Efektifitas Mekanisme Transmisi Kebijakan Moneter Bank Lending Channel pada Pertumbuhan Kredit Investasi di Indonesia (Periode 2002.1 – 2010.6)

Abstract

This paper proposes to look at the effectiveness of the Bank Lending Channel Transmisson Mecanism Monetary Policy (MTKM BLC) on the credit growth rate of investment in Indonesia. Things like this are viewed from the effectiveness of influence and time lag in the MTKM BLC, so using the form VECM. Variables used are the interest rate of SBI, Interbank interest rate, the interest rate of time deposits, credit invesment growth. Period used in this study is from 2002 to 2010, which at that period tended to stabilize the Indonesian economy. The result of the study is a long-term relationship among variables. Model has significant effect on short-term rates and long term in the model, thus setting the short-term interest rates have an influence on long-term interest rates, especially on SBI rate. It takes 4 months to SBI to affect credit growth of investment in the period from 2002.1 to 2010.6. Credit growth of investment in the long-term is strongly influenced by time deposit interest rate. Meanwhile in the short term impact of the change in investment credit interest rate offered by commercial banks has significantly positive impact on credit invesment growth.