INTEREST RATE PASS-THROUGH IN INDONESIA: AN ANALYSIS OF INDONESIAN COMMERCIAL BANKS DURING THE PERIOD OF REFERENCE RATE TRANSITION

ADEL AZWAR WAYONG, Amri Anjas Asmara, M.Sc.

2020 | Skripsi | S1 ILMU EKONOMI

Penelitian ini bertujuan untuk menyelidiki transmisi suku bunga di Indonesia, dengan cara mengukur dampak penyesuaian suku bunga pasar terhadap suku bunga ritel. Penelitian ini masuk ke analisis lebih dalam mengenai perubahan tingkat pass- through dalam masa transisi suku bunga acuan dari BI Rate ke 7-Day Reverse Repo. Menggunakan data dari 3 kategori bank umum yaitu; bank negara, swasta nasional, dan asing di Indonesia dari periode Juli 2005 - Maret 2019, penelitian ini menemukan bahwa tingkat pass-through di Indonesia telah mengalami peningkatan pada masa setelah beralih ke suku acuan baru, meskipun tingkat pass-through secara keseluruhan dapat dikategorikan lamban dan tidak sempurna, berdasarkan literatur hal ini dapat dijelaskan oleh tingkat market power yang dimiliki oleh bank komersial di Indonesia.

This study aims to investigate the interest rate transmission in Indonesia, by examining the degree at which the market interest rates are transmitted to retail interest rates. The paper goes into further analysis on change of interest rate pass- through in the transition of reference rate from the BI Rate to the 7 -Day Reverse Repo. Using data of 3 commercial bank categories which are state, private national, and Foreign banks in Indonesia from July 2005 - March 2019, the research finds that the pass-through in Indonesia has improved in the period after transitioning to the new reference rate, albeit the pass-through overall is sluggish and incomplete compared to the literature which may be explained by the market power of Indonesia commercial banks.

Kata Kunci : Interest Rate Pass-Through, Transmission Mechanism, Money Market