Electronic Resource

Monetary Policy Transmission Mechanism Of Asset Price Channel Under Dual Monetary System In Indonesia

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Purpose: This study aims to analyze the effectiveness of the transmission
mechanism monetary policy of conventional and sharia asset price channels on
inflation and economic growth
Methodology:This study uses the Vector Error Correction Model (VECM)
method. data used is monthly time series data for the period January 2012-
December 2021. The data processing uses a stationary test, optimal lag length,
cointegration test, VAR/VECM test, Impulse Response Function (IRF), and
Forecast Error Variance Decomposition (VD)
Findings: The results of the IRF test show that the Conventional CPI model
responds negatively to shocks in Bonds, M2, and PUAB. Meanwhile, IPI
responded positively to Bonds, M2, and PUAB.In the Sharia model, the CPI
responds negatively to the sukuk and M2 shocks but responds positively to PUAS.
Meanwhile, IPI responded positively to the Sukuk, M2 and PUAS shocks.Then
the dual CPI model responds negatively to shocks on sukuk and M2 and responds
positively to Bonds, PUAB, and PUAS. Meanwhile, IPI responded negatively to
shocks in Bonds and PUAB, and responded to Sukuk, M2 and PUAS. The FEVD
results from the research model concluded that the Islamic model of the asset
price path gave a greater contribution to inflation of 3.84% than the conventional
model which contributed 2.69% In line with inflation, the Islamic model also
contributed more to output or growth economy than the conventional model
which is 24.75% while the conventional model contributes 8.26%.

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Availability

Detail Information

Series Title

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Call Number

REF 332.49598 HER m

Publisher

Bogor : IAI Tazkia., 2022

Collation

ES

Language

English

ISBN/ISSN

NIM.18103016

Classification

332.49598

Content Type

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Media Type

-

Carrier Type

-

Edition

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Subject(s)

Asset Price Channel
Monetary System

Specific Detail Info

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Statement of Responsibility

Fauzi Herman

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