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"ABSTRAKPenelitian ini bertujuan untuk menginvestigasi dampak kebijakan moneter dan makroprudensial terhadap pembangunan keuangan, baik di negara maju dan berkembang. Dengan menggunakan regresi panel data dinamis metode GMM pada 43 negara, penelitian ini menunjukkan bahwa terdapat dampak negatif akibat pelonggaran kebijakan tersebut. Penurunan suku bunga kebijakan dan indeks makroprudensial terutama instrumen kredit dan likuiditas dapat meningkatkan rasio kredit privat terhadap PDB, yang berarti mendorong proses pembangunan keuangan. Selanjutnya, penurunan suku bunga kebijakan signifikan mendorong proses pembangunan keuangan negara maju, namun indeks makroprudensial tidak signifikan. Sebaliknya, penurunan suku bunga kebijakan dan indeks makroprudensial tidak signifikan berdampak pada proses pembangunan keuangan negara berkembang.

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ABSTRACTThis study investigates effect of monetary and macroprudential policy on financial development, in  developed and developing countries. Using dynamic panel data regression (GMM methods) for 43 countries, this study shows that there are negative impacts due to easened policies. Declined policy rates and macroprudential indices, especially credit and liquidity-related instruments, can increase ratio private credit to GDP, which means encouraging financial development process. Specifically, declined policy rates can significantly encourage financial development process in developed countries, but macroprudential indices is not significant. Decreased policy rates and macroprudential indices do not have significant impact on financial development process in developing countries."

"Penelitian ini bertujuan untuk menganalisis pengaruh nilai pasar perusahaan terhadap tingkat investasi perusahaan. Total sampel yang digunakan yaitu sebanyak 1665 yang terdiri dari 333 perusahaan non-finansial yang terdaftar di Bursa Efek Indonesia pada 2014 hingga 2018. Peneliti menggunakan data sekunder dari laporan tahunan dan laporan keuangan perusahaan tersebut. Pengujian hipotesis pengaruh nilai pasar perusahaan terhadap tingkat investasi perusahaan dilakukan menggunakan metode regresi data panel fixed effects. Hasil penelitian menunjukkan bahwa nilai pasar perusahaan, yang dinilai menggunakan Tobin’s Q, berpengaruh secara positif dan signifikan terhadap tingkat investasi perusahaan. Selain itu, pendapatan penjualan dan financial leverage juga berpengaruh secara positif dan signifikan terhadap investasi perusahaan. Sedangkan arus kas dan posisi likuiditas tidak memberikan pengaruh yang signifikan terhadap tingkat investasi perusahaan.

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This study investigates the impact of corporate market value on firms’ investment rate. The panel data used covered 333 non-financial companies in Indonesia Stoct Exchange from 2014 to 2018, so that the total sample used is 1665. Using the sample, the study finds that corporate market value, as measured by Tobin’s Q, has a positive and significant effect on the level of company investment. In addition, sales revenue and financial leverage also has a positive and significant effect on company investment. While cash flow and liquidity position do not have a significant effect on the level of investment of the company."

"Penelitian ini bertujuan untuk mengetahui dampak implementasi kebijakan makroprudensial Countercyclical Capital Buffer dan GWM LDR terhadap pertumbuhan kredit dan non performing loan di tingkat Industri maupun berdasarkan Kelompok BUKU modal inti perbankan Indonesia untuk periode 2006-2015. Penelitian ini menggunakan metode Generalized Methods of Moments GMM untuk menganalisis dampak kebijakan makroprudensial. Hasil penelitian menunjukan bahwa secara bersama-sama kedua instrumen secara signifikan mampu mengendalikan pertumbuhan kredit perbankan dan menurunkan rasio non performing loan.

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The objective of this research is to determine the effect of macroprudential policy Countercyclical Capital Buffer and Reserve Requirement based on Loan to Deposit Ratio towards credit growth and non performing loan ratio in industrial level and based on BUKU group. This reserach use Generalized Methods of Moments GMM ro analyze macroprudential policy effect. The result shows that both of instrument have significant effect to control excessive credit growth and lower non performing loan ratio."

