Analisis Empiris Transaksi Non-Tunai Dan Variabel Ekonomi Terhadap Dinamika Pengganda Uang Di Indonesia
DOI:
https://doi.org/10.14421/jmes.2024.031-06Keywords:
Money Multiplier, Transaction Debit, Transaction Credit, Electronic money, Bi rate, InflationAbstract
This research was conducted to analyze the effect of non-cash instruments, namely debit card transactions, credit card transactions, electronic money, and economic variables, namely interest rates and inflation on the money multiplier in Indonesia. The data analysis technique uses the Error Correlation Model via Eviews 9. The tests carried out are the stationarity test, cointegration test, and ECM model estimation. This study uses quantitative data types for 2012-2021 with a total of 120 observations. Data is sourced from the website of Bank Indonesia and the Central Bureau of Statistics (BPS). The results of the study show that debit transactions have no significant effect on the money multiplier in the short term. Meanwhile, in the long term, debit transactions have a positive and significant effect on the money multiplier number. Credit transactions have a significant negative effect on the short-term and long-term money multiplier numbers. Electronic Money and inflation show no significant effect in the long term or short term on the money multiplier number. Interest rates show a negative and significant effect on the money multiplier in the short term. Meanwhile, in the long run, interest rates do not have a significant effect on the money multiplier in Indonesia. The implication of the study is the need to encourage the use of debit transactions through education, infrastructure, and incentives, as well as stricter supervision and policies in granting credit given its negative effect on the money multiplier.
Downloads
Abstract viewed: 137 times
|
PDF downloaded = 124 times
References
Abdullah, T., & Wahjusaputri, S. (2018). Bank & Lembaga Keuangan (2 (ed.)). Mitra Wacana media.
Achir, A. Y., & Kusumaningrum, T. M. (2021). Pengaruh Penggunaan Debit Card, Credit Card, E-Money, dan E-wallet Terhadap Pengeluaran Konsumsi Mahasiswa. Jurnal Manajemen, 13(3), 554–568. https://journal.feb.unmul.ac.id/index.php/jurnalmanajemen/article/view/8503
Arthur, E. (2016). Penggaruh Penggunaan Sistem Pembayaran Non Tunai (APMK dan Uang Elektronik) Terhadap Jumlah Uang Beredar di Indonesia (M1). Universitas Brawijaya Malang.
Barus, E. B., & Sugiyanto, F. X. (2021). Multiplier And Velocity of Money Relationship of Cartal and Electronic in Indonesia 2009.Q1-2018.Q4. Journal of Economics Development and Sosial Research, 1(1), 20–28. https://doi.org/https://doi.org/10.14710/jedsr.v1i1.12531
Basuki, A. T. (2016). Pengantar Ekonometrika (Dilengkapi Penggunaan Eviews). Danisa Media.
Bussière, M., Pfister, C., & Sahuc, J.-G. (2020). The Link Between Money and Inflation Since 2008. Bulletin de La Banque de France, November-D(232/8), 1–8.
Chowdhury, M. I., & Karim, S. R. (2020). Financial Innovations and its Impact on Money Demand in Bangladesh: An Error Correction Model (ECM) Approach. International Review of Business …, 16(1), 34–54. https://zantworldpress.com/wp-content/uploads/2020/03/3.-Moinul.pdf
Dona, E., Aimon, H., & Azhar, Z. (2013). Analisis Ekonomi Sektor Riil dan Sektor Moneter di Indonesia. Jurnal Kajian EKonomi, I(02), 1–22. https://ejournal.unp.ac.id/index.php/ekonomi/article/view/745/614
Dudiyanto, M., Manajemen, P., Ekonomi, F., & Naskah, I. (2021). Pertumbuhan Kartu Kredit Di Indonesia Dalam Pandemi Covid’19. Jurnal Manajemen, 11(1), 34–41. https://doi.org/10.26460/jm.v11i1.2017
Eltania, M. (2022). Pengaruh Suku Bunga Kredit, Inflasi, Dan Nilai Tukar Terhadap Jenis Penyaluran Kredit. Contemporary Studies in Economic, Finance and Banking, 1 NO 1(1), 25–37.
