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IDENTIFIKASI MEKANISME TRANSMISI KEBIJAKAN MONETER DI INDONESIA TAHUN 2000 - 2011 Herlina, Deswita
Kinerja: Jurnal Bisnis dan Ekonomi Vol 17, No 2 (2013): Kinerja Jurnal Bisnis dan Ekonomi
Publisher : Kinerja: Jurnal Bisnis dan Ekonomi

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (88.302 KB)

The aim of this research is to identify the working mechanism of various channels particularly interestrates, credits (bank lending and balance sheet), assets channels, exchange rates, on period 2000:1-2011:4.This research use time series secondary data take from BI, BPS and IFS from many publications. Analysistechnique that used was properties of Granger Causality.The results of Granger causality test showed that the SBI had a one-way relationship with PUAB and DEP,while PUAB has no relationship to KIBK and IRSS variables have one-way relationship with KIBK. Grangercausality test results on the interest rate channels of all the variables have one-way relationship, except KRSSvariable has no relationship with DEP. Granger causality test results on asset price channel is no relationshipbetween IRSS and KRSS against IHSG . The results are in exchange rate channel two-way relationshipbetween PSB with NFA, and NTRMUA have two-way relationship with the CPI and NTRMUA have no causalrelationship with the PDBR.Keywords: Monetary transmission mechanism, interest rates channels, credits channels, exchange rateschannels, Granger Causality

IDENTIFIKASI MEKANISME TRANSMISI KEBIJAKAN MONETER DI INDONESIA TAHUN 2000 - 2011 Herlina, Deswita
KINERJA Vol 17, No 2 (2013): Kinerja
Publisher : Faculty of Economics Universitas Atma Jaya Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/kinerja.v17i2.377

The aim of this research is to identify the working mechanism of various channels particularly interestrates, credits (bank lending and balance sheet), assets channels, exchange rates, on period 2000:1-2011:4.This research use time series secondary data take from BI, BPS and IFS from many publications. Analysistechnique that used was properties of Granger Causality.The results of Granger causality test showed that the SBI had a one-way relationship with PUAB and DEP,while PUAB has no relationship to KIBK and IRSS variables have one-way relationship with KIBK. Grangercausality test results on the interest rate channels of all the variables have one-way relationship, except KRSSvariable has no relationship with DEP. Granger causality test results on asset price channel is no relationshipbetween IRSS and KRSS against IHSG . The results are in exchange rate channel two-way relationshipbetween PSB with NFA, and NTRMUA have two-way relationship with the CPI and NTRMUA have no causalrelationship with the PDBR.Keywords: Monetary transmission mechanism, interest rates channels, credits channels, exchange rateschannels, Granger Causality

IDENTIFIKASI MEKANISME TRANSMISI KEBIJAKAN MONETER DI INDONESIA TAHUN 2000 - 2011 Deswita Herlina
KINERJA Vol. 17 No. 2 (2013): Kinerja
Publisher : Faculty of Business and Economics Universitas Atma Jaya Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/kinerja.v17i2.377

The aim of this research is to identify the working mechanism of various channels particularly interestrates, credits (bank lending and balance sheet), assets channels, exchange rates, on period 2000:1-2011:4.This research use time series secondary data take from BI, BPS and IFS from many publications. Analysistechnique that used was properties of Granger Causality.The results of Granger causality test showed that the SBI had a one-way relationship with PUAB and DEP,while PUAB has no relationship to KIBK and IRSS variables have one-way relationship with KIBK. Grangercausality test results on the interest rate channels of all the variables have one-way relationship, except KRSSvariable has no relationship with DEP. Granger causality test results on asset price channel is no relationshipbetween IRSS and KRSS against IHSG . The results are in exchange rate channel two-way relationshipbetween PSB with NFA, and NTRMUA have two-way relationship with the CPI and NTRMUA have no causalrelationship with the PDBR.Keywords: Monetary transmission mechanism, interest rates channels, credits channels, exchange rateschannels, Granger Causality

Dampak Jumlah Uang Beredar, Nilai Tukar Rupiah dan Suku Bunga Bi Rate Terhadap Inflasi di Indonesia setelah Krisis Global 2008 Herlina, Deswita; Wirdianingsih, Windhi
Ecosains: Jurnal Ilmiah Ekonomi dan Pembangunan Vol 12, No 1 (2023): Ecosains: Jurnal Ilmiah Ekonomi dan Pembangunan (Mei 2023)
Publisher : Universitas Negeri Padang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24036/ecosains.12291157.00

