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Journal of Economics Development IssuesJournal of Economics Development Issues

The trade conflict that persisted in 2018 put pressure on global trade volumes and reduced economic growth overall. The global economic downturn has hampered economic growth in a number of countries. The economies of the ASEAN regions member nations generally grow faster than those of developed and developing nations combined. Indonesia was able to post stronger economic growth in 2018 despite the world economy contracting and uncertainty rising, but regional economic growth in Indonesia does not correspond with Indonesias economic growth, which is trending upward. An instrument that can impact a nations macroeconomic stability and economic expansion is its monetary policy. This research aims to analyze the monetary policy transmission mechanism through which interest rates influence regional economic growth in Indonesia. The author uses the Vector Error Correction Model (VECM) to measure the impact of monetary policy shocks within the monetary policy framework set by Central Bank of Indonesia. The results show that the framework that has been established by Central Bank of Indonesia through the transmission of monetary policy through the interest rate channel does not provide a uniform response at the regional level.

The research findings indicate that the monetary policy transmission mechanism through the interest rate channel exhibits a significant influence on economic growth across provinces in the short term.However, the long-term effects vary, with some provinces showing a consistent response while others do not.Specifically, provinces like DKI Jakarta, West Java, Central Java, and Riau demonstrate a clear long-term impact of monetary policy on their GRDP.This suggests that the effectiveness of monetary policy transmission is not uniform throughout Indonesia, highlighting the need for tailored regional economic strategies.

Further research should investigate the specific factors contributing to the varying responses to monetary policy across different Indonesian regions, potentially focusing on regional economic structures and financial market development. Additionally, studies could explore the effectiveness of alternative monetary policy instruments, such as macroprudential policies, in influencing regional economic growth, particularly in areas where the interest rate channel is less effective. Finally, research is needed to assess the impact of global economic shocks and capital flows on regional economic disparities in Indonesia, and how monetary policy can be adjusted to mitigate these effects, considering the unique characteristics of each region and their integration into the global economy. These investigations should involve a combination of econometric modeling, regional economic analysis, and potentially, qualitative studies to gain a more nuanced understanding of the complex interplay between monetary policy, regional economic conditions, and global economic forces.

  1. Project MUSE -- Verification required!. project muse verification required order better serve keep site... doi.org/10.1353/eca.2014.0003Project MUSE Verification required project muse verification required order better serve keep site doi 10 1353 eca 2014 0003
  2. "Merenungkan Kembali Mekanisme Transmisi Moneter Di Indonesia" by Boediono Boediono. merenungkan... doi.org/10.21098/bemp.v1i1.157Merenungkan Kembali Mekanisme Transmisi Moneter Di Indonesia by Boediono Boediono merenungkan doi 10 21098 bemp v1i1 157
  3. THE IMPACT OF THE MONETARY POLICY'S INTEREST RATE TRANSMISSION ON INDONESIA'S REGIONAL ECONOMIC... doi.org/10.33005/jedi.v7i2.348THE IMPACT OF THE MONETARY POLICYS INTEREST RATE TRANSMISSION ON INDONESIAS REGIONAL ECONOMIC doi 10 33005 jedi v7i2 348
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