(Universitas Pembangunan Panca Budi, Indonesia)(2) Rusiadi Rusiadi
(Universitas Pembangunan Panca Budi, Indonesia)(3) Andria Zulfa
(Universitas Pembangunan Panca Budi, Indonesia)*corresponding author
AbstractThis study aims to analyze the effectiveness of monetary policy transmission on inflation in ASEAN-3 countries. This topic is relevant considering the differences in economic structures and monetary policy frameworks in the region that have the potential to produce a heterogeneous inflation response. This study tests the hypothesis that monetary policy instruments, including policy interest rates, money supply, exchange rates, and credit growth, influence inflation. The research method used is a quantitative approach with a Seemingly Unrelated Regression (SUR) model using annual secondary data. The results show that policy interest rates have a significant effect on inflation, while money supply, exchange rates, and credit growth do not. This finding indicates that monetary policy transmission in ASEAN-3 is more effective through the interest rate channel than other monetary channels. This study provides an empirical contribution to strengthening understanding of the role of monetary policy instruments in maintaining inflation stability in developing countries
KeywordsMonetary Policy; Inflation; Policy Interest Rate; Seemingly Unrelated Regression; ASEAN-3
|
DOIhttps://doi.org/10.47679/jrssh.v5i4.593 |
Article metrics10.47679/jrssh.v5i4.593 Abstract views : 19 |
Cite |
References
Ainun, Usa (2024). Analysis Of Monetary Strategies And Policies To Manage The Inflation And Public Purchasing Power In Indonesia In Generals Every Economy In A Country Always Wants To Realize . 8 (1), 1–23.
Bank Indonesia. (2022). Monetary Policy Transmission Mechanism. Https://Www.Bi.Go.Id/Id/Kebijakan/Moneter/Transmisi/Default.Aspx
Dila Fahira, Sugianto Sugianto, & Muhammad Syahbudi. (2023). The Effect Of Monetary Policy Transmission On Economic Growth In North Sumatra. Mutiara: Journal Of Research And Scientific Work , 1 (6), 409–420. Https://Doi.Org/10.59059/Mutiara.V1i6.814
Harahap, Ba, Idham, Pb, Kusuma, Acm, & Rakhman, Rn (2017). Development Of Financial Technology Related To Central Bank Digital Currency (Cbdc) On Monetary And Macroeconomic Policy Transmission. Bank Indonesia , 2 , 1–80.
Juli, R., Astuti, T., & Soebagiyo, D. (2024). Analysis Of The Influence Of Monetary Policy On The Impact Of Inflation In Indonesia (Case Study 2002-2022). Analysis Of The Influence Of Monetary Policy On The Impact Of Inflation In Indonesia (Case Study 2002-2022) . 12 (2), 1–10.
Musliha, C. (2023). Against Inflation In Indonesia . 5 (2), 322–331.
Nesya. (2020). Monetary Policy Transmission Mechanisms In Indonesia: Revisiting The Role Of Division Of Money . 6239 , 91–98.
Oecd. (2024). Oecd Economic Surveys: Indonesia 2024, Oecd Economic Surveys, Oecd Publishing, Paris (Vol. 2024, Issue November). Https://Www.Oecd.Org/Id/Publications/Survei-Ekonomi-Oecd-Indonesia-2024_9d9fdbd2-Id.Html
Rasyidin, M., Saleh, M., Muttaqim, H., & Khairani, C. (2022). The Effect Of Monetary Policy On Inflation In Indonesia . 3 (2), 225–231. Https://Doi.Org/10.47065/Jbe.V3i2.1761
Salsabila, Ef (2024). The Effect Of Monetary Policy On Inflation In Indonesia . 2 (3).
Septiani, S., Rahmawati, T., Oktariani, Vd, & Fadilla, A. (2024). The Role Of Monetary Policy In Indonesia In Facing Inflation . 1 (3), 1–7.
Simanjuntak, M., & Santosa, B. (2019). Comparison Of The Effectiveness Of Monetary Policy Transmission Mechanisms Between The Interest Rate Channel And The Exchange Rate Channel On The Final Inflation Target. Economic Media , 25 (1), 1–14. Https://Doi.Org/10.25105/Me.V25i1.5199
Simbolon, N., Nasution, Ln, Pembangunan, U., & Budi, P. (2024). Analysis Of The Effectiveness Of Monetary Policy In Controlling . 2 (3).
Wibowo, B., & Lazuardi, E. (2016). Empirical Test Of Monetary Policy Transmission Mechanism: Interest Rate Pass-Through In The Indonesian Banking Sector. Indonesian Journal Of Economics And Development , 16 (2), 187–204. Https://Doi.Org/10.21002/Jepi.V16i2.07
Willy Vernando Utama Ongso. (2023). The Effect Of Interest Rates, Inflation, Money Supply Growth, And Composite Stock Price Index Growth On The 10y Yield Of Indonesian Government Bonds 2015-2023 . 2023,
Refbacks
- There are currently no refbacks.
Copyright (c) 2026 Chairuddin Chairuddin, Rusiadi Rusiadi, Andria Zulfa
This work is licensed under a Creative Commons Attribution 4.0 International License.
______________________________________________________________________________________________
Journal of Research in Social Science And Humanities
Published by Utan Kayu Publishing
Email: jurnal.jrssh@gmail.com