PERILAKU PENAWARAN KREDIT BANK DI INDONESIA: KASUS PASAR OLIGOPOLI PERIODE JANUARI 2001-JULI 2005
Abstract
This paper uses a microeconomic approach to analyze the bank lending behavior in Indonesia during 2001:1 – 2005:7. The loan supply function is derived from the structural loan supply and demand equation in a Cournot-Oligopoly market. We treat the loan supply function as structural error component of the model, and apply to data of the 15 biggest banks in Indonesia.
The proposed hypothesis; the bank engages in the profit maximization, cannot be rejected. This bank behavior is in conjunction with the bank’s interdependency. However, due to the internal inefficiency of the bank, the profit maximization behavior does not refflect the ideal condition of the banking intermediation function, not int the loan volume nor in the lending rate.
Morever, the bank’s lending behavior respond positively with the loan rate, responds negatively on the interest liability (time deposit interest) and respond negatively on the investment alternative (the SBI). In addition, the SBI rate as a monetary policy instrument is not effective relative to loan interest rate to guide the banks in choosing between these two portfolio investments.
Keywords : loan, cournot, interest rate, bank, pool analysis
JEL Classification : C23, D43, E52, G21
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References
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Ariccia, Giovanni Dell. “Asymmetric Information and Market Structure of the Banking Industry”. IMF Working Paper WP/98/92, Juni 1998
Armanto, Boedi. “Fenomena Credit Crunch dalam Pasar Kredit dan Implikasinya terhadap Intermediasi Perbankan: Analisis Empiris Perbankan Indonesia: Sebelum dan Setelah Periode Krisis”. Disertasi Pascasarjana Ilmu Ekonomi, Fakultas Ekonomi Universitas Indonesia. 2004.
Azis, Iwan Jaya, dan E. Thorbecke. “Macroeconomic Shock and Bank Lending in Indonesia”. Mimeo, Cornell University. 2002
Aziz, Iwan Jaya. “Credit Market Frictions and Balance Sheet Effects”. Mimeo, Cornell University and University of Indonesia. 2005
Badi H., Baltagi. (2001). Econometric Analysis of Panel Data, Jhon Wiley & Sons, Ltd.
Bank Indonesia. 2004. Financial Stability Review (FSR)1-2004
Bank Indonesia. Juli – Oktober 2005. Buku Statisitk Perbankan Indonesia (BISPI)
Baltensperger, E. “Credit Rationing: Issues and Question”. Journal of Money, Credit, and Banking 10(2): 170-83. 1978
Berg, Sigbjorn A, dan Moshe Kim. “Oligopolistic Interdependence and the Structure Production in Banking: An Empirical Evaluation”. Journal of Money, Credit, and Banking 26(2): 309-322, 1994
Berger, Allen N., dan Gregory F Udell “Some Evidence on the Empirical Significance of Credit Rationing”. The Journal of Political Economy 100 (5): 1047-1077, 1992
Berger, Allen N., dan R DeYoung. “Problem Loans and Cost Efficiency in Commercial Banks”. Office of the Comptroller of the Currency, E&PA Working Paper 95-5, Desember 1995.
Berger, Allen N., dan Timothy H. Hannan. “The Price-Concentration Relationship in Banking” The Review of Economics and Statistics, Vol. 71, No. 2 May: 291-299, 1989
________. “The Efficiency Cost of Market Power in the Banking Industry: A Test of Quiet Life and Related Hypothesis”. The Review of Economics and Statistics, Vol. 80, No. 3 Aug: 454-465, 1998
Bester, H. “Screening vs Rationing in Credit Markets with Imperfect Information”. American Economic Review. 75: 850-55, 1985
Freixas, Xavier, dan Jena-Charles Rochet. (2002). Microeconomics of Banking. The MIT Press
Feridhanusetyawan, Tubagus, H. Aswicahyono, N. Suhut, Titik Anas, Cut Nurkemala. “Banking Industry During Economic Crisis: The Survival of Non-Japanaes Foreign Bank in Indonesia” CSIS Working Paper Series WPE 057. Desember 2000.
