Pengaruh Uang Elektronik dan Surat Berharga Syariah Negara (SBSN) terhadap Jumlah Uang Beredar di Indonesia

Abstract

As the central bank of the Republic of Indonesia, Bank Indonesia has three main responsibilities: creating and implementing monetary policy, regulating and maintaining a seamless payment system, including cash and non-cash payments, and financial system stabilization. To achieve this goals, Bank Indonesia can use one of the sharia monetary instruments, specifically Government Islamic Securities and it is authorized to provide efficient payment instruments such as non-cash electronic money payment instruments, the development of which may have an effect on the money supply. The goal of this study was to determine the effect of electronic money and Government Islamic Securities on Indonesia's money supply. The data used in this analysis is secondary data in the form of a time series of 84 observations that includes monthly data on electronic money, Government Islamic Securities and the money supply from Bank Indonesia publications for the period January 2015 to December 2021. Using the EViews 10 program, this study technique employs the restricted VAR (Vector Autoregression)/VECM (Vector Error Correction Model) analysis method. The results of this study reveal that the variable of electronic money in the short term does not significantly affect the money supply. Electronic money, on the other hand, has a long-term positive influence on the money supply. The variable of Government Islamic Securities in the short term does not significantly affect the money supply. Meanwhile, Government Islamic Securities have a negative impact on the money supply in the long term.

Keywords: Electronic Money, Government Islamic Securities and Money Supply.