BULETIN EKONOMI MONETER & PERBANKAN

BULETIN EKONOMI MONETER & PERBANKAN Volume 11, No 4, April 2009.

Title: Mekanisme Transmisi Syariah pada Sistem Moneter Ganda di Indonesia  

Writer: Aam S. Rusydiana  

Abstract: The transmission mechanism of monetary policy has been an area of abundant economic research in many countries. The financial system links monetary policy and the real economy. Thus, events or trends that affect the financial system can also change the monetary transmission mechanism. This study tries to analyze shariah transmission mechanism in Indonesian dual monetary system, using Vector Auto Regression (VAR) and Vector Error Correction Model (VECM) methods.

Results show that the relationship between SWBI (SBI Shariah) and shariah financing (LNFINCG) is negative. It means, when SWBI be higher, the quantity of shariah financing would be lower. And so do SBI and inflation (LNIHK). When the total of shariah financing be increase, it will gives positive contribution for reducing inflation rate in Indonesia, because with this system possibility to make equal growth among monetary and real sectors appears. Therefore, it will be strategic action for monetary authority to grow up shariah banking share in Indonesia, for minimizing ‘bad inflation’ in economy. Other recommendation, SWBI as shariah monetary instrument should be reconsidered to achieve positive impact for real sector.

JEL Classification: C32, E31, E42, E52

Keywords: Shariah Transmission Mechanism, Dual Monetary System, VAR/VECM

ANALISA PENGARUH VARIABEL MAKROEKONOMI TERHADAP STABILITAS PERBANKAN GANDA DI INDONESIA

ABSTRACT

Nurul Anisak. Analysis of Macroeconomic Variables Influence on Dual Banking Stability in Indonesia.

Financial instability phenomenon that happened such financial crises influenced on banking stability directly or indirectly through macroeconomic shocks.

The aim of this research is to observe which bank is more stable on dual banking system in Indonesia and the influence of macroeconomic shock on their stability using VAR/VECM method.

The result from the average of z-score shows that shariah bank is more stable than conventional bank in Indonesia (15,49% for shariah bank dan 11,75% for conventional one). FEVD shows accordingly, macroeconomic shocks influence 50.73% for the variability of conventional bank and only 6.24% for shariah bank variability. Nevertheless, it can be argued that the 2,8% of shariah bank’s market share made itself easily influenced by macroconomic shocks than conventional bank  as the result from IRF quantity of shariah bank which is bigger (1.19% by conventional bank stability and -2.12% from inflation) than conventional bank (0.29% by income and 1.43% from interest rate/SBI). The research suggested that one of the best way to increase shariah bank’s stability is to accelerate shariah bank’s market share development in Indonesia.

JEL Classification : A22, G20, G28.

Keywords: Banking Stability, Dual Banking System

Presentasi Final pada CfP SETY UGM, 2009

Sedang presentasi final pada acara Call paper Sharia Economic This Year (SETY) SEF UGM, bertempat di Gedung MM UGM, Desember 2009.

JURNAL KORDINAT

JURNAL KORDINAT, Vol X No 1, April 2009.

Title: Telaah Pemikiran Ekonomi Almaqrizi tentang Inflasi

Writer: Aam S. Rusydiana

Abstract: 

 Salah satu problem penting yang dihadapi ekonomi dunia hingga kini adalah masalah inflasi. Secara sederhana inflasi berarti naiknya harga barang dari keadaan lazimnya. Ternyata, jauh sebelum pemikiran ekonomi para ahli layaknya Friedman, Fisher, Keynes, dan para ekonom dunia lain tentang inflasi dan perkara moneter lain, dunia Islam telah lebih awal mempunyai tokoh yang concern di bidang ini. Taqiyuddin Abul Abbas Al-Husaini dari Maqarizah, Kairo. Atau lebih dikenal dengan sebutan Al-Maqrizi. Maqrizi mengatakan di beberapa bagian bukunya bahwa inflasi secara umum terbagi dua, yakni Natural Inflation dan Human Error Inflation. Tulisan ini akan mencoba mengkomparasi beberapa pemikirannya –lebih spesial masalah inflasi- dengan pendapat dan konsep positivistik konvensional dalam bidang yang serupa. 

 

Kata Kunci: Inflasi, Moneter, Al-Maqrizi

JEL: B15, B22, E31