MONETARY POLICY IN AN ISLAMIC ECONOMICS

The primary aim of this paper is to elucidate the general concept of monetary policy under Islamic Economics. Not only does the stability of but also the growth of the economy in a country strongly depends upon monetary policy implemented. Such the phenomenon also prevails in Islamic Economics in which the term is also ruled by the Holy Quran and the Hadith of the Prophet. Moreover, the Prophet issued some regulations regarding monetary, such as to adopt Dinars and as the Islamic currencies. It is noted that, however, the thing distinguishing between Islamic Economics and other economic systems the variable of interest or usury, where either the Holy Quran or the Hadith clearly states that it is banned. Due to using interest as the yardstick, the conventional monetary instruments such as Open Market Operation, Discount Rate and the likes are not considered as the monetary instruments under Islamic Economics. Therefore, Instead of interest, Islamic Economics adopts Profit Loss Sharing (PLS) system, regarded as the important part of monetary policy. Moreover, Islamic Economics has also its specific monetary standard and instruments, which are far from interest or variables, such as certificates and others.

KETERKAITAN INSTRUMEN KEBIJAKAN MONETER DENGAN NERACA PEMBAYARAN DI INDONESIA

This study aims to determine the monetary policy variable linkages with Indonesia's balance of payments. Using svar and IRF analysis found that the level of α = 0.05, variable monetary policy instruments such as open market operation (OPT), the minimum reserve requirement (GWM), and the discount rate (rDisk) has a significant relationship with the variable balance of payments (BOP) . In fact, all the macroeconomic variables also significantly affect the balance of payments variables, except the variable domestic interest rates. This means that there is a close link between monetary policy instruments with the balance of payments in Indonesia in the period of the study.

ANALISIS KETERKAITAN INSTRUMEN KEBIJAKAN MONETER, DEFISIT ANGGARAN, DAN NERACA PEMBAYARAN INDONESIA TAHUN 2002 - 2017

This study aims to analye the linkages of monetary policy instruments, budget deficit and balance of payments with VECM method. This study used secondary data from 2002 quarter I to 2017 quarter IV. The result found one-way interaction between open market operation with Indonesian balance of payments. Money supply has two-way causality relationship with budget deficits and minimum reserve requirement. The exogenous variable which are BI rate and open market operation affected Indonesian’s balance of payments with positive correlation, while the minimum reserve requierment significantly affect Indonesian’s balance of payments with negative correlation. Impulse response found shock of money supply respond to balance of payments positive in the fourth period.This result show that Indonesia’s balance of payments is a monetary phenomenon. So monetary policy instruments BI rate, minimum reserve requirement and open market operation can be used to maintain the stability of Indonesia’s balance of payment.

Monetary Policy Its Instruments and Convergence of Its Objectives: Case of Angola 2005/2017

<p><em>This paper proposes a new paradigm for the analysis of monetary policy, and presents the monetary policy framework in Angola which includes the policy instruments, and implementation mechanism the way between instrument and objective.<strong> </strong>To study the Monetary Policy instruments in Angola based on a multiple linear regression model. Before the model was conceived an analogy was made about the politics and instruments of monetary policy from the classical Keynesian model in the matter, but also less important also to analyze the concrete objective of monetary policy if the authors agree connected with those currents of economic thought. For the estimation of the equation for the monetary aggregate M2 that represents the money supply by the Central Bank in Angola The author applied the current implementation and the existing theories to display the Angola monetary tools such as basic interest rate for monetary policy orientation (tbna), open market operation, Lending Facility, coefficient of required reserve, net international reserves, and the Gross Domestic Product, the reference oil price to brent. Most of the variables present the expected results.</em></p>

Analisis Kausalitas Cranger Kebijakan Moneter Syari'ah Terhadap Perekonomian Indonesia

This study aims to explain causality between Islamic monetary policy with Shariah Open Market Operation instrument and Bank Indonesia Sharia Certificate on inflation with time series data period from January 2010 - June 2017 which processed by Granger causality analysis method and using vectorautoregresive model. This study shows a direct causal relationship of OPTS to GDP, SBIS to OPTS and two-way causal relationship between SBIS and GDP.

