ALUR TRANSMISI DAN EFEKTIFITAS KEBIJAKAN MONETER GANDA DI INDONESIA

Ascarya ()
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Ascarya: Bank Indonesia

Bulletin of Monetary Economics and Banking, 2012, vol. 14, issue 3, 283-315

Abstract: This study aims to investigate transmission mechanism of dual monetary system from conventional and Islamic policy rates to inflation and output using Granger and VAR methods on monthly Indonesian banking data form January 2003 to December 2009. The result shows that conventional transmission mechanisms from conventional policy rate are all linked to output and inflation, while Islamic policy rate are not linked to output and inflation. In addition, the interest rate, credit and conventional interbank rate shocks give negative and permanent impacts to inflation and output, while PLS, financing and Islamic interbank PLS, as well as SBIS(Central Bank Shariah Certificate) as Islamic policy rate shocks give positive and permanent impacts to inflation and output. SBI (Central Bank Certificate) as conventional policy gives positive impact to inflation and negative impact to output.

Keywords: Monetary transmission mechanism; Interest rate pass through; Conventional Banking; Islamic Banking (search for similar items in EconPapers)
JEL-codes: E43 E52 G21 G28 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:idn:journl:v:14:y:2012:i:3c:p:283-315

DOI: 10.21098/bemp.v14i3.360

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