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Membangun Kredibilitas Kebijakan Moneter Melalui Suku Bunga Acuan Baru
[Improving Credibility of Monetary Policy through A New Policy Rate]

Author

Listed:
  • Mansur, Alfan
  • Syaifullah, Syaifullah

Abstract

Per Agustus 2016 mendatang, suku bunga acuan kebijakan moneter akan berganti menjadi BI 7-day (Reverse) Repo Rate, menggantikan BI rate yang dianggap tidak lagi efektif mempengaruhi suku bunga pasar uang. Transmisi kebijakan moneter tersebut terhadap suku bunga perbankan, seperti suku bunga deposito dan suku bunga pinjaman juga berjalan lambat. Tulisan ini bertujuan untuk menguji efektifitas BI rate selama ini dan juga mengukur kemampuan BI 7-day (Reverse) Repo Rate dalam mempengaruhi baik suku bunga pasar uang, suku bunga perbankan, maupun suku bunga lainnya yang mengacu ke BI rate. Kerangka model yang digunakan dalam tulisan ini adalah Structural Vector Autoregression (SVAR) dan Vector Error Correction Model (VECM). Hasil empiris menunjukkan bahwa walaupun BI rate tidak lagi efektif mempengaruhi suku bunga pasar uang, BI rate masih memiliki pengaruh yang signifikan terhadap suku bunga simpanan dan suku bunga pinjaman serta suku bunga LPS. Berbeda dengan BI rate, BI 7-day (Reverse) Repo Rate mampu mempengaruhi suku bunga pasar uang antarbank secara signifikan. Selain itu, suku bunga pasar uang antarbank dengan tenor yang lebih pendek secara signifikan mempengaruhi suku bunga dengan tenor lebih panjang, sehingga kedalaman pasar uang menjadi penting untuk memastikan transmisi kebijakan moneter berjalan lancar.

Suggested Citation

  • Mansur, Alfan & Syaifullah, Syaifullah, 2016. "Membangun Kredibilitas Kebijakan Moneter Melalui Suku Bunga Acuan Baru [Improving Credibility of Monetary Policy through A New Policy Rate]," MPRA Paper 93938, University Library of Munich, Germany, revised 14 Sep 2016.
    • Handle: RePEc:pra:mprapa:93938
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    BI rate; BI 7-day (Reverse) Repo Rate; suku bunga; pasar uang antarbank;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • 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

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