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All Journal ETIKONOMI Economic Journal of Emerging Markets JURNAL DINAMIKA EKONOMI PEMBANGUNAN JURNAL BISNIS STRATEGI Diponegoro Journal of Economics JEJAK Journal of Economics, Business, & Accountancy Ventura Global Review of Islamic Economics and Business Jurnal Ilmu Sosial dan Ilmu Politik Jurnal Ekonomi dan Bisnis Indicators : Journal of Economic and Business Beujroh : Jurnal Pemberdayaan dan Pengabdian pada Masyarakat Economic Development Analysis Journal Efficient: Indonesian Journal of Development Economics Economic and Business Horizon
Akhmad Syakir Kurnia
Department Of Economics, Faculty Of Economics And Business, Diponegoro University, Semarang, Indonesia
Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Journal : ETIKONOMI

 1 
Diverse Outreach of Macroprudential Policy Effect on Household and Non-Financial Corporate Loan: An Indication of Macroprudential Policy Leak? Khoirul Sukma; Akhmad Syakir Kurnia
ETIKONOMI Vol 21, No 2 (2022)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v21i2.24304

Abstract

Despite increasing awareness of the importance of countercyclical policies to overcome financial system instability, the potential leak of such policies comes to attention due to economic agents' risk-taking behavior. This paper aims to investigate the potential leaks of the policy. Using the Estimator General Method of Moments-difference (GMM-diff), we found evidence that macroprudential policies are less functional in controlling non-financial firms' credit growth than household credit growth. The result amplifies hesitation about the effectiveness of macroprudential policy caused by potential leaks coming from non-financial firms' risk-taking behavior. We also found that macroprudential policy in developing countries is less effective than in developed countries. Hence, the financial stability goal cannot rely solely on macroprudential policy. Instead, it needs support from other mutual policies, such as the capital control policy and transparent regulatory boundaries, to prevent partial risk shift from regulated financial institutions to unregulated, prevalent in the less developed financial system.JEL Classification: E42, E44, E52, E58 
Exchange Rate Pass-Through and Economic Openness Under Inflation Targeting Framework in Asian ITF Economies Akhmad Syakir Kurnia; FX Sugiyanto
ETIKONOMI Vol 22, No 2 (2023)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v22i2.30967

Abstract

This study investigates overall ERPT in four ITF-adopting Asian Economies, emphasizing the trilemma between ERPT, economic openness, and the inflation target. Based on quarterly data observations from 1999 to the fourth quarter of 2022 with an application of combined distributed lag and adaptive expectation models that allows a fair assessment concerning ERPT throughout the time dimension, we reveal evidence that exchange rate changes will be transmitted immediately to increasing domestic prices in the short run. Similarly, increased interest policy, GDP, and trade openness will push consumer prices up in the short term through adaptive expectation mechanisms. However, the pass-through effect tends to decrease in the long run due to a credible ITF implementation. Meanwhile, the pass-through effect concerning trade openness varies across countries in the short run, while openness tends to increase pressures on consumer prices in the long run. This condition allows further investigation to examine the pass-through effect and its transmission to various prices, including prices, imports, export prices, economic structure, and the effect of fear of floating in the ITF.JEL Classification: E31, E52, E58, F31, F41How to Cite:Kurnia, A. S., & Sugiyanto, FX. (2023). Exchange Rate Pass-Through and Economic Openness Under Inflation Targeting Framework in Asian ITF Economies. Etikonomi, 22(2), 357 – 368. https://doi.org/10.15408/etk.v22i2.30967.
Unleashing the Central Bank Digital Currency Revolution and its Impact on Exchange Rate: A Monetary Approach Synthesis Akhmad Syakir Kurnia; Muhammad Adnan Assidiq
ETIKONOMI Vol 23, No 2 (2024)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v23i2.37788

Abstract

Research Originality: The introduction of CBDC by the Central Bank of Indonesia has increased the intensity of news about CBDC. Besides aiming to introduce the future direction of the payment system, the news potentially causes uncertainty and speculation in the market, which may impact the rupiah exchange rate.Research Objectives: This research analyzes the impact of CBDC news on the rupiah exchange rate, synthesizing a sticky price version of the monetary approach to the exchange rate. Research Methods: A CBDC News Index is constructed based on a compilation of news data from major online media between 2018 and 2023. The structural VAR (SVAR) method is thenemployed to investigate the impact of CBDC news on the exchange rate dynamic.Empirical Results: The results suggest a trend consistent with the hypothesis, indicating that news about CBDC may lead to pressure on the domestic currency, resulting in depreciation. However, the impact is not statistically convincing as the coefficient is not statistically different from zero. The monetary approach synthesis findings suggest that raising the policy rate is likely efficacious in counteracting the pressure of domestic currency depreciation. Meanwhile, other monetary approach variables exhibit anomalies related to exchange rate dynamics.Implications: As the central bank plans to implement a Central Bank Digital Currency (CBDC), it must carefully control the dissemination of information about what the CBDC will entail and how it will be rolled out. CBDC blueprint and official disclosure help reduce uncertainty and speculation about implementing CBDC.JEL Classification: D80, E58, F31How to Cite:Kurnia, A. S. & Assidiq, M. A. (2024). Unleashing the Central Bank Digital Currency Revolution and Its Impact on Exchange Rate: A Monetary Approach Synthesis. Etikonomi, 23(2), 271-286. https://doi.org/10.15408/etk.v23i2.37788
Co-Authors AA Sudharmawan, AA Achmad Noerkhaerin Putra Almira Shabrina Ariza Fuadi Astuti, Ismadiyanti Purwaning Aulia, Sarah Caroline Caroline Caroline Caroline Etty Puji Lestari Firmansyah Firmansyah Firmansyah FX Sugiyanto hapsari, anggraeni tri Imantria, Benny Khoirul Sukma Lea Widowati Sugiharto Muh. Rudi Nugroho, Muh. Rudi Muhammad Adnan Assidiq Muhammad Taufik Radhianshah Nurul Qolbi Radhianshah, Muhammad Taufik Sandy J. Maulana Shanty Oktavilia Soni Agus Irwandi Sugiyanto, Franciscus Xaverius Syahid Izzulhaq Syifa Fauziah Tutus Kenanthus Avica Putra Zusak, M Bastomi Fahri