Dampak Perkembangan E-Money Dan Agregat Moneter Terhadap Inflasi Di Indonesia: Analisis Dengan Model VECM

Nunuk Khomariyah (Universitas PGRI Wiranegara)
Uswatuh Hasanah (STAI Ma’arif Kalirejo Lampung Tengah)

Hatta: Jurnal Pendidikan Ekonomi dan Ilmu Ekonomi
Vol 4 No 1 (2026): HATTA: Jurnal Pendidikan Ekonomi dan Ilmu Pendidikan

This study aims to explain the influence of e-money and the monetary aggregates M1 and M2 on inflation. Using the Vector Error Correction Model (VECM) method, the monthly sample size from January 2021 to December 2024 yielded 48 samples. The VECM test results indicate that the M1 variable has a positive and significant effect on inflation, both in the short and long term. The M2 variable has a negative and significant effect on inflation, both in the short and long term. Meanwhile, the e-money variable has no significant effect on inflation in the short term but has a positive effect in the long term. The implications of this study are to inform Bank Indonesia to continue monitoring the amount of physical money in circulation and to closely monitor the growth of digital transactions