Intermediasi Keuangan dan Peryumbuhan Ekonomi di Indonesia

Abstract

The monetary crisis in 1997 had a bad impact to all economic sectors in Indonesia especially in the financial sector. The recovery program of commercial hank post crisis had take about 50 % of GDP. How ever, banking sector still faced the crucial problem such disintermediation and non performing loans. Disintermediation problem in banking sector were being the top issues of this research. The research was concerned to study the effect of financial intermediation and money on Indonesian's economic growth during the post-1997 crisis period. The parameters such as; GDP, Money (MMB), LOANS, central bank asset (CBA), non bank financial institution asset (LKBBA), and commercial bank asset (BANKA). The research used co integration and granger causality. Co integration used to see relation change of long-range structure between regression variable. To see the causality relation among financial intermediation variables and economic growth tested by using Granger Causality test. The result of co integration test, find that monetary intermediation variable (MMB, LOANS, BANKA, CBA, LKBBA) have relation on a long term with economic growth (GDP). From Granger Causality test we find that, money and loans does not have causality with economic growth, but money and loans have the unidirectional link with GDP. The variable of financial institution asset such as BANKA and CBA also have the unidirectional link with GDP. Means while financial institution asset doesn’t have the unidirectional link with GDP.