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Economic Growth Dynamics: The Role of Conventional and Sharia- Monetary Instruments
Abstract
Purpose – This study examines the impact of conventional and Islamic monetary instruments on economic growth in Indonesia from 2018 to 2023. The primary objective is to evaluate how these monetary instruments influence the nation's economic performance, using Open Market Operations (OMO) and Discount Rates for conventional instruments, and Islamic Bank Certificates (SBIS) and Interbank Money Market for Islamic instruments.
Methodology - A quantitative approach was employed, utilizing data from Bank Indonesia and the Central Bureau of Statistics. The study used Vector Auto Regression (VAR) and Vector Error Correction Model (VECM) for analysis.
Findings - Results reveal that while conventional monetary instruments significantly affect economic growth in the long term, their short-term impact is limited. Similarly, Islamic monetary instruments demonstrate a notable influence on growth over an extended period but show negligible short-term effects. These findings highlight the varying effectiveness of monetary policies and their implications for economic stability.
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DOI: https://doi.org/10.17509/rief.v8i1.79386
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