendapatan nasional dapat meningkatkan investasi. Selain itu peningkatan investasi juga dapat meningkatkan jumlah uang beredar. Ketika investasi meningkat maka pendapatan nasional akan meningkat yang berarti terjadi peningkatan pendapatan masyarakat. Kenaikan pendapatan masyarakat ini akan menyebabkan konsumsi masyarakat meningkat sehingga akan menyebabkan kenaikan jumlah uang beredar. Apabila terjadi kelebihan jumlah uang beredar, Bank Indonesia akan mengambil kebijakan penurunan tingkat suku bunga. Kondisi ini akan mendorong minat investor untuk berinvestasi yang pada akhirnya akan meningkatkan output dan pendapatan nasional. Penelitian ini bertujuan untuk membuktikan adanya hubungan kausalitas antara investasi, pendapatan nasional dan jumlah uang beredar di Indonesia periode 2007.1-2015.4. Untuk membuktikan ada tidaknya hubungan kausalitas antarvariabel penelitian maka dilakukan uji kausalitas Granger dengan metode VECM (Vector Error Correction Model). Hasil analisis kausalitas Granger menunjukkan bahwa, pertama, terdapat hubungan kausalitas antara pendapatan nasional dan investasi. Kedua, terdapat hubungan kausalitas antara pendapatan nasional dan jumlah uang beredar. Ketiga, tidak terdapat hubungan kausalitas antara investasi dan jumlah uang beredar.


2021 ◽  
Vol 13 (1) ◽  
pp. 1-5
Author(s):  
Bambang Hadi Prabowo

Tujuan penelitian ini adalah untuk mengetahui pengaruh rasio jumlah uang beredar, rasio kredit bank, dan rasio tabungan domestik terhadap pertumbuhan ekonomi. Baik dalam jangka pendek maupun jangka panjang. Secara empiris penelitian ini menggunakan data sekunder berupa data triwulanan tahunan selama tahun 2008 Q1 – 2018 Q4 dengan metode Error Correction Model (ECM). Kami menemukan bah­wa money supply ratio, rasio kredit bank dan rasio tabungan domestik berpengaruh positif dan signifikan terhadap pertum­buhan ekonomi di IndonesiaKata kunci: pertumbuhan ekonomi, rasio uang beredar, ra­sio kredit perbankan, rasio tabungan domes­tik, ECM


2005 ◽  
Vol 7 (3) ◽  
Author(s):  
Taufik Kurniawan

This paper analyzes the role of international interest rate, money supply, inflation, SBI rate (Sertifikat Bank Indonesia) and GDP on the lending rate. We use the Error Correction Model on Indonesian yearly data from 1983 – 2002 and confirm the significant of these explanatory variables as the determinant of short and long term credit lending rates.These findings conforms the necessity for Bank Indonesia as monetary authority to take into account the external factors and support the integration of domestic and foreign financial market.Keyword: Error Correction Model, Interest rate, Financial market, Money Supply, Lending rate.JEL: C22, E44, E51


Author(s):  
Eni Setyowati ◽  
Soepatini Soepatini

The equilibrium exchange rate will change along with the change of demand and supply. Factors causing the change of demand and supply curve among others are the amount of money supply, relative gross domestic product (GDP) ,the level of relative interest rate, and relative priceOne of the ways to analyze the influence of short term and long term is by developing the dynamic model. In this research, the analysis of dynamic model was conducted with Engel-Granger Error Correction Model approach which was developed by Engel-Granger (1987) based on Granger Representation Theorem.The ECM was known that long term exchange rate is influenced by the number of money supply and relative price. The variable which influence short-therm exchenge rate are the ammount of Gross Domestic Product, and interest rate.


Author(s):  
Suryo Refli Ranto

Penelitian ini bertujuan untuk menguji secara empiris pengaruh jangka pendek dan jangka panjang dari Inflasi, Jumlah Uang Berjalan, Kurs, Tingkat Bunga Bank Indonesia, Harga Minyak Dunia (WTI) dan Net Ekspor terhadap Indeks Harga Saham Gabungan (IHSG) dengan metode Error Correction Model (ECM) yang diolah dengan eviews 6.0. Selama periode pengamatan yaitu tahun 2000-2012 terjadi hubungan antara variabel makro dengan pergerakan IHSG di Bursa Efek Indonesia (BEI). Hasil uji ECM memperlihatkan Inflasi, kurs dan harga minyak dunia berpengaruh signifakan terhadap IHSG pada jangka pendek sedangkan pada jangka panjang variabel yang signifikan mempengaruhi IHSG adalah IHK, kurs, net ekspor dan harga minyak dunia.Kata kunci : IHSG, IHK, JUB, Kurs, tingkat Bunga Bank Indonesia (rSBI), Harga Minyak Dunia (WTI), Net Ekspor dan Error Correction Model (ECM) 


Author(s):  
Onome Christopher Edo ◽  
Anthony Okafor ◽  
Akhigbodemhe Emmanuel Justice

Objective – The purpose of this study is to investigate the effect of corporate taxes on the flow of Foreign Direct Investment (FDI) in Nigeria between 1983 and 2017. Methodology/Technique – This study adopts an ex-post facto research design. Secondary data was sourced from the World Bank Development Indicator, the Central Bank of Nigeria database, and the Federal Inland Revenue database. The research data was analyzed using the Error Correction Model (ECM). Findings – The coefficient of determination (R2) shows that approximately 77% of systematic changes in FDI are attributed to the combined effect of all of the explanatory variables used in this study. Specifically, the study concludes that Company Income Tax, Value Added Tax, and Custom and Excise Duties have a significant but negative relationship with FDI. In contrast, Tertiary Education Tax has a positive association with FDI. Further, Exchange Rate has a negative but significant relationship with FDI, Inflation had an insignificant but positive association with FDI, and GDP growth Rate and Trade Openness demonstrate a positive and significant association with FDI. Novelty – The findings of this study are distinguishable from previous studies, as it uncovers new evidence that higher Education Tax Rates influences FDI and emerging evidence on the effect of non-tax variables on FDI inflow. Type of Paper: Empirical. JEL Classification: E22, F21, H2, P33. Keywords: Corporate Taxes; Foreign Direct Investment; Error Correction Model; Nigeria; Non-Tax Variables. Reference to this paper should be made as follows: Edo, O.C; Okafor, A; Justice, A.E. 2020. Corporate Taxes and Foreign Direct Investment: An Impact Analysis, Acc. Fin. Review 5 (2): 28 – 43. https://doi.org/10.35609/afr.2020.5.2(1)


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