Volume 4, Issue 9, September – 2019 International Journal of Innovative Science and Research Technology

ISSN No:-2456-2165

Simultaneous Effect of Monetary Policy on

Macroeconomic Changes in IVI Countries
Ade Novalina; Rusiadi1); Wahyu Indah Sari; Lia Nazliana Nasution
1)
Correspondent Author: Rusiadi
Faculty of Social Science, Universitas Pembangunan Panca Budi, Medan, Indonesia

Abstract:- The short-term goal of this study is to analyze inflation fluctuations so that it does not disturb the economy
the contribution of changes in macroeconomic too much. So important is the control of inflation, the
instruments due to changes in monetary policy government or the finance minister, in this case, need to set
instruments with inflation expectations that can an inflation target. According to Warjiyo (2003), inflation
maintain economic stability, including (Exchange Rate, targeting is a framework for monetary policy that is marked
Money Supply, Inflation Expectations, GDP and by announcements to the public about the inflation target
Inflation). The specific target in this study is to find the figures for a period. High inflation can lead to a worsening
simultaneity and Leading indicator of the effectiveness income distribution which means it will also increase
of controlling economic stability in each country of poverty, reduce savings deposits which are a source of
Indonesia, Vietnam, and India. The material used in this investment in developing countries, cause a trade balance
study is quantitative material with simultaneous data, deficit, inflate the amount of foreign debt and can lead to
secondary data sources in time series that is from the political instability (Vymyatnina, 2005). Considering how
first quarter of 2000 to the first quarter of 2017. The crucial this discussion of inflation is, it is no wonder that BI
data analysis model in this study is the Simultaneous has set it as the ultimate goal in implementing its monetary
analysis model. The results showed that there was a policy. The phenomenon of the problem in this study is seen
simultaneous effect of the exchange rate, the money from the various responses of macroeconomic variables to
supply, and inflation expectations on changes in the the ability of monetary policy transmission in controlling
macroeconomic and macroeconomic stability of the IVI the economy in Indonesia, Vietnam, and India, as follows:
countries. The results showed that macroeconomic
variables have a simultaneous effect on economic No Year Country
stability. The exchange rate, money supply, and inflation
expectations have no significant effect on the Indonesia Vietnam India
macroeconomic stability of IVI countries. 1 2000 3,72 -1,71 4,01

Keywords:- Exchange Rate, JUB, Inflation Expectations, 2 2001 11,50 -0,43 3,68
GDP, Inflation. 3 2002 11,88 3,83 4,39
4 2003 6,59 3,21 3,81
I. INTRODUCTION
5 2004 6,24 7,75 3,77
Monetary policy in achieving intermediate and final
6 2005 10,45 8,28 4,25
targets can be predicted in the short and long term. The
intermediate target is macroeconomic stability, while the 7 2006 13,11 7,38 6,15
final target is price stability. The monetary transmission has
8 2007 6,41 8,3 6,37
problems with a time lag (Alani, 2016). The delay effect can
occur due to obstacles from other macroeconomic variables 9 2008 9,78 23,11 8,35
(Natsir, 2011). Interest can influence the delay effect 10 2009 4,81 7,05 10,88
(Wróbel, 2013). Zega (2015) exchange rates affect the
success of the monetary policy. Monetary transmission is 11 2010 5,13 8,86 11,99
significant in maintaining economic stability (Rusiadi; 12 2011 5,36 18,67 8,86
Novalina, 2018). Onyeiwu (2012) concluded that exports as
a variable that can affect the success of the final target. 13 2012 4,28 9,09 9,31
14 2013 6,41 6,59 10,91
Alfian (2011) states that asset paths affect economic
growth and inflation. Natsir (2015) which shows that labor 15 2014 6,39 4,08 6,65
and net exports influence economic growth. Silvia (2013) 16 2015 6,36 0,87 4,91
economic stability is affected by consumption, net exports
and investment. Indonesia rose to fifth place because of the 17 2016 3,53 3,24 4,94
increased growth of chemical products, as well as industrial 18 2017 3,44 2,65 5,03
manufacturing and financial services (Watson, 2018). The
increase in inflation as an indication of economic stability is Table 1:- Inflation in IVI countries (in percent)
experiencing disruption. Therefore, when the price Source: Worldbank
disruption occurs, the government must be able to control