"Dalam upaya memeriksa efektivitas transmisi kebijakan moneter, penelitian ini memeriksa interest rate pass-through di Indonesia dengan mempertimbangkan adanya perubahan suku bunga kebijakan dan pandemi COVID-19. Data suku bunga kebijakan, suku bunga deposito dan suku bunga kredit diambil secara bulanan dari April 2012-Desember 2022. Vector Error Correction Model (VECM) digunakan untuk mengukur interest rate pass-through dan Mean Adjusted Lag (MAL) digunakan mengukur kecepatan pass-through. Hasil menemukan dengan penetepan suku bunga kebijakan baru belum memberikan pengaruh pada suku bunga deposito dan kredit dalam analisis jangka panjang dan jangka pendek. Kebijakan moneter membutuhkan waktu yang lebih lama untuk memberikan pengaruhnya pada suku bunga perbankan. Pandemi COVID-19 semakin melemahkan transmisi kebijakan moneter memberikan pengaruh pada suku bunga kredit.

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To examine the effectiveness of monetary policy transmission, this study examines interest rate pass-through in Indonesia by considering changes in policy rates and the COVID-19 pandemic. Data on policy rates, deposit rates and lending rates are taken monthly from April 2012-December 2022. Vector Error Correction Model (VECM) is used to measure interest rate pass-through and Mean Adjusted Lag (MAL) is used to measure the speed of pass-through. The results found that the new policy rates have not yet influenced deposit and lending rates in the long-run and short-run analysis. Monetary policy takes a longer time to affect bank interest rates. The COVID-19 pandemic has further weakened the transmission of monetary policy influence on lending rates."

"Penelitian ini bertujuan untuk menganalisis kebijakan moneter dan makroprudensial melalui risk taking bank di Indonesia. Pentingnya analisis jalur pengambilan risiko (risk-taking channel) dalam mekanisme transmisi kebijakan moneter karena termasuk jalur terbaru dan berbeda dengan jalur bank lending yang telah lama dikemukakan sebelumnya dalam teori kebijakan moneter. Risk-taking channel ini mempengaruhi penawaran kredit oleh perbankan melalui keputusan bank untuk menyalurkan kredit berdasarkan perubahan perilaku bank dalam menghadapi risiko bank. Penelitian ini juga menyadari dampak dari kebijakan moneter dan makroprudensial dan peran akan karakteristik dari bank, serta kondisi makroekonomi seperti pertumbuhan ekonomi dan tingkat inflasi. Metode analisis yang digunakan adalah fixed effect melalui data panel pada periode tahun 2012-2019. Penelitian ini menggunakan 3 jenis proksi untuk mengukur risiko bank. Hasil dari penelitian ini menemukan bahwa dampak dari kebijakan moneter dan kebijakan makroprudensial secara signifikan memengaruhi risiko bank. Sehingga disimpulkan bahwa risk taking channel eksis di perbankan Indonesia.

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This study aims to analyze monetary and macroprudential policies through risk taking banks in Indonesia. The importance of risk-taking channel analysis in the transmission mechanism of monetary policy is that it is a newer route and is different from the bank lending channel that has been previously proposed in monetary policy theory. This risk-taking channel affects the supply of credit by banks through the bank's decision to channel credit based on changes in bank behavior in dealing with bank risk. The study also recognizes the impact of monetary and macroprudential policies and the role of the characteristics of banks, as well as macroeconomic conditions such as economic growth and inflation rates. The analytical method used is fixed effects through panel data in the period 2012-2019. This study uses 3 types of proxies to measure bank risk. The results of this study found that the impact of monetary policy and macroprudential policy significantly affects bank risk. So it can be concluded that the risk-taking channel exists in Indonesian banking."

"Bank Indonesia has applied the inflation Targeting Framework (ITF) to reach its single-final objective;stabilizing Rupiah reflected in the inflation and its exchange rate...."

