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"ABSTRAKThis paper evaluates monetary policy transmission in both tranquil and turbulent periods for Mexico, Indonesia, Nigeria, and Turkey. Using a structural vector autoregressive model, we find that the effect of structural shocks from supply, demand,and financial sources tend to fizzle out faster for Nigeria and Mexico compared toIndonesia and Turkey. Another important finding is that while monetary authorities in Indonesia and Turkey are more responsive to inflation those in Mexico and Nigeria are more influenced by the exchange rate. We also observe differences in the conduct of monetary policy between the tranquil and turbulent periods."

"ABSTRAKThis paper evaluates monetary policy transmission in both tranquil and turbulent periods for Mexico, Indonesia, Nigeria, and Turkey. Using a structural vector autoregressive model, we find that the effect of structural shocks from supply, demand, and financial sources tend to fizzle out faster for Nigeria and Mexico compared to Indonesia and Turkey. Another important finding is that while monetary authorities in Indonesia and Turkey are more responsive to inflation those in Mexico and Nigeria are more influenced by the exchange rate. We also observe differences in the conduct of monetary policy between the tranquil and turbulent periods."

"ABSTRAKThis paper empirically tests the dynamics of credit cards and monetary policy in thecontext of Indonesia. Using monthly data from 2006 to 2018 and a structural vectorautoregressive model, our findings indicate that credit card usage is mainly drivenby Indonesias fast economic growth over the last decade, which indeed reflects therole of credit cards in consumption smoothing. The study also finds that monetarypolicy transmission through the lending channel is weak, with a more prevalent rolefor exchange rates and global oil prices in the transmission process."

"Robust measurement of interest rates speed of adjustment to monetary policy changes is very important to obtain acomprehensive understanding on the monetary transmission process and the eectiveness of monetary policy. The speed of adjustment are determined by number of frictions that interfere with the transmission of monetary policy.We measure Indonesia interest rate pass-through which have distinct characteristics in terms of banking competition, segmented banking market and concentrated structure. Interest rate pass-through is measured by using Vector Error Correction Model (VECM) and Mean Adjusted Lags (MAL). This paper shows the interest rate adjustment did take a relatively long time.

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Pengukuran kecepatan penyesuaian suku bunga perbankan terhadap perubahan kebijakan moneter sangat penting sehingga diperoleh pemahaman komprehensif atas proses transmisi moneter dan efektivitas kebijakan. Kecepatan perubahan suku bunga deposito dan kredit perbankan ditentukan oleh adanya friksi-friksi transmisi kebijakan moneter ke sektor perbankan dan sektor riil. Penelitian ini mengukur interest rate pass-through perbankan Indonesia yang memiliki karakteristik khas dalam hal tingkat kompetisi perbankan, segmentasi pasar, dan struktur industri perbankan yang tinggi. Interest rate pass-through diukur dengan menggunakan Vector Error Correction Model (VECM) dan Mean Adjusted Lags (MAL). Hasil uji menunjukkan penyesuaian suku bunga membutuhkan waktu yang lama."

"Penelitian ini bertujuan untuk menginvestigasi peran perbankan Islam dalam mentransmisikan kebijakan moneter terhadap perekonomian riil di Indonesia dan Malaysia. Sejalan dengan pesatnya perkembangan perbankan Islam, maka pertanyaan mengenai bagaimana sektor ini berkontribusi dalam transmisi kebijakan moneter semakin menarik untuk diteliti. Penelitian ini menggunakan metode VAR dengan data bulanan dari Januari 2007 sampai Desember 2016. Hasilnya menunjukkan bahwa perbankan Islam dikedua negara memainkan peran yang positif sesuai dengan teori bank lending channel dalam proses transmisi moneter. Meskipun begitu, hubungan yang dihasilkan tidak begitu signifikan, terutama terkait dampaknya terhadap perekonomian. Ini mengindikasikan bahwa perbankan Islam perlu kembali kebentuk idealnya yang terkoneksi terhadap sektor riil. Selain itu, otoritas moneter perlu merancang instrumen kebijakan moneter yang lebih tepat dalam mengakomodasi keberadaan perbankan Islam yang terus berkembang.

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This study aims to analyze the role of Islamic banks in transmitting monetary policy to the real economy of Indonesia and Malaysia. Due to the fact that Islamic finance has a vast growing nowadays, it makes the question about how Islamic bank contributes in monetary policy transmission is more interesting to be discussed. The study relies on VAR methodology with monthly data covering the period from January 2007 to December 2016. The result show that Islamic banks play positive role in transmitting monetary policy in line with the theory. However, the magnitude is not quite strong especially the effect to economy. This indicates that Islamic banks should back to their nature which linked their activity to the real sector of economy. Beside of that, policy maker should find suitable monetary instrument to accommodate Islamic banks."

