Article Sidebar

Submitted
Jul 26, 2024
Accepted
Sep 13, 2024
Published
Oct 26, 2024
Download
PDF (Bahasa Indonesia)
Statistic
Read Counter : 369 Download : 334

Downloads

Download data is not yet available.

Main Article Content

Abstract

This research aims to determine the influence of the Indonesian financial sector on inflation. The research used data collected from secondary sources, such as Bank Indonesia, the Federal Reserve Bank of St. Louis, and Investing.com. The independent variables in this study were the Composite Stock Price Index, JIBOR, and bond yield, while the dependent variable included inflation. Vector Autoregression (VAR) or Vector Error Correction Model (VECM) was employed as the research method. The findings showed that inflation was positively and significantly impacted by the Composite Stock Price Index over the long run. Conversely, JIBOR significantly and negatively impacted inflation over the long run. In contrast, bond yield had no effect on inflation. Overall, inflation was positively and significantly affected by the Composite Stock Price Index, JIBOR, and bond yield when considering the short term.

Article Details

How to Cite
Andini, N., & Pasaribu, E. (2024). Analisis Pengaruh Sektor Keuangan terhadap Inflasi di Indonesia. Ecoplan, 7(2), 154-164. https://doi.org/10.20527/ecoplan.v7i2.733
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Adekunle, P.A. et al. (2018) ‘Monetary policy transmission in Nigeria: how important is asset prices channel’, Microeconomics and Macroeconomics, 6(3), pp. 55–66.
  2. Anam, M.S. et al. (2022) ‘Analysis of the Transmission of Conventional and Islamic Monetary Policy: Study on Inflation and Economic Growth’, International Journal of Islamic Business and Economics (IJIBEC), 6(2), pp. 110–124.
  3. Andriani, F. and Mohamad, R. (2022) ‘Urgensi Bank Sentral Indonesia Dalam Mengendalikan Laju Inflasi Melalui Sektor Riil’, Mutazawin (Jurnal Ekonomi Syariah), 3(1), pp. 1–15.
  4. Baftijari, A., Hebibi, L. and Tahiri, H. (2023) ‘Cause-Effect Relationship Between Inflation and the Financial Sector in the Republic of North Macedonia’, Economic Vision International Scientific Journal in Economics, Finance, Business, Marketing, Management and Tourism, 10(19–20), pp. 17–27.
  5. Basuki, A.T. and Yusuf, A.I. (2018) ‘Aplikasi Model VECM Dalam Riset Ekonomi’, Retrieved from ekonometrikblog. wordpress. com/page/2 [Preprint].
  6. Dahlén, A. (2018) ‘The Performance of the’Interest Rate-Weapon’: A Study on the Long-Run Relationship between Stibor T/N and the Inflation in Sweden’.
  7. Dan, H. (2013) ‘The asset price channel and its role in monetary policy transmission’, The Annals of the University of Oradea, (1), pp. 445–454.
  8. Fatihah, V. and Pasaribu, E. (2024) ‘Analysis of Factors Affecting The Demand For Money in Indonesia’, JIMEA | Jurnal Ilmiah MEA (Manajemen , Ekonomi , dan Akuntansi), 8(1), pp. 1977–1991.
  9. Fauziyah, F. (2015) ‘Analisis mekanisme transmisi kebijakan moneter konvensional dan syariah melalui jalur harga aset terhadap inflasi di Indonesia periode 2011–2014’.
  10. Firmansyah, M. (2022) ‘Efektivitas Transmisi Kebijakan Moneter Melalui Jalur Kredit Perbankan Dan Harga Aset Dalam Sasaran Akhir Inflasi’, At-Tadbir: jurnal ilmiah manajemen, 6(2), pp. 191–203.
  11. Gandhi, E.A. et al. (2022) ‘Investasi Asing Langsung dan Pertumbuhan Ekonomi: Perbandingan Empiris Indonesia dan Singapura’, Ecoplan, 5(2), pp. 159–170.
  12. Khundrakpam, J.K. and Jain, R. (2012) ‘Monetary policy transmission in India: A peep inside the black box’, RBI Working paper series, 11(50903), p. pp 1-45.