"Penelitian ini bertujuan untuk memberikan pembuktian secara empiris mengenai pengaruh diversifikasi portofolio kredit, suku bunga SBI serta good corporate governance (GCG) terhadap profitabilitas, resiko kredit, maupun kapitalisasi bank (bank capitalization) pada bank umum konvensional yang terdaftar di Bank Indonesia. Penelitian ini bersifat kuantitatif dengan menggunakan laporan keuangan dan laporan tahunan yang terdapat Catatan atas Laporan Keuangan di dalamnya dari tahun 2007 sampai dengan 2013. Data yang digunakan merupakan data panel yang terdiri dari 17 bank umum konvensional yang ada di Indonesia. Metode penelitian menggunakan Random-Effect Model (REM). Hasil dari penelitian ini menunjukkan bahwa diversifikasi kredit berdasarkan jenis penggunaan secara signifikan berpengaruh positif terhadap profitabilitas dan berpengaruh negatif terhadap kapitalisasi bank. Sementara itu diversifikasi kredit berdasarkan sektor ekonomi secara signifikan berpengaruh positif terhadap kapitalisasi bank. Penelitian ini juga menemukan hubungan yang tidak signifikan antara diversifikasi kredit terhadap resiko kredit.

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This study aims to provide empirical evidence on the effect of loan diversification, SBI interest rate and good corporate governance (GCG) on profitability, credit risk and bank capitalization in conventional commercial banks registered in Bank Indonesia. This is a quantitative research using financial statement and annual report which contains Notes to The Financial Statements from 2007 to 2013. The data used is panel data of 17 conventional commercial banks in Indonesia. This research is using Random-Effect Model.

The result of this study shows that loan diversification based on type of use has a significantly positive effect on profitability and negative effect on bank capitalization. Meanwhile, loan diversification based on economic sector has a positive effect on bank capitalization. This study also found not-significant correlation between loan diversification and credit risk."

"[ABSTRAK Tujuan penelitian ini adalah mengidentifikasi pengaruh Dana Pihak Ketiga (DPK), suku bunga rata-rata kredit modal kerja, Non Performing Loan (NPL), dan Produk Domestik Regional Bruto (PDRB) mempengaruhi penawaran kredit Bank Perkreditan Rakyat dan pengaruh Produk Domestik Regional Bruto (PDRB), inflasi kawasan, dan suku bunga rata-rata kredit modal kerja mempengaruhi permintaan kredit Bank Perkreditan Rakyat. Penelitian ini menggunakan metode panel data dan menguji regresi dengan model random effect model atas kemungkinan perbedaan kawasan dan waktu. Studi membuktikan bahwa DPK, suku bunga rata-rata kredit modal kerja, NPL, dan PDRB secara bersama-sama memiliki pengaruh yang signifikan terhadap penawaran kredit. Lalu, PDRB, inflasi kawasan, dan suku bunga rata-rata kredit modal kerja secara bersama-sama mempengaruhi permintaan kredit.

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ABSTRACT The purpose of this study is to identify the impact of third party funds, average lending rate of working capital, non performing loan (NPL), and gross domestic regional products (GDRP) to affect credit supply of Rural Regional Bank and the affect of gross domestic regional product (GDRP), region?s inflation, and average lending rate of working capital affect the credit demand of Rural Regional Bank. This study using panel data method and regression with random effect model from model possibility of the region and time differences. The study proved that third party funds, average lending rate of working capital, NPL, and GDRP simultaneously having significant affect on the credit supply. Then GDRP, region?s inflation, and average lending rate of working capital simultaneously affect the credit demand.;The purpose of this study is to identify the impact of third party funds, average lending rate of working capital, non performing loan (NPL), and gross domestic regional products (GDRP) to affect credit supply of Rural Regional Bank and the affect of gross domestic regional product (GDRP), region?s inflation, and average lending rate of working capital affect the credit demand of Rural Regional Bank. This study using panel data method and regression with random effect model from model possibility of the region and time differences. The study proved that third party funds, average lending rate of working capital, NPL, and GDRP simultaneously having significant affect on the credit supply. Then GDRP, region?s inflation, and average lending rate of working capital simultaneously affect the credit demand.;The purpose of this study is to identify the impact of third party funds, average lending rate of working capital, non performing loan (NPL), and gross domestic regional products (GDRP) to affect credit supply of Rural Regional Bank and the affect of gross domestic regional product (GDRP), region?s inflation, and average lending rate of working capital affect the credit demand of Rural Regional Bank. This study using panel data method and regression with random effect model from model possibility of the region and time differences. The study proved that third party funds, average lending rate of working capital, NPL, and GDRP simultaneously having significant affect on the credit supply. Then GDRP, region?s inflation, and average lending rate of working capital simultaneously affect the credit demand.;The purpose of this study is to identify the impact of third party funds, average lending rate of working capital, non performing loan (NPL), and gross domestic regional products (GDRP) to affect credit supply of Rural Regional Bank and the affect of gross domestic regional product (GDRP), region?s inflation, and average lending rate of working capital affect the credit demand of Rural Regional Bank. This study using panel data method and regression with random effect model from model possibility of the region and time differences. The study proved that third party funds, average lending rate of working capital, NPL, and GDRP simultaneously having significant affect on the credit supply. Then GDRP, region?s inflation, and average lending rate of working capital simultaneously affect the credit demand., The purpose of this study is to identify the impact of third party funds, average lending rate of working capital, non performing loan (NPL), and gross domestic regional products (GDRP) to affect credit supply of Rural Regional Bank and the affect of gross domestic regional product (GDRP), region’s inflation, and average lending rate of working capital affect the credit demand of Rural Regional Bank. This study using panel data method and regression with random effect model from model possibility of the region and time differences. The study proved that third party funds, average lending rate of working capital, NPL, and GDRP simultaneously having significant affect on the credit supply. Then GDRP, region’s inflation, and average lending rate of working capital simultaneously affect the credit demand.]"

