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Title: Analisis Pengaruh Mekanisme Transmisi Kebijakan Moneter Konvensional Dan Syariah Terhadap Indeks Produksi Industri (Ipi) Di Indonesia
Authors: Annisa Devy Maharani
Advisors: Yoghi Citra Pratama
Keywords: Mechanism of Monetary Policy Transmission;VAR/VECM;Industrial Production Index (IPI);Islamic Monetary Policy
Issue Date: 6-Mar-2017
Publisher: Jakarta: Fakultas Ekonomi dan Bisnis UIN Syarif Hidayatullah Jakarta
Abstract: Since Indonesia has a dual finance system and this research is meant to compare the effectiveness both system as a mechanism of monetary policy through interest rate channel, this research will be written in two models as in conventional model and sharia model. The analytical tool hat used in this research is the Vector Autoregressive (VAR) and the variables that used in the conventional model consist of Bank Indonesia Certificates (SBI) and IDR Interbank Call Money (PUAB), while the sharia model will use variables consist of Bank Indonesia Sharia Certificates (SBIS) and Sharia Interbank Call Money (PUAS). Using VAR research and conducted by Impulse Response Function (IRF) and Forecast Error Variance Decomposition Test. The IRF Test showed that on the conventional model, the responses of IPI to the shock of SBI and PUAB is positive and permanent, so do the response of IPI to the shock of SBIS and PUAS is positive and permanent. Fluctuation on the mechanism of sharia monetary transmission policy subside faster than the conventional monetary. And for the result of FEVD test, conventional model give a positive contribution in the sense of raising economic growth, where in this research is measured by IPI, amounted to 37,51%, while the sharia model give a positive contribution to IPI, amounted 7.14%.Therefore, we can conclude that in Indonesia, mechanism of monetary transmission through interest rate channel using conventional model can be said better than sharia model in the term of raising economic growth.
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