IDEAS home Printed from https://ideas.repec.org/a/idn/journl/v11y2009i4dp369-402.html
   My bibliography  Save this article

Dampak Peningkatan Pembayaran Non-Tunai terhadap Perekonomian dan Implikasinya terhadap Pengendalian Moneter di Indonesia

Author

Listed:
  • Ferry Syarifuddin

    (Bank Indonesia)

  • Ahmad Hidayat

    (Bank Indonesia)

  • Tarsidin

Abstract

Non-cash payments have been increasing significantly, followed by its substitution and efficiency effects. Cash payment is substituted, inducing decrease of cash holding by economic agents, while on the other hand more money enters the banking system. The increase of non-cash payments also cuts transaction costs, and the economy runs more efficiently. Using Structural Cointegrating VAR, its impacts on the economy are investigated. The result shows that cash holding decrease, while money stock M1 and M2 increase. The increase of non-cash payments also induces GDP growth and slight price decrease. Its implication to monetary policy is also analyzed, showing decrease of BI rate and monetary policy cost.

Suggested Citation

  • Ferry Syarifuddin & Ahmad Hidayat & Tarsidin, 2009. "Dampak Peningkatan Pembayaran Non-Tunai terhadap Perekonomian dan Implikasinya terhadap Pengendalian Moneter di Indonesia," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 11(4), pages 369-402, April.
    • Handle: RePEc:idn:journl:v:11:y:2009:i:4d:p:369-402
    DOI: https://doi.org/10.21098/bemp.v11i4.346
    as

    Download full text from publisher

    File URL: https://bulletin.bmeb-bi.org/cgi/viewcontent.cgi?article=1378&context=bmeb
    Download Restriction: no
    File URL: https://libkey.io/https://doi.org/10.21098/bemp.v11i4.346?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Gene Amromin & Sujit Chakravorti, 2007. "Debit card and cash usage: a cross-country analysis," Working Paper Series WP-07-04, Federal Reserve Bank of Chicago.
    2. Michael Woodford, 2000. "Monetary Policy in a World Without Money," International Finance, Wiley Blackwell, vol. 3(2), pages 229-260, July.
    3. Bofinger, Peter, 2001. "Monetary Policy: Goals, Institutions, Strategies, and Instruments," OUP Catalogue, Oxford University Press, number 9780199248568.
    4. Gregor W. Smith, 1986. "A Dynamic Baumol-Tobin Model of Money Demand," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 53(3), pages 465-469.
    5. VAN HOVE, Leo, 2007. "Central Banks and Payment Instruments: a Serious Case of Schizophrenia," MPRA Paper 5281, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Théret, Bruno, 2011. "Du keynésianisme au libertarianisme.La place de la monnaie dans les transformations du savoir économique autorisé," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 10.
    2. Haydar Akyazi & Seyfettin Artan, 2006. "Reflections of the New Economy on the Monetary Policy and Central Banking," Papers of the Annual IUE-SUNY Cortland Conference in Economics, in: Oguz Esen & Ayla Ogus (ed.), Proceedings of the Conference on Human and Economic Resources, pages 373-387, Izmir University of Economics.
    3. Botzen, W.J. Wouter & Marey, Philip S., 2010. "Did the ECB respond to the stock market before the crisis?," Journal of Policy Modeling, Elsevier, vol. 32(3), pages 303-322, May.
    4. Charles Van Marrewijk, 2004. "An Introduction to International Money and Foreign Exchange Markets," Centre for International Economic Studies Working Papers 2004-07, University of Adelaide, Centre for International Economic Studies.
    5. Tobón Arias, Alexander, 2022. "La estructura lógica de la teoría del equilibrio general dinámico estocástico," Borradores Departamento de Economía 20477, Universidad de Antioquia, CIE.
    6. Ronald Schettkat & Rongrong Sun, 2009. "Monetary policy and European unemployment," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 25(1), pages 94-108, Spring.
    7. Maxim Kotsemir & Alexander Abroskin & Dirk Meissner, 2013. "Innovation concepts and typology – an evolutionary discussion," HSE Working papers WP BRP 05/STI/2013, National Research University Higher School of Economics.
    8. Bouhdaoui, Y. & Bounie, D. & Van Hove, L., 2013. "When do plastic bills lower the bill for the central bank? A model and estimates for the U.S," Journal of Policy Modeling, Elsevier, vol. 35(1), pages 45-60.
    9. Reiner Eichenberger & Sergio Rossi, 2004. "Die Deregulierung der Zentralbanken: Auf zu einem internationalen Markt für gute Geldpolitik!," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 140(III), pages 327-353, September.
    10. Pierpaolo Benigno, 2020. "A Central Bank Theory of Price Level Determination," American Economic Journal: Macroeconomics, American Economic Association, vol. 12(3), pages 258-283, July.
    11. Paul Krugman & Gauti B. Eggertsson, 2011. "Debt, Deleveraging and the Liquidity Trap," 2011 Meeting Papers 1166, Society for Economic Dynamics.
    12. Berentsen, Aleksander & Monnet, Cyril, 2008. "Monetary policy in a channel system," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1067-1080, September.
    13. Pedro Gomis-Porqueras & Daniel Sanches, 2013. "Optimal Monetary Policy in a Model of Money and Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(4), pages 701-730, June.
    14. David Lowe & Matthew Malloy, 2021. "Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective," Finance and Economics Discussion Series 2021-020, Board of Governors of the Federal Reserve System (U.S.).
    15. Bengtsson, Ingemar, 2005. "Transaction Costs, Money and Units of Account," Working Papers 2005:29, Lund University, Department of Economics.
    16. Peter Bofinger & Eric Mayer, 2007. "Monetary and Fiscal Policy Interaction in the Euro Area with Different Assumptions on the Phillips Curve," Open Economies Review, Springer, vol. 18(3), pages 291-305, July.
    17. Hossain, Akhand Akhtar & Arwatchanakarn, Popkarn, 2017. "Does Money Have a Role in Monetary Policy for Price Stability under Inflation Targeting in Thailand?," Journal of Asian Economics, Elsevier, vol. 53(C), pages 37-55.
    18. Andreas Hornstein, 2010. "Monetary policy with interest on reserves," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 96(2Q), pages 153-177.
    19. Leonardo Villar Gómez, 2004. "Inflación Y Finanzas Públicas," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 22(47), pages 56-105, December.
    20. Selva Demiralp & Òscar Jordà, 2002. "The announcement effect: evidence from open market desk data," Economic Policy Review, Federal Reserve Bank of New York, vol. 8(May), pages 29-48.

    More about this item

    Keywords

    non-cash; payment system; money demand;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:idn:journl:v:11:y:2009:i:4d:p:369-402. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Lutzardo Tobing or Jimmy Kathon (email available below). General contact details of provider: https://edirc.repec.org/data/bigovid.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.