GLOBALISASI PERBANKAN DAN EFEKTIVITAS KEBIJAKAN MONETER DALAM PERSPEKTIF CREDIT CHANNEL

Radius Radius, Universitas Indonesia, Indonesia

 10.21831/jep.v17i1.29429

Abstract


Abstrak: Penelitian berfokus pada analisis dampak kepemilikan modal asing pada pertumbuhan kredit bank serta kaitannya dengan efektivitas transmisi kebijakan moneter credit channel. Menggunakan data panel individu bank BUKU 3 dan BUKU 4 di Indonesia, analisis dilakukan terhadap tiga kelompok bank berdasarkan jenis kepemilikannya yaitu Bank Pemerintah, Bank Domestik dan Bank Asing. Hasil estimasi pada model regresi menunjukkan secara empiris bahwa globalisasi berdampak terhadap pertumbuhan kredit bank secara spesifik pada bank dengan modal asing sebagai saham pengendali utama. Temuan yang menarik adalah transmisi kebijakan moneter pada sektor perbankan di Indonesia menunjukkan hasil yang tidak efektif jika dilihat dari perspektif credit channel.

Abstract: This paper focuses on the effect of foreign equity in the Indonesian banking sector towards credit growth while linked to credit channel monetary policy transmission. It was using panel data from individual banks categorized as BUKU 3 and BUKU 4 in Indonesia, the analysis performed towards three categories of a bank by its ownership, which are Government Bank, Domestic Bank, and Foreign Bank. Estimation of the regression model shows that globalization empirically affects credit growth specific on foreign-controlled banks with majority foreign equity. The outstanding result in this paper is that the transmission of monetary policy in the Indonesian banking sector turns out to be ineffective as viewed from a credit channel perspective.


Keywords


Perbankan; Kebijakan Moneter; Globalisasi; Credit Channel

Full Text:

PDF

References


Berger, A., Klapper, L., Peria, M. S., & Zaidi, R. (2008). Bank ownership type and banking relationships . Journal of Finance Intermediation, 37-62.

Bernanke, B., & Blinder, A. (1992). The Federal Funds Rate and the Channels of Monetary Transmission. The American Economic Review, Vol. 82, No. 4, 901-921.

Bernanke, B., & Gertler, M. (1995). Inside the black box: The credit channel of monetary policy transmission. Journal of Economic Perspective Volume 9 Number 4, 27-48.

Bernanke, B., Gertler, M., & Gilchrist, S. (1998). The Financial Accelerator in a Quantitative Business Cycle Framework. NBER Working Paper Series 6455, 1-66.

Bhaumik, S. K., Dang, V., & Kutan, A. (2011). Implications of bank ownership for the credit channel of monetary policy transmission: Evidence from India. Journal of Banking & Finance 35, 2418–2428.

Campello, M. (2002). Internal Capital Markets in Financial Conglomerates: Evidence from Small Bank Responses to Monetary Policy. The Journal of Finance, Vol. 57, No. 6, 2773-2805.

Cetorelli, N., & Goldberg, L. (2012). Banking Globalization and Monetary Transmission. The Journal of Finance, Vol. 67, No. 5, 1811-1843.

Chen, M., Wu, J., Jeon, B., & Wang, R. (2017). Do foreign banks take more risk? Evidence from emerging economies. Journal of Banking and Finance 82, 20-39.

Clarke, G. R., Cull, R., & Peria, M. S. (2006). Foreign bank participation and access to credit across firms in developing countries. Journal of Comparative Economics 34, 774-795.

Cole, S. (2009). Financial Development, Bank Ownership, and Growth: Or, does Quantity Imply Quality. The Review of Economics and Statistics, Vol. 91, No. 1, 33-51.

Cull, R., & Peria, M. S. (2010). Foreign Bank Participation in Developing Countries: What Do We Know about the Drivers and Consequences of This Phenomenon? Policy Research Working Paper 5398.

Dages, B. G., Goldberg, L., & Kinney, D. (2000). Foreign and Domestic Bank Participation in Emerging Markets: Lessons from Mexico and Argentina. FRBNY Economic Policy Review, 17-36.

De Santis, R., Surico, P., Devereux, M., & Giannone, D. (2013). Bank lending and monetary transmission in the euro area. Economic Policy, Vol. 28, No. 75, 423, 425-457.

Ekananda, M. (2014). Analisa Data Time Series. Jakarta: Mitra Wacana Media.

Ekananda, M. (2016). Analisis Ekonometrika Data Panel. Jakarta: Mitra Wacana Media.

Ernst & Young. (2017). The Indonesian banking industry: upfolding the opportunity. Global: EYGM Limited.

Hamada, M. (2018). Impact of Foreign Bank Entry on SME Credit in the Indonesian Banking Sector. Journal of Southeast Asian Economies, Vol. 35, No. 1, Special Issue: Commemorating the 50th Anniversary of the ISEAS - Yusuf Ishak Institute, 50-78.

Hamilton-Hart, N. (2018). How Well Is Indonesia’s Financial System Working? Journal of Southeast Asian Economies , Vol. 35, No. 2, 125-142.

Kashyap, A., & Stein, J. (1995). The role of banks in the transmission of monetary policy. NBER Report, 6.

Kishan, R. P., & Opiela, T. P. (2006). Bank capital and loan asymmetry in the transmission of monetary policy. Journal of Banking & Finance 30, 259–285.

Kishan, R., & Opiela, T. (2000). Bank Size, Bank Capital, and the Bank Lending Channel. Journal of Money, Credit and Banking, Vol. 32, No. 1, 121-141.

Mankiw, N. G. (2010). Macroeconomics Seventh Edition. New York: Worth Publisher.

Manlagnit, M. C. (2011). The economic effects of foreign bank presence: Evidence from the Philippines. Journal of International Money and Finance 30, 1180-1194.

Mulyaningsih, T., Daly, A., & Miranti, R. (2015). Foreign participation and banking competition: Evidence from the Indonesian banking industry. Journal of Financial Stability, 70-82.

Peek, J., & Rosengren, E. (1995). Bank regulation and credit crunch. Journal of Banking & Finance 19, 679-692.

Popov, A. (2013, September). Monetary Policy, Bank Capital and Credit Supply. A Role for Discouraged and Informally Rejected Firms. Working Paper Series No 1593.

Shaban, M., & James, G. A. (2018). The effects of ownership change on bank performance and risk exposure: Evidence from Indonesia. Journal of Banking and Finance, 483-497.

Skander, V. (2007). The Bank Capital Channel of Monetary Policy. Society for Economic Dynamics Meeting Papers. 512.

Stiglitz, J., & Weiss, A. (1981). Credit Rationing in Markets with Imperfect Information. The American Economics Review Vol. 71 Issue 3 , 393-410.

Warjiyo, P., & Juhro, S. M. (2016). Kebijakan Bank Sentral Teori dan Praktik. Jakarta: Rajawali Pers.

Werner, R. (2016). A lost century in economics: Three theories of banking and the conclusive evidence. International Review of Financial Analysis 46, 361–379.




DOI: https://doi.org/10.21831/jep.v17i1.29429

Refbacks

  • There are currently no refbacks.


 Citation & Indexing:

 

 Creative Commons License

This site is licensed under a Creative Commons Attribution-ShareAlike 4.0 International