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"ABSTRACTWe develop a financial condition index (FCI) and examine the effects of monetarypolicy on financial conditions in Indonesia. We show that our FCI tracks financialconditions quite well because it captures key financial events (the Asian financialcrisis of 1997 - 1998, the Indonesian banking crisis, and the global financial crisis andits aftermath). A unique feature of our FCI is that it is quarterly and thus offers nearreal-time development in financial conditions. We also show that monetary policyshapes the FCI. A contractionary monetary policy leads to unfavourable financialconditions during the first two quarters, followed by favourable financial conditionsfor nearly three quarters. This finding is robust to an alternative identification strategy.Our findings highlight the critical role of the monetary authority in shaping financialconditions in Indonesia."

"Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools.Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets.This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy."

"Makalah ini membahas efektifitas kebijakan moneter nonkonvensional terhadap pasar keuangan yang meliputi nilai tukar dan return indeks saham di Indonesia dan Malaysia pada pandemi Covid-19. Kebijakan moneter nonkonvensional diproksi dengan menggunakan announcement yang dikeluarkan oleh bank sentral Indonesia dan Malaysia dan dijadikan benchmark untuk mengestimasi perubahan yield curve sebagai respon terhadap announcement kebijakan moneter nonkonvensional. Kemudian, efektivitas kebijakan moneter nonkonvensional terhadap nilai tukar dan return indeks saham diestimasi dengan menggunakan sign and zero restriction VAR. Hasilnya, kebijakan moneter nonkonvensional efektif terhadap nilai tukar di Indonesia dan Malaysia, namun tidak efektif terhadap return indeks saham di kedua negara tersebut.

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This paper discusses the effectiveness of unconventional monetary policy (UMP) on financial markets, includes the exchange rate and stock index returns in Indonesia and Malaysia during the Covid-19 pandemic. Using announcements issued by the central banks of Indonesia and Malaysia as a benchmark for yield curve changes in response to UMP, the effectiveness of UMP on exchange rates and stock index returns is estimated using the sign and zero restriction VAR. As a result, UMP is effective on exchange rates in Indonesia and Malaysia, but it is not effective on stock index returns in those two countries."