IJISRT19SEP1057 www.ijisrt.com 275

Volume 4, Issue 9, September – 2019 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
and the economy in general. Natsir (2011) interest rates
function effectively as operational targets. Sitaresmi (2005)
the reliability of using the interest rate channel in pursuing
policy targets in the form of inflation. Tightening of the
interest rate can also protect Hussain's price fluctuations
(2014), Hsing (2015) and Wróbel (2016). Monetary policy
must facilitate a favorable investment climate through
appropriate interest rates, exchange rate, and liquidity
management mechanisms and money markets. (Onyeiwu,
2012). Interest rates are primarily related to price increases
— the existence of functional interest rates in the Zambian
economy (Sheefeni, 2013).

Fig 1:- Development of Inflation in IVI Countries II. THEORIES

The data above shows that inflation in Indonesia,  Mechanism of Monetary Policy Transmission of Interest
Vietnam, and India (IVI) tends to fluctuate during the period Rate Pathways
2000 to 2017. The movements are almost the same in The interest rate is the critical monetary transmission
Indonesia, Vietnam, and India, which is a significant mechanism in the IS model, the LM model, the AD model,
increase in inflation in 2008. It caused by the impact of and the US model. An increase in the stock of money will
global problems, namely the increase in global food prices. reduce the real interest rate and the cost of capital and
In general, people want the cost of living needs that are increase business investment. Increasing investment will
stable from time to time and want income to increase increase aggregate demand. A decrease in the real interest
continuously or at a macro level of economic growth rate will also increase spending on home purchases and
accompanied by excellent economic stability. Economic durable goods. Therefore a decrease in the interest rate due
stability is needed to keep people's income from being to monetary expansion will increase spending or
eroded by price increases (inflation). That way, the consumption and aggregate demand. At a shallow nominal
community will also become more prosperous (Boediono, interest rate, monetary expansion will increase expectations
2013). of the price level and inflation. Consequently, the real
interest rate falls. A decrease in the real interest rate will
If someone is reluctant to save, the business and reduce the cost of capital and the cost of holding money,
investment world will be challenging to develop. Inflation is then stimulate business and consumer spending. Increasing
also able to widen the income gap between the rich and the business and consumer spending will ultimately increase
poor. Creditors or lenders will also be affected by inflation aggregate demand. The flow rate transmission mechanism is
because the return value is lower than when borrowing formulated in two forms, such as:
money. Inflation also causes production costs to rise so that
it can hamper productive investment by producers, so m r  y 
producers are reluctant to continue production. Producers
can stop their production for a while; even if they are unable m p  r  y 
to keep up with the rate of inflation, production can go out
of business. It can be seen that the economic growth of where:
Indonesia, Vietnam, and India has seen a slowdown. m = nominal money stock,
According to Hussain (2015), to maintain an adequate r = real interest rate,
growth rate, it is necessary to intervene from the p = rice level expectation,
government to reduce the primary sector and increase the
 = real investment, and
role of the non-primary sector. The non-primary sector, in
y = aggregate real output
this case, needs to be improved, such as the industrial sector
that can contribute a GDP of 9.3% in 1972 to 28.34% in
 Exchange Rate Monetary Monetary Transmission
2008. In 1972 to 1996 there was a transformation of the
Mechanisms
economic structure in Indonesia that was able to cause an
The mechanism of transmission of asset price flows
increase in the growth rate in Indonesia with an average
consists of the exchange rate effect, Tobin's q theory, and
growth of 7% per year so that Indonesia can enter the
the wealth effect. Global economic growth and flexible
HPAES (High Performing Asian Economies) group of
exchange rates have increased the role of international
countries. Some inconsistencies of research gaps regarding
monetary policy in determining a country's foreign
Inflation and Monetary Policy Analysts at home and abroad,
exchange rates. The monetary expansion will initially
as well as the author's motivation to re-raise this study with
reduce the domestic real interest rate and then cause foreign
the Simultaneous model and ARDL panel.
currency deposits to rise. An increase in the value of foreign
currency deposits against domestic currency deposits will
The results of this analysis are expected to become
result in an appreciation of foreign currency exchange rates
input for policymakers such as Bank Indonesia and the
and depreciation of the domestic currency exchange rate.
Minister of Finance to predict economic stability. Hülsewig
Depreciation of the domestic currency exchange rate results
(2010), the impact of rising interest rates will increase prices
in the relative price of products or exports cheaper so that

