META-ANALYSIS OF MONEY DEMAND IN INDONESIA
Abstract
Theory and empirical study about demand for money is the key feature in macroeconomics theory. The study about demand for money in Indonesia has been developing with various techniques. Its result in various analyses can be difficult in understanding behaviour of demand for money in Indonesia. This paper aims to find out the tendency of demand for money in Indonesia by analyzing long run and short run income elasticity and opportunity cost elasticity. We use fixed effects meta-analysis and unweighted average meta-analysis. The result shows that income elasticity and opportunity cost elasticity are consistent with theory of money demand. That result can be used as an empirical foundation to future study about demand for money in Indonesia.
Keywords: demand for money, meta analysis, fixed effects.
JEL Classification code: E41, E52Downloads
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References
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Aghevli, B.B. A Model of The Monetary Sector of Indonesia: 1968-1973?. Bulletin of Indonesian Economic Studies, 1976 (12), hal. 50-60.
Aghevli, B.B., M.S Khan, P.R Narvekar, dan B.K Short. ˜Monetary Policy in Selected Asian Countries?. IMF Staff Paper, 1979, 26(4), hal. 775-824.
Badjuri. Permintaan Uang di Indonesia Tahun 1978-1993 (Pendekatan Kointegrasi)?,Tesis. Program Pascasarjana Universitas Indonesia, 1997.
Bahmani-Oskooee, Mohsen dan Hafez Rehman. ˜Stability of The Money Demand Function in Asian Developing Countries?. Applied Economics,2005 (37), hal. 773-792.
Darsono. Banking Deregulation, Banking / Monetary Aggregates and Monetary Policy?, Ph.D Thesis, Department of Economics, University of Wollongong, 1999. http://ro.uow.edu.au/theses/1314.
Fase, M. In Search for Stability: An Empirical Appraisal of the Demand for Money in the G7 and EC Countries?. De Economist 1994 (142:4), hal. 421-454.
Iljas, Achjar. The Transmission Mechanism Of Monetary Policy in Indonesia?. Bank for International Settlements Policy Papers (Basle) Working Paper No.3,.January 1998.
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Insukindro dan Aliman. Pemilihan dan Bentuk Fungsi Model Empirik: Studi Kasus Permintaan Uang Kartal Riil di Indonesia?. Jurnal Ekonomi dan Bisnis Indonesia, 1999, 14(4), hal. 49-61.
Insukindro dan Catur Sugiyanto. Pengaruh Dibukanya Kembali Pasar Modal dan Deregulasi Perbankan Terhadap Permintaan Uang di Indonesia?. Jurnal Ekonomi dan Bisnis Indonesia,1987,1(II), hal. 15-29.
James, Gregory A. Money Demand and Financial Liberalization in Indonesia?. Journal of Asian Economic. 2005(16), hal. 817-829.
Jaya, Wihana Kirana. Seleksi Model Permintaan Uang di Indonesia 1973-1987. Jurnal Ekonomi dan Bisnis Indonesia,1990 (No.2), hal. 37-47
Lestano, Jan P.A.M. Jacobs dan Gerard H.Kuper. Broad and Narrow Money Demand and Financial Liberalization in Indonesia, 1980Q1-2004Q4?. ?http://www.eco.rug.nl/medewerk/jacobs/jjdownload/MoneyDemandIndonesiaDec2009.pdf. 2009.
Lipsey, Mark W. Dan David B.Wilson, (2001). Practical Meta-Analysis.Applied Social Research Methods Series Vol.49 First Edition. Thousand Oaks:Sage Publications, Inc.
Ouk-Heon, Song.Monetary Targeting in a Liberalized Financial Environment?. Research Project Research and Training Centre The South East Asian Central Banks (Kuala Lumpur). 2002
Pasaribu, Syamsul Hidayat. The Volatility Processes In Indonesia»s Demand for Narrow Money. Jurnal Ekonomi Pembangunan, 2002,7(2), hal. 157-170.
Price, Simon, dan Insukindro. The Demand for Indonesian Narrow Money: Long Run Equilibrium, Error Correction and Forward Looking Behaviour?. Journal of International Trade and Economic Development, July 1994, (3), hal. 147-63.
Ronaldo.˜Analisis Determinasi Model Permintaan Uang Beredar Ruang Lingkup Artian Luas (M2) Studi Kasus Indonesia Periode 1990-2005?. Skripsi. Universitas Indonesia, 2008
Sidiq, Sahabudin. Stabilitas Permintaan Uang di Indonesia: Sebelum dan Sesudah Perubahan Sistem Nilai Tukar. Jurnal Ekonomi Pembangunan, 2005, 10(1), hal. 31-41.
