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"Pandemi covid-19 yang terjadi diawal tahun 2020 telah menyebabkan penurunan pertumbuhan ekonomi di banyak negara, termasuk Indonesia. Salah satu langkah yang diambil dengan tujuan pemulihan ekonomi adalah dengan meningkatkan konsumsi pada jalur kredit atau non-kredit seperti bantuan sosial. Tesis ini membahas tentang pengaruh rasio loan to value terhadap KPR dan KPA di Indonesia. KPR dan KPA termasuk ke dalam kredit konsumsi dan rasio loan to value merupakan salah satu dari instrumen kebijakan makroprudensial. Metode yang digunakan pada tesis ini adalah regresi linier berganda (OLS) dengan KPR dan KPA sebagai variabel terikat, variabel dummy dari rasio loan to value sebagai variabel bebas, dan suku bunga kredit konsumsi, produk domestik bruto, inflasi, kredit bermasalah, dan dana pihak ketiga sebagai variabel kontrol. Selain itu, digunakan juga variabel interaksi antara dummy dari rasio loan to value dengan suku bunga kredit konsumsi. Tesis ini mengunakan data sekunder bulanan dan diolah dengan alat analisis Stata 15.1. Sebagai syarat dari metode penelitian regresi linier berganda, sebelum menguji hipotesis yang dibangun, dilakukan uji asumsi klasik terlebih dahulu. Hasil penelitian menunjukkan bahwa rasio loan to value baik itu yang bersifat pengetatan ataupun pelonggaran tidak signifikan terhadap KPR dan KPA. Selanjutnya, PDB yang merupakan variabel kontrol, berpengaruh signifikan terhadap KPR dan KPA.......The COVID-19 pandemic that occurred at the beginning of 2020 has caused economic growth declining in many countries, including Indonesia. One of the steps taken with the aim of economic recovery is by increasing the consumption in credit chanel or non-credit channel, such as the social aid. This thesis discusses loan to value ratio effects to property loans, KPR and KPA in Indonesia. Property loans, KPR and KPA, are included in consumer credits and loan to value ratio is one of the macroprudential policy instruments. The method used in this thesis is ordinary linear regression (OLS) with property credit, KPR and KPA as the dependent variable, the dummy variable of the loan-to-value ratio as the independent variables, and consumer credit interest rates, gross domestic product, inflation, non-performing loan and third-party funds as the control variables. In addition, the interaction variable between dummy variable of loan to value ratio and consumer credit interest rate is also used. This thesis used monthly secondary data and processed by using Stata 15.1 analysis tool. As a requirement of the ordinary linear regression research method, before testing the hypothesis built, the classical assumption test is carried out first. The results showed that loan to value ratio which is tightening or easing is not significant to property loans, KPR and KPA. Furthermore, GDP, which are control variables, have a significant effect to property loans, KPR and KPA."

