Transaksi Uang Elektronik: Dampaknya terhadap Efektivitas Kebijakan Moneter Indonesia

Norlaila Norlaila, Ryan Juminta Anward

Abstract


As a new payment instrument, electronic money usage is increasing yearly. This can be seen from the increasing volume and nominal transactions. This study aims to see whether electronic money transactions affect the effectiveness of monetary policy in Indonesia, as seen from economic growth, inflation, interest rates, and money supply. The analytical method used is the Vector Autoregression/ Vector Error Correction Model (VAR/ VECM), using secondary time series data sourced from the Central Bureau of Statistics and Bank Indonesia, observation period 2010M1 to 2021M12. The results show that there is a long-term relationship between the electronic money variable and the monetary policy variable in the VAR model, so the model shifted to VECM. Second, this study finds that an increase in the volume of electronic money transactions positively affects the effectiveness of monetary policy in the long run. Meanwhile, in the long run, an increase in the nominal of electronic money transactions has a varying impact on monetary policy indicators.


Keywords


electronic money; effectiveness of monetary policy; ouput; vector error correction model

Full Text:

PDF

References


Bank Indonesia. (2022). Statistik Sistem Pembayaran dan Infrastruktur Pasar Keuangan (SPIP). Retrieved Juni 03, 2022, from bi.go.id: https://www.bi.go.id/id/statistik/ekonomi-keuangan/spip/Default.aspx

Boediono. (1997). Ekonomi Makro: Seri Sinopsis Pengantar Ilmu Ekonomi. Yogyakarta: BPFE.

Costa, C., & De Grauwe, P. (2001, February). Monetary Policy in a Cashless Society. Retrieved from www.cepr.org/pubs/dps/DP2696

Ekananda , M. (2018). Analisis ekonometrika untuk keuangan (untuk penelitian bisnis dan keuangan) (Buku 1 ed.). Jakarta, Indonesia: Penerbit Salemba Empat.

Eksyar, S., Apribadi, I., & Novita, E. (2020). Implementasi Kebijakan Moneter Ekonomi Indonesia Periode 2003-2009 (Studi Pemikiran M. Umer Chapra). Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 2(1), 43-54. doi:https://doi.org/10.47467/alkharaj.v2i174.

Enders, W. (2004). Applied Econometric Time Series (Second Edition ed.). John Wiley & Sons.

Fidaus, M. (2020). Aplikasi Ekonometrika dengan E-Views, Stata, dan R (1 ed.). Bogor: PT Penerbit IPB Press.

Gali, J. (2015). Monetary policy, inflation, and the business cycle: An introduction to the new Keynesian framework and its applications (2nd ed.). Princeton University Press.

Indrawati, Y., Adhitya, W., Qori'ah, C. G., & Nasir, M. A. (2019). The Impact of E-Money Diffusion on the Monetary Policy Effectiveness: Evidence from Indonesia. Advances in Economics, Business and Management Research, 23, 237-241. doi:https://doi.org/10.2991/aebmr.k.200606.040.

Jati, W. R. (2015). Less Cash Society: Menakar Mode Konsumerisme Baru Kelas Menengah Indonesia. Jurnal Sosioteknologi, 14(2), 102-121. doi:https://doi.org/10.5614/sostek.itbj.2015.14.

Kasmir. (2012). Bank dan Lembaga Keuangan Lainnya. Jakarta: Peneribit RajaGrafindo Persada.

Lenka, S. K., & Bairwa, A. K. (2016). Does financial inclusion effect monetary policy in SAARC contries? Cogent Economics&Finance, 4(1). doi:https://doi.org/10.1080/23322039.2015.1127011

Lestari , P., & Nofriantika, N. (2018). Literasi Uang Elektronik di Kalangan Mahasiswa. Jurnal Riset dan Kajian Keislaman, 7(1), 94-109. doi:https://doi.org/10.35878/islamicreview.v7i1.138.

Mankiw, N. G. (2006). Makroekonomi. Jakarta: Erlangga.

Mankiw, N. G. (2007). Makroekonomi (Edisi Keenam ed.). Jakarta: Erlangga.

Masih, A. M., & Masih, R. (1996). Energy consumption, real income, and temporal causality: Result from a multi-country study based on cointegration and error-correction modelling techniques. Energy Economics, 18(3), 165-183. doi:https://doi.org/10.1016/0140-9883(96)00009-6

Narayan, P. K. (2007). Is money targeting an option for Bank Indonesia? Journal of Asian Economics, 18(5), 726-738. doi:https://doi.org/10.1016/j.asieco.2007.06.002

Natsir, M. (2009). Analisis Empiris Efektivitas Mekanisme Transmisi Kebijakan Moneter Di Indonesia Melalui Jalur Ekspetasi Inflasi Periode 1990:2-2007:1. EKUITAS (Jurnal Ekonomi dan Keuangan), 13(3), 288-307. doi:https://doi.org/10.24034/j25485024.y2009.v13.i3.385

Pohan, A. (2008). Kerangka Kebijakan Moneter & Implementasinya Di Indonesia (Edisi Pertama ed.). Jakarta: PT RajaGrafindo Persada.

Qori'ah, C. G., Indrawati, Y., Wardhono, A., & Nasir, M. A. (2020). Dampak Perkembangan Uang elektronik terhadap Efektivitas Kebijakan Moneter di Indonesia. Jurnal Ekonomi Indoensia, 9(3), 265-277. doi:https://doi.org/10.52813/jei.v9i3.45.

Qori'ah, C. G., Indrawati, Y., Wardhono, A., & Nasir, M. A. (2020). Dampak Perkembangan Uang elektronik terhadap Efektivitas Kebijakan Moneter di Indonesia. Jurnal Ekonomi Indoensia, 9(3), 265-277. doi:https://doi.org/10.52813/jei.v9i3.45

Rahardja, P., & Manurung, M. (2008). Pengantar Ilmu Ekonomi (Mikroekonomi dan Makroekonomi) (Edisi Ketiga ed.). Lembaga Penerbit Fakultas Ekonomi Universitas Indonesia.

Ratu, I. K., Fasa, M. I., & Suharto. (2022). Meningkatnya Transaksi Pembayaran Uang Elektronik Berbasis Server di Masa Pandemi Covid-19 Berdasarkan Perspektiv Syariah. An-Nisbah: Jurnal Perbankan Syariah, 3(1), 63-82. doi:https://doi.org/10.51339/nisbah.v3i1.405

Safitri, K. (2020, Juni 18). Transaksi Digital Melonjak 64,48 Persen Saat PSBB. Retrieved juli 15, 2022, from Kompas.com: https://amp.kompas.com/money/read/2020/06/18/180000126/transaksi-digital-melonjak-64-48-persen-saat-psbb

Sims, C. A. (1980). Macroeconomics and reality. Econometrica, 48(1), 1-48. doi:https://doi.org/10.2307/1912017

Sukmonkongsamoe, C. (2019). Rise in e-money adpotion and its monetary policy implication: A cross-country analysis. Retrieved from https://www.bot.or.th/Thai/Segmentation/Student/setthatat/DocLib

Tule, M. K., & Oduh, M. O. (2017). Financial innovations and the future of monetary policy in Nigeria. Economics of Innovation and New Technology, 26(5), 453-476. doi:https://doi.org/10.1080/10438599.2016.1229854.




DOI: https://doi.org/10.20527/jiep.v6i2.11094

Refbacks

  • There are currently no refbacks.