ANALISIS EFEKTIVITAS INSTRUMEN MONETER KONVENSIONAL DAN SYARIAH DALAM MEMPENGARUHI STABILITAS BESARAN MONETER DI INDONESIA MENGGUNAKAN VECTOR AUTOREGRESSION (VAR) PADA PERIODE 2011-2021

Fadia Dini Aulia, NIM.: 19208012030 (2021) ANALISIS EFEKTIVITAS INSTRUMEN MONETER KONVENSIONAL DAN SYARIAH DALAM MEMPENGARUHI STABILITAS BESARAN MONETER DI INDONESIA MENGGUNAKAN VECTOR AUTOREGRESSION (VAR) PADA PERIODE 2011-2021. Masters thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

Monetary stability is one of the stimulus of economic growth and social welfare. Government and central bank needs to synergize to maintain monetary stability. A stable monetary amount is expected to be able to sustain recession and crisis. Indonesia implemented a dual monetary system which is a conventional monetary system and sharia monetary system which its instruments run simultaneously. This study tries to analyze the efficiency of conventional and sharia monetary instruments on stabilizing monetary amounts in Indonesia. We used secondary data consisting of Bank Indonesia Certificate rate, Sharia Bank Indonesia Certificate return, inflation, and GDP index within February 2011 until February 2021 with 121 monthly observations using Vector Autoregression (VAR) analysis. Results indicate that SBI rate is affected by SBI rate on second lag, SBIS return is affected by SBI rate on third lag, SBIS return on first, second, and third lag, and inflation is affected by inflation on first to third lag. Variables used don’t have cointegration. Granger causality test indicates that there are one way causality from SBIS return on SBI rate within 5% significance and inflation on SBI rate within 10% significance. It is concluded that government and monetary authority need not maximize monetary instruments to stimulate social welfare and economic growth.

Item Type: Thesis (Masters)
Additional Information: Pembimbing: Dr. Muhammad Ghafur Wibowo, S.E., M.Sc
Uncontrolled Keywords: Suku Bunga SBI, SBIS Return, Inflasi, Kebijakan Moneter
Subjects: Ekonomi Syariah
Divisions: Fakultas Ekonomi dan Bisnis Islam > Ekonomi Syariah (S2)
Depositing User: Muh Khabib SIP.
Date Deposited: 13 Jan 2022 11:28
Last Modified: 13 Jan 2022 11:28
URI: http://digilib.uin-suka.ac.id/id/eprint/48442

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