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Hadad, Muliaman D., W. Santoso. Mardanugraha, D. Ilyas. “Pendekatan Parametrik untuk Efisiensi Perbankan di Indonesia”. Research Paper. Direktorat Penelitian dan Penganturan Perbankan, Bank Indonesia. 2003b.
Harmanta. “Disintermediasi Fungsi Perbankan di Indonesia Pasca Krisis 1997: Faktor Permintaan atau Penawaran Kredit, Sebuah Pendekatan Dengan Model Disequlibrium”. Buletin Ekonomi Moneter dan Perbakan. 2005. Vol. 8, No.1 (Juni 2005), 51-78
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Kreps, David M (1990). A Course in Microeconomic Theory. Princeton University Press.
Laporan Tahunan Bank Indonesia (2001-2004)
Mardanugraha, Eugenia. “Efisiensi Perbankan di Indonesia dipelajari melalui Pendekatan Biaya Parametrik”. Disertasi Pascasarjana Ilmu Ekonomi, Fakultas Ekonomi Universitas Indonesia, 2005
Martin, Stephen. (1993). Industrial Economics: Economic Analysis and Public Policy. Second Edition, Prentice Hall, Englewood Cliffs, New Jersey 07632
Perrakis, Stylianos. “Assesing Competition in Canada’s Financial System: A Note”. The Canadian Journal of Economics, Vol. 24, No.3 (Aug 1991), 727-723
Purwanto, Deniey Adi. “Analisis Rigiditas Tingkat Suku Bunga Kredit Perbankan di Indonesia: Penerapan Marginal Cost Pricing Framework (Februari 2001-Desember 2004)”. Tesus Pascasarjana Ilmu Ekonomi, Fakultas Ekonomi Universitas Indonesia. 2005.
Revankar, Nagesh, dan Naoyuki Yoshino. “An Empirical Analysis of Japanese Banking Behavior in A periode of Financial Instability”. Mimeo, State University of New York. 2004.
Rochet, Jean-Charles, dan J. Tirole. “Interbank Lending and Systematic Risk”. Journal of Money, Credit, and Banking 28(4):733-62, 1996
Setyowati, Rini. “Tingkat Persaingan Industri Perbankan di Indonesia” Tesis Pascasarjana Ilmu Ekonomi, Fakultas Ekonomi Universitas Indonesia. 2004.
Sharpe, S., “Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationship”. Journal of Finance, 1069-1087, 1990
Simorangkir, Iskandar. “Determinan Bank Runs pada Krisis Perbankan Indonesia Tahun 1997/1998: Suatu Pelajaran dari Krisis Perbankan”. Paper dipresentasikan dalam Seminar Akademik Ilmu Ekonomi 2004.
Siregar, Reza Y. “Interest Rate Spread and Mandatory Credit Allocation: Implication on Bank Loans to Small Businesses in Indonesia”. CIED Discussion Paper No. 0402, 2004
Stinglitz, J., dan A. Weiss. “Credit Rationing in Markets with Imperfect Information”. American Economic Reviwe 71 (3) 393-410, 1981
Stinglitz, J., dan Bruce Greenwald. (2003). Towards a New Paradigm in Monetary Economics. Cambridge University Press.
Widiastuti, Rosalia Nansih. “Analisis Hubungan antara Struktur Pasar dengan Kinerja Industri Perbankan di Indonesia” Tesis Pascasarjana Ilmu Manajemen, Fakultas Eknomi Universitas Indonesia. 1996
Williamson, Stephen D. “Costly Monitoring, Loan Contracts and Equlibrium Credit Rationing”, Quarterly Journal of Economics 102(1): 135-145. 1987
Yunanto, A., dan Joni Swastanto. “Indeks Kompetisi Perbankan di Indonesia”. Paper dipresentasikan pada Seminar Akademik Ilmu Ekonomi 2005.
