Papers by Akhsyim Afandi Drs. MA.Ec., Ph.D.
SSRN Electronic Journal, 2014
Economic Journal of Emerging Markets
Current development shows that financial system tends to move to the direction where controls ove... more Current development shows that financial system tends to move to the direction where controls over banking system would be very minimum. Banks are no longer required to hold afraction of their assets as required reserve with the central bank, and deposits are not subject to interest rate regulation. Fama (1980, 1983) argues that with the absence of reserve ratio price determinacy still holds through the control over currency supply. However, recent development also indicates that the control over currency supply is not any more in the hand of central banks but determined by the demand of the people. Consequently, price level is uncontrollable. Black (1970) even goes further to conclude that the unregulated banking system will bring the traditional monetary theories to an end. This paper deals with the implications of recent development in financial system in Canada. This paper argues that even though there is no longer reserve requirement and currency supply is determined by demand ...
Economic Journal of Emerging Markets
Perkembangan paling mutakhir menunjukkan bangkitnya kembali ekonomi makro Keynesian yang menjelma... more Perkembangan paling mutakhir menunjukkan bangkitnya kembali ekonomi makro Keynesian yang menjelma menjadi New Keynesian Economics dengan implikasi kebijaksanaan yang sama. Kebangkitan ini tercermin pada cukup banyaknya artikel di jurnal dan cepat populernya buku teks makro yang ditulis dengan kerangka New Keynesian Economics.
Profit-sharing as the main product of Islamic banks has a higher level of risk than other contrac... more Profit-sharing as the main product of Islamic banks has a higher level of risk than other contracts, resulting in a low mudharabah financing portfolio. This study is intended to determine the effect of micro and macroeconomic variables on the Value at Risk of Islamic commercial banks in Indonesia. Value at Risk is proxied by the potential loss of profit-sharing financing on the Mudharabah and Musyarakah investment portfolios of Islamic commercial banks whose data is obtained from OJK Sharia Banking Statistics. Monthly time series data, covering June 2014 to December 2020 are selected. The test equipment used in this study used the ARDL (Autoregressive Distributed Lag) test. Based on the results of data analysis, the Value at Risk variable proxy is influenced by the CAR, EXC, NPF, and ROA variables. Meanwhile, the variables of GDP, INF, and FDR do not affect VaR. High CAR and NPF increase the VaR of Islamic commercial banks. Meanwhile, the decline in ROA and depreciation of the rupia...
This paper aims to investigate the role of each aggregate spending component in the monetary poli... more This paper aims to investigate the role of each aggregate spending component in the monetary policy transmission in Indonesia. It assesses the relative strength of the role of each spending component in the monetary policy transmission. In so doing, this study employs the contribution analysis, which is calculated based on the cumulative impulse response of each component of GDP to a monetary policy tightening shock estimated from structural vector autoregressive (SVAR) models. This paper finds that on average consumption spending plays predominant role in the monetary policy transmission. JEL classification numbers: C12, C22, C52
This study aims to analyse the efficiency of Islamic Banking in Indonesia during 2010 to 2016. Sa... more This study aims to analyse the efficiency of Islamic Banking in Indonesia during 2010 to 2016. Samples in this study consist of 8 sharia banks (BUS), 4 devisa banks and 4 non devisa banks. Stochastic Frontier Analysis (SFA) method is used to analyze data of this study with production function approach. The input variables are total fixed asset, total deposits, and operational cost. While the output variable is total financing of sharia bank. The result of study showed the highest efficient score by BUS devisa is BNI Syariah during 2015 period as 0,9981. The highest efficient score for BUS non devisa is BRI Syariah during 2010 period with 0,9998. Meanwhile, the lowest efficient score for BUS devisa is BNI Syariah during 2010 period with 0,8089, and the lowest efficient score for BUS non devisa is BCA Syariah during 2010 period with 0,7125.
This paper tests whether the bank lending channel works in Indonesia. It develops an error correc... more This paper tests whether the bank lending channel works in Indonesia. It develops an error correction representation of the Autoregressive Distributed Lag (ARDL) model of two bank credit markets. Each model takes account of one structural break associated with the 1998 financial crisis. The date of the crisis is determined by a unit root test that includes two structural breaks. Instead of Johansen’s cointegrating procedure, bounds test procedure is implemented. The estimated error correction model for both markets suggests that bank loans adjust more strongly towards loan supply, implying that monetary-induced disturbances in bank loans originate from the supply side. Keywords: bank lending channel, unit root, structural breaks
Economic Journal of Emerging Markets, 2006
This paper examines the robustness of the ADF (Augmented Dickey-Fuller) unit root test to the pre... more This paper examines the robustness of the ADF (Augmented Dickey-Fuller) unit root test to the presence of one structural break. The ADF test results show one variables out of six to be stationary. To check their robustness, two separate additive outlier (AO) models are employed: one allowing for one endogenously-determined break in the intercept and the other in the trend. These two tests can not reject the unit root null hypothesis for all the vari-ables. However, when an innovational outlier (IO) model, that allows for one endogenously-determined break is estimated, the null hypothesis can be rejected for 3 more series. The estimated break dates mostly correspond to the 1998 financial crisis in Indonesia. Keywords: unit root; stationarity; structural break, additive & innovational outlier JEL classification: C1; C22
Journal of Accounting and Investment, 2021
Research aims: This study aims to analyze the role of Islamic corporate governance mechanisms on ... more Research aims: This study aims to analyze the role of Islamic corporate governance mechanisms on the performance of Islamic banks. Besides, it also analyzes the effect of risk profiles, especially those that are directly related to bank financing, on the performance of Islamic Banks.Design/Methodology/Approach: Sharia banks that become the objects are Sharia Commercial Banks (SCB) and Sharia Business Units of Conventional Banks (SBU). This study uses data from 20 sharia banks (11 SCB and 9 SBU). The analytical tool used in this study is panel data regression.Research findings: The results show that the meeting frequency of the Board of Commissioners, Sharia Supervisory Board (SSB), Financing to Deposits Ratio (FDR), and bank size have a significant positive effect on the performance of Islamic banks. Non-Performing Financing (NPF) has a significant negative effect on the performance of Islamic banks.Theoretical contribution/Originality: This study utilized Stakeholders theory, Maqos...
