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All Journal Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Muhammad Rizal Arsyad
Universitas Guna Darma
Economics, Econometrics & Finance Social Sciences

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Dampak Pandemi Covid-19 terhadap Stabilitas Moneter Indonesia Dedi Junaedi; Muhammad Rizal Arsyad; Efrita Norman; Moh Romli; Faisal Salistia
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol 3 No 1 (2021): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Research and Strategic Studies Center (Pusat Riset dan Kajian Strategis) Fakultas Syariah IAI Nasional Laa Roiba

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (569.238 KB) | DOI: 10.47467/alkharaj.v3i1.149

Abstract

This study aims: (1) to analyze the effects of the pandemic and the differences in policies in handling the Covid-19 pandemic on Indonesia's monetary stability; (2) to analyze the effect of money supply, BI-rate, market operations, stock index on Indonesia's monetary stability. This study uses quantitative analysis methods with multiple dummy variable regression. As a result, the number of pandemic cases and differences in policies had a significant effect on the stability of the rupiah. Simultaneously, the stability of the rupiah exchange rate is influenced by pandemic variables (cases, deaths, recovery and pandemic management policies, money supply (M1, M2), market operations (conventional and sharia), reference interest rates (BI-rate), inflation rate. foreign exchange reserves, financial stock index. These independent variables are correlated with the rupiah exchange rate with a correlation coefficient of R2 0.927073. The pandemic management policy, whatever its name, tends to weaken the rupiah exchange rate position. the exchange rate of the rupiah, meanwhile the formation of a task force had a lighter impact on pressing the rupiah compared to other policies.
Co-Authors Dedi Junaedi Efrita Norman Faisal Salistia Moh Romli