IJISRT19SEP1057 www.ijisrt.com 276

Volume 4, Issue 9, September – 2019 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
net exports rise and ultimately increase aggregate demand. III. METHODOLOGY
The mechanism of the exchange rate effect which flow
transmission is formulated as follows: The material in this study uses quantitative material
with the Simultaneous Model and ARDL Panel approach.
m r ex y  Quantitative material in this study is related to observed
variable data, namely the exchange rate, JUB, inflation
where: expectations, GDP and inflation from several Emerging
e = currency exchange rates, and Market Countries, namely Indonesia, Vietnam, and India
x = net real exports. (IVI) from 2000 to 2017. Then the conceptual research can
be described as follows:
Tobin has developed a theory of how monetary policy
can influence stock valuations, called Tobin's q theory.
Tobin defines q as the ratio of a company market price to
the cost of replacing capital. If q is high, the ratio of the firm
market price with high capital replacement costs, and vice
versa if q is low, then the company market price ratio with
capital replacement costs is low. The monetary expansion
will increase the company stock price expectations, and
consequently, the ratio of the company market price to the
cost of replacing capital rises. This increase in q will
increase spending on equipment and new plants or
investment. An increase in corporate investment spending
will increase aggregate demand. Tobin’s q theory
transmission mechanism is formulated as follows:

m s q  i  y 
Fig 2:- Framework for Thinking: Monetary Transmission
where:
s = stock price expectations, and
q = the ratio of the stock market price to the cost of
replacing capital.

The monetary transmission mechanism also influences

people's wealth. Consumer spending decisions may affect
the consumer's balance sheet. Modigliani uses life cycle
hypotheses from the consumption of durable goods and
services to explain the effects of wealth. The central premise
of Modigliani is that consumption is not constant over a
long-term period. It is mainly due to the financial wealth of
consumers, such as stocks, bonds, and deposits that are not
constant for life. The monetary expansion will increase the
price of financial assets so that financial wealth rises. An
increase in financial wealth will increase economic
resources over the life of the consumer and will ultimately Fig 3:- Conceptual (simultaneous) framework: Monetary
increase consumption and aggregate demand. The Transmission and Inflation Expectations of Economic
mechanism of transmission of the wealth effect flow is Stability in IVI countries.
formulated as follows:
 Observed Parameters
The parameters observed were the exchange rate
msw c  y  variable, the amount of money supply, inflation
expectations, GDP, and inflation from several emerging
where: market countries, such as Indonesia, Vietnam, and India
w = financial wealth or balance sheet of consumers, and from 2000 to 2017.
c = real household consumption.

IJISRT19SEP1057 www.ijisrt.com 277

Volume 4, Issue 9, September – 2019 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
NO. VARIABLE MEASUREMENT SCALE
1 GDP 2010 Constant Prices Ratio
2 INFLATION consumer price index Ratio
3 Exchange rate Rupiah Exchange Rate Against US Dollar Ratio
4 Total Money Supply M1 Ratio
5 Inflation Expectations Monetary Policy Inflation Targets Ratio
Table 2:- Observation Variable Parameters

 Data Analysis Method MS = Amount of Money Supply (%)

Simultaneous model equation as follows: EINF = Inflation Expectations (%)
INF = Inflation (%)
LOG(GDP)=C(11)*LOG(ER)+C(12)*LOG(MS)+C(13)* C(11), C(12), (13) = Constant
α = Regression Coefficient
LOG(EINF)+C(14)*LOG(INF)+ 1 1  2 = Term Error

