scholarly journals Analisis Dampak Kebijakan Moneter terhadap Pertumbuhan Ekonomi di Indonesia

2021 ◽  
Vol 6 (1) ◽  
pp. 34
Author(s):  
Hari Winarto ◽  
Adi Poernomo ◽  
Agus Prabawa
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Interest Rates ◽  
Significant Relationship ◽  
Secondary Data ◽  
Analysis Tool ◽  
Estimation Model ◽  
Interesting Phenomenon ◽  
The Right ◽  
The Impact

The circuit of government monetary policy which is still uncertain in influencing economic growth is an interesting phenomenon to be examined, especially because it occurs in the era of globalization where monetary traffic is very rapid, the situation is the main problem in this study. Therefore, this study aims to determine the impact of monetary policy on economic growth in Indonesia using quantitative analysis methods. The type of data used is secondary data in the form of Time Series originating from the Central Statistics Agency, Bank Indonesia, and the Ministry of Trade from 2010 to 2019 in the form of quarterly. Based on the results of testing the determination of the analysis tool model shows that the right estimation model is Vector Auto Regression (VAR). The results of this study indicate that money supply has a significant relationship to economic growth. While interest rates, exchange rates, and inflation do not have a significant relationship to economic growth

scholarly journals Impact of Monetary Policy on Economic Growth: Empirical Evidence in Vietnam

2019 ◽  
Vol 5 (10) ◽  
Author(s):  
Tang My Sang
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Interest Rates ◽  
Empirical Evidence ◽  
Money Supply ◽  
Negative Impact ◽  
Positive Impact ◽  
Secondary Data ◽  
The Impact

Through the secondary data collected from 2009 to 2018, the research used Var method to test the impact of monetary policy on economic growth in Vietnam. The results show that there is a relationship between the variables of monetary policy and economic growth, in which the money supply has a positive impact at a high significant level, interest rates have a negative impact on Vietnam economic growth. From the results obtained, the research proposed solutions for operating monetary policy.

scholarly journals Impact of Monetary Policy and Foreign Direct Investment Against Indonesia's Economic Growth

2022 ◽  
Vol 4 (1) ◽  
Author(s):  
Faridsky Faridsky ◽  
Syarwani Canon ◽  
Boby Rantow Payu
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Exchange Rates ◽  
Interest Rates ◽  
Secondary Data ◽  
Analysis Model ◽  
Short Term ◽  
Indicator Variables ◽  
The Impact

This study aims to determine the impact of monetary policy and FDI on economic growth and discuss it. The monetary indicator variables used are inflation, interest rates and exchange rates. The data used in this study are secondary data in 1990-2019 sourced from data from the Central Bureau of National Statistics and the World Bank. The analysis model in this study uses Multiple Linear Regression with the Error Correction Model (ECM) analysis model. The results of the analysis show that in the long term monetary variables (inflation, interest rates and exchange rates) have a significant effect on economic growth. And in the short term FDI has a significant effect on economic growth. It is concluded that monetary variables (inflation, interest rates and exchange rates) are the main variables that affect economic growth in the long and short term.

scholarly journals Komparasi Jalur Moneter untuk Stabilitas Harga Dalam Kerangka Inflation Targeting Framework (Studi kasus pada interest rate, exchange rate dan credit channel)

2019 ◽  
Vol 8 (3) ◽  
pp. 181
Author(s):  
Setyo Tri Wahyudi ◽  
Rinny Apriliany Zakaria ◽  
Nurul Badriyah
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rate ◽  
Interest Rates ◽  
Error Correction ◽  
Inflation Targeting ◽  
Correction Term ◽  
Secondary Data ◽  
Credit Channel ◽  
The Right

The monetary policy transmission mechanism has many ways in influencing inflation. This method became known as the monetary path. The use of appropriate channels in monetary policy will affect whether or not the objectives of the monetary policy are achieved. This study aims to determine which monetary path is appropriate for Indonesia, which is a developing country with an open economic system. The data used are secondary data taken from Bank Indonesia for the period 2005 to 2016. The research variables include inflation, BI-rate, credit interest rates (SBB), gross domestic product (GDP), exchange rate, bank reserve (BBR), and the amount of credit extended. This study focuses on the path of interest rates, exchange rates and bank credit using the Error Correction Model (ECM). The results of this study indicate that the right monetary path for Indonesia is the credit channel. This is because the value of the Error Correction Term (ECT) coefficient on the ECM model shows that the coefficient of the credit channel is smaller than the interest rate and exchange rate channel, which means that the imbalance that occurs can be resolved more quickly with the credit channel.

