JURNAL DINAMIKA EKONOMI PEMBANGUNAN
Vol 2, No 2 (2019): Agustus

ANALISIS KETERKAITAN INSTRUMEN KEBIJAKAN MONETER, DEFISIT ANGGARAN, DAN NERACA PEMBAYARAN INDONESIA TAHUN 2002 - 2017

Jeremy, Orlandio (Unknown)



Article Info

Publish Date
02 Jan 2020

Abstract

This study aims to analye the linkages of monetary policy instruments, budget deficit and balance of payments with VECM method. This study used secondary data from 2002 quarter I to 2017 quarter IV.            The result found one-way interaction between open market operation with Indonesian balance of payments. Money supply has two-way causality relationship with budget deficits and minimum reserve requirement. The exogenous variable which are BI rate and open market operation affected Indonesian’s balance of payments with  positive correlation, while the minimum reserve requierment significantly affect Indonesian’s balance of payments with negative correlation. Impulse response found shock of money supply respond to balance of payments positive in the fourth period.This result show that Indonesia’s balance of payments is a monetary phenomenon. So monetary policy instruments BI rate, minimum reserve requirement and open market operation can be used to maintain the stability of Indonesia’s balance of payment.

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Journal Info

Abbrev

dinamika_pembangunan

Publisher

Subject

Economics, Econometrics & Finance

Description

Jurnal Dinamika Ekonomi Pembangunan published by Department of Economics and Development Studies Faculty of Economics and Business, Diponegoro University. Jurnal Dinamika Ekonomi Pembangunan published three times a year contains scientific articles that discuss state of the art theory and empirical ...