Article Sidebar

Download
Download Article

Main Article Content

Abstract

This study examines the impact of monetary policy (inflation and money supply), macroprudential (minimum reserve requirements and net open position), and microprudential (Capital Adequacy Ratio and Non-Performing Loan) on Indonesia's financial system stability, proxied by the exchange rate, during and post COVID-19 pandemic (2019-2024). The study employs secondary monthly time-series data and applies the Autoregressive Distributed Lag (ARDL) approach to analyze short and long-term relationships. The Wald Test is used to compare policy effectiveness across the two periods. The results indicate that Money Supply (M2), Net Open Position (NOP), and Non-Performing Loans (NPL) significantly affect the exchange rate in the long run. In contrast, Inflation, Minimum Reserve Requirements, and the Capital Adequacy Ratio (CAR) do not significantly affect. These findings suggest that M2, NOP, and NPL are the most reliable indicators for predicting Indonesia's post-pandemic financial stability. From a policy perspective, the study underscores the importance of stronger coordination among monetary, macroprudential, and microprudential policies to enhance the financial system's resilience against future shocks.

Keywords

Monetary Policy Macroprudential Police Microprudential Policy Exchange Rate Stability COVID-19 Pandemic

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

How to Cite
Veronika, Y., & Efendi, B. (2025). The Effectiveness of Monetary, Macroprudential, and Microprudential Policies on Financial Stability in Indonesia During and Post-COVID-19. Golden Ratio of Data in Summary, 5(4), 797–808. https://doi.org/10.52970/grdis.v5i4.1663
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Abdiyanto, A., Ronald Farel Siahaan, Rusiadi, R., Ade Novalina, Bhaktiar Efendi, Lia Nazliaan Nasution, Suhendi, S., & Diwayana Putri Nasution. (2022). Ardl Panel Model in Control of Exchange Rate Systems Through Post-COVID-19 Open Economy Model. Proceedings of The International Conference on Economics and Business, 1(1), 49–57. https://doi.org/10.55606/iceb.v1i1.181
  2. Alawiyah, T., Haryadi, H., & Vyn Amzar, Y. (2019). Pengaruh inflasi dan jumlah uang beredar terhadap nilai tukar rupiah dengan pendekatan model struktural VAR. E-Journal Perdagangan Industri Dan Moneter, 7(1), 51–60. https://doi.org/10.22437/pim.v7i1.8339
  3. Anilah, F., Abidatul Kamillah, & Drajat Stiawan. (2023). Analisis Pengaruh Jumlah Uang Beredar dan Kurs Rupiah Terhadap Inflasi di Indonesia. JIEF Journal of Islamic Economics and Finance, 3(2), 85–94. https://doi.org/10.28918/jief.v3i2.1124
  4. Bank Indonesia. (2023). Laporan Stabilitas Sistem Keuangan Edisi II - 2023. Sustainability (Switzerland), 11(1), 1–14. https://doi.org/https://publication-bi.org/repec/idn/wpaper/WP072023.pdf
  5. Duwi Wahyuningtias, A., Sasana, H., & Retno Sugiharti, R. (2019). Analisis Pengaruh Perkembangan Ekonomi Digital terhadap Pertumbuhan Ekonomi Di Indonesia Tahun 1996-2019. DINAMIC: Directory Journal of Economics, 3, 88–105. https://doi.org/https://jom.untidar.ac.id/index.php/dinamic/article/view/2699/1097
  6. Efendi, B. (2019). Efektivitas Kebijakan Makroprudensial Terhadap Stabilitas. 4(2), 72–78. https://doi.org/https://journal.pancabudi.ac.id/index.php/jepa/article/view/592/560
