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Banking Disintermediation and Its Implication for Monetary Policy: The Case of Indonesia

Author

Listed:
  • Halim Alamsyah

    (Bank Indonesia)

  • Doddy Zulverdi

    (Bank Indonesia)

  • Iman Gunadi

    (Bank Indonesia)

  • Rendra Z. Idris

    (Bank Indonesia)

  • Bambang Pramono

    (Bank Indonesia)

Abstract

Paper ini berupaya menganalisa implikasi perilaku bank dalam menentukan portofolio terhadap tingkat efektivitas kebijakan moneter. Dengan kerangka analisa comparative static, paper ini mengetengahkan model industri perbankan yang bersifat monopolis dimana pemilik bank memaksimalkan profit dengan kendala tertentu baik yang berasal dari kesanggupan modal maupun kendala akibat regulasi. Kalibrasi model pada kondisi optimal, mengindikasikan bahwa penurunan fungsi disintermediasi bank yang didominasi oleh faktor asymmetric information, akan berakibat pada menurunnya efektifitas kebijakan moneter. Kesimpulan ini berimplikasi pada (i) perlunya Biro Kredit dan rating agencies untuk menyempurnakan informasi, (ii) perlunya investasi yang lebih besar oleh perbankan atas kapasitas riset dan sistem monitoring, (iii) perlunya mempertimbangkan skema garansi kredit, (iv) perlunya koordinasi yang lebih baik antara kebijakan mikro dan makro demi kestabilan makro yang akan meningkatkan keyakinan publik dan terakhir,(v) perlunya mempromosikan perkembangan lembaga keuangan non-bank, untuk mengurangi ketergantungan pembiayaan atas lembaga perbankan.

Suggested Citation

  • Halim Alamsyah & Doddy Zulverdi & Iman Gunadi & Rendra Z. Idris & Bambang Pramono, 2005. "Banking Disintermediation and Its Implication for Monetary Policy: The Case of Indonesia," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 7(4), pages 499-521, March.
    • Handle: RePEc:idn:journl:v:7:y:2005:i:4a:p:499-521
    DOI: https://doi.org/10.21098/bemp.v7i4.122
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    References listed on IDEAS

    as
    1. Blinder, Alan S, 1987. "Credit Rationing and Effective Supply Failures," Economic Journal, Royal Economic Society, vol. 97(386), pages 327-352, June.
    2. Silber, William L, 1969. "Monetary Channels and the Relative Importance of Money Supply and Bank Portfolios," Journal of Finance, American Finance Association, vol. 24(1), pages 81-87, March.
    3. Brunner, Karl & Meltzer, Allan H, 1988. "Money and Credit in the Monetary Transmission Process," American Economic Review, American Economic Association, vol. 78(2), pages 446-451, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Disintermediation; monetary policy; banking sector; interest rate;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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