LOG(INF)=C(21)*LOG(ER)+C(22)*LOG(MS)+C(23)* Furthermore, simultaneous identification is carried out

which aims to find out whether the equation is in one of the
LOG(EINF)+C(24)*LOG(GDP) + 2 following conditions, namely under-identified, correctly
identified or over-identified. Koutsoyiannis in Rusiadi
where: (2016) states that for the 2SLS model to be applied to the
equation system, the identification requirements must meet
GDP = Gross Domestic Product
the exact criteria or over-identified. Based on the
(Billion US $)
simultaneous conceptual framework and the above equation,
ER = Exchange Rate (Country
Currencies / US $) the two equations are tested for identification as follows:

Persamaan K-K m-1 Hasil Identifikasi

PDB 5-2 4-1 3=3 exetly identification
INF 5-2 4-1 3=3 exetly identification
Table 3:- Test equation identification

After knowing that simultaneous identification in the IV. RESULT AND DISCUSSION
equation is in the exact identified condition, 2SLS
simultaneous analysis can be done. The 2SLS simultaneous The simultaneous model of the effect of variable two
analysis must meet the classical assumptions where the simultaneous equations is performed using the Two-Stage
classic assumptions are used: Least Squares model. The estimation results of the equation
system with Two-Stage Least Squares are shown in the table
- Test data normality below. From the table, it is known that 2 (two) simultaneous
- Autocorrelation test model equations:

LOG(GDP)=C(10)+C(11)*LOG(ER)+C(12)*LOG(MS)+

C(13)*LOG(EINF)+C(14)*LOG(INF)+  1

LOG(INF)=C(20)+C(21)*LOG(ER)+C(22)*LOG(MS)+

C(23)*LOG(EINF)+C(24)*LOG(GDP)+ 2

IJISRT19SEP1057 www.ijisrt.com 278

Volume 4, Issue 9, September – 2019 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
System: YCM
Estimation Method: Two-Stage Least Squares
Date: 06/26/19 Time: 12:57
Sample: 1 54
Included observations: 54
Total system (balanced) observations 144
Coefficient Std. Error t-Statistic Prob.

C(10) 8.241571 0.971173 8.486199 0.0000

C(11) -0.512230 0.037810 -13.54745 0.0000
C(12) -1.201942 0.203302 -5.912091 0.0000
C(13) 0.541317 0.105667 5.122838 0.5450
C(14) 0.066611 0.125639 0.530179 0.5969
C(20) -115.3435 215.6019 -0.534984 0.5935
C(21) 7.188246 12.88777 0.557757 0.5479
C(22) 16.83083 31.27752 0.538113 0.5914
C(23) -7.598131 13.64415 -0.556878 0.5785
C(24) 14.01795 25.53443 0.548982 0.0039

Determinant residual covariance 0.000927

Equation: LOG(GDP)=C(10)+C(11)*LOG(ER)+C(12)*LOG(MS)+C(13)
*LOG(EINF)+C(14)*LOG(INF)
Instruments: C KURS MS EINF GDP INF
Observations: 54
R-squared 0.835257 Mean dependent var 6.523242
Adjusted R-squared 0.825422 S.D. dependent var 1.573042
S.E. of regression 0.657257 Sum squared resid 28.94314
Durbin-Watson stat 0.436543

Equation: LOG(INF)=C(20)+C(21)*LOG(ER)+C(22)*LOG(MS)+C(23)
*LOG(EINF)+C(24)*LOG(GDP)
Instruments: C ER MS EINF GDP INF
Observations: 54

R-squared 0.802153 Mean dependent var 1.505714

Adjusted R-squared 0.829147 S.D. dependent var 0.801979
S.E. of regression 9.208071 Sum squared resid 5680.834
Durbin-Watson stat 0.438116
Table 4:- Estimation Results of the Two-Stage Least Squares Equation