This study aims to analyze the factors that influence the poverty rate in Indonesia in the period... more This study aims to analyze the factors that influence the poverty rate in Indonesia in the period of 1981-2013. This research uses Error Correction Model to estimate the empirical poverty model. The findings may be explained as follows: Economic growth does not influence the poverty reduction; meanwhile inflation has a significant positive effect on the poverty level. Foreign direct investment as an indicator of economy openness has a negative impact on the poverty. In addition, Gini ratio as an income equality measurement has no significant influence on the poverty level. These findings show that the poverty level depends on macroeconomic instability especially price level. Higher inflation rate leads to higher rate of poverty in the country. Furthermore, the central government should keep the monetary sector using tight monetary policy to eliminate the poverty level. Keywords: Gross Domestic Product, investment, inflation, Gini ratio, poverty. JEL Classifications: E01, E31, I32
Jurnal BAABU AL-ILMI: Ekonomi dan Perbankan Syariah, 2020
MSMEs have an important role in national economic development, but capital is still the main prob... more MSMEs have an important role in national economic development, but capital is still the main problem faced in developing MSMEs. Islamic banking has a main function, one of which is channeling financing. However, the trend in financing the MSME sector always fluctuates from year to year and tends to decline. This study aims to analyze the effect of bank characteristics and macroeconomic factors on the financing of the MSME sector in Islamic banking in Indonesia. This study uses time series data which is monthly data on aggregate financial statements of Islamic Commercial Banks and Sharia Business Units in Indonesia. The analysis method used in this research is Autoregressive Distributed Lag (ARDL). The results showed that the variables that affect the financing of the BUS MSME sector in the short term are return on assets (ROA) and the interest rate (BI_Rate). Whereas in the long term, the variables that affect the financing of the BUS MSME sector are the bank office network (JKB) an...
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah, 2020
Financing is one of the main functions of Islamic banking. In its operational activities, Islamic... more Financing is one of the main functions of Islamic banking. In its operational activities, Islamic banking channel most of its assets into financing. However, the financing trend in this sector always fluctuates from year to year and tends to decline. This study aims to analyze the factors that influence the financing of the business services sector in Islamic banking in Indonesia. This study uses time-series data which is the monthly data of the aggregate financial statements of Sharia Commercial Banks and Sharia Business Units in Indonesia. The analysis method used in this study is Autoregressive Distributed Lag (ARDL). The results showed that the variables that influence the financing of the business services sector in the short term are third party funds (DPK), equivalent rate of financing (ERP) and Industrial Production Index (IPI). Whereas in the long run, the variables that influence the financing of the business services sector are third party funds (DPK), return on assets (R...
E+M Ekonomie a Management, 2020
This research studies the monetary policy transmission mechanisms in Indonesia. It aims at achiev... more This research studies the monetary policy transmission mechanisms in Indonesia. It aims at achieving six objectives. First, it investigates not only the channels associated with monetary-policy-induced changes in the financial markets but also those associated with the ...
This study aims to analyze the factors that influence the poverty rate in Indonesia in the period... more This study aims to analyze the factors that influence the poverty rate in Indonesia in the period of 1981-2013. This research uses Error Correction Model (ECM) to estimate the empirical poverty model. The findings may be explained as follows: Economic growth does not influence the poverty reduction; meanwhile inflation has a significant positive effect on the poverty level. Foreign direct investment (FDI) as an indicator of economy openness has a negative impact on the poverty. In addition, Gini ratio as an income equality measurement has no significant influence on the poverty level. These findings show that the poverty level depends on macroeconomic instability especially price level. Higher inflation rate leads to higher rate of poverty in the country. Furthermore, the central government should keep the monetary sector using tight monetary policy to eliminate the poverty level.
There was a question whether monetary policy works through bank lending channelrequired a monetar... more There was a question whether monetary policy works through bank lending channelrequired a monetary-induced change in bank loans originates from the supply side. Mostempirical studies that employed vector autoregressive (VAR) models failed to fulfill thisrequirement. Aiming to offer a solution to this identification problem, this paper developed afive-variable vector error correction (VEC) model of two separate bank credit markets inIndonesia. Departing from previous studies, the model of each market took account of onestructural break endogenously determined by implementing a unit root test. A cointegrationtest that took account of one structural break suggested two cointegrating vectors identifiedas bank lending supply and demand relations. The estimated VEC system for both marketssuggested that bank loans adjusted more strongly in the direction of the supply equation.
Economic Journal of Emerging Markets, Oct 1, 2017
Uploads
Papers by Akhsyim Afandi Drs. MA.Ec., Ph.D.