EVALUATING THE EFFECTIVENESS OF DUAL MONETARY POLICY IN PROMOTING PRICE STABILITY IN INDONESIA
Authors: Widodo Arif 
Published: July 2018

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</xml><![endif]--><p>Sejak diberlakukannya sistem perbankan <br />ganda di Indonesia tahun 1998, Bank Indonesia<br />mempunyai mandate baru untuk mengatur<br />perbankan konvensional dan Islam di Indonesia<br />dengan memberlakukan kebijakan moneter ganda<br />untuk mencapai dan menjaga tujuan utama Bank<br />Indonesia: Stabilitas harga. Dengan merekonstruksi <br />model konseptual yang didasarkan pada Ascarya <br />(2011), tulisan ini ditujukan untuk menguji secara<br />empiris apakah penerapan kebijakan moneter ganda<br />efektif untuk memastikan stabilitas harga yang<br />tercermin dari inflasi yang rendah dan nilai tukar<br />yang stabil. Metode yang digunakan dalam tulisan<br />ini adalah Vector Autoregressions (VAR) Model untuk<br />memberikan gambaran atas respon inflasi terhadap<br />guncangan yang berasal dari kedua intrumen<br />moneter tersebut. Hasil dari studi ini menunjukkan <br />bahwa kebijakan moneter konvensional secara <br />umum—ketika dibandingkan dengan kebijakan<br />moneter Islam—membuat ketidakstabilan pada<br />tingkat harga disebabkan penerapan sistem uang <br />kertas selama ini yang sangat rentan terhadap<br />krisis, sebagai konsekuensinya akan meningkatkan<br />tingkat harga. lebih lanjut, sistem hutang, pasar<br />uang antar bank dan fractional reserve banking yang<br />semuanya sangat bergantung pada sistem bunga<br />telah menyebabkan gejolak pada tingkat harga di<br />Indonesia. Sebaliknya, gunjangan dari kebijakan<br />moneter Islam terbukti mampu menodorong<br />kestabilan harga karena semua instumen tersebut<br />mampu menekan gejolak yang terjadi pada inflasi.</p><!--[if gte mso 9]><xml>
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