Agung, J., Rita Morena, B. Pramono, M. J. Prastowo. “Bank Lending Channel of Monetary Transmission in Indonesia” dalam Perry Wrjiyo dan Juda Agung, eds., Transmission Mechanism of Monetary Policy in Indonesia. Direktorat of Economic Research and Monetary Policy, Bank Indonesia, 2002
Ariccia, Giovanni Dell. “Asymmetric Information and Market Structure of the Banking Industry”. IMF Working Paper WP/98/92, Juni 1998
Armanto, Boedi. “Fenomena Credit Crunch dalam Pasar Kredit dan Implikasinya terhadap Intermediasi Perbankan: Analisis Empiris Perbankan Indonesia: Sebelum dan Setelah Periode Krisis”. Disertasi Pascasarjana Ilmu Ekonomi, Fakultas Ekonomi Universitas Indonesia. 2004.
Azis, Iwan Jaya, dan E. Thorbecke. “Macroeconomic Shock and Bank Lending in Indonesia”. Mimeo, Cornell University. 2002
Aziz, Iwan Jaya. “Credit Market Frictions and Balance Sheet Effects”. Mimeo, Cornell University and University of Indonesia. 2005
Badi H., Baltagi. (2001). Econometric Analysis of Panel Data, Jhon Wiley & Sons, Ltd.
Bank Indonesia. 2004. Financial Stability Review (FSR)1-2004
Bank Indonesia. Juli – Oktober 2005. Buku Statisitk Perbankan Indonesia (BISPI)
Baltensperger, E. “Credit Rationing: Issues and Question”. Journal of Money, Credit, and Banking 10(2): 170-83. 1978
Berg, Sigbjorn A, dan Moshe Kim. “Oligopolistic Interdependence and the Structure Production in Banking: An Empirical Evaluation”. Journal of Money, Credit, and Banking 26(2): 309-322, 1994
Berger, Allen N., dan Gregory F Udell “Some Evidence on the Empirical Significance of Credit Rationing”. The Journal of Political Economy 100 (5): 1047-1077, 1992
Berger, Allen N., dan R DeYoung. “Problem Loans and Cost Efficiency in Commercial Banks”. Office of the Comptroller of the Currency, E&PA Working Paper 95-5, Desember 1995.
Berger, Allen N., dan Timothy H. Hannan. “The Price-Concentration Relationship in Banking” The Review of Economics and Statistics, Vol. 71, No. 2 May: 291-299, 1989
________. “The Efficiency Cost of Market Power in the Banking Industry: A Test of Quiet Life and Related Hypothesis”. The Review of Economics and Statistics, Vol. 80, No. 3 Aug: 454-465, 1998
Bester, H. “Screening vs Rationing in Credit Markets with Imperfect Information”. American Economic Review. 75: 850-55, 1985
Freixas, Xavier, dan Jena-Charles Rochet. (2002). Microeconomics of Banking. The MIT Press
Feridhanusetyawan, Tubagus, H. Aswicahyono, N. Suhut, Titik Anas, Cut Nurkemala. “Banking Industry During Economic Crisis: The Survival of Non-Japanaes Foreign Bank in Indonesia” CSIS Working Paper Series WPE 057. Desember 2000.
Green, William. (2001). Econometric Analyses. 4th ed. New Jersey.
Hadad, Muliaman D., W. Santoso, D.S. Besar. “Studi Biaya Intermediasi Bank-Bank Besar di Indonesia: Apakah Bunga Kredit Bank Umum Overpriced?” Research Paper. Direktorat Penelitian dan Pengaturan Perbankan, Bank Indonesia. 2003a.
Hadad, Muliaman D., W. Santoso. Mardanugraha, D. Ilyas. “Pendekatan Parametrik untuk Efisiensi Perbankan di Indonesia”. Research Paper. Direktorat Penelitian dan Penganturan Perbankan, Bank Indonesia. 2003b.
