FAKTOR-FAKTOR MAKROEKONOMI YANG MEMPENGARUHI PERMINTAAN UANG DI INDONESIA

Arif Widodo

Abstract


Abstract: Money demand has an important role for monetary policy authorities in determining appropriate policies to maintain economic stability. Analysis of the demand for money is an economic analysis of the quantities required to support the measures taken by the government in the monetary sector. This research aims to know the determinants of money demand function in Indonesia period 1990.1-2014.1. The analysis methode used in this research is Error Correction Model (ECM). The results showed that the variable Gross Domestic Product (GDP) is not significantly influences money demand. Exchange Rate (Exchange), and the Price Level positively and significantly affect the demand for money (M1) in the short term. While the rate of 3-month deposit rate negatively and significantly influences the money demand (M1). The results of this study also showed that in the long term demand for money (M1) in Indonesia positively and significantly influenced by variables Gross Domestic Product (GDP) and the price level. While the exchange rate and variable interest rates have negative effect to money demand.

Abstrak: Permintaan uang mempunyai peranan yang penting bagi otoritas kebijakan moneter dalam menentukan kebijakan yang tepat untuk menjaga stabilitas ekonomi. Analisis permintaan uang merupakan suatu analisis besaran-besaran ekonomi yang dibutuhkan untuk mendukung suatu kebijakan yang diambil oleh pemerintah di bidang moneter. Penelitian ini bertujuan untuk megetahui determinan dari fungsi permintaan uang di Indonesia periode 1990.1-2014.1. Alat analisis yang digunakan dalam penelitian ini adalah Error Correction Model (ECM). Hasil penelitian menunjukkan bahwa variabel Produk Domestik Bruto (PDB) tidak signifikan mempengaruhi permintaan uang. Variabel Nilai Tukar Rupiah terhadap dollar AS (Kurs), dan tingkat harga berpengaruh positif dan signifikan mempengaruhi permintaan uang (M1) dalam jangka pendek. Sedangkan tingkat suku bunga deposito 3 bulan berpengaruh negatif dan signifikan terhadap permintaan uang. (M1). Hasil penelitian ini juga menunjukkan bahwa dalam jangka panjang permintaan uang (M1) di Indonesia dipengaruhi secara positif dan signifikan oleh variabel Produk Domestik Bruto (PDB) dan tingkat harga. Sedangkan varibel Kurs dan suku bunga berpengaruh negatif.

 


Keywords


Money Demand; M1; Error Correction Model

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DOI: https://doi.org/10.18196/jesp.2015.0042.63-72

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