FAKTOR-FAKTOR DOMINAN YANG MEMPENGARUHI UANG BEREDAR 1990-2000 (Hubungannya dengan Kurs dan Inflasi)

Praktek kebijaksanaan moneter yang ditempuh oleh pemerintah akhir-akhir ini, terutama ditunjukkan untuk mengendalikan nilai rupiah dengan mengandalkan "monetary trans­ mision ", seperti mengendalikan "base money" melalui "open market operation" misal­ nya dengan penjualan SBI (Sertifikat Bank Indonesia). Sementara untuk mengendalikan ekspansi moneter, Bank Indonesia juga melakukan sterilisasi di pasar uang valuta asing, atau melakukan "open market operation" terhadap valuta asing. Kebijaksanaan tersebut sesungguhnya mengacu pada perubahan jumlah uang beredar yang secara langsung atau tidak langsung berpengaruh terhadap nilai rupiah.Tujuan dari penelitian ini adalah (1) untuk mengetahui perkembangan berbagai factor yaitu aktiva luar negeri bersih, tagihan bersih pada pemerintah pusat, tagihan pada lem­ baga dan BUMN, tagihan pada perusahaan swasta dan perorangan yang mempengaruhi jumlah uang beredar selama tahun 1990 sampai dengan 2000, (2) mengetahui trend faktor-faktor yang mempengaruhi jumlah uang beredar dan proyeksi atas faktor-faktor bersangkutan, seperti tertera pada tujuan nomer satu, dan (3) mengetahui korelasi antara jumlah uang beredar, tingkat bunga dan rate of inflation. Adapun manfaat dari hasii penelitian yang diharapkan adalah (I) sebagai informasi tambahan untuk pengambilan keputusan dalam bidang moneter dan (2) sebagai informasi bagi peneliti selanjutnya, untuk mengembangkan lebih lanjut.Penelitian ini menggunakan data sekunder dari tahun 1990 sampai dengan 2000 dari Statistik Ekonomi Keuangan Indonesia. Alat analisa yang digunakan adalah tabulasi, trend, dan regresi linier biasa.Hasil analisa yang diperoleh menunjukkan bahwa hubungan antara jumlah uang beredar, tingkat bunga dan kurs berkorelasi positif meskipun tidak terlampau erat. Sementara itu perkembangan faktor-faktor yang mempengaruhi jumlah uang beredar relatif paralel, terutama sebelum pertengahan tahun 1997. Mulai tahun 1998 pengaruhfaktor tagihan pada pemerintah pusat terhadap uang beredar melonjak sangat tinggi. Dan faktor-faktor lainnya meningkat dengan cukup berarti pula. Akan tetapi khususnya pada faktor tagihan pada perusahaan swasta dan perorangan, dan tagihan pada lembaga dan BUMN cenderung menurun sejak tahun 1998. Meskipun peranan perdagangan internasional cukup besar dalam perekonomian nasional, tetapi faktor aktiva luar negeri bersih pengaruhnya terhadap jumlah uang beredar relatifkecil, hanya sekitar 10% - 20%. Bahwa sesungguhnya tingkat injlasi sejak tahun 1990 relatif stabil, dan tetap di bawah dua digit, sebagaimana diprogramkan. Hanya pada tahun 1998 saja yang aneh, ini merupakan kasus yang tak wajar. Demikian juga terhadap perkembangan kurs mempunyai pola yang sama dengan tingkat bunga. Perkembangan )umlah beredar cenderung meningkat, dan melonjak sejak tahun 1998. Mulai tahun 1999 sampai dengan 2000 rela­ tif tetap, tetapi pada tingkat yang cukup tinggi.

Chinese Private Lending Risk and Monetary Policy Operating

The private lending risk was more likely expressed as the forms of various funding raising disputes, which originated from the borrowers’ solvency problems. Whether the change of monetary policy had an impact on the civil financial risk and how much of the influence were worth of consideration. Based on the analysis of how monetary policy operated on the private lending risk, we took some key data, such as the amount, the involved number and the interest rates deprived from the private lending disputes cases happened in our country from 2003 to 2014, to construct the model between the index of private lending risk and the monetary policy variables. Also we need to explore the inner relationship between them. The empirical results show that the monetary policy tools do have an impact on the private lending risk to some different degree. More specifically, the implication for the monetary policy operations is that we should not use the deposit reserve policy and the credit policy more frequently, while the rediscount policy and the open market operation have more advantage on the balance of macroeconomic regulation and the private lending risk control.

Monetary Policy Instruments and Bank Risks in China

The authors use a panel data regression model to examine the effects of main monetary policy instruments on commercial bank risks in China from 1998 to 2011. The interest rate has a positive effect on bank risk while the interest rate margin, the reserve requirement ratio and open market operation have a negative effect. Among the three monetary policy instruments, the reserve requirement ratio has the greatest effect on bank risk, the interest rate (the interest rate margin) the second largest and the open market operation the weakest. Their findings provide guidance to the monetary authority and regulatory authorities in monetary policy and banking regulation in China.

Monetary Policy Instruments and Bank Risks in China

The authors use a panel data regression model to examine the effects of main monetary policy instruments on commercial bank risks in China from 1998 to 2011. The interest rate has a positive effect on bank risk while the interest rate margin, the reserve requirement ratio and open market operation have a negative effect. Among the three monetary policy instruments, the reserve requirement ratio has the greatest effect on bank risk, the interest rate (the interest rate margin) the second largest and the open market operation the weakest. Their findings provide guidance to the monetary authority and regulatory authorities in monetary policy and banking regulation in China.