EFEKTIVITAS JALUR KREDIT DALAM MEKANISME TRANSMISI KEBIJAKAN MONETER DI INDONESIA
Devanto Shasta Pratomo
Magister Ilmu Ekonomi dan Bisnis Universitas Brawijaya Malang
Jl. MT. Hariyono No.165 Malang, 65145.
Regina Mayo: Telp. +62 341 551 611; Fax. +62 341 565 420
Transmission mechanism of monetary policy had an important influence in determining the final target of monetary policy and also affected the business and economic activity with several channels namely interest rate, asset price channel, credit channel, exchange rate channel and expectations channel. The function of channel was as an intermediary of monetary policy that should be able to be influential for a long time, as well as to anticipate the imperfect information and the possibility of adverse selection and misappropriation. It was known as credit channel. The purpose of this research was to explain which sector credit that contributed greatly to inflation. To analyze data, this research used VECM with two indicators namely impulse response function and variance decomposition to determine which sector credit was effective to explain inflation. The results showed several findings. Investment credit of trade, hotel and restaurant sector and working capital credit of mining and quarrying sector was effectively explaining inflation. The conclusion of this research was investment credit of trade, hotel and restaurant sector and working capital credit of mining and quarrying sector gave great contribution to inflation
Key words: BI rate, credit, gross domestik product, inflation