DISINTERMEDIASI FUNGSI PERBANKAN DI INDONESIA PASCA KRISIS 1997: Faktor Permintaan Atau Penawaran Kredit, Sebuah Pendekatan Dengan Model Disequilibrium

Harmanta () and Dr. Mahyus Ekananda ()
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Harmanta: Bank Indonesia
Dr. Mahyus Ekananda: FEUI

Bulletin of Monetary Economics and Banking, 2005, vol. 8, issue 1, 51-78

Abstract: The goal of this paper is to analyze the determinants of bank credit declining, whether is domi-nated by the supply or the credit demand, post the financial crisis in Indonesia. This paper is a sort of New Keynesian approach, which pre assume the imperfectness of the credit market and hence create disequi-librium. Using the switching regression model and Maximum Likelihood Estimation to determine the prob-ability of supply or demand determination, the result shows the existence of excess demand of credit during the crisis period, 1997/ 1998, confirming the credit crunch situation. After the crisis, the condition is reversed, where the credit supply is higher than the credit demand. The two findings implicitely shows the inflexibility of interest rate to equalize the credit market.

Keywords: Disintermediasi; kredit; disequilibrium; maximum likelihood; persamaan simultan; switching regression (search for similar items in EconPapers)
JEL-codes: D43 D82 E44 E51 (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:idn:journl:v:8:y:2005:i:1b:p:51-78

DOI: 10.21098/bemp.v8i1.128

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