PENGARUH KEBIJAKAN MONETER TERHADAP PERTUMBUHAN EKONOMI
STUDI KASUS NEGARA INDONESIA
Abstract
This study investigates the effect of monetary policy on economic growth in Indonesia. Gross Domestic Product (GDP) is used as the dependent variable on the explanatory variables of monetary policy: inflation, money supply (M2), exchange rates and interest rates”.Time series data are from 1986 to 2019. This study adopts the Ordinary Least Squared (OLS) technique.”The results showed that inflation has a significant and negative effect on economic growth in Indonesia, the money supply (M2) and the exchange rate are significant variables affecting economic growth in Indonesia”. Meanwhile, interest rates do not have a significant and negative effect on economic growth in Indonesia
References
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Srithilat, K., Sun, G., & Thavisay, M. (2017). The impact of monetary policy on economic development: Evidence from Lao PDR. Global Journal of Human-Social Science Research, 2, 9-15.
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Van, D. D. (2019). Money supply and inflation impact on economic growth. Journal of Financial Economic Policy.
Akalpler, E., & Duhok, D. (2018).”Does monetary policy affect economic growth: Evidence from Malaysia”. Journal of Economic and Administrative Sciences.
Alavinasab, S. M. (2016).”Monetary policy and economic growth: A case study of Iran”. International Journal of Economics, Commerce and Management, 4(3), 234-244.
Aliyev, J., Mukhtarov, S., Haydarov, K., & Isgandarov, M. (2020).”Does Monetary Policy Boost Economic Growth? The Case of Small Open Economy”. Research in World Economy.
Aslam, A. L. M. (2016).”Impact of money supply on Sri Lankan economy: An econometric analysis”. International Letters of Social and Humanistic Sciences, 67, 11-17.
Bagianto, A., & Zulkarnaen, W. (2020). Faktor Faktor Yang Mempengaruhi Pembangunan Ekonomi. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(1), 316-332.
Behera, J. (2014). “Inflation and its impact on economic growth: Evidence from six South Asian countries”. Journal of Economics and Sustainable Development, 5(7), 145-154.
Cargill, T, F. (1991). Money, The Financial Sistem and Monetary Policy. New York : Printice Hall Inc.
Cioran, Z. (2014).”Monetary policy, inflation and the causal relation between the inflation rate and some of the macroeconomic variables”. Procedia Economics and Finance, 16, 391-401.
Denbel, F. S., Ayen, Y. W., & Regasa, T. A. (2016).”The relationship between inflation, money supply and economic growth in Ethiopia: Co integration and Causality Analysis”. International Journal of Scientific and Research Publications, 6(1), 556-565.
Dingela, S., & Khobai, H. (2017).”Dynamic Impact of Money Supply on Economic Growth in South Africa”. An ARDL Approach.
Fisher, I. (1930), The Theory of Interest, The Online Library of Liberty, Liberty Fund Inc., 2005, Macmillan Company.
Ghatak, S., & Sánchez‐Fung, J. R. (2007). Is fiscal policy sustainable in developing economies?. Review of Development Economics, 11(3), 518-530.
Hamed, Irfan., & Ume, Amen. (2011). Impact of monetary policy on gross domestic product (GDP). Interdisciplinary Journal of Contemporary Research in Business. 3(1), 1348 - 1361.
Haberler, G. (1960). Inflation: its causes and cures. The American Enterprise Association.
Kaponya, É. dkk. (2012), Monetary Policy in Hungary, Budapest.
Mugableh, M. I. (2019). Does monetary policy affect economic growth in Jordan? Evidence from ordinary least square models. International Business Research, 12(1), 27-34.
Srithilat, K., Sun, G., & Thavisay, M. (2017). The impact of monetary policy on economic development: Evidence from Lao PDR. Global Journal of Human-Social Science Research, 2, 9-15.
Uddin, K. M. K., Rahman, M. M., & Quaosar, G. A. A. (2014). Causality between exchange rate and economic growth in Bangladesh. European Scientific Journal, 10(31).
Ufoeze, L. O., Odimgbe, S. O., Ezeabalisi, V. N., & Alajekwu, U. B. (2018). Effect of monetary policy on economic growth in Nigeria: An empirical investigation. Annals of Spiru Haret University, Economic Series, 9(1), 123-140.
Utile, B. J., Okwori, A. O., & Ikpambese, M. D. (2018). Effect of interest rate on economic growth in Nigeria. International Journal of Advanced Academic Research, 4(1), 66-76.
Van, D. D. (2019). Money supply and inflation impact on economic growth. Journal of Financial Economic Policy.
Published
2021-03-15
How to Cite
Budiyanto, V., & Wibowo, W. (2021). PENGARUH KEBIJAKAN MONETER TERHADAP PERTUMBUHAN EKONOMI. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 5(1), 988-999. https://doi.org/10.31955/mea.v5i1.876
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Articles
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