PENENTU KEBERHASILAN REDENOMINASI MATA UANG: PENDEKATAN HISTORIS DAN EKSPERIMENTAL
Keywords:
Redenomination, Inflation, Economic Growth, Experiment
Abstract
Redenomination is a simplification of nominal value of currency by reducing digit (zero number) without reducing the real value of the currency. The main objective of this research was to examine whether the economic conditions at the time of redenomination may affect the success of currency redenomination. The methods used were regression analysis on historical data of 30 countries which are involved in redenominating their currencies, economic experiments with t-test, and survey of people’ perspective. Based on regression analysis, inflation will decrease and economic growth will rise higher after redenomination, if previously a country have experienced high economic growth as well. Based on experimental research, when inflation was high, redenomination could increase the selling price. Otherwise, when inflation was low, redenomination could decrease the selling price. Changes in selling price after redenomination was not affected significantly by differences in economic growth conditions. In different economic conditions, redenomination policy did not significantly affect the changes number of transactions and total value of transactions in the market. From the survey results, public did not believe government can control inflation after redenomination. Redenomination also will not affect consumption pattern.Downloads
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References
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Blanchard, O, (2006), Macroeconomics Fourth Edition, Pearson Prentice Hall.
Dornbusch, R, Fischer S, dan Startz R, (2004), Macroeconomics Ninth Edition, McGraw Hill, New York.
Gamble, A, Garling T, Charlton J, & Ranyard R. “Euro Illusion”, European Psychologist 7, 2002, 4: 302-31.
Hobijn, Bart, F. Ravena, dan A. Tambalotti. “Menu Costs at Work: Restaurant Prices and the Introduction of the Euro”,The Quarterly Journal of Economics, 2006, 121 (3): 1103-1131.
Iona, D. “The National Currency Re-denomination Experience in Several Countries: A Comparative Analysis”, International Multidisciplinary Symposium Universitaria Simpro, 2005.
Juanda, B. “Percobaan Ekonomi untuk Mengkaji Pengaruh Informasi Serta Jumlah Penjual dan Pembeli dalam Transaksi Pasar”, November 2000, Jurnal Ekonomi Vol. 7, III, Universitas Borobudur.
_______________. “Ekonomi Eksperimental untuk Pengembangan Teori Ekonomi dan Pengkajian Suatu Kebijakan”,Di dalam: Orasi Guru Besar IPB, 25 September 2010.
_______________. “Experimental Economics in Indonesia: Lesson Learned and Best Practices”, Di dalam: Workshop on Experimental Economics, Bogor 6 September 2012.
Juanda, B, N. Fitri, F. Fardilah, dan M.P.D. Manik, (2011),“Analisis Perbandingan Dampak Kebijakan Menyelamatkan Bank Century dengan kebijakan Menutup Bank Century dengan Metode Eksperimen”, Departemen Ilmu Ekonomi, FEM-IPB, Bogor.
Kesumajaya, I.W.W. “Redenominasi Mata Uang Rupiah Merupakan Bagian dari Tugas Bank Indonesia untuk Mengatur dan Menjaga Kelancaran Sistim Pembayaran di Indonesia”,GaneC
Swara Vol. 5 No.1, Pebruari 2011. Lianto, J dan Ronald Suryaputra. “The Impact of Redenomination in Indonesia from Indonesian Citizens’ Perspective”, Procedia - Social and Behavioral Sciences 40 (2012): 1 – 6.
Lipsey, R.G, P.N Courant, D.D Purvis, dan P.O Steiner,(1995),Pengantar Mikroekonomi Jilid Satu Edisi Kesepuluh. Binarupa Aksara. Jakarta. Terjemahan dari: Economics 10th ed.
Mankiw, N.G,(2003),Teori Makroekonomi Edisi Kelima. Erlangga. Jakarta. Terjemahan dari: Macroeconomics 5th Edition.
Matjik, A.A, dan I.M. Sumertajaya, (2002), Perancangan Percobaan dengan Aplikasi SAS dan MINITAB Jilid I Edisi Kedua. IPB Press. Bogor.
Marques, J.F dan Dehaene, S.“Developing Intuition for Price in Euros”, Journal of Experimental Psychology 10, 2004, 3: 148-155.
Mehdi, S dan Motiee Reza. “An investigating Zeros Elimination of the National Currency and Its Effect on National Economy (Case study in Iran)”, European Journal of Experimental Biology, 2012, 2 (4):1137-1143.
Mosley, L. “Dropping Zeros, Gaining Credibility? Currency Redenomination in Developing Nations”, 2005 Annual Meeting of The American Political Science Association, Washington DC.
Shafir, E, P. Diamond, dan A. Tversky. “Money Illusion”, The Quarterly Journal of Economics (May 1997) 112 (2): 341-374.
Suhendra, E dan S.W. Handayani. “Impacts of Redenomiantion on Economics Indicators”, International Conference on Eurasian Economies, 2012. The World Bank. “World Development Indicators 2012”, 2012.
Wibowo. B. “Ilusi Nilai Uang Redenominasi”, Harian Bisnis Kontan, Kamis 21 Februari 2013.
Published
2015-01-29
How to Cite
Pambudi, A., Juanda, B., & Priyarsono, D. P. (2015). PENENTU KEBERHASILAN REDENOMINASI MATA UANG: PENDEKATAN HISTORIS DAN EKSPERIMENTAL. Buletin Ekonomi Moneter Dan Perbankan, 17(2), 167-196. https://doi.org/10.21098/bemp.v17i2.48
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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.
