Aam Slamet Rusydiana
Abstract
The
transmission mechanism of monetary policy has been an area of abundant economic
research in many countries. The financial system links monetary policy and the
real economy. Thus, events or trends that affect the financial system can also
change the monetary transmission mechanism. This study tries to analyze shariah
transmission mechanism in Indonesian dual monetary system, using Vector Auto
Regression (VAR) and Vector Error Correction Model (VECM) methods.
Results show
that the relationship between SWBI (SBI Shariah) and shariah financing
(LNFINCG) is negative. It means, when SWBI be higher, the quantity of shariah
financing would be lower. And so do SBI and inflation (LNIHK). When the total
of shariah financing be increase, it will gives positive contribution for
reducing inflation rate in Indonesia, because with this system possibility to make equal growth among
monetary and real sectors appears. Therefore, it will be strategic
action for monetary authority to grow up shariah banking share in Indonesia, for
minimizing ‘bad inflation’ in economy. Other recommendation, SWBI as shariah
monetary instrument should be reconsidered to achieve positive impact for real
sector.
JEL
Classification: C32, E31, E42,
E52
Keywords: Shariah Transmission Mechanism, Dual
Monetary System, VAR/VECM
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