"Kebijakan makroprudensial semakin dikenal sejak krisis keuangan global tahun 2008 dimana pada saat krisis global menunjukkan bahwa kebijakan moneter dan kebijakan mikroprudensial tidak cukup mampu untuk menjaga stabilitas keuangan. Kebijakan makroprudensial merupakan kebijakan yang bersifar “countercyclical” yaitu dapat mengurangi over optimisime pada “boom” dengan mengerem ekspansi yang berlebihan dan mengurangi over pesimisme pada saat “bust” untuk mengurangi kontraksi kredit. Salah satu risiko dalam sistem keuangan adalah peningkatan harga perumahan di pasar properti. Salah satu kebijakan makroprudensial untuk menghadapi risiko di sektor properti adalah kebijakan Loan to Value (LTV). Bank Indonesia telah menerbitkan pelonggaran kebijakan LTV sejak tahun 2015 sampai dengan Desember 2023 bagi bank yang memenuhi persyaratan rasio kredit bermasalah tertentu. Hasil penelitian dengan menggunakan data triwulanan individual bank tahun 2016 sampai dengan tahun 2022 menunjukkan bahwa pelonggaran kebijakan LTV di Indonesia berpengaruh positif terhadap pertumbuhan kredit properti dengan lag waktu 2 (dua) triwulan setelah kebijakan diimplementasikan. Namun demikian, apabila dilakukan analisa pengaruh kebijakan pelonggaran LTV di setiap pulau, kebijakan hanya berpengaruh signifikan secara positif terhadap pertumbuhan kredit properti di Pulau Jawa.......Macroprudential policy has become more popular since the global financial crisis in 2008. It confirmed that monetary policy and microprudential policy alone were insufficient in maintaining financial stability. Macroprudential policy is a countercyclical policy that aims to reduce over-optimism during economic booms by curbing excessive expansion and mitigating over-pessimism during busts to ease credit contractions. One of the risks in the financial system is the bubble of housing prices in the property market. Therefore, macroprudential policy such as Loan to Value (LTV) aims to mitigate risks in the property sector. Bank Indonesia has issued the relaxation of LTV policy in Indonesia since June 2015 to December 2023. Research findings using individual bank quarterly data indicate that the relaxation of LTV policy in Indonesia has a positive impact on property credit growth with a lag time of two quarters after the policy implementation. However, when analyzing on a regional basis, the relaxation of LTV policy only has a positive and significant impact on credit property growth in Java."

"Pasca krisis keuangan global tahun 2008 yang dipicu oleh subprime mortgage di Amerika Serikat, otoritas keuangan di berbagai negara semakin menyadari bahwa pengawasan dan pengaturan lembaga keuangan tidak cukup hanya melalui pendekatan mikroprudensial yang ditujukan untuk menjaga tingkat kesehatan individual lembaga keuangan, namun diperlukan pengawasan dan pengaturan makroprudensial dalam menjaga stabilitas sistem keuangan (Galati dan Moessner, 2014). Kebijakan makroprudensial ditujukan untuk membatasi risiko sistemik yang terjadi pada kondisi terjadinya financial distress yang dapat menyebabkan kerugian ekonomi secara lebih luas (Borio, 2003). Salah satu instrumen kebijakan makroprudensial yang diterapkan oleh otoritas keuangan di berbagai negara termasuk Indonesia adalah pembatasan rasio Loan to Value (LTV). Kebijakan yang bersifat countercyclical ini ditujukan untuk mengendalikan laju pertumbuhan kredit properti. Tesis ini membahas pengaruh pembatasan rasio LTV oleh Bank Indonesia terhadap pertumbuhan kredit properti perbankan di Indonesia dengan menggunakan model Igan dan Kang (2011) dan Christ Mc Donald (2015). Perbedaannya adalah model rujukan menggunakan data panel, sementara penelitian ini menggunakan data time series. Dengan menggunakan persamaan regresi berganda (ordinary least squares), hasil penelitian ini menyimpulkan bahwa penerapan kebijakan LTV yang bersifat mengetatkan pada saat pertumbuhan ekonomi sedang tinggi memiliki pengaruh signifikan dalam menahan laju pertumbuhan kredit properti lima bulan setelah kebijakan tersebut diterbitkan. Sedangkan penerapan kebijakan LTV yang bersifat melonggarkan saat pertumbuhan ekonomi sedang melambat tidak berpengaruh signifikan dalam mendorong laju pertumbuhan kredit properti. ...... After the global financial crisis triggered by the US subprime mortgage crisis in 2008, financial authorities in many countries realize that it is insufficient to only rely on microprudential aspects focusing on soundness of individual financial institutions. Supervising and regulating financial institutions also require macroprudential approach in keeping the stability of the financial system (Galati and Moessner, 2014). Macroprudential policy is intended to limit the risk of episodes of financial distress with significant losses in terms of the real output for the economy as a whole (Borio, 2003). One of macroprudential policy instruments implemented by many financial authorities including Bank Indonesia is limitation on Loan to Value ratio. This countercyclical policy is intended to control the mortgage loan growth. This thesis examines the impact of Loan to Value ratio (LTV) policy to mortgage loan growth in Indonesian banking industry by using Igan & Kang (2011) and Christ Mc Donald (2015) models. The difference is referenced models using panel data, meanwhile this study used time series data. By using multiple regression model (ordinary least squares), the study concludes that implementation of tight LTV policy during economic boom period has a significant impact on restraining mortgage loans growth five months after implementation of the policy. In contrary, loosening LTV policy during economic downturn is less significant in boosting the growth of mortgage loan."

