EVALUATING THE EFFECTIVENESS OF DUAL MONETARY POLICY IN PROMOTING PRICE STABILITY IN INDONESIA

Arif Widodo

Abstract


Sejak diberlakukannya sistem perbankan
ganda di Indonesia tahun 1998, Bank Indonesia
mempunyai mandate baru untuk mengatur
perbankan konvensional dan Islam di Indonesia
dengan memberlakukan kebijakan moneter ganda
untuk mencapai dan menjaga tujuan utama Bank
Indonesia: Stabilitas harga. Dengan merekonstruksi
model konseptual yang didasarkan pada Ascarya
(2011), tulisan ini ditujukan untuk menguji secara
empiris apakah penerapan kebijakan moneter ganda
efektif untuk memastikan stabilitas harga yang
tercermin dari inflasi yang rendah dan nilai tukar
yang stabil. Metode yang digunakan dalam tulisan
ini adalah Vector Autoregressions (VAR) Model untuk
memberikan gambaran atas respon inflasi terhadap
guncangan yang berasal dari kedua intrumen
moneter tersebut. Hasil dari studi ini menunjukkan
bahwa kebijakan moneter konvensional secara
umum—ketika dibandingkan dengan kebijakan
moneter Islam—membuat ketidakstabilan pada
tingkat harga disebabkan penerapan sistem uang
kertas selama ini yang sangat rentan terhadap
krisis, sebagai konsekuensinya akan meningkatkan
tingkat harga. lebih lanjut, sistem hutang, pasar
uang antar bank dan fractional reserve banking yang
semuanya sangat bergantung pada sistem bunga
telah menyebabkan gejolak pada tingkat harga di
Indonesia. Sebaliknya, gunjangan dari kebijakan
moneter Islam terbukti mampu menodorong
kestabilan harga karena semua instumen tersebut
mampu menekan gejolak yang terjadi pada inflasi.


Keywords


Stabilitas harga, sistem moneter ganda, profit-and-loss sharing, fractional reserve banking

Full Text:

PDF

References


Achsani, Noer Azam, Oliver Holtemoller, and Hizir Sofyan.

(2005). “Econometric and Fuzzy Modeling of Indonesian

Money Demand.” In Statistical Tools for Finance and

Insurance. Pavel Cizek, Wolfgang Hardle, and Rafal

Weron (eds.). Berlin Heidelberg, Germany: SpringerVerlag.

pp. 249-270.

Agung, Juda, Solikin M Juhro, Harmanta and Tarsidin.

(2016). Managing Monetary and Financial Stability in a

Dynamic Global Environment: Bank Indonesia’s Policy

Perspectives. BIS Papers No 88 (October).

Alamsyah, Halim, J. Adamanti, Diana Yumanita, and R. I.

Astuti. (2014). Siklus Keuangan Indonesia. Bank Indonesia

Working Paper (No. WP/8/2014), December.

Ascarya. (2007). Optimum Monetary Policy under Dual

Financial/Banking System. Paper presented at 2

Islamic

Conference (iECONS2007). Faculty of Economics and

Mu’amalat, Islamic Science University of Malaysia.

Ascarya. (2009a). Lessons Learned from Repeated Financial

Crisis: An Islamic Perspective. Bulletin of Monetary

Economics and Banking 12(1): 27 – 69.

Ascarya. (2009b). Toward Optimum Synergy of Monetary Policy

in Dual Financial/Banking System. Journal of Indonesian

Economiy and Business 24(1): 33 – 48.

Ascarya. (2010). The Future of Dual Monetary Policy in the Light

of Global Financial Crises: The Case of Indonesia. Paper

selected 3

KLIFF Essay Competition on Islamic Finance 2010.

Kuala Lumpur, Malaysia, August 3-4.

rd

Ascarya. (2011). How to Eradicate Inflation under Dual Monetary

System: The Case of Indonesia. Paper presented at 8

International Conference on Tawhidi Methodology Applied

to Microenterprise Development. IEF-TRISAKTI, Jakarta,

Indonesia, January 7-8, 2011.

Ascarya. (2013). Developing Monetary Policy under Dual

Financial System in Indonesia. Presentation delivered in

Public Lecture on Islamic Financial System. Universitas

Muhammadiyah Yogyakarta, Yogyakarta, September 21,

Cesa-Bianchi, Ambrogio and Sokol, Andrej. (2017). Financial

Shocks, Credit Spreads and International Credit Channel.

Staff Working Paper No. 693. Bank of England (November).

Chapra, M. Umer. (2017). The Looming International Financial

Crisis: Can the Introduction of Risk Sharing in the

Financial System as Required by Islamic Finance Play a

Positive Role in Reducing its Severity?. Islamic Economic

Studies 25(2): 1-13.