Simorangkir, Iskandar. Financial Deregulation and Demand For Money in Indonesia. Buletin Ekonomi Moneter dan Perbankan Bank Indonesia, 2002, 5(1), hal. 1-17.
Singh, Rup dan Saten Kumar. Application of the Alternative Techniques to Estimate Demand for Money in Developing Countries. Munich Personal RePEc Archive Paper No.19295, 2007, hal. 1-21.
Sriram, Subramanian S. A Survey of Recent Empirical Money Demand Studies?. IMF Staff Papers vol.47(3), 2001, hal. 334-365.
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Sriwiyanto, Hery Sulistio Jati Nugroho. ˜Permintaan Uang di Indonesia Sebagai Negara Kecil dan Terbuka. Skripsi. Universitas Gadjah Mada, 2004.
Stanley, T.D. Wheat From Chaff: Meta-Analysis As Quantitative Literature Review, Journal of Economic Perspective,2001, 15(3), hal.131-150.
Stanley, T.D dan S.B. Jarell. Meta-regression analysis: A quantitative method of literature surveys, Journal of Economic Surveys, 1989,3, hal. 54-67.
Suherman. Estimasi Model Permintaan Uang Kartal Indonesia 1990:1- 2002:IV Error Correction Model. Tesis. Magister Perencanaan Dan Kebijakan Publik Fakultas Ekonomi Universitas Indonesia,2003.
Sulaiman, Wahid. Analisis Permintaan Uang di Indonesia dengan Pendekatan Stok Penyangga.Tesis. Magister Ekonomi Pembangunan Sekolah Pascasarjana Universitas Sumatera Utara, 2008.
Yu, Han dan Pei-Tha Gan. Empirical Analysis of The Money Demand Function in ASEAN-5.International Research Journal of Finance and Economics,2009,33, hal. 168-178.
Achsani, Noer Azam, Oliver Holtemoller dan Hizir Sofyan. ˜Econometric and Fuzzy Modeling of Indonesian Money Demand?,dalam Cizek, P., W. Hardle dan R.Weron,eds.,Statistical Tools in Finance and Insurance. Berlin: Springer, 2005,hal. 249-270.
Aghevli, B.B. A Model of The Monetary Sector of Indonesia: 1968-1973?. Bulletin of Indonesian Economic Studies, 1976 (12), hal. 50-60.
Aghevli, B.B., M.S Khan, P.R Narvekar, dan B.K Short. ˜Monetary Policy in Selected Asian Countries?. IMF Staff Paper, 1979, 26(4), hal. 775-824.
Badjuri. Permintaan Uang di Indonesia Tahun 1978-1993 (Pendekatan Kointegrasi)?,Tesis. Program Pascasarjana Universitas Indonesia, 1997.
Bahmani-Oskooee, Mohsen dan Hafez Rehman. ˜Stability of The Money Demand Function in Asian Developing Countries?. Applied Economics,2005 (37), hal. 773-792.
Darsono. Banking Deregulation, Banking / Monetary Aggregates and Monetary Policy?, Ph.D Thesis, Department of Economics, University of Wollongong, 1999. http://ro.uow.edu.au/theses/1314.
Fase, M. In Search for Stability: An Empirical Appraisal of the Demand for Money in the G7 and EC Countries?. De Economist 1994 (142:4), hal. 421-454.
Iljas, Achjar. The Transmission Mechanism Of Monetary Policy in Indonesia?. Bank for International Settlements Policy Papers (Basle) Working Paper No.3,.January 1998.
Insukindro. Pendekatan Stok Penyangga Permintaan Uang: Tinjauan Teoritik dan Sebuah Studi Empirik di Indonesia. Ekonomi dan Keuangan Indonesia, 1998, XLVI(4), hal. 451-471.
Insukindro. Pemilihan Model Ekonomi Empirik dengan Pendekatan Koreksi Kesalahan. Jurnal Ekonomi dan Bisnis Indonesia,1999, 14(1), hal. 1-18.
Insukindro dan Aliman. Pemilihan dan Bentuk Fungsi Model Empirik: Studi Kasus Permintaan Uang Kartal Riil di Indonesia?. Jurnal Ekonomi dan Bisnis Indonesia, 1999, 14(4), hal. 49-61.