Fatmawati, M. N. R., & Yuliana, I. (2019). Pengaruh Transaksi Non Tunai Terhadap Jumlah Uang Beredar Di Indonesia Tahun 2015- 2018 Dengan Inflasi Sebagai Variabel Moderasi. Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan Dan Akuntansi, 11(2), 269–283. https://doi.org/10.35313/ekspansi.v11i2.1608
Gajah, E. E., Fernando, F. F., Vadia, N., Ie, V. E., & Gumintang, G. G. (2023). Perlindungan Hukum bagi Pemegang Uang Elektronik (E-Money) Bermasalah Ditinjau Dari Undang-Undang Tentang Perlindungan Konsumen dan Undang-Undang Tentang Informasi dan Transaksi Elektronik. Jurnal Kewarganegaraan, 7(2), 2109–2120.
Hadi, T. S., Kismawadi, E. R., Chalil, R. D., & ... (2022). Faktor-Faktor Yang Mempengaruhi Pembayaran Non Tunai Pada E-Commerce. Jurnal Ilmu Keuangan …, 11(2), 138–154. https://ojs.unikom.ac.id/index.php/jika/article/view/6036
Harahap, E. F., Ramadhani, W., & Rahmi, S. (2019). Pengaruh Volatility Kurs , Bi 7 Day Repo Rate Dan Inflasi Terhadap Jumlah Uang Beredar di Indonesia. Menara Ekonomi, V(3), 35–45. https://doi.org/https://doi.org/10.31869/me.v5i3.1661
Kemu, S. Z., & Ika, S. (2016). Transmisi BI Rate sebagai Instrumen untuk Mencapai Sasaran Kebijakan Moneter. Kajian Ekonomi Dan Keuangan, 20(3), 261–284. https://doi.org/10.31685/kek.v20i3.208
Kezia, C., Amril, A., & Vyn Amzar, Y. (2021). Analisis perbedaan pengaruh kebijakan suku bunga bank sentral terhadap inflasi di Indonesia. E-Journal Perdagangan Industri Dan Moneter, 8(2), 99–112. https://doi.org/10.22437/pim.v8i2.7812
Kuzheliev, M., Zherlitsyn, D., Rekunenko, I., Nechyporenko, A., & Nemsadze, G. (2020). The impact of inflation targeting on macroeconomic indicators in Ukraine. Banks and Bank Systems, 15(2), 94–104. https://doi.org/10.21511/bbs.15(2).2020.09
Liliana, Djambak, S., Kahpi, M., Rohima, S., & Sari, A. L. (2020). Analysis Factors that Influence the Money Demand in Indonesia. Advances in Economics, Business and Management Research, 142(Seabc 2019), 184–188. https://doi.org/10.2991/aebmr.k.200520.031
Luo, S., Zhou, G., & Zhou, J. (2021). The impact of electronic money on monetary policy: Based on dsge model simulations. Mathematics, 9(20), 1–26. https://doi.org/10.3390/math9202614
Mishkin, F. S. (2008). Ekonomi Uang, Perbankan, Pasar Keuangan. SALEMBA EMPAT.
Murni, S., & Budiasih. (2019). Penerapan Model Error Correction Mechanism Dalam Kajian Uang Elektronik , Angka Pengganda Uang, dan Giro Wajib Minimum di Indonesia. Prosiding Seminar Nasional Matematika, Statistika, Dan Aplikasinya, 1(5), 206–213.
Nizam, A. M. (2021). Impact of e-money on money supply: Estimation and policy implication for Bangladesh. SSRN Electronic Journal, 17(1), 1–18. https://doi.org/10.1371/journal.pone.0267595
Nofianda, V. I. (2016). Pengaruh Uang Elektronik Terhadap Money Multiplier di Indonesia. Jurnal Imiah Mahasiswa FEB, 3(2), 1–14.
Otoritas Jasa Keuangan. (2016). Buku 2 Perbankan Seri Literasi Keuangan. In Perbankan. Otoritas Jasa Keuangan.
Pramono, B., Yanuarti, T., Purusitawati, P. D., & Emmy, Y. T. (2006). Dampak Pembayaran Non Tunai Terhadap Perekonomian dan Kebijakan Moneter.
Prayitno, L., Sandjaya, H., & Llewelyn, R. (2002). Faktor-Faktor Yang Berpengaruh Terhadap Jumlah Uang Beredar Di Indonesia Sebelum Dan Sesudah Krisis: Sebuah Analisis Ekonometrika. Jurnal Manajemen Dan Kewirausahaan, 4(1), pp.46–55. http://puslit2.petra.ac.id/ejournal/index.php/man/article/view/15621
Priyono, & Chandra, T. (2016). Esensi Ekonomi Makro. Dharma Ilmu Press Surabaya.
