Main Article Content
Abstract
This research aims to examine the role of Sharia Banks on the financing
channel monetary transmission mechanism in Indonesia. Using data from
January 2014 – December 2016, this study applies Vector Error Correction
Model (VECM). Variables that represent sharia banking are third party
fund (DPK) dan financing (FIN). Variable that represents monetary policy
is rate of Central Bank Sharia Certificate (SBIS) and monthly economic
growth proxied by Industrial production Index (IPI). This research shows
that monetary policy and sharia bank have significant influence toward the
economic growth, while monetary policy has no impact to sharia bank
reserves. This result indicates that sharia banks are not affected to the
changes of Bank Indonesia monetary policy
Keywords
Article Details
References
- Ascarya. 2012. Alur Transmisi dan
- Efektifitas Kebijakan Moneter Ganda
- Di Indonesia. Buletin Ekonomi
- Moneter dan Perbankan Vo. 14 No
- Ayuniyyah, Q., Achsani, N., dan Ascarya.
- Analisis Pengaruh Instrumen
- Moneter Syariah dan Konvensional
- Terhadap Pertumbuhan Sektor Riil
- di Indonesia. Published in Iqtisodia
- Jurnal Ekonomi Islam Republika,
- August 26, pp.6.
- Ayuniyyah, Q., Beik, I., andArsyianti, L.
- Dynamic Analysis of Islamic
- Bank and Monetary Instrument
- towards Real Output and Inflation
- in Indonesia. Proceeding of Sharia
- Economics Conference, Hannover,
- pp 154-162.
- Bayuni, E.M.,dan Ascarya. 2010. Analisis
- Pengaruh Instrumen Moneter
- Terhadap Stabilitas Besaran Moneter
- dalam Sistem Moneter Ganda Di
- Indonesia. TAZKIA Islamic Finance
- & Business Review Vol. 5 No.1.
- Enders, W. 2014. Applied Econometric
- Time Series 4th Edition. USA: Wiley
- & Sons Inc.
- Gujarati, D. 2004. Basic Econometrics, 4th
- Edition. New York: McGraw-Hill.
- Hasin, Z.,and Majid, S.A. 2015. The
- importance of the Islamic banks in the
- monetary transmission mechanism
- in Malaysia. Bloomsbury Qatar
- Foundation Journals Vol 2, pp. 97-
- Herianingrum, S., and Syapriatama,
- I. 2016. Dual Monetary System
- and Macroeconomic Performance in
- Indonesia. Al-Iqtishad Journal of
- Islamic Economics Vol. 8 No.1.,
- pp. 65-80.
- Khan, M.S.,and Mirakhor, A. 1994.
- Monetary Management in an Islamic
- Economy. J. KAU: Islamic Econ.,
- Vol. 6, pp. 3-21.
- Kiaee, H. 2007. Monetary Policy In Islamic
- Economic Framework: Case of Islamic
- Republic of Iran. MPRA Paper No.
- Mishkin, F.S. 1995. Symposium On The
- Monetary Transmission Mechanism.
- Journal Of Economics Perspectives,
- Vol. 9, No. 4, pp. 3-10.
- Mishkin, F.S. 2004. The Economics of
- Money, Banking, and Financial
- Markets 7th edition. USA: The
- Addison-Wesley Series.
- Rosidi, A. 2000. Industrial Production
- Index Wholesale / Producer Price
- Index Consumer Price Index Of
- Indonesia. Country Paper for the
- Joint OECD / ESCAP Workshop
- on Key Economic Indicators.
- Sanegro, Y., and Rusydiana, A.S. 2014.
- Transmission Mechanism In Dual
- Monetary System: Comparison
- Between Shariah And Conventional
- Monetary System. Journal Of
- Islamic Economics, Banking, And
- Finances, Vol. 9, No. 2, pp. 27-44.
- Sukmana, R. 2015. Economic Sectors
- Sensivity to Islamic and Conventional
- Monetary Instrument: Case Study
- Iqtishaduna Volume viii, Nomor 2, Juni 2017 | 11
- in Indonesia. Bloomsbury Qatar
- Foundation Journals Vol 2, pp. 111-
- Sukmana, R. & Kassim, S. H. (2010).
