Dual Monetary Policy and Inflation Dynamics in Indonesia
Downloads
This study aims to provide information about dual monetary policy on inflation in Indonesia in 2019-2023. This study uses a quantitative approach with VECM analysis technique. The results show that in conventional monetary policy, conventional bank lending has a significant effect in the short and long term, while SUN yields only have an impact in the long term. On the other hand, Islamic monetary policy shows that SBIS yields and Islamic bank financing have a significant effect in the long and short term. IRF analysis shows that conventional monetary policy can stabilize inflation in the fifth period, while Islamic monetary policy in the second period. Overall, Islamic monetary policy is more effective that conventional monetary policy in stabilizing inflation in Indonesia in 2019-2023.
REFERENCES
Ascarya. (2012). Alur Transmisi dan Efektivitas Kebijakan Moneter Ganda di Indonesia. Bulletin of Monetary, Economics, and Banking, 14(3), 353–470.
Alwa, M. A. A., & Wahyudi, A. (2022). Konsep Inflasi : Perbandingan Pemikiran Ibnu Khaldun Dan Al Maqrizi Serta Implikasinya Di Indonesia. Journal of Sharia & Economic Law, 2(2), 169–179. doi:10.21154/invest.v2i2.5099
Bank Indonesia. (2024). Inflasi. Retrieved from https://www.bi.go.id/id/fungsi-utama/moneter/inflasi/default.aspx
Daniar. (2016). Transmisi Kebijakan Moneter Syariah: Sebuah Analisa. FALAH: Jurnal Ekonomi Syariah, 1(1), 90–102. doi:10.22219/jes.v1i1.2700
Dwihapsari, R., Kurniaputri, M. R., & Huda, N. (2021). Analisis Efektivitas Kebijakan Moneter dalam Perspektif Konvensional dan Syariah Terhadap Inflasi di Indonesia Tahun 2013-2020. Jurnal Ilmiah Ekonomi Islam, 7(2), 980–993. doi:10.29040/jiei.v7i2.2368
Fauziyah, F. (2015). Kebijakan Moneter dalam Mengatasi Inflasi di Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 4(1). doi:10.15408/sjie.v4i1.2295
Fitriyani, E., & Dianta, K. (2023). Informatika Pengaruh Jalur Transmisi Kebijakan Moneter terhadap Inflasi di Indonesia. Perspektif: Jurnal Ekonomi & Manajemen Universitas Bina Sarana, 21(1), 60–68.
Karl, E. C., Fair, R. C., & Oster, S. C. (2012). Principle of Macroeconomics Tenth Edition. In Gastronomía ecuatoriana y turismo local, 1 (69).
Mubarok, F., Hamid, A., & Nur Rianto Al Arif, M. (2020). Macroeconomics fluctuations and its impact on musharaka financing. Jurnal Keuangan Dan Perbankan, 24(2), 164–174. doi:10.26905/jkdp.v24i2.4061
Nasution, J., Soemitra, A., Ismal, R., Jawi, A. Al, Nasution, M. I. M., & Afrizal, A. (2021). Islamic Monetary Instruments Contribution to Economic Growth: Literature Study. E-Mabis: Jurnal Ekonomi Manajemen dan Bisnis, 22(2), 42–51. doi:10.29103/e-mabis.v22i2.690
Noviasari, A. (2012). Efektivitas Mekanisme Transmisi Kebijakan Moneter Ganda di Indonesia. Media Ekonomi, 20(3).
Putri, A. M. H. (2023). Negara Dengan Muslim Terbanyak Dunia, RI Nomor Berapa? In CNBC Indonesia.
Rahman, I., Ratnasari, R. T., & Wardhana, A. K. (2022). Effect of Certificate of Bank Indonesia Sharia and Indonesian Bank Seven Days Repository Rate to Inflation Ratio in Indonesia During Covid-19 Pandemic. Economic Education and Entrepreneurship Journal, 5(1), 157–174. doi:10.23960/e3j/v5i1.157-174
Sitorus, D. S. (2021). Perang Dagang Amerika Serikat dan Tiongkok: Bagaimana Dampaknya Bagi Perekonomian Indonesia Tahun 2017-2020? Jurnal Pendidikan Ekonomi Undiksha, 13(1), 188–189.
Sukirno, S. (2019). Makroekonomi: Teori Pengantar Edisi Ketiga. Rajawali Pers.
Susilowati, M. W. K., & Wahyuningdyah, R. Y. (2018). Efektivitas BI7DRR dalam Kerangka Mekanisme Transmisi. Jurnal PRAXIS, 1.
Wahyudi, E. (2014). Pengaruh Suku Bunga Bank Indonesia (BI Rate) dan Produk Domestik Bruto (PDB) Terhadap Laju Inflasi di Indonesia Periode Tahun 2000.1 - 2013.4.
Samuelson, P. A., & Nordhaus, W. D. (2004). Ilmu Makroekonomi. Media Global Edukasi.
Copyright (c) 2025 Alyana Maharani, Meri Indri Hapsari
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
- Authors who publish with Jurnal Ekonomi Syariah Teori and Terapan agree to the following terms:
- The journal allows the author(s) to hold the copyright of the article without restrictions.
- The journal allows the author(s) to retain publishing rights without restrictions.
- The legal formal aspect of journal publication accessibility refers to Creative Common Attribution-NonCommercial-ShareAlike (CC BY NC SA).
- Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
-
- Jurnal Ekonomi Syariah Teori and Terapan is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