"Pasca krisis keuangan global tahun 2008 yang dipicu oleh krisis sub-prime mortgage di Amerika Serikat, otoritas keuangan di berbagai negara semakin menyadari bahwa pengawasan dan pengaturan lembaga keuangan tidak cukup hanya melalui pendekatan mikroprudensial yang ditujukan untuk menjaga tingkat kesehatan individu lembaga keuangan, namun diperlukan pengawasan dan pengaturan makroprudensial dalam menjaga stabilitas sistem keuangan Galati dan Moessner, 2014 . Kebijakan makroprudensial ditujukan untuk membatasi risiko sistemik yang terjadi pada kondisi terjadinya financial distress yang dapat menyebabkan kerugian ekonomi secara lebih luas Borio, 2003 . Salah satu instrumen kebijakan makroprudensial yang diterapkan oleh otoritas keuangan di berbagai negara termasuk Indonesia adalah pembatasan rasio Loan to Value LTV . Kebijakan yang bersifat countercyclical ini ditujukan untuk mengendalikan laju pertumbuhan kredit properti. Tesis ini membahas pengaruh pembatasan rasio LTV oleh Bank Indonesia terhadap pertumbuhan kredit properti perbankan di Indonesia dengan menggunakan model Igan dan Kang 2011 dan Christ Mc Donald 2015 . Perbedaannya, model rujukan menggunakan data panel, sementara penelitian ini menggunakan data time series. Dengan menggunakan persamaan regresi berganda ordinary least squares , penelitian ini menyimpulkan bahwa penerapan kebijakan LTV yang bersifat mengetatkan pada saat pertumbuhan ekonomi sedang tinggi memiliki pengaruh signifikan dalam menahan laju pertumbuhan kredit properti lima bulan setelah kebijakan tersebut diterbitkan. Sedangkan penerapan kebijakan LTV yang bersifat melonggarkan saat pertumbuhan ekonomi sedang melambat tidak berpengaruh signifikan dalam mendorong laju pertumbuhan kredt properti. ......After the global financial crisis triggered by the US subprime mortgage crisis in 2008, financial authorities in many countries realize that it is insufficient to only rely on microprudential aspects focusing on soundness of individual financial institutions. Supervising and regulating financial institutions also require macroprudential approach in keeping the stability of the financial system Galati and Moessner, 2014 . Macroprudential policy is intended to limit the risk of episodes of financial distress with significant losses in terms of the real output for the economy as a whole Borio, 2003. One of macroprudential policy instruments implemented by many financial authorities including Bank Indonesia is limitation on Loan to Value ratio. This countercyclical policy is intended to control the mortgage loan growth. This thesis examines the impact of Loan to Value ratio LTV policy to mortgage loan growth in Indonesian banking industry by using Igan Kang 2011 and Christ Mc Donald 2015 models. The difference is referenced models using panel data, meanwhile this study used time series data. By using multiple regression model ordinary least squares , the study concludes that implementation of tight LTV policy during economic boom period has a significant impact on restraining mortgage loans growth five months after implementation of the policy. In contrary, loosening LTV policy during economic downturn is less significant in boosting the growth of mortgage loan."

