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Analysis of Factors Affecting Indonesian Government Debt Eva Latifah; Harahap, Muhammad Nasim; Hady Sutjipto; Togi Haidat Mangara; Rizal Syaifudin
Jurnal Ilmu Manajemen dan Ekonomika Vol. 17 No. 1 (2024): Jurnal Ilmu Manajemen dan Ekonomika, Vol. 17, No.1, December 2024
Publisher : Indonesia Banking School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35384/jime.v17i1.603

Abstract

This study aims to determine the effect of Gross Domestic Product, New Debt Withdrawal, Exchange Rate, Inflation and Foreign Exchage Reserves on Indonesian Government Debt in 1988-2022. The analysis technique used time series data regression analysis with the Error Correction Model (ECM) method processed using Eviews 10. The result of the study partially show that GDP has a negative and significant effect on government debt in the long term and has no significant effect in the short term, New debt withdrawal has a positive and significant effect in the long term and short term, Exchange rate has a positive and significant effect in the long term and short term, inflation has a negative and significant effect in the long term and short term, and Foreign Exchange Reserves have a positive and significant effect in the long term and short term. Simultaneously, the variables GDP, New debt withdrawal, Exchange rate, Inflation and Foreign Exchage Reserves affect Indonesian Government Debt in 1988-2022.  
Monetary Policy in Action: The Dynamic Influence of Reserve Requirements on Bank Lending in Indonesia Vadilla Mutia Zahara; Maitsaa Zalfaa; Togi Haidat Mangara
Jurnal Ekonomi Kuantitatif Terapan Vol. 19 No. 1 (2026): Vol. 19, No. 1, Februari 2026 (pp.1-233)
Publisher : Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/JEKT.2026.v19.i01.p02

Abstract

Bank Indonesia enforces the Statutory Reserve Requirement (RRR/GWM) as a key monetary policy instrument aimed at maintaining liquidity stability within the banking system. This policy plays a crucial role in regulating the amount of funds banks can allocate to society through credit distribution. This study examines the impact of Reserve Requirements (RRR/GWM), Gross Domestic Product (GDP), inflation, bank size, the BI Rate, and third-party funds on bank credit. A dynamic panel data analysis is conducted using the System Generalized Method of Moments (SYS-GMM) approach to address potential endogeneity bias. The sample consists of 42 conventional banks listed on the Indonesia Stock Exchange (IDX) from 2014 to 2023. The results indicate that an increase in Reserve Requirements, bank size, the BI Rate, and third-party funds positively and significantly influences credit distribution. In contrast, GDP and inflation exert a negative and significant impact on bank lending. These findings highlight the crucial role of monetary policy in shaping banking dynamics, particularly in credit allocation. The policy implications derived from this study provide valuable insights for regulators in designing more effective liquidity management strategies in the future.