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SBI, T-BILLS dan Pengendalian Inflasi

Author

Listed:
  • Firman Mochtar

    (Bank Indonesia)

Abstract

Kajian sederhana ini bertujuan untuk membandingkan dampak penggunaan SBI dan rencana penggunaan T-Bills sebagai piranti operasi pasar terbuka dalam kaitannya dengan pengendalian inflasi. Hasil kajian ini memperlihatkan bahwa kebijakan moneter dalam periode penggunaan SBI sebagai piranti OPT tidak sepenuhnya sesuai dengan pendapat para kaum monetaris yang meyakini bahwa kebijakan moneter ketat akan dengan berkelanjutan mampu mengendalikan inflasi. Studi ini memperlihatkan bahwa kebijakan moneter ketat yang diterapkan Bank Indonesia dalam periode SBI ini ternyata dalam proses dinamisnya dapat memberikan tekanan kembali bagi meningkatnya inflasi di periode-periode selanjutnya. Hasil berbeda didapat bilamana T-Bills sebagai piranti OPT telah diterapkan. Keyakinan kaum monetaris akan mampu dicapai bilamana T-Bills telah diterapkan secara penuh sebagai piranti operasi pasar terbuka. Melalui kebijakan moneter yang credible (permanent and unanticipated) serta dibarengi oleh kebijakan fiskal yang memberikan komitmen terhadap T-Bills yang diterbitkan, hasil simulasi memperlihatkan bahwa pengendalian inflasi akan dapat secara permanen diperoleh.

Suggested Citation

  • Firman Mochtar, 2003. "SBI, T-BILLS dan Pengendalian Inflasi," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 6(2), pages 53-74, September.
    • Handle: RePEc:idn:journl:v:6:y:2003:i:2c:p:53-74
    DOI: https://doi.org/10.21098/bemp.v6i2.327
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