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All Journal Jurnal Ekonomi & Studi Pembangunan Ecosains
Huljannah, Mutia
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Economics, Econometrics & Finance

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KEMAJUAN TEKNOLOGI DAN KECEPATAN PERPUTARAN UANG: STUDI KASUS INDONESIA Huljannah, Mutia; Satria, Doni
ECOsains: Jurnal Ilmiah Ekonomi dan Pembangunan ECOsains Vol.10 No.1 2021
Publisher : ECOsains: Jurnal Ilmiah Ekonomi dan Pembangunan

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Abstract

Technological developments and financial innovations, especially in the payment system, have encouraged banks around the world to carry out a number of innovations that have resulted in a new paperless based financial system. The finding that the payment system innovation affects the circulation of money and the stability of the monetary condition of a country, makes this risk possible in Indonesia. By using the error correction model, this study can provide information on the short run dynamic relationship and the impact of payment system innovation represented by non cash payment instruments such as credit cards, debit cards, e-money and payment transaction settlement processes (national clearing system and real time gross settlement) on the velocity of money in Indonesia in the period 2016M1 to 2020M6. The results of the research findings state that the impact generated by the rapid velocity of payment system innovation on the velocity of money circulation is not temporary, this is evidenced by the effect of payment system innovation on the velocity of money circulation which continues over a long period of time.
Debit and Credit Cards: Money Velocity Risks Putra, Hari Setia; Huljannah, Mutia; Anis, Ali; Azhar, Zul
Jurnal Ekonomi & Studi Pembangunan Vol 22, No 2: October 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v22i2.11208

Abstract

Payment system innovations as the efforts to meet the people’s needs have recently risen several new non-cash-based payment instruments, such as card-based payment transactions. The upheaval of card-based non-cash transactions has indirectly shifted the role of cash in the society. This research aims to see the effect of cards as payment instruments represented by both debit and credit cards on money velocity in Indonesia within the period of 2016M1 to 2020M6 using the VECM (Vector Error Correction Model) analysis method. The research findings show that long-run card-based payment instrument has a significant effect on money circulation in Indonesia. It means that money velocity in Indonesia is not constant. Money velocity is a key concept in monetary theories and an important element for monetary analysis. Therefore, it is important for central bank to monitor and understand the money velocity trends to provide long-term benefits. The research findings are also expected to provide an additional insight to policymakers, especially central bank as monetary authority doe to the possibly occurring risks caused by the money circulation instability in economy.
Co-Authors Ali Anis Hari Setia Putra Satria, Doni Zul Azhar