PERILAKU PERMINTAAN UANG DALAM SISTEM MONETER GANDA DI INDONESIA

  • Ascarya Ascarya
  • Heni Hasanah
  • Noer Azam Achsani

Abstract

The cotemporary dual monetary system is characterized by an interest system in conventional system and the profit-and-loss sharing (PLS) system in Islamic system, where each of them has a different behavior in influencing the money demand and the monetary stability. This study analyses the components of money demand under both the conventional and Islamic financial system in Indonesia, using a Vector Auto Regression (VAR) and Vector Error Correction Model (VECM) methods.

The results show that in Islamic system, PLS return negatively correlated with all Islamic demand for money components (currency, Wadiah demand deposit, Mudharabah saving deposit, and Mudharabah time deposit). While in conventional system, interest is negatively correlated with the demand for currency, the demand deposit, and the saving deposit, but positively correlated with the demand for time deposit. The Islamic demand for money stabilizes quiclier to respons the shock from other variables compare to conventional system. Moreover, the interest rate contributes 20%-29% in the conventional demand for money variation, while in PLS system the return almost has no role on Islamic money demand variation. Our research also shows that the savings deposits in Indonesia have the characteristics of the demand deposits, hence preferably included in M1 instead of in M2.

These findings suggest the monetary authority to gradually shift their mindset from the conventional monetary operation to the dual monetary operation and explore further the possibility of using PLS return as the “policy rate” benchmark to achieve the principal objectives in maximizing distributive social welfare and justice, as well as minimizing inefficiency.

JEL Classification: C32, E31, E41, E52

Keywords: Permintaan Uang Konvensional, Permintaan Uang Islam, Sistem Keuangan/Perbankan Ganda, VAR/VECM

Downloads

Download data is not yet available.

References

Achsani, N.A., Oliver H., dan Hizir S. (2005), “Econometric and Fuzzy Modelling of Indonesian Money Demand”, dalam: Cizek, Pavel, Wolfgang H., and Rafal W. Statistical Tools For Finance and Insurance, Springer-Verlag Berlin Heidelberg, Germany.

Ascarya (2007), “Optimum Monetary Policy under Dual Financial/Banking System”, Paper, Universiti Sains Islam Malaysia (USIM) Islamic Economics Conference (IECONS 2007), Kuala Lumpur, Malaysia, 17-19 Juli.

Astiyah, S. dan D.F. Anugrah (2006), “Kebijakan Moneter Tepadu dalam Dual Banking System,” Working Paper, Jakarta, Indonesia: Biro Riset Ekonomi, Direktorat Riset Ekonomi dan Kebijakan Moneter, Bank Indonesia.

Chapra, M.U. (1996), “Monetary Management in Islamic Economy,” Islamic Economic Studies, Vol.4, No.1.

Darrat, A.F. (2000), “On The Efficiency of Interest-free Monetary System: A Case Study”, Paper, ERF’s Seventh Annual Conference, Amman-Jordan, 26-29 Oktober.

Fardmanesh, M. dan S.A. Siddiqui (1994), “Financial Instability and a Share Economy,” Eastern Economic Journal, USA, Winter 1994, pp. 75-84.

Hasanah, Heni, Ascarya dan N.A. Achsani (2008), “Perilaku Agregat Moneter dalam Sistem Keuangan/Perbankan Ganda di Indonesia,” Jurnal Ekonomi dan Bisnis Indonesia, Vol.23, No.1 Januari 2008. Forthcoming

Izhar, H. dan Asutay, M. (2007), “The Controllability and Reliability of Monetary Policy in Dual Banking System: Evidence from Indonesia”, Paper, International Islamic University Malaysia

(IIUM) International Conference on Islamic Banking and Finance (IICiBF), Kuala Lumpur, Malaysia, 23-25 April.

Kaleem, A. (2000), “Modeling Monetary Stability under Dual Banking System: The Case of Malaysia”. International Journal of Islamic Financial Services, Vol. 2, No. 1.

Khan, M. (1986), “Islamic Interest Free Banking,” IMF Staff Papers, Vol.33, No.1, pp. 1-27.

Kia, A. (2001), “Interest-free and Interest-bearing Money Demand: Policy Invariance and Stability”, Paper, Department of Economics, Emory University, Atlanta.

Mankiw, N.G. (2003), Teori Makroekonomi, terjemahan, Erlangga, Jakarta.

Meera, A.K.M. (2004), The Theft of Nations: Returning to Gold, Selangor, Malaysia: Pelanduk Publications.

Mishkin, F.S. (2001), The Economics of Money, Banking, and Financial Markets, Colombia University.

Ryandono, M.N.H. (2006), “Mempertanyakan Kebenaran Paradigma Hubungan Bunga, Investasi (Kredit), dan Pertumbuhan Ekonomi: Haramnya Sistem Bunga (Riba) Secara Teoritik dan Empirik.” Paper. Dipresentasikan pada Seminar dan Kolokium Nasional, ITB. Bandung, Indonesia: SBM-ITB, September.

Sakti, A. (2007), Sistem Ekonomi Islam: Jawaban atas Kekacauan Ekonomi Modern, Paradigma & Aqsa Publishing, Jakarta.

Zangeneh, H. (1995), “A Macroeconomic Model of an Interest-free System,” The Pakistan Development Review, Vol.34, No.1, pp. 55-68.
Published
2008-09-11
How to Cite
Ascarya, A., Hasanah, H., & Achsani, N. A. (2008). PERILAKU PERMINTAAN UANG DALAM SISTEM MONETER GANDA DI INDONESIA. Buletin Ekonomi Moneter Dan Perbankan, 11(1), 53 -. https://doi.org/10.21098/bemp.v11i1.235
Section
Articles