Based on the results of the structural equation output, LOG (GDP) = 8,241 – 0,512*LOG(ER) -
it can be seen that there are two equations, following each 1,201*LOG(MS) + 0,541 *LOG
description in 2 equations: (EINF)+0,066*LOG(INF)+  1
 Equation 1 Test Result
Based on the estimation results above can show that
The first equation is the equation used to find out
𝑅2 = 0.835257 which means that the ER, MS, Inflation and
simultaneously on economic growth and inflation with the
Inflation Expectations variables can explain GDP of 83.52%
following equation as follows:
and the remaining 16.48% of GDP is influenced by other
variables beyond the estimation in the model. Based on the
LOG(GDP)=C(10)+C(11)*LOG(ER)+C(12)*LOG(MS)+
estimation results obtained by the t-count value, there are 3
C(13)*LOG(EINF)+C(14)*LOG(INF)+  1 (three) variables which significantly affect the GDP
variable, namely the Exchange and MS at alpha = 10 %,
Based on the equation, the results of the eviews Exchange rates with prob value 0,000 < 0.10 and MS with
output with the Two-Stage Least Square model are as prob value 0,000 < 0.10. So that the exchange rate and MS
follows: significantly influence the GDP variable.

IJISRT19SEP1057 www.ijisrt.com 279

Volume 4, Issue 9, September – 2019 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
 Exchange coefficient Growth (GDP). The influence of inflation on economic
Based on the regression results it is known that the growth is inversely proportional or opposite, i.e., if inflation
regression coefficient for an adverse exchange rate of 0.512 increases, economic growth will decrease, and if Inflation
means that for every increase of the exchange rate of 1%, decreases, economic growth will increase.
the GDP will decrease by 0.512%.
However, Endut's research (2013) showed that
 JUB coefficient economic growth had a positive and significant effect on
Based on the regression results, it is known that the inflation. In a study conducted by Endut (2013) inflation
regression coefficient for negative JUB 1.201 means that that occurred was still at a mild level so that rising inflation
each increase of JUB by 1%, the GDP will decrease by still had a positive effect on economic growth. An increase
1.201%. in the level of inflation that is still at a mild level can
provide stimulus to producers to increase production. By the
law of supply, if the price level rises, the supply will rise,
 Inflation Expectation Coefficient
this is what makes producers increase their production.
Based on the regression results it is known that the When goods produced in the community increase and prices
regression coefficient for a positive Inflation Expectation of are still affordable by consumers because the inflation rate is
0.541 implies that each increase of the Inflation Expectation still at a low level, the purchasing power of consumers does
of 1% then the GDP will experience an increase of 0.541%. not decrease so this can increase economic growth even
though the inflation rate increases. The conventional
 Inflation Coefficient monetary transmission has a continuity with inflation that
Based on the regression results, it is known that the starts from interest (Magdalena, 2014). The monetary policy
regression coefficient for positive inflation of 0.066 implies transmission mechanism consists of interest, credit,
that for every increase of inflation of 1%, the GDP will exchange rates, asset prices, inflation expectations. This
experience an increase of 0.066%. study uses the interest rate channel, asset prices, and the
exchange rate channel (Rusiadi; Novalina, 2017a). Other
