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Ade Bani Riyan
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Economics Monetary Journal
Published by Asosiasi Persatuan Pengusaha Muda Teknik Informatika
ISSN : 31090338     EISSN : 31090338     DOI : 10.64910
Core Subject : Economy,
Economics, Econometrics & Finance
Economics Monetary Journal is a double-blind peer-reviewed academic journal with open access, Economics Monetary Journal that aims to publish original research and critical analysis in the field of economics and monetary studies, The journal provides a platform for researchers, academics, policymakers, and practitioners to contribute to the advancement of economic knowledge and the formulation of effective monetary policies. The scope of the journal includes, but is not limited to: Monetary economics and central banking International economics and global financial systems Economic modeling and econometric
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 5 Documents
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Search results for , issue "Vol. 1 No. 2 (2025): Economics Monetary Journal" : 5 Documents clear
Rupiah Exchange Rate Stability in the Shadow of Global Geopolitical Tensions: An Analysis of the Role of Bank Indonesia Mustofa, Adhi
Economics Monetary Journal Vol. 1 No. 2 (2025): Economics Monetary Journal
Publisher : Asosiasi Persatuan Pengusaha Muda Teknik Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64910/ecmont.v1i2.8

Abstract

The increasing global geopolitical tensions of the last decade have triggered instability in international financial markets, with a notable impact on the exchange rates of emerging currencies, such as the Indonesian rupiah. The rupiah exchange rate, as a key indicator of macroeconomic stability, shows a sensitive response to the escalation of international conflicts such as the Russia-Ukraine war and tensions in the Middle East. This study aims to analyze the impact of geopolitical tensions on the rupiah exchange rate and evaluate the effectiveness of Bank Indonesia's responsive policies in maintaining monetary stability. Using a mixed-methods approach, this study combines quantitative analysis through the Autoregressive Distributed Lag (ARDL) and GARCH (1,1) models, as well as qualitative analysis through the examination of policy documents and market perceptions. The results of the study indicate that the Global Geopolitical Risk Index has a significant impact on the depreciation of the rupiah in both the short and long term. In addition, exchange rate volatility increased substantially during the period of geopolitical escalation, with Bank Indonesia's monetary policy response being effective in shaping market expectations through a forward guidance strategy and consistent policy communication. These findings underscore the importance of strengthening the credibility of monetary institutions and diversifying policy instruments in response to systemic external pressures. This study makes an empirical contribution to the understanding of exchange rate dynamics in the context of global uncertainty and the strategic role of central banks in maintaining national economic stability.
De-Dollarization Trends in Southeast Asia: Assessing Indonesia's Monetary Sovereignty Abdurokhim, Abdurokhim
Economics Monetary Journal Vol. 1 No. 2 (2025): Economics Monetary Journal
Publisher : Asosiasi Persatuan Pengusaha Muda Teknik Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64910/ecmont.v1i2.9

Abstract

Please be aware that in the past two decades, de-dollarization efforts in the Southeast Asian region, particularly Indonesia, have shown significant increases in response to global economic uncertainty and the dominance of the U.S. dollar. This study aims to analyze the trend of de-dollarization in Indonesia, evaluate its impact on monetary sovereignty, and formulate policy recommendations to strengthen Indonesia's position in the regional financial system. Using a qualitative descriptive approach with documentary analysis and secondary quantitative data from official institutions (Bank Indonesia, IMF, ADB, AMRO), this study explores the dynamics of the use of local currencies in bilateral transactions and the diversification of foreign exchange reserves. The results show a significant increase in transactions using the rupiah, especially through the Local Currency Settlement (LCS) framework with Malaysia and Thailand, which increased from 8% in 2017 to 18% in 2022. Additionally, the proportion of foreign exchange reserves held in non-dollar currencies increased, thereby strengthening exchange rate stability and enhancing national monetary policy flexibility. However, structural challenges such as limited financial infrastructure, foreign investor dominance, and economic openness still limit full monetary sovereignty. These findings emphasize the importance of regional policy synergy, strengthening the domestic real sector, and building an inclusive digital financial system. This study makes conceptual contributions to the dedollarization literature and offers strategic recommendations for policymakers to optimize Indonesia's monetary autonomy amid global dynamics.
Interest Rate Policy and MSME Credit Growth in the Era of Digital Financial Inclusion: Panel Data Analysis Inayah, Khoerun
Economics Monetary Journal Vol. 1 No. 2 (2025): Economics Monetary Journal
Publisher : Asosiasi Persatuan Pengusaha Muda Teknik Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64910/ecmont.v1i2.10

Abstract

Interest Rate Policy and Foreign Investors' Perceptions of Investment Risks in Indonesia: An Event Study Approach Pramesti, Ginna Novarianti Dwi Putri
Economics Monetary Journal Vol. 1 No. 2 (2025): Economics Monetary Journal
Publisher : Asosiasi Persatuan Pengusaha Muda Teknik Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64910/ecmont.v1i2.11

Abstract

Changes in the benchmark interest rate by monetary authorities are often an important catalyst for financial market dynamics, particularly in influencing the risk perception of foreign investors in developing countries such as Indonesia. In this context, this study aims to analyze the influence of Bank Indonesia's interest rate policy on foreign investors' perception of investment risks, with an event study approach. This study uses secondary data that includes daily stock prices, exchange rates, and foreign capital flows during the period 2020–2023. The research sample consisted of companies listed on the Indonesia Stock Exchange and actively traded during the observation period. Data analysis techniques include calculation of abnormal returns (AR) and cumulative abnormal returns (CAR), as well as statistical testing with t-tests and Wilcoxon Signed-Rank. The results show that the announcement of interest rate cuts consistently results in abnormal positive returns and increased foreign capital flows, while interest rate hikes lead to abnormal negative returns and capital withdrawals by foreign investors. A significant market response mainly occurred on the 1st to 3rd day after the announcement, which shows the market efficiency of the semi-strong form. These findings confirm that interest rate policy has a high information value and directly influences the risk perception of foreign investors. The practical implications of this study underscore the importance of transparency and consistency of monetary policy communication to maintain market stability and investment attractiveness in Indonesia.
The Role of Monetary Policy in Supporting Green Economic Growth: Opportunities and Challenges for the Indonesian Central Bank Sylvia, Sylvia
Economics Monetary Journal Vol. 1 No. 2 (2025): Economics Monetary Journal
Publisher : Asosiasi Persatuan Pengusaha Muda Teknik Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64910/ecmont.v1i2.12

Abstract

The transition to a green economy is a strategic agenda in sustainable development that requires support from various sectors, including the monetary sector. Amid the increasing urgency of climate change mitigation, the central bank's role in integrating sustainability principles into its monetary policy is becoming increasingly relevant. This research aims to analyze the opportunities and challenges of monetary policy in supporting green economic growth, focusing on Bank Indonesia's readiness as a national monetary authority. The approach used is qualitative descriptive with case study methods and thematic and policy analysis techniques. Data were obtained from literature reviews, policy documents, and national and international institutional reports. The results show that although Bank Indonesia has a strategic role in supporting the transformation of the green economy, there are currently no monetary instruments specifically directed to environmental purposes. Limited legal mandates, the unavailability of a green classification framework, and weak coordination between institutions are the main obstacles. This study recommends the reformulation of institutional mandates, the development of green monetary instruments such as green refinancing and differential interest rates, and the establishment of a dedicated unit for climate risk analysis. These findings underscore the importance of integrating sustainability aspects into monetary policy as part of efforts to create sustainable long-term economic stability.

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