"ABSTRAKPerkembangan finansial menjadi salah satu indikator yang berpengaruh dalam menganalisis konsumsi energi. Dampak ini memungkinkan positif atau negatif tergantung dengan pertumbuhan ekonomi berjalan secara efisien atau tidak. Penelitian ini dilakukan untuk menganalisis dampak perkembangan finansial terhadap konsumsi energi secara tidak langsung melalui efek pertumbuhan eonomi di negara ASEAN 3 pada periode 1990 ndash; 2013. Dengan menggunakan sistem persamaan simultan, didapatkan bahwa dampak positif dan signifikan diperoleh dari pertumbuhan ekonomi terhadap konsumsi energi, harga energi memiliki dampak yang signifikan namun negatif terhadap konsumsi energi dan urbanisasi tidak signifikan berpengaruh terhadap konsumsi energi. Perkembangan finansial di sektor perbankan dan pasar saham memiliki hubungan yang positif dan signifikan terhadap konsumsi energi melalui pertumbuhan ekonomi, besaran dampak dari sektor perbankan lebih kuat dibandingkan di sektor pasar saham. Analisis ini mendorong pembuat kebijakan untuk dapat mempertimbangkan sektor finansial dalam merencanakan kebijakan khususnya di sektor energi.

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ABSTRACTFinancial development become one of the indicators in assessing affects in energy consumption. This effect may be either positive or negative whether economic growth occurs in an efficient manner or not. This research was done to investigate the impact of financial development on energy consumption through economic growth channel in ASEAN 3 over the 1990 ndash 2013 period. By employing simultaneously equation, this study finds the positive and significant impact of economic growth on energy consumption, the effect of energy prices over energy consumption is also significant but negative. Urbanization has no significantly effect over energy consumption. Financial development in banking and stock market sector positively and significantly affect energy consumption through economic growth channel, the impact from banking sector is more powerful than the stock market. This analysis encourages for policymakers to consider the impact of financial development in policy planning especially in the energy sector."

"Advanced Financial Risk Management bridges the gap between the idealized assumptions used for risk valuation and the realities that must be reflected in management actions. It explains, in detailed yet easy-to-understand terms, the analytics of these issues from A to Z, and lays out a comprehensive strategy for risk management measurement, objectives, and hedging techniques that apply to all types of institutions. Written by experienced risk managers, the book covers everything from the basics of present value, forward rates, and interest rate compounding to the wide variety of alternative term structure models.Revised and updated with lessons from the 2007-2010 financial crisis, Advanced Financial Risk Management outlines a framework for fully integrated risk management. Credit risk, market risk, asset and liability management, and performance measurement have historically been thought of as separate disciplines, but recent developments in financial theory and computer science now allow these views of risk to be analyzed on a more integrated basis. The book presents a performance measurement approach that goes far beyond traditional capital allocation techniques to measure risk-adjusted shareholder value creation, and supplements this strategic view of integrated risk with step-by-step tools and techniques for constructing a risk management system that achieves these objectives."