Purnamawati, N., & Panjawa, J. L. (2021). Dampak E-Money Dan Dimensi Transaksi Terhadap Permintaan Uang Di Indonesia. Eqien: Jurnal Ekonomi Dan Bisnis, 8(2), 279–289. https://doi.org/https://doi.org/10.34308/eqien.v8i2.263
Puswanti, T., & Nasrullah, M. (2020). Pengaruh Instrumen Moneter Syariah dan Alat Pembayaran Non Tunai Terhadap Money Supply di Indonesia. FINANSIA: Jurnal Akuntansi Dan Perbankan Syariah, 3(1), 1–18. https://doi.org/10.32332/finansia.v3i1.1727
Putri, R. N. S. (2016). Perilaku Suku Bunga Perbankan di Indonesia. Jurnal Pendidikan Ekonomi Dan Bisnis, 4(2), 136–140.
Rahmatika, U., & Fajar, M. A. (2019). Faktor - Faktor Yang Mempengaruhi Minat Penggunaan Electronic Money: Integrasi Model Tam – Tpb Dengan Perceived Risk. Nominal: Barometer Riset Akuntansi Dan Manajemen, 8(2), 274–284. https://doi.org/10.21831/nominal.v8i2.26557
Safitri, A., Militina, T., & Nurjanaa. (2018). Pengaruh Pendapatan Perkapita Dan Suku Bunga Tabungan Serta Inflasi Terhadap Permintaan Uang Di Indonesia. Forum Ekonomi, 20(2), 55–63. https://doi.org/https://doi.org/10.30872/jfor.v20i2.3452
Seghezza, E., & Morelli, P. (2020). Why the money multiplier has remained persistently so low in the post-crisis United States? Economic Modelling, 92(August 2019), 309–317. https://doi.org/10.1016/j.econmod.2020.01.010
Serio, M. di, Fragetta, M., & Gasteiger, E. (2021). The Government Spending Multiplier at the Zero Lower Bound: Evidence from the United States. Oxford Bulletin of Economics and Statistics, 82(6), 1262–1294. https://doi.org/10.1111/obes.12382
Sihaloho, J. E., Ramadani, A., & Rahmayanti, S. (2020). Implementasi Sistem Pembayaran Quick Response Indonesia Standard Universitas Sumatera Utara. Manajemen Bisnis, 17(2), 287–297.
Situmorang, D. J., & Riyanti, R. S. (2023). Analisis Pengaruh Risiko Kredit dan Risiko Likuiditas Terhadap Profitabilitas Perbankan Pada Masa Pandemi Covid-19. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 7(2), 394–405.
Solikin, & Suseno. (2002). Uang Pengertian Penciptaan dan Peranannya Dalam Perekonomian (1st ed.). Pusat Pendidikan dan Studi Kebanksentralan (PPSK) Bank Indonesia.
Suparmono. (2018). Pengantar Ekonomi Makro. In Pengantar Ekonomi Makro. UPP STIM YKPN.
Syifa, N., Anis, A., & Satrianto, A. (2017). Pengaruh Inovasi Sistem Pembayaran dan Variabel Makroekonomi Terhadap Jumlah Uang Beredar di Indonesia. Jurnal Sains Dan Seni ITS, 6(1), 51–66.
Tuilan, M. M., Koleangan, R. A. M., & Mandeij, D. (2019a). Analisis Faktor-Faktor yang Mempengaruhi Angka Pengganda Uang (Money Multiplier) di Indonesia Periode 2009.1 - 2018.4. Jurnal Berkala Ilmiah Efisiensi, 19(3), 129–139. https://ejournal.unsrat.ac.id/index.php/jbie/article/view/25291
Tuilan, M. M., Koleangan, R. A. M., & Mandeij, D. (2019b). Analisis Faktor-Faktor Yang Mempengaruhi Angka Pengganda Uang (Money Multiplier) Di Indonesia Periode 2009.1 - 2018.4. Jurnal Berkala Ilmiah Efisiensi, 19(03), 129–139.
Warkawani, C. M., Chrispur, N., & Widiawati, D. (2020). Pengaruh Jumlah Uang Beredar dan Tingkat Inflasi Terhadap Produk Domestik Bruto (PDB) di Indonesia Tahun 2008-2017. Journal of Regional Economics Indonesia, 1(1), 14–32. https://doi.org/10.26905/jrei.v1i1.4759
Widarjono, A. (2013). Ekonometrika Pengantar dan Aplikasi. UPP STIM YKPN.
Wulansari, R. (2020). Analisis Pengaruh Pertumbuhan Kredit Perbankan Terhadap Stabilitas Sistem Keuangan. Jurnal Ilmiah Mahasiswa FEB UB, 8(1), 1–13.
This work is licensed under a 