studies have nothing in common using these three pathways.
 Equation 2 Test Result For example, those using a single channel such as Alani
The second equation is the equation used to find out (2016) credit lines, Hussain (2014), Soares (2015), interest
simultaneously on economic growth and inflation with the lines and using two channels such as Senbet (2016) lines of
following equation: credit and exchange rates, Sekhposyan (2011), Abubakar
(2013), Nijkamp (2011), (Rusiadi; Novalina, 2018). Rosoiu
LOG(INF)=C(20)+C(21)*LOG(ER)+C(22)*LOG(MS)+ (2012), Tien (2013), Wollmershäuser (2005), interest and
C(23)*LOG(EINF)+C(24)*LOG(GDP)+  2 credit lines, Rusnák (2012), Vymyatnina (2005), Shenglin
(2016), Togatorop (2014), Zega (2009), interest and
Based on the equation, the results of the eviews output exchange rates. Using three channels such as Ashiddiiqi
with the Two-Stage Least Square model are as follows: (2013), interest, credit and exchange rates, Qurotulaina
(2014), Odo (2016), interest, credit and asset prices, Qori'ah
LOG (INF) = -115,343 + 7,188*LOG(ER) (2013) credit lines, asset prices and exchange rates (Rusiadi;
+16,830*LOG(MS) – 7,598* LOG(EINF) + Novalina, 2017c) and using four channels such as Oguanobi
(2013) interest, credit, asset prices, exchange rates and
14,017*LOG(GDP) +  2 expectations, Trang (2015), Nwaobi (2014), interest lines,
credit, asset prices. Although using the three paths, but not
Based on the results of data analysis, it is known that it the same path of interest, asset prices and exchange rates,
turns out that GDP is significantly affected by the Exchange and using the four paths of Trang (2015) and Oliner (2014),
and the Amount of Money Supply. If the value of a but only one country. The reason for using these three asset
country's currency exchange rate weakens against the US lines is by setting aside credit lines and expectations, where
dollar, it will increase the value of a country's exports, credit lines in some studies have perfect interactions with
because the price of goods will be lower so that it can interest interactions so that the mechanisms are both equal
increase a country's economic growth. It is following and representative, Disyatat and Forhad (2017). The
research conducted by Jan and Annaria (2015) which states expectation pathway also has characteristics with asset
that the exchange rate (exchange rate) partially has a prices and inflation itself. (Rusiadi; Novalina, 2017c),
positive but not significant relationship to economic growth. Disyatat and Forhad (2017), (Nuryakin and Warjiyo, 2006),
Magdalena (2016) concluded that the interest rate channel
The influence of the money supply on economic was a productive path in realizing the ultimate goal of
growth that is, if the amount of money held by the public monetary policy. Rosoiu et al. (2015) state that the exchange
increases, it will increase the purchasing power of the rate other than interest is the main transmission line and
people so that the economic growth of a country will also effectively realizes the ultimate goal of monetary policy.
increase. As research by Ashiddiiqi (2013) states that the Asset prices as one of the transmission can represent the
money supply has a positive and significant influence on demand and expectations, (Rusiadi; Novalina, 2017b).
economic growth (GDP) either partially or simultaneously. Minea (2004) chose to emphasize the concept of the
Based on the results of data analysis, it is known that it turns mechanism of transmission of the continuation of the
out that Inflation is significantly affected by Economic exchange rate policy. VAR models (Rusiadi, 2016), (2015),

