Wednesday, September 16, 2009

ARTIKEL KEBIJAKAN MONETER

Monetary Policy Article (Artikel Kebijakan Moneter) on this highlighted the role of monetary policy is its impact on Indonesia and the Economy Indonesia.Dalam free exchange rate system and perfect capital mobility, monetary policy is more effective than fiscal policy in an effort to achieve balance and monetary stability makroekonomi.Kebijakan larger role in stimulating recovery effective monetary ekonomi.promising achievement of low inflation Policy, stable exchange rates and interest rates.

One of the effects of capitalism that is uncontrolled fluctuating money without a standard reference standards. The concept of money which was originally used as:

  1. tool exchange or payment media
  2. means for storing the value
  3. calculating unit tool
  4. also used as a means of speculation.

When the money traded on the foreign exchange market will continue to fluctuate in value following the market price (supply and demand). Based on reality, the real exchange rate by fiat money, which made money trading commodities is very, very hurt individual and society. For example the number of Indonesia's foreign debt which had U.S. $ 102 billion in just one year rose five-fold to U.S. $ 510 billion, a result that funds should be utilized for the welfare of the people living in accordance with the mandate of the 1945 Constitution, drawn mostly to pay interest and loan principal. To close the budget deficit the government again had to rely on debt as a source of funding.

Economists agreed the characteristics of a country vulnerable to financial crisis is that State if:

  • Has a number of foreign debts large enough
  • Experiencing uncontrolled inflation
  • Balance of payments deficit of
  • Currency exchange rates are not balanced
  • Interest rate on equity

If the characteristics of the above owned by a country, then certainly the State is only a matter of time of economic crisis.

What Economists on the causes of the crisis of Islam

Interesting record, is the Islamic economists' opinions about the causes of the crisis. The crisis occurred because the imbalance between the monetary sector to the real sector. In Islamic economics this is called usury. The monetary sector (finance) grew much more quickly leaving the real sector (goods and services). In line with the principles of capitalist economy becomes mecca of the world economy after the collapse of the socialist that is carried by the Soviets did not connect at all between the real sector with the monetary sector. Both stood separately.

The rapid growth of the monetary sector is outpacing growth in the real sector can be observed in the movement of transactions in the stock market and foreign exchange markets are filled with ribawi practices and speculation. Peter Ducker (1980), a management expert said that the symptoms of imbalance between the rate of growth of the monetary sector with a growth rate of real sector (goods and services) due to the decoupling of the monetary sector keterlepaskaitan between the real sector. This imbalance, of course, a serious threat to the world economy. The speculators in the stock market and foreign exchange market will easily buy or removing their assets without regard to the stability of the currency of a country. In the event of panic, the value of the currency will initially free-fall ride that speculators took off all his assets to the market and move its investments into other markets that provide benefits. How much money is circulating in the market without significant movement offset from the commercial sector / service cause the value of money to be dropped so that the prices be rising. Situations like this lead to the growth of uncontrolled inflation.

To ensure the stability of the monetary sector and real sector, the role of government in this case the Central Bank is very much needed.
Bank Indonesia has a goal to achieve and maintain stability in the rupiah. To achieve these objectives, the BI needs of monetary policy instruments to influence the money supply, among others:

  1. Compulsory reserves (Giro Wajib Minimum)
  2. Open Market Operation Agreement With Buyback (Open market repurchase agreements)
  3. Interest Rate Discount.


To create a balance between the monetary sector to the real sector policies that can be taken are:

  1. Strictly controlling or limiting the amount of money circulating in the community.
  2. Accelerate the velocity of money circulating in the community. To accelerate the velocity of money the government must remove the system of interest / usury banking body. If the interest rate system eliminated the real sector will be moved because the fund is fully invested in the real sector to earn profits.

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