scholarly journals Respons Of Islamic Stock Markets To Monetary Policy Empirical Evidence from Indonesia

2019 ◽  
Vol 1 (1) ◽  
pp. 35-46
Author(s):  
Muhammad Rasyidin ◽  
Zunaidah Sulong
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Stock Market ◽  
Significant Relationship ◽  
Policy Instruments ◽  
Capital Formation ◽  
Alternative Source ◽  
Market Strategy ◽  
Long Run ◽  
The Impact

AbstractPurpose - The impact of stock market and capital formation on economic growth in Indonesia for the period of January 2015 – May 2019. This paper examines a long-run equilibrium relation between stock market, capital formation and economic growth and other control variables.Method - This study uses autoregressive distributed lag (ARDL) model.Result - Findings revealed that none of the models was stationary at level but were all stationary at first difference. There is not a short run significant relationship between stock market, capital formation and economic growth in Indonesia. In the long run, capital formation has a significant positive association on economic growth and a negative non-significant relationship between stock market and economic growth in Indonesia.Implication - This research is useful to know the response of Sharia market to monetary policy instruments in Indonesia so that the Sharia stock market strategy is potentially developing in the future to encourage the achievement of characteristics such as An alternative source of financing and investment for economic actors and able to facilitate risk mitigation needs for market participants and able to drive the efficiency of transactions in the market through the improvement of the quality of stock market infrastructure Sharia.  Originality - The update of this research is response of Sharia stock market response to monetary policy instruments in Indonesia that are researched using ARDL models.

scholarly journals Respons Of Islamic Stock Markets To Monetary Policy Empirical Evidence from Indonesia

2019 ◽  
Vol 1 (1) ◽  
pp. 35
Author(s):  
Muhammad Rasyidin ◽  
Zunaidah Sulong
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Stock Market ◽  
Significant Relationship ◽  
Policy Instruments ◽  
Capital Formation ◽  
Alternative Source ◽  
Market Strategy ◽  
Long Run ◽  
The Impact

<p class="StyleIABSSSLatinBoldGray-80">Abstract</p><p class="IABSSS"><strong>Purpose</strong> - The impact of stock market and capital formation on economic growth in Indonesia for the period of January 2015 – May 2019. This paper examines a long-run equilibrium relation between stock market, capital formation and economic growth and other control variables.</p><p class="IABSSS"><strong>Method</strong><strong> </strong>- This study uses autoregressive distributed lag (ARDL) model.</p><p class="IABSSS"><strong>Result</strong><strong> </strong>- Findings revealed that none of the models was stationary at level but were all stationary at first difference. There is not a short run significant relationship between stock market, capital formation and economic growth in Indonesia. In the long run, capital formation has a significant positive association on economic growth and a negative non-significant relationship between stock market and economic growth in Indonesia.</p><p class="IABSSS"><strong>Implication</strong> - This research is useful to know the response of Sharia market to monetary policy instruments in Indonesia so that the Sharia stock market strategy is potentially developing in the future to encourage the achievement of characteristics such as An alternative source of financing and investment for economic actors and able to facilitate risk mitigation needs for market participants and able to drive the efficiency of transactions in the market through the improvement of the quality of stock market infrastructure Sharia.  </p><p><strong>Originality</strong> - The update of this research is response of Sharia stock market response to monetary policy instruments in Indonesia that are researched using ARDL models.</p>

scholarly journals The Impact of Halal Tourism on Regional Economic Growth in Lombok, West Nusa Tenggara, Indonesia

2020 ◽  
Vol 12 (2) ◽  
Author(s):  
Lalu Hendra Wijaya
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Quantitative Research ◽  
Regional Economy ◽  
Secondary Data ◽  
Regional Economic Growth ◽  
Analysis Tool ◽  
The West ◽  
Tourism Sector ◽  
The Impact

