STUDI KOMPARATIF PENGENDALIAN STABILITAS HARGA INDONESIA DAN MALAYSIA MELALUI CREDITFINANCING CHANNEL DALAM TRANSMISI KEBIJAKAN MONETER GANDA

Amila Zamzabila Putri, NIM.: 22208011023 (2024) STUDI KOMPARATIF PENGENDALIAN STABILITAS HARGA INDONESIA DAN MALAYSIA MELALUI CREDITFINANCING CHANNEL DALAM TRANSMISI KEBIJAKAN MONETER GANDA. Masters thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

Inflation has become a phenomenon of concern for every country, especially for developing countries. Where economic development is related to the fluctuation of inflation that occurs. The central bank through its policy through the process of monetary policy transmission mechanism has the main objective to maintain price stability, by involving various other authorities such as the banking sector and the government. The purpose of this study is to explain how the monetary policy transmission mechanism through the credit-financing channel in achieving price stability. The research objects used are Indonesia and Malaysia. The independent variables used in this research are monetary policy transmission through conventional bank credit channels and monetary policy transmission through Islamic bank financing channels, and the dependent variable is the inflation rate. The analysis model used is VAR / VECM, as well as descriptive analysis to explain the comparison between Indonesia and Malaysia using time series (monthly) data from 2018-2022. The results showed that the Indonesian credit line (PUAB) has a significant negative effect on inflation. While Malaysia's credit channel (Credit and MTB) has a negative effect on inflation. Furthermore, the Indonesian financing channel (SBIS and interbank) has a negative effect on inflation. While Malaysia's financing channel (Financing) has a negative effect on inflation. The comparative study explains that Indonesia is more effective if it uses the financing channel in achieving price stability, while Malaysia is more effective if it uses the credit channel in achieving price stability.

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