ANALISIS PENERAPAN KEBIJAKAN MONETER BANK INDONESIA MELALUI INFLATION TARGETING FRAMEWORK PADA PERIODE JULI 2005- DESEMBER 2013
ANDREA ERWINA PUTRI, Prof. Wihana Kirana Jaya, M.Soc. S.c., Ph.D.
2014 | Skripsi | ILMU EKONOMISejak Juli tahun 2005, Bank Indonesia (BI) mengadopsi Inflation Targeting Framework (ITF) dengan tujuan untuk menjaga inflasi di tingkat yang rendah agar adanya stabilitas harga. Tujuan dari penelitian ini adalah untuk (1) Mengetahui hubungan jangka panjang yang terjadi antara pergerakan nilai tukar rupiah, tingkat suku bunga BI rate, pertumbuhan uang beredar, pertumbuhan ekonomi, pertumbuhan kredit perbankan dengan inflasi pasca penerapan ITF ; (2) Menganalisis keterkaitan dari pergerakan nilai tukar rupiah, tingkat suku bunga BI rate, pertumbuhan uang beredar, pertumbuhan kredit perbankan dan inflasi terhadap inflasi pasca penerapan ITF ; (3) Menganalisis faktor yang memiliki kontribusi paling besar terhadap inflasi pasca penerapan ITF. Alat analisis yang digunakan dalam penelitian ini adalah VECM (Vector Error Correction Model) dengan instrumen IRF ( Impulse Response Function) dan FEDV (Forecast Error Decomposition Variance). Hasil yang didapat dalam penelitian ini adalah (1) Adanya hubungan kointegrasi di model, terdapat kointegrasi yang menandakan adanya hubungan jangka panjang antara nilai tukar rupiah, tingkat suku bunga BI rate, pertumbuhan uang beredar, pertumbuhan kredit perbankan, pertumbuhan ekonomi dan inflasi ; (2) Ketika ada guncangan nilai tukar rupiah, pertumbuhan jumlah uang beredar, pertumbuhan ekonomi, BI rate pada jangka panjang, inflasi meresponnya secara berkaitan positif, hanya saja pada saat ada guncangan dari pertumbuhan kredit bank, inflasi meresponnya dengan keterkaitan secara negatif ; (3) Hasil dari analisis Variance Decomposition, menunjukkan bahwa variabel yang paling besar atau dominan komposisi kontribusinya terhadap inflasi adalah variabel inflasi itu sendiri, kemudian pertumbuhan kredit bank, nilai tukar rupiah, BI rate, pertumbuhan jumlah uang beredar, dan pertumbuhan ekonomi. Pertumbuhan kredit bank memberikan kontribusi yang kuat pada jangka panjang.
Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) Starting July 2005, Bank of Indonesia (BI) adopted the Inflation Targeting Framework ITF) with a purpose of maintaining low inflation rate in order to achieve price stability. 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The objectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the longobjectives of this paper are; (1) To find out the longobjectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the longobjectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the longobjectives of this paper are; (1) To find out the longobjectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the longobjectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the long objectives of this paper are; (1) To find out the longobjectives of this paper are; (1) To find out the long -term relationship term relationship term relationship term relationship term relationship term relationship term relationship that occured between that occured between that occured between that occured between that occured between that occured between that occured between that occured between that occured between that occured between that occured between that occured between that occured between that occured between fluxes of exchange rates, BI fluxes of exchange rates, BI fluxes of exchange rates, BI fluxes of exchange rates, BI fluxes of exchange rates, BI fluxes of exchange rates, BI fluxes of exchange rates, BI fluxes of exchange rates, BI fluxes of exchange rates, BI fluxes of exchange rates, BI fluxes of exchange rates, BI fluxes of exchange rates, BI fluxes of exchange rates, BI fluxes of exchange rates, BI fluxes of exchange rates, BI rate, rate, money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of money supply, economic growth, growth of creditcreditcreditcredit with with with inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes inflation after the implementation of ITF; (2) Analyzing correlation between fluxes exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of exchange rates, BI rate, money supply and growth of credcredcredcredit with inflation with inflation with inflation with inflation with inflation with inflation after the after the after the after the after the implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF; (3) Assess the most contributing factor to inflation after implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM (implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM (implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM (implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM (implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM (implementation of ITF. The instruments used in this research are VECM (implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM (implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM (implementation of ITF. The instruments used in this research are VECM (implementation of ITF. The instruments used in this research are VECM ( implementation of ITF. The instruments used in this research are VECM (Vector Error Vector Error Vector Error Vector Error Vector Error Vector Error Correction Model) Correction Model) Correction Model) Correction Model) Correction Model) Correction Model) Correction Model) Correction Model) Correction Model) Correction Model) with IRF (with IRF ( with IRF ( with IRF ( with IRF ( with IRF (Impulse Response Function) Impulse Response Function) Impulse Response Function) Impulse Response Function) Impulse Response Function) Impulse Response Function) Impulse Response Function) Impulse Response Function) Impulse Response Function) Impulse Response Function) Impulse Response Function) and FEDV ( FEDV ( FEDV (FEDV (Forecast Error Forecast Error Forecast Error Forecast Error Forecast Error Forecast Error Forecast Error Decomposition Variance) . Decomposition Variance) . Decomposition Variance) . Decomposition Variance) . Decomposition Variance) . Decomposition Variance) . Decomposition Variance) . Decomposition Variance) . Decomposition Variance) . 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the biggest or most dominant contributing analysis shows that the biggest or most dominant contributing analysis shows that the biggest or most dominant contributing analysis shows that the biggest or most dominant contributing analysis shows that the biggest or most dominant contributing analysis shows that the biggest or most dominant contributing factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, factor of inflation is the variable itself, followed by growth credit, exchange rates, BI rate, money supply and economic growth. Growth of credit is a strong contributing factor rate, money supply and economic growth. Growth of credit is a strong contributing factor rate, money supply and economic growth. Growth of credit is a strong contributing factor rate, money supply and economic growth. Growth of credit is a strong contributing factor rate, money supply and economic growth. Growth of credit is a strong contributing factor rate, money supply and economic growth. Growth of credit is a strong contributing factor rate, money supply and economic growth. Growth of credit is a strong contributing factor rate, money supply and economic growth. Growth of credit is a strong contributing factor in a long term period.
Kata Kunci : ITF, Kebijakan Moneter, VAR, VECM, IRF dan FEDV