Insukindro dan Catur Sugiyanto. Pengaruh Dibukanya Kembali Pasar Modal dan Deregulasi Perbankan Terhadap Permintaan Uang di Indonesia?. Jurnal Ekonomi dan Bisnis Indonesia,1987,1(II), hal. 15-29.
James, Gregory A. Money Demand and Financial Liberalization in Indonesia?. Journal of Asian Economic. 2005(16), hal. 817-829.
Jaya, Wihana Kirana. Seleksi Model Permintaan Uang di Indonesia 1973-1987. Jurnal Ekonomi dan Bisnis Indonesia,1990 (No.2), hal. 37-47
Lestano, Jan P.A.M. Jacobs dan Gerard H.Kuper. Broad and Narrow Money Demand and Financial Liberalization in Indonesia, 1980Q1-2004Q4?. ?http://www.eco.rug.nl/medewerk/jacobs/jjdownload/MoneyDemandIndonesiaDec2009.pdf. 2009.
Lipsey, Mark W. Dan David B.Wilson, (2001). Practical Meta-Analysis.Applied Social Research Methods Series Vol.49 First Edition. Thousand Oaks:Sage Publications, Inc.
Ouk-Heon, Song.Monetary Targeting in a Liberalized Financial Environment?. Research Project Research and Training Centre The South East Asian Central Banks (Kuala Lumpur). 2002
Pasaribu, Syamsul Hidayat. The Volatility Processes In Indonesia»s Demand for Narrow Money. Jurnal Ekonomi Pembangunan, 2002,7(2), hal. 157-170.
Price, Simon, dan Insukindro. The Demand for Indonesian Narrow Money: Long Run Equilibrium, Error Correction and Forward Looking Behaviour?. Journal of International Trade and Economic Development, July 1994, (3), hal. 147-63.
Ronaldo.˜Analisis Determinasi Model Permintaan Uang Beredar Ruang Lingkup Artian Luas (M2) Studi Kasus Indonesia Periode 1990-2005?. Skripsi. Universitas Indonesia, 2008
Sidiq, Sahabudin. Stabilitas Permintaan Uang di Indonesia: Sebelum dan Sesudah Perubahan Sistem Nilai Tukar. Jurnal Ekonomi Pembangunan, 2005, 10(1), hal. 31-41.
Simorangkir, Iskandar. Financial Deregulation and Demand For Money in Indonesia. Buletin Ekonomi Moneter dan Perbankan Bank Indonesia, 2002, 5(1), hal. 1-17.
Singh, Rup dan Saten Kumar. Application of the Alternative Techniques to Estimate Demand for Money in Developing Countries. Munich Personal RePEc Archive Paper No.19295, 2007, hal. 1-21.
Sriram, Subramanian S. A Survey of Recent Empirical Money Demand Studies?. IMF Staff Papers vol.47(3), 2001, hal. 334-365.
Sriram, Subramanian S. Survey of Literature on Demand for Money: Theoritical and EmpiricalWork with Special Reference to Error-Correction Models?. IMF Working Paper WP/99/64, 1999, hal. 1-43.
Sriwiyanto, Hery Sulistio Jati Nugroho. ˜Permintaan Uang di Indonesia Sebagai Negara Kecil dan Terbuka. Skripsi. Universitas Gadjah Mada, 2004.
Stanley, T.D. Wheat From Chaff: Meta-Analysis As Quantitative Literature Review, Journal of Economic Perspective,2001, 15(3), hal.131-150.
Stanley, T.D dan S.B. Jarell. Meta-regression analysis: A quantitative method of literature surveys, Journal of Economic Surveys, 1989,3, hal. 54-67.
Suherman. Estimasi Model Permintaan Uang Kartal Indonesia 1990:1- 2002:IV Error Correction Model. Tesis. Magister Perencanaan Dan Kebijakan Publik Fakultas Ekonomi Universitas Indonesia,2003.
Sulaiman, Wahid. Analisis Permintaan Uang di Indonesia dengan Pendekatan Stok Penyangga.Tesis. Magister Ekonomi Pembangunan Sekolah Pascasarjana Universitas Sumatera Utara, 2008.
Yu, Han dan Pei-Tha Gan. Empirical Analysis of The Money Demand Function in ASEAN-5.International Research Journal of Finance and Economics,2009,33, hal. 168-178.
Published
2012-10-03
How to Cite
Riyandi, G. (2012). META-ANALYSIS OF MONEY DEMAND IN INDONESIA. Buletin Ekonomi Moneter Dan Perbankan, 15(1), 41-62. https://doi.org/10.21098/bemp.v15i1.415
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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.