IJISRT19SEP1057 www.ijisrt.com 280

Volume 4, Issue 9, September – 2019 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
Zhang (2015), Wollmershäuser (2005), Estrella (2015), [11]. Sitaresmi, N .(2006). Analisis Pengaruh Guncangan
Rooiu (2015), Yusuf (2016), Fauziyah (2015), (Rusiadi; Kurs Yen Dan Usd Terhadap Rupiah Dalam
Novalina, 2018), Daniar (2016). Mekanisme Transmisi Kebijakan Moneter Melalui
Jalur Nilai Tukar Di Indonesia. Departemen Ilmu
V. CONCLUSION Ekonomi Institute Pertanian Bogor.
[12]. Stock, J. H., dan Watson, M. W. (2002). Forcasting
The results showed that there was a simultaneous Using Principal Components from a Large Number
effect of the exchange rate, the money supply, and inflation Preductors. Journal of the American Statistical
expectations on changes in the macroeconomic and Association. Vol. 97 No 460.
macroeconomic stability of the IVI countries. The results [13]. Onyeiwu. C. (2012). Monetary Policy And Economic
showed that macroeconomic variables significantly Growth Of Nigeria. Journal Of Economics And
influence economic stability. The exchange rate, money Sustainable Development. Vol.3, No.7, 2012
supply, and inflation expectations have no significant effect [14]. Jusoh;, & Rusiadi;, A. (2014). The Performance
on the macroeconomic stability of IVI countries. Improvement Through College and the Competency of
Human Resources Strategy for the Higher Education
REFERENCES in Medan. Advances in Environmental Biology Adv.
Environ. Biol, 8(89), 536–542.
[1]. Hai, B.V., and Trang, T.T.M. (2015). The [15]. Rusiadi; ade novalina. (2018). Monetary Policy
Transmission Mechanism Of Monetary Policy In Transmission : Does Maintain the Price and Poverty
Vietnam: A VAR Approach. The Graduate Institute of Stability is Effective? Jejak Jurnal Ekonomi Dan
International and Development Studies Geneva, Kebijakan Journal of Economics and Policy, 11(102),
Working Paper N IHEIDWP15-2015. 78–78. Retrieved from
[2]. Havránek, T., And Rusnák, M. (2012). Transmission http://journal.unnes.ac.id/nju/index.php/jejak91.
Lags Of Monetary Policy: A Meta-Analysis. Czech [16]. Rusiadi; Novalina, A. (2017a). KEMAMPUAN BI 7-
National Bank, Working Paper Series 10. DAY REPO RATE (BI7DRR) DALAM MENJAGA
[3]. Hussain, Z. A.N (2014). The Lags In Effect Of STABILITAS EKONOMI INDONESIA
Monetary Policy: A Case Study Of Pakistan. Pakistan (PENDEKATAN TRANSMISI MONETER JANGKA
Economic And Social Review Volume 52, No. 1 PANJANG). Jepa, 10(2), 1979–5408.
(Summer 2014), Pp. 1-14. [17]. Rusiadi; Novalina, A. (2017b). KEMAMPUAN
[4]. Hsing. Y (2015). Monetary Policy Transmission And KEYNESIAN BALANCE OF PAYMENT THEORY
Bank Lending In China And Policy Implications DAN MONETARY APPROACH BALANCE OF
Journal Of Chinese Economics, 2014 Vol. 2, No. 1, Pp PAYMENT MENDETEKSI KESEIMBANGAN
1-9 NERACA PERDAGANGAN INDONESIA.
[5]. Nwaobi, Godwin Chukwudum. 2003.The Balance of Ekonomikawan, 17(1), 1–10.
Payments as a Monetary Phenomenon: an [18]. Rusiadi; Novalina, A. (2017c). PREDIKSI JANGKA
Econometric Case Study of Nigeria”. Papers by JEL PANJANG TRANSMISI KEBIJAKAN MONETER
Classification. pages 1-34. MELALUI JALUR KURS NEGARA EMERGING
[6]. Odo, A.C., Odiony, J.K., and Ojike, R.O. (2016). MARKET. Ekonomikawan, 17(1), 13–22.
Inflation Dynamics In Nigeria: Implications For [19]. Rusiadi; Novalina, A. (2018). Monetary Policy
Monetary Policy Response. Journal of Economics and Transmission : Does Maintain the Price and Poverty
Sustainable Vol.7, No.8, 2016. Stability is Effective? Jejak Jurnal Ekonomi Dan
[7]. Oliner, S.D. dan Rudebusch, G. D. (2014). Is There a Kebijakan Journal of Economics and Policy, 11(102),
Broad Credit Channel for Monetary Policy? FRBSF 78–78. Retrieved from
Economic Review(1). http://journal.unnes.ac.id/nju/index.php/jejak91.
[8]. Forhad, A.R., Homaifar, G.A. and Salimullah, A.S.M. [20]. Rusiadi;, Subiantoro, N., & Hidayat, R. (2014).
(2017). Monetary Policy Transmission Effect On The METODE PENELITIAN. (Ade Novalina, Ed.) (1st
Realsector Of The Bangladesh Economy: An Svar ed.). Medan: USU Press. Retrieved from
Approach. Economia Internazionale / International https://www.mendeley.com/research-papers/metode-
Economics Volume 70, Issue 1 - Febraury, 25-46. penelitian-2049/
[9]. Rosoiu (2015), A. (2015). Emerging Markets Queries [21]. Rusiadi, & Novalina, A. (2018). Monetary Policy
Monetary Policy And Time Varying Parameter Vector Transmission: Does Maintain the Price and Poverty
Autoregression Model. The Bucharest University of Stability is Effective? Jejak Jurnal Ekonomi Dan
Economic Studies, Procedia Economics and Finance Kebijakan, 11(102), 78–82.
32 ( 2015 ) 496 – 502. [22]. Vymyatnina.Y. (2005). Monetary Policy Transmission
[10]. Shenglin, N.Y.G. and Ben. (2016). Should Practice And Bank Of Russia Monetary Policy. Department of
Simple Central Banking To Help Rmb Economics European University at St Petersburg,
Internationalizatio. Journal Of Chinese Economics, Working paper Ec-02/05.
2016 Vol. 4. No. 2. Pp. 35-46 (Online) [23]. Warjiyo, P Dan Solikin. (2003). Kebijakan Moneter
Di Indonesia. Seri Kebanksentralan No. 6. Ppsk.
Jakarta: Bank Indonesia.