  7. Eldiani, N., & Lailasarry, T. (2024). The Effect of Cash Ratio on Return on Assets ( ROA ) at PERUMDA BPR Garut. 4(1), 189–195. https://doi.org/https://doi.org/10.52970/grdis.v4i1.1078
  8. Et al., S. S. (2021). An Empirical Study on Monetary Policy and Economic Growth: The case of Indonesia using an ARDL – ECM Approach. Psychology and Education Journal, 58(1), 5908–5922. https://doi.org/10.17762/pae.v58i1.2004
  9. Fajriani, N. (2022). Pengaruh kebijakan mikroprudensial terhadap stabilitas bank di indonesia. 1–75. https://doi.org/http://etheses.uin-malang.ac.id/38262/
  10. Ferdous, R., & Khan, M. I. (2019). Impact Analysis of Policies on the Economic Growth of Bangladesh: An ARDL Approach. 1(11), 1–14. https://doi.org/https://jnu.ac.bd/journal/assets/pdf/1_1_198.pdf
  11. Hidayati, N., & Sugiyanto, F. (2020). Analisis Dampak Bauran Kebijakan Moneter Dan Makroprudensial Terhadap Stabilitas Harga Dan Stabilitas Sistem Keuangan Di Indonesia. Jurnal Dinamika Ekonomi Pembangunan, 2(3), 31. https://doi.org/https://doi.org/10.14710/jdep.2.3.31-52
  12. Hu, X., Hu, C., Tang, Z., & Li, Z. (2019). Modeling the effects of coordinating macro-prudential rules and monetary policy. Journal of Advanced Computational Intelligence and Intelligent Informatics, 23(4), 686–694. https://doi.org/10.20965/jaciii.2019.p0686
  13. Hudaya, A., & Firmansyah, F. (2023). Financial stability in the Indonesian monetary policy analysis. Cogent Economics and Finance, 11(1). https://doi.org/10.1080/23322039.2023.2174637
  14. IMF. (2024). Indonesia: Financial Sector Assessment Program – Financial System Stability Assessment. In IMF Country Report No. 24/272. International Monetary Fund. https://doi.org/https://doi.org/10.5089/9798400286438.002
  15. Indonesia, B. (2023). Buku Kajian Stabilitas Keuangan (KSK) No. 40: Stabilitas Sistem Keuangan Indonesia Tahun 2022 Tetap Terjaga. https://doi.org/https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_2512423.aspx?
  16. Indonesia, B. (2025). Peraturan Bank Indonesia Nomor 5 Tahun 2025 Tentang Kebijakan Moneter. 1–23. https://doi.org/https://peraturan.bpk.go.id/Details/317906/peraturan-bi-no-5-tahun-2025
  17. Juliyanti, A. P. D., & Yusuf, M. (2020). The Influence of Institutional Ownership, Audit Opinion, Size of Kap Used, and Client Company Growth on Voluntary Auditor Switching (Empirical Study on Manufacturing Companies Listed in Indonesia Stock Exchange Periode 2015-2019). 1–19. https://doi.org/http://repository.stei.ac.id/2110/
  18. Lutfiansyah, wisnu jaya, Nikensari, sri indah, & Yuniarti, P. (2024). Pengaruh cadangan devisa, inflasi, dan suku bunga terhadap nilai tukar negara-negara regional ASEAN pasca covid-19. Jurnal Ekonomi, Manajemen, Dan Akuntansi, 3(1), 770–779. https://doi.org/https://jurnal.kolibi.org/index.php/neraca/article/view/3578?
  19. Nabila, T. F. (2022). Pengaruh Corporate Governance Dan Kualitas Laporan Keuangan Terhadap Nilai Perusahaan (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2021) (pp. 1–9). https://doi.org/http://repository.stei.ac.id/8545/
  20. Nasution, L. N., Suhendi, S., Rusiadi, R., Rangkuty, D. M., & Abdiyanto, A. (2022). COVID-19 Pandemic: Impact on Economic Stability In 8 Muslim Countries. Atestasi : Jurnal Ilmiah Akuntansi, 5(1), 336–352. https://doi.org/10.57178/atestasi.v5i1.626
  21. Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616
  22. Putri, D. M. N., & Zakik, Z. (2023). Analisis Pengaruh Indikator Makroekonomi Terhadap Non Performing Loan (NPL) Di Indonesia Tahun 2016-2020. Buletin Ekonomika Pembangunan, 3(2), 267–279. https://doi.org/10.21107/bep.v3i2.18394
