EVALUATING THE EFFECTIVENESS OF DUAL MONETARY POLICY IN PROMOTING PRICE STABILITY IN INDONESIA
Abstract
Sejak diberlakukannya sistem perbankan
ganda di Indonesia tahun 1998, Bank Indonesia
mempunyai mandate baru untuk mengatur
perbankan konvensional dan Islam di Indonesia
dengan memberlakukan kebijakan moneter ganda
untuk mencapai dan menjaga tujuan utama Bank
Indonesia: Stabilitas harga. Dengan merekonstruksi
model konseptual yang didasarkan pada Ascarya
(2011), tulisan ini ditujukan untuk menguji secara
empiris apakah penerapan kebijakan moneter ganda
efektif untuk memastikan stabilitas harga yang
tercermin dari inflasi yang rendah dan nilai tukar
yang stabil. Metode yang digunakan dalam tulisan
ini adalah Vector Autoregressions (VAR) Model untuk
memberikan gambaran atas respon inflasi terhadap
guncangan yang berasal dari kedua intrumen
moneter tersebut. Hasil dari studi ini menunjukkan
bahwa kebijakan moneter konvensional secara
umum—ketika dibandingkan dengan kebijakan
moneter Islam—membuat ketidakstabilan pada
tingkat harga disebabkan penerapan sistem uang
kertas selama ini yang sangat rentan terhadap
krisis, sebagai konsekuensinya akan meningkatkan
tingkat harga. lebih lanjut, sistem hutang, pasar
uang antar bank dan fractional reserve banking yang
semuanya sangat bergantung pada sistem bunga
telah menyebabkan gejolak pada tingkat harga di
Indonesia. Sebaliknya, gunjangan dari kebijakan
moneter Islam terbukti mampu menodorong
kestabilan harga karena semua instumen tersebut
mampu menekan gejolak yang terjadi pada inflasi.
Keywords
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DOI: http://dx.doi.org/10.21043/iqtishadia.v10i2.2378
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