This study aims to determine how the response and how much the contribution of the Money Supply, Rupiah Exchange Rates and BI Rate on Inflation in Indonesia After the 2008 Global Crisis. The data used in this study are time series data in 2008.1 to 2018.12. This research uses quantitative methods and analyzed using Eviews 8, using the Vector Autoregression (VAR) method. The results of this study indicate that there is no cointegration on the Amount of Money Supply, Rupiah Exchange Rates and BI Rate on Inflation in Indonesia after the 2008 Global Crisis. In the granger causality test results, if we use the null hypothesis with a significant level of ten percent, we get a granger causality relationship namely: Exchange rates against inflation and Exchange rates against JUB. But if we use the null hypothesis with a significant level of five percent, a granger causality relationship is obtained, namely inflation against the BI rate and the BI rate against the exchange rate. Analysis using the Impluse Response Function shows that JUB tends to give a negative response to inflation. Whereas the exchange rate and the BI rate tend to provide a positive response to inflation. Analysis using Variance Decomposition shows that the BI rate has the largest contribution in the formation of inflation that is far greater than the JUB and Exchange Rates. The relationship between the BI rate and inflation shows the importance of monetary policy to control the rate of inflation in Indonesia.

Inklusi Keuangan dan Efektifitas Kebijakan Moneter : Studi Kasus Negara Indonesia dan Malaysia Badrany, Muhammad Taqy; Herlina, Deswita
Ecosains: Jurnal Ilmiah Ekonomi dan Pembangunan Vol 13, No 2 (2024): Ecosains: Jurnal Ilmiah Ekonomi dan Pembangunan (November 2024)
Publisher : Universitas Negeri Padang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24036/ecosains.13029657.00

Financial inclusion, defined as access and use of formal financial products and services by individuals and companies, has become a major focus in Indonesia and Malaysia in recent years. Authorities in both countries have implemented various policies and programs to increase financial inclusion, hoping to provide economic benefits, namely reducing inflation. The aim of this research is to analyze the influence of financial inclusion, exchange rates, interest rates, broad money, and GDP on inflation in Indonesia and Malaysia. The data used in this research is secondary data ranging from the period 2013Q1 to 2022Q4. The analytical method used in this research is the Vector Error Correction Model (VECM). The conclusion of this research states that the financial inclusion variable has a negative influence on inflation in Indonesia with a VD contribution at the end of the period of 29.37%, while in Malaysia Financial Inclusion has a positive influence on inflation with a VD contribution at the end of the period of 11.22% . The exchange rate negatively influences inflation in Indonesia and Malaysia with VD contributions at the end of the period of 1.28% and 3.87% respectively. Interest rates have a negative influence on inflation in Indonesia with a VD contribution at the end of the period of 1.71%, while in Malaysia interest rates have a positive influence on inflation with a VD contribution at the end of the period of 13.19%. Broad Money positively influences inflation in Indonesia and Malaysia with VD contributions at the end of the period of 2.27% and 2.57% respectively. GDP has a positive influence on inflation in Indonesia with a VD contribution at the end of the period of 22.01%, while in Malaysia GDP has a negative influence on inflation with a VD contribution at the end of the period of 45.39%.

Response of Indonesia’s Fisheries GDP to Interest Rates, Inflation, Exchange Rates, and Fisheries Sector Performance: A Blue Economy Perspective Ayu Dwi Pitaloka, Dyah; Herlina, Deswita; Suci, Stannia Cahaya; Harahap, Muhammad Nasim
Jurnal Ilmu Manajemen dan Ekonomika Vol. 17 No. 2 (2025): Jurnal Ilmu Manajemen dan Ekonomika, Vol. 17, No.2, Juni 2025
Publisher : Indonesia Banking School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35384/jime.v17i2.793

This study analyzes how Indonesia’s fisheries GDP (FISHGDP) responds to real interest rate, inflation, exchange rate, fisheries production, and exports within the Blue Economy framework. Using VECM and data from 1985–2024, it examines short- and long-term relationships through IRF and Variance Decomposition. Results show fisheries’ GDP responds positively to inflation, production, and exports, but negatively to exchange rates, with mixed responses to interest rates. In the long term, FISHGDP variation is mainly explained by its own past values (80.14%), followed by fisheries production (7.71%), interest rate (6.50%), exchange rate (4.94%), inflation (1.09%), and exports (0.77%). This highlights the key role of macroeconomic stability and fisheries productivity for Indonesia’s Blue Economy growth.

