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Penelitian ini bertujuan untuk menginvestigasi dampak kebijakan moneter dan makroprudensial terhadap pembangunan keuangan, baik di negara maju dan berkembang. Dengan menggunakan regresi panel data dinamis metode GMM pada 43 negara, penelitian ini menunjukkan bahwa terdapat dampak negatif akibat pelonggaran kebijakan tersebut. Penurunan suku bunga kebijakan dan indeks makroprudensial terutama instrumen kredit dan likuiditas dapat meningkatkan rasio kredit privat terhadap PDB, yang berarti mendorong proses pembangunan keuangan. Selanjutnya, penurunan suku bunga kebijakan signifikan mendorong proses pembangunan keuangan negara maju, namun indeks makroprudensial tidak signifikan. Sebaliknya, penurunan suku bunga kebijakan dan indeks makroprudensial tidak signifikan berdampak pada proses pembangunan keuangan negara berkembang.
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Sukowati, N. N., & Falianty, T. A. (2021). Dampak Kebijakan Moneter dan Makroprudensial terhadap Pembangunan Keuangan Studi Lintas Negara, 2000 – 2014. Jurnal Ekonomi Dan Statistik Indonesia, 1(3), 198-212. https://doi.org/10.11594/jesi.01.03.07
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Bailliu,J., Meh,C., & Zhang,Y. (2015). Macroprudential Rules And Monetary Policy When Financial Frictions Matter. Economic Modelling, 50,148-161. https://doi.org/10.1016/j.econmod.2015.06.012
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Beck, T., Degryse,H., & Kneer, C. (2014). Is More Finance Better? Disentangling Intermediation And Size Effects Of Financial Systems. Journal of Financial Stability, 10, p.50-64. https://doi.org/10.1016/j.jfs.2013.03.005.
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Beyer, A., Nicoletti, G., Papadopoulou, N., Papsdorf, P., Rünstler, G., Schwarz, C., Sousa, J., & Vergote, O. (2017). The transmission channels of monetary, macro- and microprudential policies and their interrelations. Occasional Paper Series ECB Eurosystem, No. 191.
Bonfim, D., & Soares, C. (2018). The Risk‐Taking Channel of Monetary Policy: Exploring All Avenues. Journal of Money, Credit and Banking, 50(7), 1507–1541. https://doi.org/10.1111/jmcb.12500
Borio, C., & Drehmann, M. (2009). Assessing the risk of banking crises. BIS Quarterly Review, March, 29–46. https://www.bis.org/publ/qtrpdf/r_qt0903e.pdf
Borio, C., & Zhu, H. (2012). Capital regulation，risk-taking and monetary policy：a missing link in the transmission mechanism ? Journal of Financial Stability, 8(4), 236–251. https://doi.org/10.1016/j.jfs.2011.12.003
Cerutti, E., Correa, R., Fiorentino, E., & Segalla, E. (2017). Changes in prudential policy instruments—A new cross-country database. International Journal of Central Banking, 13(2), 477–503. https://doi.org/10.5089/9781475574517.001
Creel, J., Hubert, P., & Labondance, F. (2015). Financial Stability And Economic Performance. Economic Modelling, 48, 25-40, https://doi.org/10.1016/j.econmod.2014.10.025.
Constâncio, Vítor. (2014). The European Crisis and the Role of the Financial System. Journal of Macroeconomics, 39 (B).p.250-259. https://doi.org/10.1016/j.jmacro.2013.08.009.
Dabla-Norris, E., & Srivisal, N. (2013). Revisiting the Link Between Finance and Macroeconomic Volatility. IMF Working Papers, 13(29), 1. https://doi.org/10.5089/9781475543988.001
de la Torre, A., Feyen, E., & Ize, A. (2013). Financial Development: Structure and Dynamics. World Bank Economic Review, 27(3), 514–541. https://doi.org/:10.1093/wber/lht005
Demirgüç-kunt, A., & Levine, R. (2008). Finance , Financial Sector Policies , and Long-Run Growth. Policy Research Working Paper Series, 4469. http://documents.worldbank.org/curated/en/644501468149692967/Finance-financial-sector-policies-and-long-run-growth
Disyatat, P. (2011). The Bank Lending Channel Revisited. Journal of Money, Credit and Banking, 43(4), 711–734. https://doi.org/10.1111/j.1538-4616.2011.00394.x
Fendoğlu, S. (2017). Credit cycles and capital flows: Effectiveness of the macroprudential policy framework in emerging market economies. Journal of Banking and Finance, 79, 110–128. https://doi.org/10.1016/j.jbankfin.2017.03.008
Feyen, E., & Beck, T. (2013). Benchmarking Financial Systems Introducing the Financial Possibility Frontier. World Bank Policy Research Working Paper, 6615.