  13. Mehedi Nizam, A. (2021) ‘Impact of e-money on money supply: Estimation and policy implication for Bangladesh’, SSRN Electronic Journal [Preprint]. Available at: https://doi.org/10.2139/ssrn.3916272.
  14. Nyakerario Misati, R. and Morekwa Nyamongo, E. (2012) ‘Asset prices and monetary policy in Kenya’, Journal of Economic studies, 39(4), pp. 451–468.
  15. Ogundipe, A.A. (2013) ‘Interest Rate Pass-Through to Macroeconomic Variables: The Nigerian Experience’, International Journal of Economics and Finance, 5(10), pp. 18–35. Available at: https://doi.org/10.5539/ijef.v5n10p18.
  16. Ouyang, A.Y. and Rajan, R.S. (2019) ‘The impact of financial development on the effectiveness of inflation targeting in developing economies’, Japan and the World Economy, 50(April), pp. 25–35. Available at: https://doi.org/10.1016/j.japwor.2019.03.003.
  17. Parulian, T. and Mahendra, A. (2021) ‘The Effect of the Fed Rate, Exchange Rate and Economic Growth on the IHSG with Inflation as a Moderating Variable’, International Journal of Research and Review, 8(7). Available at: https://doi.org/10.52403/ijrr.20210735.
  18. Pasaribu, E., Ekaputri, R.A. and Yefriza, Y. (2023) ‘Effectiveness of Monetary Policy in Indonesia’, Integrated Journal of Business and Economics, 7(2), p. 445. Available at: https://doi.org/10.33019/ijbe.v7i2.645.
  19. Pasaribu, E., Febriani, R.E. and Septriani (2020) ‘Efektifitas Transmisi Kebijakan Moneter Indonesia Jalur Nilai Tukar Pada Masa Pandemi Covid-19’, PARETO, 3(3(2)), pp. 35–50. Available at: https://doi.org/https://doi.org/10.32663/pareto.v3i2.1493.
  20. Phimmahasay, K. et al. (2024) ‘Lao PDR Economic Monitor-Fiscal Policy for Stability: Thematic Session-Improving Revenue Mobilization’, world bank group, 1, p. pp 1-51.
  21. Pradikta, M.B.W., Ekaputri, R.A. and Pasaribu, E. (2023) ‘Comparison of Inflation and Economic Growth as Monetary Policy Targets in Indonesia for The Period 2002-2021’, Sriwijaya International Journal Of Dynamic Economics And Business, 7(3), pp. 257–274. Available at: https://doi.org/https://doi.org/10.29259/sijdeb.v7i3.257-274.
  22. Rahmadiah, I.A., Desmintari, D. and Juliannisa, I.A. (2022) ‘Dampak Instabilitas Inflasi, BI Rate dan Kurs terhadap Suku Bunga PUAB 2009-2019’, Jurnal Indonesia Sosial Teknologi, 3(06), pp. 713–723.
  23. SE, D.N. (2020) ‘Analisis komparasi mekanisme transmisi kebijakan moneter konvensional dan syariah saluran harga aset terhadap inflasi di Indonesia’, Jurnal Ilmiah Mahasiswa FEB, 8(2).
  24. Utami, Y.A. and Andrian, T. (2022) ‘Analisis Transmisi Kebijakan Moneter Melalui Saluran Harga Aset’, Jurnal Impresi Indonesia, 1(9), pp. 969–993.
  25. Warjiyo, P. (2016) ‘Bauran kebijakan bank sentral: konsepsi pokok dan pengalaman Bank Indonesia’, Language, 8(55p), p. 23cm.
  26. Warjiyo, P. (2017a) Kebijakan moneter di indonesia. Pusat Pendidikan Dan Studi Kebanksentralan (PPSK) Bank Indonesia.
  27. Warjiyo, P. (2017b) Mekanisme transmisi kebijakan moneter di Indonesia. Pusat Pendidikan dan Studi Kebanksentralan (PPSK) Bank Indonesia.
  28. Williams, C. and Robinson, W. (2016) Evaluating the Transmission Mechanism of Monetary Policy in Jamaica: A Factor-Augmented Vector Autoregressive (FAVAR) Approach with Time Varying Coefficients. Bank of Jamaica Working Paper.
  29. Zaman, K. and Ahmed, M. (2010) ‘Impact of Financial Development on Inflation: Evidence from Pakistan (1974-2007) Waseem Ikram’, Pakistan Journal of Social Sciences (PJSS), 30(1), pp. 31–44.
  30. Zhang, H. and Huang, H. (2017) ‘An Empirical Study of the Asset Price Channel of Monetary Policy Transmission in China’, Emerging Markets Finance and Trade, 53(6), pp. 1278–1288. Available at: https://doi.org/10.1080/1540496X.2016.1230493.