Harmanta. “Disintermediasi Fungsi Perbankan di Indonesia Pasca Krisis 1997: Faktor Permintaan atau Penawaran Kredit, Sebuah Pendekatan Dengan Model Disequlibrium”. Buletin Ekonomi Moneter dan Perbakan. 2005. Vol. 8, No.1 (Juni 2005), 51-78
Jaffee, Dwight M., dan Thomas Russel. “Imperfect Information, Uncertainty, and Credit Rationing.” Q.J.E 90 (November 1976): 651-66
Klein, M. “A Theory of the Banking Firm”. Journal of Money, Credit, and Banking 3:205-18. 1971
Kreps, David M (1990). A Course in Microeconomic Theory. Princeton University Press.
Laporan Tahunan Bank Indonesia (2001-2004)
Mardanugraha, Eugenia. “Efisiensi Perbankan di Indonesia dipelajari melalui Pendekatan Biaya Parametrik”. Disertasi Pascasarjana Ilmu Ekonomi, Fakultas Ekonomi Universitas Indonesia, 2005
Martin, Stephen. (1993). Industrial Economics: Economic Analysis and Public Policy. Second Edition, Prentice Hall, Englewood Cliffs, New Jersey 07632
Perrakis, Stylianos. “Assesing Competition in Canada’s Financial System: A Note”. The Canadian Journal of Economics, Vol. 24, No.3 (Aug 1991), 727-723
Purwanto, Deniey Adi. “Analisis Rigiditas Tingkat Suku Bunga Kredit Perbankan di Indonesia: Penerapan Marginal Cost Pricing Framework (Februari 2001-Desember 2004)”. Tesus Pascasarjana Ilmu Ekonomi, Fakultas Ekonomi Universitas Indonesia. 2005.
Revankar, Nagesh, dan Naoyuki Yoshino. “An Empirical Analysis of Japanese Banking Behavior in A periode of Financial Instability”. Mimeo, State University of New York. 2004.
Rochet, Jean-Charles, dan J. Tirole. “Interbank Lending and Systematic Risk”. Journal of Money, Credit, and Banking 28(4):733-62, 1996
Setyowati, Rini. “Tingkat Persaingan Industri Perbankan di Indonesia” Tesis Pascasarjana Ilmu Ekonomi, Fakultas Ekonomi Universitas Indonesia. 2004.
Sharpe, S., “Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationship”. Journal of Finance, 1069-1087, 1990
Simorangkir, Iskandar. “Determinan Bank Runs pada Krisis Perbankan Indonesia Tahun 1997/1998: Suatu Pelajaran dari Krisis Perbankan”. Paper dipresentasikan dalam Seminar Akademik Ilmu Ekonomi 2004.
Siregar, Reza Y. “Interest Rate Spread and Mandatory Credit Allocation: Implication on Bank Loans to Small Businesses in Indonesia”. CIED Discussion Paper No. 0402, 2004
Stinglitz, J., dan A. Weiss. “Credit Rationing in Markets with Imperfect Information”. American Economic Reviwe 71 (3) 393-410, 1981
Stinglitz, J., dan Bruce Greenwald. (2003). Towards a New Paradigm in Monetary Economics. Cambridge University Press.
Widiastuti, Rosalia Nansih. “Analisis Hubungan antara Struktur Pasar dengan Kinerja Industri Perbankan di Indonesia” Tesis Pascasarjana Ilmu Manajemen, Fakultas Eknomi Universitas Indonesia. 1996
Williamson, Stephen D. “Costly Monitoring, Loan Contracts and Equlibrium Credit Rationing”, Quarterly Journal of Economics 102(1): 135-145. 1987
Yunanto, A., dan Joni Swastanto. “Indeks Kompetisi Perbankan di Indonesia”. Paper dipresentasikan pada Seminar Akademik Ilmu Ekonomi 2005.
Published
2007-02-13
How to Cite
Nuryakin, C., & Warjiyo, P. (2007). PERILAKU PENAWARAN KREDIT BANK DI INDONESIA: KASUS PASAR OLIGOPOLI PERIODE JANUARI 2001-JULI 2005. Buletin Ekonomi Moneter Dan Perbankan, 9(2), 21- 55. https://doi.org/10.21098/bemp.v9i2.205
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Buletin Ekonomi Moneter dan Perbankan / Bulletin of Monetary Economics and Banking is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