"[ABSTRAKKebijakan makroprudensial merupakan kebijakan yang dijalankan oleh Bank Indonesia untuk menanggulangi risiko sistemik pada sistem keuangan melalui instumennya antara lain Loan/Financing to value. Instrumen makroprudensial dimaksud sangat penting, khususnya untuk mencegah perilaku spekulasi pada sektor properti yang dapat menimbulkan krisis perekonomian. Undang-Undang Otoritas Jasa Keuangan mengamanatkan koordinasi dan kerjasama antara otoritas makroprudensial (Bank Indonesia) dan otoritas mikroprudensial (Otoritas Jasa Keuangan). Tujuan dari penelitian ini untuk pendalaman pengawasan makroprudensial, khususnya instrumen pengaturan Loan/Financing to Value di sektor properti dan kaitannya dengan pengawasan mikroprudensial perbankan oleh Otoritas Jasa Keuangan serta dampaknya pada bank yang menyalurkan properti. Data dihimpun berdasarkan studi literatur dan peraturan terkait serta wawancara mendalam. Penelitian ini bersifat kualitatif deskriptif interpretatif. Hasil dari penelitian ini menyimpulkan bahwa pengaturan dan pengawasan makropudensial yang merupakan kewenangan Bank Indonesia memiliki hubungan dan keterkaitan yang erat dengan pengaturan dan pengawasan mikroprudensial sesuai dengan amanat Undang-Undang Otoritas Jasa Keuangan serta karena memiliki area pengawasan yang sama yaitu perbankan. Selain itu, pengaturan susunan, kedudukan, kewenangan, tanggung jawab dan independensi Bank Indonesia, termasuk kewenangan pengaturan dan pengawasan makroprudensial haruslah dipandang bahwa pengaturan tersebut diatur sendiri dalam Undang-Undang Bank Indonesia. Ketentuan pembatasan pemberian kredit properti melalui instrumen ketentuan Loan/Financing to Value efektif untuk meredam meningkatnya penyaluran kredit/pembiayaan properti oleh bank, meskipun terdapat hal-hal yang perlu diwaspadai. Penelitian ini memberikan saran agar Forum Stabilitas Sistem Keuangan mampu memperkuat dan menjembatani Forum Koordinasi antara Bank Indonesia dan Otoritas Jasa Keuangan dan mengamandemen Undang-Undang Bank Indonesia untuk memasukan pengaturan dan pengawasan makroporudensial pada Undang-Undang Bank Indonesia.

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ABSTRACTMacroprudential policy is a policy that is implemented by Bank Indonesia to address systemic risk in the financial system through it instruments, for example Loan/Financing to Value instrument. Macroprudential, Loan/Financing to Value, is very important, especially to prevent speculation in the property sector?s behavior that can lead to economic crisis. Undang-Undang Otoritas Jasa Keuangan have mandating coordination and cooperation between macroprudential authority (Bank Indonesia) and microprudential Authority (Otoritas Jasa Keuangan). The result of this research is to deepening macroprudential supervision, in particularly regulation of Loan / Financing to Value in the property sector which is relating to banking microprudential supervision by Otoritas Jasa Keuangan and its impact to banks that are distributing housing/property loan/financing. The data were collected by means of by deep interview as well as by studying the literature and related regulations. The research is a descriptive qualitative interpretative. The result of this research concludes that the macropudential regulation and supervision, under the authority of Bank Indonesia, has a relationship and aligned with the regulation and supervision in accordance with the mandate of microprudential (Otoritas Jasa Keuangan) as well as having the same area, namely banking supervision. In addition, the setting of the structure, status, authority, responsibility and independency of Bank Indonesia, including macroprudential regulation and supervision authority must be seen that are arranged in the Bank Indonesia law. The restriction of property lending facility through the regulation of instruments Loan / Financing to Value is effective to reduce the rise banking property loan/financing, although there are some issues that need to be aware. The research provides suggestions that Financial Stability Forum is able to strengthening and bridging effective coordination forum between Bank Indonesia and Otoritas Jasa Keuangan. In addition, to amend the Bank Indonesia law to include the macroprudential regulation and supervision.;Macroprudential policy is a policy that is implemented by Bank Indonesia to address systemic risk in the financial system through it instruments, for example Loan/Financing to Value instrument. Macroprudential, Loan/Financing to Value, is very important, especially to prevent speculation in the property sector?s behavior that can lead to economic crisis. Undang-Undang Otoritas Jasa Keuangan have mandating coordination and cooperation between macroprudential authority (Bank Indonesia) and microprudential Authority (Otoritas Jasa Keuangan). The result of this research is to deepening macroprudential supervision, in particularly regulation of Loan / Financing to Value in the property sector which is relating to banking microprudential supervision by Otoritas Jasa Keuangan and its impact to banks that are distributing housing/property loan/financing. The data were collected by means of by deep interview as well as by studying the literature and related regulations. The research is a descriptive qualitative interpretative. The result of this research concludes that the macropudential regulation and supervision, under the authority of Bank Indonesia, has a relationship and aligned with the regulation and supervision in accordance with the mandate of microprudential (Otoritas Jasa Keuangan) as well as having the same area, namely banking supervision. In addition, the setting of the structure, status, authority, responsibility and independency of Bank Indonesia, including macroprudential regulation and supervision authority must be seen that are arranged in the Bank Indonesia law. The restriction of property lending facility through the regulation of instruments Loan / Financing to Value is effective to reduce the rise banking property loan/financing, although there are some issues that need to be aware. The research provides suggestions that Financial Stability Forum is able to strengthening and bridging effective coordination forum between Bank Indonesia and Otoritas Jasa Keuangan. In addition, to amend the Bank Indonesia law to include the macroprudential regulation and supervision.;Macroprudential policy is a policy that is implemented by Bank Indonesia to address systemic risk in the financial system through it instruments, for example Loan/Financing to Value instrument. Macroprudential, Loan/Financing to Value, is very important, especially to prevent speculation in the property sector?s behavior that can lead to economic crisis. Undang-Undang Otoritas Jasa Keuangan have mandating coordination and cooperation between macroprudential authority (Bank Indonesia) and microprudential Authority (Otoritas Jasa Keuangan). The result of this research is to deepening macroprudential supervision, in particularly regulation of Loan / Financing to Value in the property sector which is relating to banking microprudential supervision by Otoritas Jasa Keuangan and its impact to banks that are distributing housing/property loan/financing. The data were collected by means of by deep interview as well as by studying the literature and related regulations. The research is a descriptive qualitative interpretative. The result of this research concludes that the macropudential regulation and supervision, under the authority of Bank Indonesia, has a relationship and aligned with the regulation and supervision in accordance with the mandate of microprudential (Otoritas Jasa Keuangan) as well as having the same area, namely banking supervision. In addition, the setting of the structure, status, authority, responsibility and independency of Bank Indonesia, including macroprudential regulation and supervision authority must be seen that are arranged in the Bank Indonesia law. The restriction of property lending facility through the regulation of instruments Loan / Financing to Value is effective to reduce the rise banking property loan/financing, although there are some issues that need to be aware. The research provides suggestions that Financial Stability Forum is able to strengthening and bridging effective coordination forum between Bank Indonesia and Otoritas Jasa Keuangan. In addition, to amend the Bank Indonesia law to include the macroprudential regulation and supervision.;Macroprudential policy is a policy that is implemented by Bank Indonesia to address systemic risk in the financial system through it instruments, for example Loan/Financing to Value instrument. Macroprudential, Loan/Financing to Value, is very important, especially to prevent speculation in the property sector?s behavior that can lead to economic crisis. Undang-Undang Otoritas Jasa Keuangan have mandating coordination and cooperation between macroprudential authority (Bank Indonesia) and microprudential Authority (Otoritas Jasa Keuangan). The result of this research is to deepening macroprudential supervision, in particularly regulation of Loan / Financing to Value in the property sector which is relating to banking microprudential supervision by Otoritas Jasa Keuangan and its impact to banks that are distributing housing/property loan/financing. The data were collected by means of by deep interview as well as by studying the literature and related regulations. The research is a descriptive qualitative interpretative. The result of this research concludes that the macropudential regulation and supervision, under the authority of Bank Indonesia, has a relationship and aligned with the regulation and supervision in accordance with the mandate of microprudential (Otoritas Jasa Keuangan) as well as having the same area, namely banking supervision. In addition, the