Abstract. This study aims to analyze the economic development of the West Nusa Tenggara Province with the existence of halal tourism. It is expected that the halal tourism is able to support the economic development of the province. This is a quantitative research, using secondary data from the Central Statistics Agency (BPS) among others. The analysis tool used is SPSS. The results show that halal tourism has considerable potential as one of the leading sectors that can support the regional economy. The progress of the tourism sector in the West Nusa Tenggara Province is marked by the increase in the number of foreign and domestic tourist visits every year.Keywords: Economic Growth, Halal Tourism, West Nusa Tenggara Abstrak. Penelitian ini bertujuan untuk mengetahui perkembangan atau pertumbuhan ekonomi Provinsi Nusa Tenggara Barat dengan adanya pariwisata halal sehingga mampu menopang perekonomian regional provinsi. Penelitian ini menggunakan pendekatan kuantitatif, dengan data sekunder yang di antaraya berasal dari Badan Pusat Statistik (BPS). Alat analisis yang digunakan adalah SPSS. Hasil penelitian menunjukkan bahwa Pariwisata halal memiliki potensi yang cukup besar sebagai salah satu sektor unggulan yang dapat menopang ekonomi daerah. Kemajuan sektor pariwisata di Provinsi NTB ditandai dengan meningkatnya angka kunjungan wisatawan mancanegara dan nusantara setiap tahunnya.Kata kunci: Pertumbuhan Ekonomi, Wisata Halal, Nusa Tenggara Barat

scholarly journals THE IMPACT OF LENDING TO NON-FINANCIAL CORPORATIONS ON ECONOMIC GROWTH

2021 ◽  
Vol 2 ◽  
pp. 111-115
Author(s):  
Rogneda Vasilyeva ◽  
Oleg Turygin ◽  
Olga Ie ◽  
Maria Kozlova
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Emerging Markets ◽  
Interest Rates ◽  
Developing Economies ◽  
Policy Implications ◽  
High Interest Rate ◽  
High Interest ◽  
Economic Growth Rates ◽  
The Impact

Acceleration of economic growth, especially in modern conditions, requires the use of stimulating measures of fiscal and monetary policy. Measures to stimulate economic growth should also maintain macroeconomic stability. Many emerging markets and developing economies are pursuing high interest rate policies to curb inflation, but this leads to a reduction in lending to non-financial corporations and to economic growth rates decline. The goal of the study is to show that pursuing high interest rates policy is insufficient. We tested several hypotheses: first, we assume that an increase in lending to non-financial corporations stimulates economic growth. Our second hypothesis, in contrast, suggests that increasing interest rates on loans dampen economic growth. Third, we assume that inflation has no significant effect on economic growth. Forth, we consider that lending to non-financial corporations does not spur inflation. We empirically assess the data for 13 countries related to emerging markets during 2001–2020. The results of the research confirmed all the hypotheses. The monetary policy of maintaining high interest rates used by many developing countries leads to low lending to non-financial corporations and reduced economic growth. We propose several policy implications aimed at stimulating the lending to non-financial corporations and scarce inflation.

scholarly journals THE IMPACT OF ISLAMIC MONETARY OPERATIONS AND AGGREGATE FINANCING ON ECONOMIC GROWTH IN INDONESIA (2010-2020)

2021 ◽  
Vol 7 (2) ◽  
pp. 185
Author(s):  
Adinda Madani ◽  
Tika Widiastuti
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Negative Relationship ◽  
Secondary Data ◽  
Open Market ◽  
Vector Error Correction ◽  
Analysis Technique ◽  
Economic Developments ◽  
Long Term Impact ◽  
The Impact