IJISRT19SEP1057 www.ijisrt.com 281

Volume 4, Issue 9, September – 2019 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
[24]. Hussain, Z. A.N (2014). The Lags In Effect Of
Monetary Policy: A Case Study Of Pakistan. Pakistan
Economic And Social Review Volume 52, No. 1
(Summer 2014), Pp. 1-14.
[25]. Alfian, M. (2011) Efektifitas Mekanisme Transmisi
Kebijakan Moneter Pada Jalur Suku Bunga. Jurnal
Media Ekonomi Vol. 19, No. 2, Agustus 2011.
[26]. Ashiddiiqi, S. (2013). Dampak Kebijakan Moneter
Terhadap Ekonomi Sektoral. Bogor. Tesis. Institute
Pertanian Bogor.
[27]. Endut, N., Morley, J. And Tien, P.L. (2013). The
Changing Transmission Mechanism Of U.S.
Monetary. Wesleyan University.
[28]. Hülsewig, O., Mayer, E., and Wollmershäuser, T.
(2005). Bank Loan Supply And Monetary Policy
Transmission In Germany: An Assessment Based On
Matching Impulse Responses. Ifo Institute for
Economic Research at the University of Munich,
Working Paper No. 14.
[29]. Magdalena. M. (2016). Analisis Efektivitas Transmisi
Kebijakan Moneter Ganda Di Indonesia. Jurnal
Ekonomi Dan Keuangan. Vol.2n No.11).
[30]. Qurotulaina, V. (2014). Analisis Perbandingan Relatif
Jalur Mekanisme Transmisi Kebijakan Moneter Di
Indonesia. Bogor. Departemen Ilmu Ekonomi Fakultas
Ekonomi Dan Manajemen Institut Pertanian Bogor.
[31]. Silvia, E.D. et al. (2013). Analisis Pertumbuhan
Ekonomi, Investasi dan Inflasi di Indonesia. Jurnal
Kajian Ekonomi I (02): 224243.
[32]. Togatorop, R. (2014). Analisis Perbandingan Peranan
Jalur Suku Bunga Dan Jalur Nilai Tukar Pada
Mekanisme Transmisi Kebijakan Moneter Di Asean:
Studi Komparatif (Indonesia, Malaysia, Singapura).
Medan. Universitas Sumatera Utara.
[33]. Wróbel, E. (2016). Monetary Policy Transmission In
The Tunisian Banking Sector. National Bank of
Poland,
[34]. Zega, B.R. (2009). Analisis Perbandingan Peranan
Jalur Suku Bunga Dan Jalur Nilai Tukar Pada
Mekanisme Transmisi Kebijakan Moneter Di
Indonesia. Medan. Universitas Sumatera Utara.
[35]. Alani, Jimmy. 2012. Effect of Growth in Capital and
Money Supply on Inflation in Uganda. International
Journal of research in Management and Technology.
Vol.2 No.4.
[36]. Boediono. (2013). Ekonomi moneter (Seri Sinopsis
Pengantar Ilmu Ekonomi No.5). Yogyakarta: BPFE
[37]. Jan, Annaria. 2015. Pengaruh Nilai Tukar Terhadap
Ekspor Dan Dampaknya Terhadap Pertumbuhan
Ekonomi Indonesia.

IJISRT19SEP1057 www.ijisrt.com 282