setting of the structure, status, authority, responsibility and independency of Bank Indonesia, including macroprudential regulation and supervision authority must be seen that are arranged in the Bank Indonesia law. The restriction of property lending facility through the regulation of instruments Loan / Financing to Value is effective to reduce the rise banking property loan/financing, although there are some issues that need to be aware. The research provides suggestions that Financial Stability Forum is able to strengthening and bridging effective coordination forum between Bank Indonesia and Otoritas Jasa Keuangan. In addition, to amend the Bank Indonesia law to include the macroprudential regulation and supervision.;Macroprudential policy is a policy that is implemented by Bank Indonesia to address systemic risk in the financial system through it instruments, for example Loan/Financing to Value instrument. Macroprudential, Loan/Financing to Value, is very important, especially to prevent speculation in the property sector?s behavior that can lead to economic crisis. Undang-Undang Otoritas Jasa Keuangan have mandating coordination and cooperation between macroprudential authority (Bank Indonesia) and microprudential Authority (Otoritas Jasa Keuangan). The result of this research is to deepening macroprudential supervision, in particularly regulation of Loan / Financing to Value in the property sector which is relating to banking microprudential supervision by Otoritas Jasa Keuangan and its impact to banks that are distributing housing/property loan/financing. The data were collected by means of by deep interview as well as by studying the literature and related regulations. The research is a descriptive qualitative interpretative. The result of this research concludes that the macropudential regulation and supervision, under the authority of Bank Indonesia, has a relationship and aligned with the regulation and supervision in accordance with the mandate of microprudential (Otoritas Jasa Keuangan) as well as having the same area, namely banking supervision. In addition, the setting of the structure, status, authority, responsibility and independency of Bank Indonesia, including macroprudential regulation and supervision authority must be seen that are arranged in the Bank Indonesia law. The restriction of property lending facility through the regulation of instruments Loan / Financing to Value is effective to reduce the rise banking property loan/financing, although there are some issues that need to be aware. The research provides suggestions that Financial Stability Forum is able to strengthening and bridging effective coordination forum between Bank Indonesia and Otoritas Jasa Keuangan. In addition, to amend the Bank Indonesia law to include the macroprudential regulation and supervision., Macroprudential policy is a policy that is implemented by Bank Indonesia to address systemic risk in the financial system through it instruments, for example Loan/Financing to Value instrument. Macroprudential, Loan/Financing to Value, is very important, especially to prevent speculation in the property sector’s behavior that can lead to economic crisis. Undang-Undang Otoritas Jasa Keuangan have mandating coordination and cooperation between macroprudential authority (Bank Indonesia) and microprudential Authority (Otoritas Jasa Keuangan). The result of this research is to deepening macroprudential supervision, in particularly regulation of Loan / Financing to Value in the property sector which is relating to banking microprudential supervision by Otoritas Jasa Keuangan and its impact to banks that are distributing housing/property loan/financing. The data were collected by means of by deep interview as well as by studying the literature and related regulations. The research is a descriptive qualitative interpretative. The result of this research concludes that the macropudential regulation and supervision, under the authority of Bank Indonesia, has a relationship and aligned with the regulation and supervision in accordance with the mandate of microprudential (Otoritas Jasa Keuangan) as well as having the same area, namely banking supervision. In addition, the setting of the structure, status, authority, responsibility and independency of Bank Indonesia, including macroprudential regulation and supervision authority must be seen that are arranged in the Bank Indonesia law. The restriction of property lending facility through the regulation of instruments Loan / Financing to Value is effective to reduce the rise banking property loan/financing, although there are some issues that need to be aware. The research provides suggestions that Financial Stability Forum is able to strengthening and bridging effective coordination forum between Bank Indonesia and Otoritas Jasa Keuangan. In addition, to amend the Bank Indonesia law to include the macroprudential regulation and supervision.]"