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Journal : Ekonomi-Qu (Jurnal Penelitian Ilmu Ekonomi)

TRANSMISI KEBIJAKAN MONETER DI INDONESIA Rini Dwi Astuti; Sri Rahayu Budi Hastuti
Jurnal Ekonomi-Qu Vol 10, No 1 (2020): Jurnal Ekonomi-Qu
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jequ.v10i1.8576

Abstract

The use of the BI 7 days repo rate as a new benchmark rate replacing the BI rate, raises hopes that the transmission of monetary policy in Indonesia can run faster and more effectively. This study uses monthly time series data for the period August 2016-December 2018, using the Vector Autoregression (VAR) analysis. The results show that the transmission of monetary policy through the interest rate and asset price channels has been effective, while the transmission of monetary policy through the exchange rate channel has not been effective in driving economic growth in Indonesia. The decline in the benchmark interest rate can be responded quickly by interbank money market interest rates, banking interest rates, stock prices, and output. The exchange rate can also respond quickly to changes in interest rates, but changes in the exchange rate have not been able to influence net exports and increase output.
Determinan Investasi Portofolio di Indonesia: Pendekatan Vector Error Correction Model dan Error Correction Model Ishfy Dinda Syafilla; Rini Dwi Astuti
Jurnal Ekonomi-Qu Vol 13, No 1 (2023): Jurnal Ekonomi-Qu
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jequ.v13i1.20531

Abstract

The imbalances between investment financing and domestic savings in terms of providing sufficient capital are an obstacle to implementing economic development in Indonesia. Therefore, the flow of foreign capital is indispensable, one of which is by portfolio investment in order to increase capital market liquidity and as a source of financing domestic development. This study aims to analyze the response and influence of gross domestic product variables, inflation, exchange rates, and interest rates on portfolio investment in Indonesia in the period 2012.Q1-2021.Q4. The analytical tool in this study uses two approaches, which are: Vector Error Correction Model (VECM) and Error Correction Model (ECM). The results of this study indicate that in the long run, portfolio investment responds positively to the shock of inflation, exchange rate, and interest rate variables. In the short term, inflation and exchange rate variables have a negative and significant influence on portfolio investment.