De-Ramon, Sebastian and Straughan, M. (2017). The Economic

Cost od Capital: a VECM Approach for estimating and

Testing the Banking Sector’s Response to changes in

Capital Ratios. Staff Working Paper No. 663. Bank of

England. (June).

Drehmann, Mathias, Juselius, M and Korinek, A. (2017).

Accounting for Debt Service: the Painful Legacy of Credit

Booms. BIS Working Paper No. 645. Bank for International

Settlements.

Enders, Walter. (2010). Applied Econometric Time Series. Third

Edition. Hoboken: John Wiley & Sons, Inc.

Hayek. F. A. (1976). Denationalisation of Money. Westminster,

London: The Institute of Economic Affairs.

Hayek. F. A. (2008). Prices and Production and other Works: F.A.

Hayek on Money, The Business Cycle, and Gold Standard.

Edited by Joseph T. Salerno. Auburn, Alabama: Ludwig

von Mises Institute.

Herianingrum, S and Syapriatama, I. (2016). Dual Monetary

System and Macroeconomic Performance in Indonesia.

Al-Iqthishad: Journal of Islamic Economics 8(1): 65-80.

Kindleberger, Charles P. and R. Z. Aliber. (2005). Manias, Panics,

and Crashes: A History of Financial Crises. Fifth Edition.

New Jersey: John Wiley & Sons, Inc.

Meera. A. K. Mydin. (2002). The Islamic Gold Dinar. Selangor,

Malaysia: Pelanduk Publications (M) Sdn Bhd.

Meera. A. K. Mydin. (2004). The Theft of Nations: Returning to

Gold. Selangor, Malaysia: Pelanduk Publications (M) Sdn

Bhd.

Minsky, Hyman. P. (1970). Financial Instability Revisited: The

Economics of Disaster. Paper prepared for the Steering

Committee for the Fundamental Discount Mechanism

Appointed by the Board of Governors of the Federal

Reserve System. 1-64.

Minsky, Hyman. P. (2016). Can “It” Happen Again?: Essays

on Instability and Finance. With a new foreword by Jan

Toporowski. London and New York: Routledge Classics.

Mises. Ludwig Von. (1953). The Theory of Money and Credit. New

Haven: Yale University Press.

Mises. Ludwig Von. (1998). Interventionalism: An Economic

Analysis. Edited by Bettina Bien Greaves. New York: The

Foundation for Economic Education, Inc.

Mises. Ludwig Von. (2006). The Causes of The Economic Crisis and

other Essays Before and After the Great Depression. Auburn,

Alabama: Ludwig von Mises Institute.

Saharuddin, D. and Rama, Ali. (2017). Currency System and

Its Impact on Economic Stability. Al-Iqthishad: Journal of

Islamic Economics 9(2): 289-310.

Shrestha, Min B. dan Khorshed Chowdhury. (2005). ARDL

Modelling Approach to Testing the Financial Liberalisation

Hypothesis. Working Paper 05-15. Department of

Economics, University of Wollongong.

Wiranatakusuma, D. B. and Salina H. Kassim. (2013). Evaluating

Monetary Transmission Mechanism in Indonesia through Exchange Rate Channel. Jurnal Ekonomi dan Studi

Pembangunan 14(2): 91-100.

Yuliadi, I., Wiranatakusuma, D. B and Syahputra, A. S.

(2016). Dynamics of Inflation Determinants under Dual

Monetary Systems: Empirical Evidences from Indonesia

and Malaysia. Jurnal Ekonomi dan Bisnis Islam 2(2): 149166.




DOI: http://dx.doi.org/10.21043/iqtishadia.v10i2.2378

Refbacks

  • There are currently no refbacks.


Copyright (c) 2018 IQTISHADIA Jurnal Kajian Ekonomi dan Bisnis Islam

Iqtishadia Journal Indexed by :

http://journal.stainkudus.ac.id/indexing/crossref.jpghttp://journal.stainkudus.ac.id/indexing/moraref.jpghttp://journal.stainkudus.ac.id/indexing/ipi.jpghttp://journal.stainkudus.ac.id/indexing/academiaedu.jpghttp://journal.stainkudus.ac.id/indexing/googlescholar.jpghttp://journal.stainkudus.ac.id/indexing/sinta.jpghttp://journal.stainkudus.ac.id/indexing/issuu.jpghttp://journal.stainkudus.ac.id/indexing/cosmos.jpghttp://journal.stainkudus.ac.id/indexing/isjd.jpghttp://journal.stainkudus.ac.id/indexing/journalfactor.jpghttp://journal.stainkudus.ac.id/indexing/jifactor.jpghttp://journal.stainkudus.ac.id/indexing/journaltocs.jpghttp://journal.stainkudus.ac.id/indexing/scholarsteer.jpghttp://journal.stainkudus.ac.id/indexing/academiakeys.jpg

Creative Commons License
Iqtishadia : Jurnal Kajian Ekonomi dan Bisnis Islam is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

View My Stats