Islamic monetary operation policies are regulated to increase the effectiveness in facing economic developments, especially the monetary sector. The working mechanism of the Islamic monetary operation up to its impact on the development of the national economy illustrates the monetary policy transmission carried out by Bank Indonesia. The purpose of this study is to analyze the effects of Bank Indonesia Sharia Certificate (SBIS), Bank Indonesia Sharia Deposit Facility (FASBIS), Sharia Interbank Money Market (PUAS), and aggregate financing on Indonesia's economic growth in the period 2010 to 2020. This research method uses a quantitative approach with the analysis technique Vector Auto Regression (VAR) or Vector Error Correction Model (VECM) to see the long-term impact and shock response on certain variables. Using secondary data on the variables, it is obtained from the Indonesian Economic and Financial Statistics Bank Indonesia (SEKI-BI) and the Central Statistics Agency (BPS) for the period January 2010 to December 2020. This study found that the SBIS variable has a negative relationship with GDP. Meanwhile, the variables FASBIS, PUAS, and aggregate financing have a positive relationship with GDP. For the future, it can be used as input and consideration in policy making that will be determined in optimizing Islamic monetary policy in Indonesia. Further research that will discuss this topic should use Islamic monetary instruments that are more complete than Islamic open market operations and sharia standing facilities. As well as comparing with conventional monetary operation instruments as a comparison for Islamic monetary.

scholarly journals THE EFFECT OF MONETARY POLICY ON UNEMPLOYMENT RATE IN INDONESIA

2021 ◽  
Vol 6 (1) ◽  
pp. 1
Author(s):  
Hafiansyah Mahadika ◽  
Wisnu Wibowo
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Interest Rate ◽  
Interest Rates ◽  
Unemployment Rate ◽  
Real Interest Rate ◽  
Real Exchange Rates ◽  
Series Data ◽  
The Real ◽  
The Impact

This study aims to determine the influence of monetary policy on the unemployment rate in Indonesia. Unemployment is one of the fundamental problems in the economy. The unemployment problem can be overcome by monetary policy. This study used time series data with the period 1975-2016 using real money demand, economic growth, real interest rates, and real exchange rates as independent variables, and the unemployment rate as the dependent variable. The data used in this study is secondary data obtained from the World Bank. The method used is ARDL (Autoregressive Distributed Lag) which can change a static economic theory to be dynamic by taking into account the role of time explicitly. The results show that in the long run the probability value of the economic growth variable is below the 5% significance level which indicates that economic growth had a negative and significant effect on the unemployment rate. In the short run, the real interest rate, the real interest rate at lag 1, economic growth at lag 1 and lag 3, and the real exchange rate at lag 1 had a negative and significant effect on the unemployment rate. This indicates that the impact of monetary policy on the unemployment rate is temporary.Keywords: Unemployment Rate, Monetary Policy, ARDL.JEL : E24, E52, E61.

scholarly journals EMPIRICAL EVIDENCE ON THE IMPACT OF MONETARY POLICY ON NATIONAL ECONOMIC GROWTH

2020 ◽  
Vol 6 (1) ◽  
pp. 64-79
Author(s):  
Abdul Kadir Arno ◽  
Nirwana Halide ◽  
Iksan Purnama ◽  
Akbar Sabani
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Empirical Evidence ◽  
Time Consistency ◽  
Analysis Tool ◽  
Economic Climate ◽  
National Economic ◽  
Long Time ◽  
The Interest Rate ◽  
The Impact

This article discusses empirical evidence of----imonetary -----ipolicy's impact----ion national----ieconomic growth----iin the decade 2010-2019. This article is analyzed using a regression analysis tool. This article concludes that 1) the interest rate (BI Rate) has----ian---iimpact rate----ion national----ieconomic---igrowth---iin----ithe decade 2010-2019 of only 7 percent. Impact-----iof US $----iexchange----irate---ion----ithe domestic----ieconomic----igrowth---iof only 90 percent 3) Impact of the amount of money in circulation on the national economic growth of only 76.8 percent, 4) Impact----iof----iinflation----irate----ion----ithe domestic economic growth of only 4.3 percent 5) impact of total investment in national economic growth is only 60.8 percent. Thus-----ithe----imain-----iobjective-----iof-----imonetary-----ipolicy is more emphasis-----ion-----iprice-----istability. With the first consideration, with output determined by long-term economic capacity, all systems that encourage economic growth will create inflation so that it will not affect real economic growth. Second, the rational financial agent understands that policymakers' actions in supporting the economic growth that helps increase can lead to time consistency problems. Third, monetary policy influencing economic variables takes a long time and has a lag. Fourth, price stability can encourage creating a better economic climate because it will reduce costs from inflation

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