  23. Rahmawati, I., & Laila, N. (2020). Pengaruh Faktor Internal Dan Eksternal Bank Terhadap Kemampuan Bank Syariah Dalam Menyalurkan Pembiayaan. Jurnal Ekonomi Syariah Teori Dan Terapan, 7(8), 1484. https://doi.org/10.20473/vol7iss20208pp1484-1500
  24. Rangkuty, D. M., Nasution, L. N., Hasyyati, Z., Siregar, S. D., & Firmansyah, D. (2024). The Monetary and Fiscal Policies on International Trade in Indonesia. The Es Economics and Entrepreneurship, 3(01), 1–11. https://doi.org/10.58812/esee.v3i01.297
  25. Reza Nurul Ichsan, Mohammad Yusuf. (2019). Analisis Efektifitas Penggunaan Cadangan Devisa, Utang Luar Negeri Dan Ekspor Terhadap Stabilitas Nilai Tukar. Jurnal Penelitian Pendidikan Sosial Humaniora, 4(2), 544–561. https://doi.org/https://doi.org/10.32696/jp2sh.v4i2.339
  26. Shrestha, M. B., & Bhatta, G. R. (2018). Selecting an appropriate methodological framework for time series data analysis. Journal of Finance and Data Science, 4(2), 71–89. https://doi.org/10.1016/j.jfds.2017.11.001
  27. Silalahi, E. S. B. (2018). Makroprudensial Di Indonesia. Analisis Keterkaitan Kebijakan Mikroprudensial Dengan Kebijakan Makroprudensial Di Indonesia. https://doi.org/https://repository.ub.ac.id/id/eprint/9984/
  28. Sulistya, I. E., & Budirahayu, N. (2018). Pengaruh Jumlah Uang Beredar, Suku Bunga Bank Indonesia, Dan Neraca Transaksi Berjalan Terhadap Nilai Tukar Rupiah Per-Dolar Amerika Tahun 2000-2017. Analisis Faktor Audit Mutu Internal Iso, 664(1), 2015. https://doi.org/https://conferences.uin-malang.ac.id/index.php/semnasfe/article/view/823/318
  29. Tamsil, R. (2020). Posición de Deuda Neta (PDN). https://doi.org/https://raymondtamsil.blogspot.com/2020/06/perbankan-posisi-devisa-neto.html?
  30. Vipertiwi, Y. R. (2017). Stress Test Posisi Devisa Neto (PDN) Pada Bank-bank di bawah Pengawasan Departemen Pengawasan Bank ABC Otoritas Jasa Keuangan. https://doi.org/https://etd.repository.ugm.ac.id/penelitian/detail/131470
  31. Warasto, H. N., & Janudin, J. (2025). The Influence of Capital Adequacy Ratio and Governance on Financial Performance at PT. Bank Raya Indonesia Tbk. Golden Ratio of Data in Summary, 5(3), 410–424. https://doi.org/10.52970/grdis.v5i3.1227
  32. Wooldridge, J. M. (2010). Econometric analysis of cross-section and panel data [electronic resource]. The MIT Press, xxi, 752 p. https://doi.org/https://ipcid.org/evaluation/apoio/Wooldridge%20-%20Cross-section%20and%20Panel%20Data.pdf
  33. Zuhri, M. (2022). Pemeliharaan Rasio Kinerja Bank Umum Konvensional Dalam Upaya Penerapan Kebijakan Makroprudensial. SKYLANDSEA PROFESIONAL Jurnal Ekonomi, Bisnis Dan Teknologi, 2(1), 24–33. https://doi.org/https://www.jurnal.yappsu.org/index.php/skylandsea/article/view/47/53
  34. OJK. (2024). Peran Bank Indonesia Dalam Stabilitas Sistem Keuangan . Retrieved Mei 25, 2025, fromojk.gi.id:https://ojk.go.id/id/kanal/perbankan/stabilitas-sistemkeuangan/Pages/Peran-Bank-Indonesia.aspx
  35. OJK, H. (2024). Stabilitas Sistem Keuangan dan Peran OJK. Retrieved Mei 2025, 2025, from ojk.go.id:https://ojk.go.id/id/kanal/perbankan/stabilitas-sistem keuangan/Pages/Ikhtisar.aspx#:~:text=Kehadiran%20OJK%20dimaksudkan%20untuk%20memastikan,tumbuh%20secara%20berkelanjutan%20dan%20stabil

Similar Articles

1 2 3 4 5 6 7 8 9 > >> 

You may also start an advanced similarity search for this article.