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The Importance of Credit Channel in Monetary Transmission Mechanisms

Author

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  • Sirajuddin Ahmad

    (Indonesia)

Abstract

Pemahaman mengenai mekanisme transmisi kebijakan moneter merupakan hal yang penting bagi para pembuat kebijakan, karena pemahaman mengenai hal ini diperlukan untuk memberikan arahan mengenai variabel moneter yang dianggap paling tepat digunakan sebagai target kebijakan antara dalam upaya mempengaruhi perekonomian secara keseluruhan. Ada dua pendekatan yang cukup populer berkaitan dengan mekanisme transmisi ini, yaitu "monyey-only view" dan "the lending view". Pendekatan pertama beranggapan bahwa satusatunya cara kebijakan moneter mempengaruhi ekonomi riel (output) adalah melalui suku bunga. Sementara pendekatan kedua beranggapan bahwa korelasi antara pinjaman bank dan output riel setidaknya sama kuatnya dengan korelasi antara suku bunga dan output. Tulisan ini ditujukan untuk mengkaji lebih dalam mengenai pendekatan kedua (the lending riew) dan mengevaluasi apakah bukti empiris yang ada mendukung atau menolak keberadaan dari jalur ini (jalur pinjaman bank dalam upaya mempengaruhi tingkat output).

Suggested Citation

  • Sirajuddin Ahmad, 1996. "The Importance of Credit Channel in Monetary Transmission Mechanisms," Economics and Finance in Indonesia, Faculty of Economics and Business, University of Indonesia, vol. 44, pages 75-85, March.
    • Handle: RePEc:lpe:efijnl:199605
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