Influence Analysis Of Social Values On The Number Of Islamic Money Demand In Indonesia

Ebrinda Daisy Gustiani, (), Ascarya () and Jaenal Effendi ()
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Ebrinda Daisy Gustiani,: Universitas Indonesia
Ascarya: Bank Indonesia
Jaenal Effendi: Institut Pertanian Bogor

Bulletin of Monetary Economics and Banking, 2010, vol. 12, issue 4, 481-510

Abstract: As one of the existing instruments in the economic system of Islam, Zakat Becomes Important to Investigate its influence in the Formulation of monetary policy in Indonesia, especially relating to the amount of money. This paper analyzes whether Zakat will of affect, the money demand of Islam in Indonesia, by applying the Vector Error Correction Model (VECM) on monthly data During 2001 to 2007. This paper derives Trust interesting results on both conventional and Islamic money demand in Indonesia. In general, the result confirms the Domination of conventional economic system, one relative to the Islamic (Sharia), while the social value does not significantly affect the money demand in Indonesia.

Keywords: Money demand; social values; Islam; VAR/VECM (search for similar items in EconPapers)
JEL-codes: C32 E41 P52 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:idn:journl:v:12:y:2010:i:4h:p:481-510

DOI: 10.21098/bemp.v12i4.381

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