Muhammad, Imaduddin (2018) THE ANALYSIS OF DUAL MONETARY TRANSMISSION EFFECTIVENES ON ECONOMIC GROWTH IN INDONESIA PERIOD 2011-2018 (CASE STUDY: CONVENTIONAL MONETARY TRANSMISSION BY CREDIT CHANNEL AND ISLAMIC MONETARY TRANSMISSION BY ISLAMIC FINANCING). Undergraduate thesis, Universitas Darussalam Gontor.

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Abstract

ABSTRACT THE ANALYSIS OF DUAL MONETARY TRANSMISSION ON ECONOMIC GROWTH IN INDONESIA PERIOD 2011-2018 (CASE STUDY: CONVENTIONAL MONETARY TRANSMISSION BY CREDIT CHANNEL AND ISLAMIC MONETARY TRANSMISSION BY ISLAMIC FINANCING) Muhammad Imaduddin 36.2015.4.1.0816 Since the enactment of a new law in 1998, Indonesia has de jure implemented a dual monetary system, thats means, conventional banks and shari'ah banks that can operate simultaneously. The transmission mechanism of monetary policy is the mechanism of changes in monetary policy to influence economic growth.. The action then influences economic and financial activities through the transmission channel of monetary policy, among others, credit channels, interest rate channels, exchange rate channels, asset price channels and expectations channels. The purpose of this study is to analyze Islamic finance. In this study the method used is Vector Autoregressive and Vector Error Correction Model (VECM). This study uses data with the period 2011-2018. The process of testing the data using stationarity test, cointegration test, stability test, causality test, Impulse Response Function (IRF) analysis, and Forecast Error Variance Decomposition (FEVD). Based on VECM estimation, the variable that gets a positive response in driving economic growth is the shari'ah financing variable. And based on the Impulse Response Function (IRF) test, the FINANCING variable requires 5 periods to be in a stable state. Then based on the Forecasting Error Variance Decomposition (FEVD) test the FINANCING variable contributes to the formation of the IPI on average by 16% until the end of the period. The results concluded that the Conventional Credit variable was not effective in encouraging economic growth and the Shari'ah Financing variable was effective in encouraging economic growth. Meanwhile the PUAB variable is not effective in encouraging economic growth and the PUAS variable is not effective in driving economic growth. Then the SBI variable is not effective in encouraging economic growth and the SBIS variable is not effective in driving economic growth. Keywords: Monetary Transmission Mechanism, Sharia Banks, Conventional Banks, Economic Growth

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