[ABSTRAK Penggunaan alat pembayaran non-tunai dalam dua dekade terakhirmeningkat pesat. Namun demikian, perkembangan penggunaan alatpembayaran non-tunai tersebut belum mencapai tingkat yang diharapkan.Penggunaan alat pembayaran tunai terus meningkat tercermin padapeningkatan uang kartal yang diedarkan.Tesis ini menganalisa permintaan uang kartal di Indonesiamenggunakan data bulanan dari tahun 2005 s.d 2013 dengan memasukkanpengaruh alat pembayaran non-tunai melalui kartu dan uang elektronik.Untuk kebutuhan analisis, selain menganalisis permintaan uang kartalsecara agregat, penelitian ini juga menganalisis permintaan uang kartalberdasarkan 2 katagori denominasi yaitu permintaan uang kartal pecahanbesar (UPB) dan permintaan uang kartal uang kartal pecahan kecil (UPK).Dengan menggunakan vector error correction model (VECM), hasilpenelitian menunjukkan bahwa permintaan uang kartal secara agregatmaupun permintaan berdasarkan denominasi (UPB dan UPK) meningkatdengan meningkatnya pendapatan (PDB), dan menurun denganmeningkatnya suku bunga. Sedangkan terhadap variabel non-tunai tidakditemukan hasil yang konklusif bahwa variabel non-tunai tersebutberdampak terhadap permintaan uang kartal agregat, permintaan UPB, danpermintaan UPK. ABSTRACT While non-cash payment usage has increased dramatically in the last twodecades, the stock of outstanding currency has not declined. Non-cash paymentusage does not reach at the expected level as reflected by the increasing stock ofoutstanding currency.The thesis analyses currency demand in Indonesia using monthly datafrom 2005 to 2013 with incorporating non-cash payment particularly paymentcard usage and electronic money. For the analysis purposes, the examination isundertaken by analyzing currency demand at the aggregate level as well as at thedenominational composition, i.e. analyzing currency demand at highdenomination and currency demand at low denomination.Using vector error correction model (VECM), those currency demandmodels are investigated. The result shows that those currency demands increasewhen income rise and currency demands decrease when interest rate increase.Related to non-cash payment, there is no conclusive result that non-cashpayment has impact either at aggregate currency demand or at denominationcurrency demand.;While non-cash payment usage has increased dramatically in the last twodecades, the stock of outstanding currency has not declined. Non-cash paymentusage does not reach at the expected level as reflected by the increasing stock ofoutstanding currency.The thesis analyses currency demand in Indonesia using monthly datafrom 2005 to 2013 with incorporating non-cash payment particularly paymentcard usage and electronic money. For the analysis purposes, the examination isundertaken by analyzing currency demand at the aggregate level as well as at thedenominational composition, i.e. analyzing currency demand at highdenomination and currency demand at low denomination.Using vector error correction model (VECM), those currency demandmodels are investigated. The result shows that those currency demands increasewhen income rise and currency demands decrease when interest rate increase.Related to non-cash payment, there is no conclusive result that non-cashpayment has impact either at aggregate currency demand or at denominationcurrency demand., While non-cash payment usage has increased dramatically in the last twodecades, the stock of outstanding currency has not declined. Non-cash paymentusage does not reach at the expected level as reflected by the increasing stock ofoutstanding currency.The thesis analyses currency demand in Indonesia using monthly datafrom 2005 to 2013 with incorporating non-cash payment particularly paymentcard usage and electronic money. For the analysis purposes, the examination isundertaken by analyzing currency demand at the aggregate level as well as at thedenominational composition, i.e. analyzing currency demand at highdenomination and currency demand at low denomination.Using vector error correction model (VECM), those currency demandmodels are investigated. The result shows that those currency demands increasewhen income rise and currency demands decrease when interest rate increase.Related to non-cash payment, there is no conclusive result that non-cashpayment has impact either at aggregate currency demand or at denominationcurrency demand.] |