Transmisi Kebijakan Moneter Jalur Pembiayaan Bank Syariah Di Indonesia

Syapriatama, Imronjana

doi:10.20414/iqtishaduna.v8i1.356

Cited by 2 publications

(4 citation statements)

References 2 publications

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“…These results show that, in general, shocks to the OMO variable respond negatively to IPI. This is consistent with the findings of Imaduddin (2019), Syapriatama (2017), and Wibowo and Mubarok (2018). Islamic banking is more interested in placing its funds in Bank Indonesia if the SBIS tends to be high, so there is no need to channel funds through financing to customers (Rusydiana, 2009).…”

Section: Figure 3 Irf Resultssupporting

confidence: 93%

“…Indicators can be used to see economic growth or output, namely the growth of Gross Domestic Product (GDP) (Wibowo & Mubarak, 2017). Monthly economic growth can be observed through the Industrial Production Index (IPI) indicator (Syapriatama, 2017). The sluggish economic activity in Indonesia impacts not only the growth rate of gross domestic products, but also the manufacturing and industrial sectors.…”

Section: Introductionmentioning

confidence: 99%

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The effect of Sharia monetary policy instruments and Islamic bank financing on economic growth and inflation

Winarto,

Beik

2024

J. Eko. Keu. Isl.

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Purpose – This study aims to determine the influence of Open Market Operations (Sertifikat Bank Indonesia Syariah, SBIS), Sukuk of Bank Indonesia (Sukuk Bank Indonesia, SukBI), Bank Indonesia Sharia Deposit Facility (Fasilitas Simpanan Bank Indonesia, FASBIS), Islamic Interbank Money Market (IIMM/Pasar Uang Antar Bank Syariah, PUAS), and Islamic Bank Financing on economic growth and inflation in Indonesia. Methodology – This study uses the Vector Error Correction Model (VECM), which uses monthly data from January 2017 to December 2022.Findings – The results of the VECM analysis show that, in the short and long term, the FASBIS and PUAS variables significantly affect economic growth. The Covid-19 pandemic has a significant effect in the short term, whereas Islamic Bank Financing has a significant effect in the long term. In the Inflation model, only FASBIS has a significant short-term effect. In the long-term, FASBIS, PUAS, and Islamic Bank Financing significantly affect inflation. Implications – The results of this research suggest that the Government and Bank Indonesia will need to re-evaluate Sharia Open Market Operations, especially SBIS and SukBI instruments. This is the impact of the estimation results on the Open Market Operation variable, which are not significant, and the IRF results, which are negative in the Economic Growth Model and positive in the Inflation Model, indicating that the Open Market Operation variable actually inhibits economic growth and triggers inflation. Originality – This study discusses the influence of Sharia monetary instruments before and after the Covid-19 pandemic and adds the SukBI instrument as a Sharia monetary instrument.

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Section: Figure 3 Irf Resultssupporting

confidence: 93%

Section: Introductionmentioning

confidence: 99%

The effect of Sharia monetary policy instruments and Islamic bank financing on economic growth and inflation

Winarto,

Beik

2024

J. Eko. Keu. Isl.

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“…Even Asnuri from his research found that SBIS has a negative effect on economic growth in the short and long term (Asnuri, 2015). This result was also shown by Syapriatama's research in which SBIS responded negatively to the economy (Syapriatama, 2017).…”

Section: Discussionmentioning

confidence: 75%

“…Likewise, Asnuri (2015) revealed that SBIS had a significant negative impact on short and long-term economic growth. Syapriatama (2017) stated that Islamic monetary policy and Islamic banks have a significant impact on economic growth. He used SBIS to represent Sharia monetary policy, and he believed that the bonus level of this SBIS indicated a shift toward Bank Indonesia policy, either loose or tight.…”

Section: Introductionmentioning

confidence: 99%

The Effect of SBI and SBIS as Monetary Instruments on the Indonesian Economy

Harahap

Tambunan

2022

SJEKI

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As a developing nation, Indonesia uses Gross Domestic Product (GDP) as a measure of economic expansion. To maintain a high GDP, however, it is necessary to address a number of issues, including inflation, interest rates, and exchange rates. In an effort to resolve the issues, monetary operations, including the use of the Bank Indonesia Certificate (Sertifikat Bank Indonesia - SBI) and the Bank Indonesia Sharia Certificate (Sertifikat Bank Indonesia Syariah - SBIS) instruments, were carried out. These instruments should theoretically provide a positive effect on the economy. This study aims to determine the impact of the SBI and SBIS instruments on the economy of Indonesia. Data were obtained in a time series format from the Statistics Indonesia (Badan Pusat Statistik - BPS) and Bank Indonesia websites. It was interpolated on a monthly basis and analyzed using the VAR VECM method to determine short-term and long-term effects. The findings show that the SBIS variable has a significant impact on economic growth, whereas the SBI has no effect on the Indonesian economy. This result suggests that the Indonesian monetary authorities should consider using SBIS as a tool to support economic growth rather than SBI.==========================================================================================================ABSTRAK – Pengaruh SBI dan SBIS Sebagai Instrumen Moneter terhadap Ekonomi Indonesia. Indonesia sebagai negara berkembang menjadikan Produk Domestik Bruto (PDB) sebagai indikator pertumbuhan ekonomi. Namun untuk mempertahankan PDB yang tinggi, terdapat beberapa masalah diantaranya inflasi, suku bunga maupun nilai tukar. Untuk mengatasi persoalan tersebut secara moneter, dilakukan operasi moneter diantaranya dengan menggunakan instrument SBI dan SBI. Secara teoritis, kedua instrument harus memberikan dampak positif terhadap pertumbuhan ekonomi. Karenanya penelitian ini bertujuan untuk mengetahui dampak instrument SBI dan SBIS terhadap perekonomian Indonesia. Data penelitian dikumpulkan dalam bentuk time series dari situs BPS dan BI. Data tersebut diinterpolasi secara bulanan dan dianalisis dengan metode VAR VECM untuk menemukan dampak SBI dan SBIS pada periode jangka pendek dan jangka panjang. Hasil penelitian menunjukkan adanya dampak yang signifikan variabel SBIS terhadap pertumbuhan ekonomi, sementara SBI tidak berdampak signifikan terhadap perekonomian Indonesia. Implikasi temuan ini adalah otoritas moneter harus lebih mempertimbangkan SBIS dibandingkan SBI sebagai instrumen operasi moneter guna mendukung pertumbuhan ekonomi.

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Transmisi Kebijakan Moneter Jalur Pembiayaan Bank Syariah Di Indonesia

Cited by 2 publications

References 2 publications

The effect of Sharia monetary policy instruments and Islamic bank financing on economic growth and inflation

The effect of Sharia monetary policy instruments and Islamic bank financing on economic growth and inflation

The Effect of SBI and SBIS as Monetary Instruments on the Indonesian Economy

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