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All Journal CAPITAL: JURNAL EKONOMI DAN MANAJEMEN Telaah Bisnis
Algifari Algifari
STIE YKPN Yogyakarta
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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DAMPAK TINGKAT BUNGA DAN LAJU INFLASI TERHADAP KURS: BUKTI DARI INDONESIA Algifari Algifari; Isnanda Zainur Rohman
CAPITAL: Jurnal Ekonomi dan Manajemen Vol 6, No 1 (2022)
Publisher : UNIVERSITAS PGRI MADIUN

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (325.547 KB) | DOI: 10.25273/capital.v6i1.13693

Abstract

Penelitian ini bertujuan membuktikan pengaruh tingkat bunga dan laju inflasi terhadap kurs menggunakan model dinamis Fully Modified Ordinary Least Square (FMOLS), Dynamic Ordinary Least Square (DOLS), and Canonical Cointegrating Regression (CCR). Data yang digunakan dalam penelitian ini meliputi tingkat bunga SBI, laju inflasi, dan kurs rupiah terhadap dolar Amerika dari Januari 2014 hingga Juni 2021. Hasil penelitian menggunakan tiga model dinamis tersebut menunjukkan dalam jangka panjang tingkat bunga berpengaruh negatif terhadap kurs. Artinya, semakin tinggi tingkat bunga di Indonesia, semakin rendah kurs (rupiah terapresiasi) dan sebaliknya. Sedangkan laju inflasi dalam jangka panjang tidak berpengaruh positif terhadap kurs. Hasil penelitian ini merekomendasikan kepada Bank Indonesia agar menggunakan kebijakan tingkat bunga SBI untuk menstabilkan nilai rupiah terhadap dolar Amerika.
Evaluation of Interest Rate Policies in Creating Financial Stability and Price Stability in Indonesia Algifari Algifari; Haryono Subiyakto; Astuti Purnamawati
Telaah Bisnis Vol 24, No 1 (2023): July 2023
Publisher : Sekolah Tinggi Ilmu Manajemen YKPN Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35917/tb.v24i1.322

Abstract

This study aims to evaluate the interest rate policy (rediscount policy) by Bank Indonesia to create financial stability and price stability in Indonesia. This research used data on the SBI interest rate, exchange rate of rupiah to US dollar, inflation rate, and money supply in Indonesia from January 2014 to December 2021. The econometric model to test the research hypothesis is the structural equation model - partial least square. The results showed that the interest rate instrument to create financial stability in Indonesia was appropriate because the interest rate had a negative impact on the exchange rate. It means that if desired exchange rate will decrease (the rupiah appreciated) it can be done by increasing the interest rate. However, the policy of raising the interest rate can cause the inflation rate to rise. Because the interest rate has a positive effect on the inflation rate. The money supply can mediate the effect of the interest rate on the inflation rate in Indonesia.
Co-Authors Astuti Purnamawati Haryono Subiyakto Isnanda Zainur Rohman, Isnanda Zainur