"This study estimates the forward-looking monetary policy reaction function for Sri Lanka using monthly data from 1980 to 2017. The results indicate that the Central Bank of Sri Lanka (CBSL) followed the Taylor rule to set interest rates. Our forwardlooking model estimations show that the coefficient on inflation increases over time, reflecting the greater focus on price stability by the bank. The results suggest that the CBSL reacted to nominal exchange rate depreciation by tightening monetary policy. Although the degree of interest rate smoothness gradually decreases over time, the study shows that the CBSL did not react to movements in fiscal deficit during the period under investigation. This finding suggests that the inclusion of fiscal deficit in the Taylor rule does not provide a better specification of the policy reaction function in Sri Lanka."

"ABSTRAKMonetary policy is always a dynamic attribute on commodity prices in the economy. This article examines the empirical relationship between monetary policy and commodity price by employing a vector auto-regression (VAR) Model to show its response in the case of Pakistan. In this paper, the research philosophy is employed based on Positivism with Deductive approach to recognizing the response of monetary policy shocks on commodity price. Recently, low-interest rates and excessive liquidity play a dynamic role in affecting the prices of the commodities market. Furthermore, the impact of monetary policy rate show significant result and seems to be huge in the economy of Pakistan massively. Besides, there is a stable relationship between monetary policy instrument and commodity prices even though the current financial crisis."

"Kebijakan makro ekonomi yang dilakukan oleh otoritas fiskal dan moneter bertolak dari tujuan yang tidak searah. Sehingga dalam pelaksanaanya dibutuhkan suatu koordinasi yang selaras untuk menghasilkan suatu bauran kebijakan yang mampu meminimalkan adanya trade of tujuan. Terutama dalam menghadapi era interasi perekonomian global beserta segala keuntungan dan kekurangannya mengingat adanya potensi dampak negatif berupa krisis global yang sewaktu-waktu mengancam pertumbuhan dan kestabilan perekonomian domestik. Bagi negara berkembang dan perekonomian terbuka kecil, variabel- variabel makro ekonomi yang berasal dari asing secara signifikan mempengaruhi kinerja perekonomian dornestik. Tesis ini meneliti kombinasi kebijakan fiskal moneter di dalam menghadapi kondisi normal maupun guncangan perekonomian dengan menggunakan metode Tivo Stages Least Square (T SLS).

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Macroeconomic policy conducted by fiscal and monetary authority come out from a very different type of objectives. Concerning this fact, minimizing trade off is a must to make an optimal policy mix, and this will only achieved by forming a simultaneous policy coordination to between those authority. In the global economic integration era, domestic economic performance must be influenced world economic condition. Especially its negative impact such as global crisis potency that could be emerge in unpredictable moment, has made it become more important to create a jointly optimal fiscal and monetary coordination for ensuring and protecting domestic economic performance from this bad impact such as capital outflow. As an emerging country and a small open economy, Indonesian economy significanty influenced by many economic variables that came Horn the rest of thc world. This thesis characterises the jointly optimal fiscal and monetary policy combination both in a nonnal economic condition and in a crises by using two stages least squares (T SLS) method."

"Dalam kondisi krisis menurunnya pertumbuhan kredit perbankan yang cukup signifikan  berasosiasi  dengan fenomena credit crunch. Kemampuan sistem perbankan menyediakan kredit dalam perekonomian terbatas dibandingkan dengan permintaan kredit. Ketika terjadi pandemic covid-19, pertumbuhan kredit di Indonesia mencapai titik terendah jika dibandingkan dengan periode pre-covid 19. Namun, faktor penyebabnya masih ambigu. Dengan menggunakan model disequilibrium pasar kredit yang diestimasi dengan Maximum Likelihood, Studi ini menguji apakah penurunan kredit selama pandemi Covid-19 merupakan fenomena credit crunch. Hasil studi ini menunjukkan bahwa parameter model probability penurunan kredit selama pandemi Covid-19 merupakan fenomena credit crunch tidak signifikan. Artinya, estimasi dari permintaan kredit lebih kecil dari penawaran kredit (excess supply). Sehingga implikasi terhadap peran kebijakan moneter dengan menurunkan suku bunga menjadi terhambat akibat penurunan aktivitas ekonomi selama pandemi Covid-19.

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Under crisis conditions, the significant decline in bank credit growth is associated with the credit crunch phenomenon. The ability of the banking system to provide credit in the economy is limited compared to the demand for credit. During the Covid-19 pandemic, credit growth in Indonesia reached its lowest point when compared to the pre-Covid-19 period. However, the causative factor is still ambiguous. Using a credit market disequilibrium model estimated with Maximum Likelihood, this study tested whether the decline in credit during the Covid-19 pandemic was a credit crunch phenomenon.  The results of this study show that the parameter of the probability of credit decline during the Covid-19 pandemic is an insignificant credit crunch phenomenon. This means that the estimated demand for credit is less than the excess supply. Thus, the implications for the role of monetary policy by lowering interest rates have been hampered due to the decline in economic activity during the Covid-19 pandemic."