- Roles of The Islamic Banks In The
- Monetary Transmission Process In
- Malaysia. International Journal
- Of Islamic AndMiddle Eastern
- Finance And Management, Vol. 3,
- No. 1, pp 7-19.
- Warjiyo, P. 2004. Mekanisme Transmisi
- Kebijakan Moneter di Indonesia.
- PPSK Bank Indonesia, Seri
- Kebansentralan No. 11.
- Wooldridge, J.M. 2009. Introductory
- Econometrics 4th Edition. Canada:
- South-Western Cengage
- Learning.
References
Ascarya. 2012. Alur Transmisi dan
Efektifitas Kebijakan Moneter Ganda
Di Indonesia. Buletin Ekonomi
Moneter dan Perbankan Vo. 14 No
Ayuniyyah, Q., Achsani, N., dan Ascarya.
Analisis Pengaruh Instrumen
Moneter Syariah dan Konvensional
Terhadap Pertumbuhan Sektor Riil
di Indonesia. Published in Iqtisodia
Jurnal Ekonomi Islam Republika,
August 26, pp.6.
Ayuniyyah, Q., Beik, I., andArsyianti, L.
Dynamic Analysis of Islamic
Bank and Monetary Instrument
towards Real Output and Inflation
in Indonesia. Proceeding of Sharia
Economics Conference, Hannover,
pp 154-162.
Bayuni, E.M.,dan Ascarya. 2010. Analisis
Pengaruh Instrumen Moneter
Terhadap Stabilitas Besaran Moneter
dalam Sistem Moneter Ganda Di
Indonesia. TAZKIA Islamic Finance
& Business Review Vol. 5 No.1.
Enders, W. 2014. Applied Econometric
Time Series 4th Edition. USA: Wiley
& Sons Inc.
Gujarati, D. 2004. Basic Econometrics, 4th
Edition. New York: McGraw-Hill.
Hasin, Z.,and Majid, S.A. 2015. The
importance of the Islamic banks in the
monetary transmission mechanism
in Malaysia. Bloomsbury Qatar
Foundation Journals Vol 2, pp. 97-
Herianingrum, S., and Syapriatama,
I. 2016. Dual Monetary System
and Macroeconomic Performance in
Indonesia. Al-Iqtishad Journal of
Islamic Economics Vol. 8 No.1.,
pp. 65-80.
Khan, M.S.,and Mirakhor, A. 1994.
Monetary Management in an Islamic
Economy. J. KAU: Islamic Econ.,
Vol. 6, pp. 3-21.
Kiaee, H. 2007. Monetary Policy In Islamic
Economic Framework: Case of Islamic
Republic of Iran. MPRA Paper No.
Mishkin, F.S. 1995. Symposium On The
Monetary Transmission Mechanism.
Journal Of Economics Perspectives,
Vol. 9, No. 4, pp. 3-10.
Mishkin, F.S. 2004. The Economics of
Money, Banking, and Financial
Markets 7th edition. USA: The
Addison-Wesley Series.
Rosidi, A. 2000. Industrial Production
Index Wholesale / Producer Price
Index Consumer Price Index Of
Indonesia. Country Paper for the
Joint OECD / ESCAP Workshop
on Key Economic Indicators.
Sanegro, Y., and Rusydiana, A.S. 2014.
Transmission Mechanism In Dual
Monetary System: Comparison
Between Shariah And Conventional
Monetary System. Journal Of
Islamic Economics, Banking, And
Finances, Vol. 9, No. 2, pp. 27-44.
Sukmana, R. 2015. Economic Sectors
Sensivity to Islamic and Conventional
Monetary Instrument: Case Study
Iqtishaduna Volume viii, Nomor 2, Juni 2017 | 11
in Indonesia. Bloomsbury Qatar
Foundation Journals Vol 2, pp. 111-
Sukmana, R. & Kassim, S. H. (2010).
Roles of The Islamic Banks In The
Monetary Transmission Process In
Malaysia. International Journal
Of Islamic AndMiddle Eastern
Finance And Management, Vol. 3,
No. 1, pp 7-19.
Warjiyo, P. 2004. Mekanisme Transmisi
Kebijakan Moneter di Indonesia.
PPSK Bank Indonesia, Seri
Kebansentralan No. 11.
Wooldridge, J.M. 2009. Introductory
Econometrics 4th Edition. Canada:
South-Western Cengage
Learning.