Pengaruh Kebijakan Makroprudensial Terhadap Stabilitas Sistem Perbankan di Indonesia

Abstract

The stability of the banking system is a crucial pillar in maintaining national economic resilience, especially amid ongoing global economic fluctuations. In this context, macroprudential policies have become essential instruments implemented by monetary authorities such as Bank Indonesia. This study aims to analyze the impact of macroprudential policies, represented by Loan to Value (LTV), Reserve Requirement (GWM), and Capital Adequacy Ratio (CAR), on the stability of the banking system in Indonesia, as measured by the Z-Score. In addition, this study includes control variables such as Return on Assets (ROA) and bank size (Size) to enrich the analysis. The data used is secondary panel data obtained from 25 publicly listed conventional commercial banks in Indonesia during the period of 2014–2023. The study employs dynamic panel regression analysis using the Generalized Method of Moments (GMM) to address potential endogeneity issues. The findings indicate that LTV has a negative and significant effect on the Z-Score, while both GWM and CAR have positive and significant impacts. Bank size also shows a positive and significant relationship with banking stability, whereas ROA exhibits a positive but statistically insignificant effect. These results suggest that strengthening liquidity and capital buffers through macroprudential instruments can enhance banking system resilience, while excessive credit expansion poses risks to stability. Therefore, this research recommends that monetary authorities continue to reinforce supervisory mechanisms and adjust policies in line with economic conditions. The study is expected to contribute to evidence-based policymaking aimed at ensuring financial system stability in Indonesia.