The impact of renewable energy, green economy, and blue economy on economic growth Suci, Stannia Cahaya; Siahaan, Olindayanti; Herlina, Deswita
Journal of Business and Information Systems (e-ISSN: 2685-2543) Vol. 7 No. 1 (2025): Journal of Business and Information Systems
Publisher : Department of Accounting, Faculty of Business, Universitas PGRI Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31316/jbis.v7i1.284

Over the last 20 years, the general trend of economic growth in the European Union shows a slow growth rate, especially in continental economies. Various factors affect the sluggish economic growth in the European Union. This study aims to partially and simultaneously determine the effect of Euribor interest rates, exchange rates, renewable energy consumption, green bond issuance, and production on economic growth in 14 European Union countries for 2014-2022. Estimation is done using the generalized method of moments (GMM) analysis. The estimation results show that the Euribor interest rate and aquaculture production significantly positively affect economic growth. In contrast, the lag-dependent variable of economic growth and renewable energy consumption significantly negatively impacts economic growth. Meanwhile, exchange rates and green bond issuance are not significant to economic growth in 14 EU countries. Therefore, policies that support the stability of interest and exchange rates, increase the effectiveness of green investment, and optimize fiscal incentives and funding for strategic sectors, including renewable energy and aquaculture, are needed to accelerate economic growth in the European Union.

The impact of the monetary policy transmission mechanism-the money supply channel on the economy Herlina, Deswita; Suci, Stannia Cahaya; Rahman, Muhammad Rafi
Journal of Business and Information Systems (e-ISSN: 2685-2543) Vol. 5 No. 1 (2023): Journal of Business and Information System
Publisher : Department of Accounting, Faculty of Business, Universitas PGRI Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36067/jbis.v5i1.172

This study aims to assess the effectiveness of the monetary policy transmission mechanism on the money supply channel to the economy with the goal of prices (inflation) and income (Real GDP) from the first quarter of 2010 to the fourth quarter of 2021. The variables in this study include the BI Rate or Bank Indonesia reference interest rate, the money supply M0, the money supply M1, the money supply M2, inflation, and real GDP. The data processing phases begin with verifying data stationarity, optimum lag processing, and the Johansen co-integration test. Then this research employs an analytical method, namely the vector error correction model (VECM). The effectiveness of monetary policy transmission was analyzed using the optimal lag test. Then the impulse response and variance decomposition function to see the magnitude of the response of each variable. This study shows that the transmission of monetary policy to inflation through the money supply channel is more effective than the money supply channel to real GDP.

The effect of financial inclusion, exchange and interest rates on inflation in 17 emerging market countries Herlina, Deswita; Suci, Stannia Cahaya; Prastuti, Rizky Hanifah
Journal of Business and Information Systems (e-ISSN: 2685-2543) Vol. 6 No. 1 (2024): Journal of Business and Information Systems
Publisher : Department of Accounting, Faculty of Business, Universitas PGRI Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36067/jbis.v6i1.231

Financial inclusion is the ability of individuals or groups to have access to products and services. Services are the ability to meet the needs of activities, such as transactions, payments, savings, credit and insurance, responsibly and sustainably. The study aims to analyze the impact of financial inclusion, exchange rates and interest rates on inflation in 17 emerging markets from 2008 to 2021. This study uses the Index of Financial Inclusion (IFI) and the System Generalized Method of Moment. (Sys-GMM). Research findings show that financial inclusion has a significant negative impact on inflation, while exchange rates and interest rates have a positive impact on the inflation of 17 emerging markets. As financial inclusion rises, then inflation will decrease. Financial inclusion can increase the effectiveness of monetary policy that then affects inflation.

Rural Economic Improvement Strategies by Optimizing The Digital Marketing Application (Case Study: Tirtayasa Village, Serang Regency, Banten Province) Herlina, Deswita; Mangara, Togi Haidat; Siahaan, Olindayanti; Simanjuntak, Togi Marito
MOVE: Journal of Community Service and Engagement Vol. 5 No. 2 (2025): November 2025
Publisher : EQUATOR SINAR AKADEMIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54408/move.v5i2.533

Sultan Ageng Tirtayasa University (Untirta) is actively involved in community service, one of which takes place in Tirtayasa Village. The village still has limited infrastructure and a demographic profile largely consisting of farmers and daily laborers. Although there have been efforts to develop micro, small, and medium enterprises (MSMEs), local potential—such as culinary products—has not been fully optimized. A major challenge is the community’s lack of basic knowledge and skills in using digital platforms such as social media, online marketplaces, and digital marketing strategies. To address this issue, a digital marketing training program was conducted to improve the community’s ability to promote their products online and to encourage creativity in developing the village’s flagship products. The program was carried out in four stages: preparation, implementation, evaluation, and reporting. The USG (Urgency, Seriousness, and Growth) analysis was used to identify key problems. The results show that the training not only successfully transferred technical knowledge, but also inspired participants to adopt more innovative approaches in developing their businesses.

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