MECHANISM ANALYSIS OF MONETARY POLICY TRANSMISSION FINANCING LINE IN MONETARY SYSTEMS IN INDONESIA, 2018.
Dewi Fatmasari (a*), Ade sunardi (b), Waridin (b), Akhmad Syakir Kurnia (b)
a) Student at Departemen of Economics, the Faculty of Economics and Business, Diponegoro University, Semarang, Indonesia. Lecturer at the Faculty of Sharia and Islamic Economics IAIN Sheikh Nurjati Cirebon, Indonesia.
b) Departemen of Syariah Banking Faculty of Sharia and Islamic Economics IAIN Syekh Nurjati Cirebon, Indonesia,
b) Departemen of Economics, Faculty of Economics and Business, Diponegoro University, Semarang, Indonesia.
*Email : dewifatmasari73[at]gmail.com
Abstract
This study aims to analyze the mechanism of monetary policy transmission path financing in the dual monetary system in Indonesia. The results of the Granger Causality test the pattern of relationship between variables in the transmission mechanism of the monetary policy channel cannot be clearly identified, the Impulse response function (IRF) test results of the CPI response to other shocks in the transmission mechanism of sharia monetary policy in Indonesia as a whole CPI responds to SBIS, PUAS shock and Positive Financing and CPI responds to DPK and FASBIS shock negatively, the result of Islamic Banking Financing Decomposition contributes to the ultimate goal of monetary policy namely inflation ( CPI), but the contribution of Islamic Banking financing is relatively small, which is 0.04%.
Keywords: Keywords: Analysis of Monetary Policy, Funding Pathways, Dual Monetary Systems Transmission Mechanisms
Topic: Economics