Galati, G., & Moessner, R. (2013). Macroprudential policy - a literature review. Journal of Economic Surveys, 27(5), 846–878. https://doi.org/10.1111/j.1467-6419.2012.00729.x
Gambacorta, L., & Marques-Ibanez, D. (2011). The Bank Lending Channel Lesson From the Crisis. Economic Policy , 26(66), 135-182. https://doi.org/10.1111/j.1468-0327.2011.00261.x
Hassan, M. K., Sanchez, B., Yu, J. (2010). Financial Development And Economic Growth: New Evidence From Panel Data. The Quarterly Review of Economics and Finance, 51(1). p.88-104. https://doi.org/10.1016/j.qref.2010.09.001.
Hoffmann, A. (2019). Beware of Financial Repression: Lessons from History. Intereconomics, 54, p.259–266. https://doi.org/10.1007/s10272-019-0833-0
Huang, Y. (2010). Determinants of Financial Development. In Palgrave Macmillan. PALGRAVE MACMILLAN.
International Monetary Fund. (2011). Macroprudential Policy: An Organizing Framework. IMF Policy Papers. https://www.imf.org/en/Publications/Policy-Papers/Issues/2016/12/31/Macroprudential-Policy-An-Organizing-Framework-Background-Paper-PP4546
International Monetary Fund. (2012). Enhancing Financial Sector Surveillance in Low Income Countries : Financial Deepening and Macrostability. IMF Policy Papers. https://www.imf.org/en/Publications/Policy-Papers/Issues/2016/12/31/Enhancing-Financial-Sector-Surveillance-in-Low-Income-Countries-Financial-Deepening-and-PP4649
Ireland P.N. (2010) Monetary Transmission Mechanism. In: Durlauf S.N., Blume L.E. (eds) Monetary Economics. The New Palgrave Economics Collection. Palgrave Macmillan, London. https://doi.org/10.1057/9780230280854_26
Kashyap, A., Richard B., & Charles G. (2011). “The Macroprudential Toolkit,” IMF Economic Review 59(2), 145-161. https://www.jstor.org/stable/41290958
Kenç, T. (2015). Macroprudential regulation : history , theory and policy. BIS Working Papers, 86, 1–15. https://www.bis.org/publ/bppdf/bispap86c.pdf
King, R. G., & Levine, R. (1993). Finance and Growth : Schumpeter Might be Right. The Quarterly Journal of Economics, 108(3), 717–737. https://www.jstor.org/stable/2118406
Kim, D., & Lin, S. (2010). Dynamic Relationship Between Inflation And Financial Development. Macroeconomic Dynamics, 14(3), 343-364. https://doi.org/10.1017/S1365100509090312
Kuttner, K. N., & Shim, I. (2016). Can non-interest rate policies stabilize housing markets ? Evidence from a panel of 57 economies. Journal of Financial Stability, 26, 31–44. https://doi.org/10.1016/j.jfs.2016.07.014
Kwapil, C., & Scharler, J. (2010). Interest Rate Pass-Through, Monetary Policy Rules And Macroeconomic Stability. Journal of International Money and Finance, 29(2). p.236-251. https://doi.org/10.1016/j.jimonfin.2009.06.010
Leaven, L., Levine, R., & Michalopoulos, S. (2015). Financial innovation and endogenous growth. Journal of Financial Intermediation (Vol. 24, Issue 1, p. 1-24). https://doi.org/10.1016/j.jfi.2014.04.001
Levine, R. (2005). Finance and Growth: Theory and Evidence. In P. Aghion & S. N. Durlauf (Eds.), Handbook of Economic Growth (Vol. 1A, Issue 05, pp. 867–934). Elsevier B.V. https://doi.org/10.1016/S1574-0684(05)01012-9
Levine, R. (1997). Financial Development and Economic Growth: Views and Agenda. Journal of Economic Literature, 35(2), 688–726. https://doi.org/10.1596/1813-9450-1678
Lim, C., Columba, F., Costa, A., Kongsamut, P., Otani, A., Saiyid, M., Wezel, T., & Wu, X. (2011). Macroprudential Policy : What Instruments and How to Use Them ? Lessons from Country Experiences. IMF Working Papers, 11/238. https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Macroprudential-Policy-What-Instruments-and-How-to-Use-them-Lessons-From-Country-Experiences-25296
Lim, C. H., Krznar, I., Lipinsky, F., & Otani, A. (2013). The Macroprudential Framework : Policy Responsiveness and Institutional Arrangements. IMF Working Papers, 13/166. https://www.imf.org/en/Publications/WP/Issues/2016/12/31/The-Macroprudential-Framework-Policy-Responsiveness-and-Institutional-Arrangements-40789
Loayza, N., & Ranciere, R. (2006). Financial Development , Financial Fragility , and Growth. Journal of Money, Credit and Banking, 38(4), 1051–1076. https://www.jstor.org/stable/3838993%0A
Ma, Y., & Lin, X. (2016). Financial development and the effectiveness of monetary policy. Journal of Banking and Finance, 68, 1–11. https://doi.org/10.1016/j.jbankfin.2016.03.002
Mavroeidis, Sophocles. (2010). Monetary Policy Rules and Macroeconomic Stability: Some New Evidence. American Economic Review, 100(1):491-503. https://doi.org/10.1257/aer.100.1.491
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