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All Journal AT-TASYRI' Jurnal Ilmiah Prodi Muamalah Jurnal Kajian Peradaban Islam
ESEN, Adem
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Religion Social Sciences

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A Study on the Dual Transmission Mechanism of Monetary Policy in Indonesia Ramly, Arroyyan; ESEN, Adem; Nurjanah, Nurjanah
AT-TASYRI': JURNAL ILMIAH PRODI MUAMALAH Vol. 17 No. 1 (2025): At-Tasyri': Jurnal Ilmiah Prodi Muamalah
Publisher : Prodi Hukum Ekonomi Syariah STAIN Teungku Dirundeng Meulaboh

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47498/tasyri.v17i1.4652

Abstract

This paper aims to explore the dual transmission mechanism of monetary policy in Indonesia, focusing on how changes in policy instruments simultaneously affect the real and financial sectors. The dual transmission operates through two primary channels: the interest rate channel and the credit (financing) channel. In the Indonesian context, the effectiveness of this mechanism is shaped by the structure of the financial system, the degree of banking intermediation, and the institutional differences between conventional and Islamic banking. The study finds that the impact of monetary policy changes on inflation and economic growth is not always symmetric, as it depends on the strength of the interaction between money demand, interest rates, and credit distribution. By utilizing historical data and monetary policy records from Bank Indonesia, this study highlights how open market operations influence both liquidity and real economic indicators. Evidence suggests that post-COVID, Indonesia experienced notable improvements in price stability and GDP growth. When compared to countries like Turkey and Malaysia, Indonesia’s overall economic recovery has been strong, despite its lower GDP per capita. Furthermore, the findings underscore the growing role of Islamic financial instruments, which have shown potential to directly affect the real sector through money demand and supply mechanisms originating from Islamic banking.
Can Poverty Be Eradicated? An Islamic Perspective Hanifah, Hani Siti; Tenaesah, Erna; Fadilah, Resmi Afifah; Merliyana, Reny Dany; Esen, Adem
Islamic Research Vol 7 No 1 (2024): Islamic Research
Publisher : Perhimpunan Intelektual Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47076/jkpis.v7i1.227

Abstract

The research aims to describe poverty and strategic solutions in an Islamic perspective in Indonesia. The data sources from several literatures including the Qur'an, al-Hadith, books, and journals. The research uses a qualitative method and triangulation analysis technique as a strategy in data validity from data sources and themes coherently. The results of this study recommend that Islamic sharia is one of solution for poverty, both natural, cultural and structural poverty. The mechanism of Islamic sharia in overcoming poverty is to ensure the fulfillment of primary needs, ownership regulation, employment availability and provision of access to education. The mechanism will function properly on the condition that the state must be fully responsible with the support of the sharia system such as the judiciary, honest apparatus and governance of the state treasury (baitul mal) based on Islam. This research is expected to add insight into Islamic economics and futher research.
Co-Authors Fadilah, Resmi Afifah Hanifah, Hani Siti Merliyana, Reny Dany N. Nurjanah Ramly, Arroyyan Tenaesah, Erna