ANALISIS PARITAS SUKU BUNGA, STUDI KASUS DI INDONESIA: 1978.1-1991.IV

Syafrudin Syafrudin

ANALISIS PARITAS SUKU BUNGA, STUDI KASUS DI INDONESIA: 1978.1-1991.IV

Syafrudin Syafrudin^(1*)

(1) Universitas Gadjah Mada
(*) Corresponding Author

Abstract

Perilaku kurs mata uang mendapat perhatian besar dari para ekonom terutama sejak kembalinya sistem kurs mata uang dunia menjadi sistem kurs mengambang (Flexible Exchange Rate System). Berbagai pendekatan dan teori dikembangkan untuk menjelaskan bagaimana terbentuknya kurs mata uang dan pengaruhnya terhadap perekonomian suatu negara. Pendekatan paling klasik mengenai terbentuknya kurs mata uang dijelaskan melalui teori Paritas Daya Beli (Purchasing Power Parity) di mana kurs mata uang merupakan perbandingan antara tingkat harga di suatu negara dengan negara lainnya. Kritik-kritik dan kelemahan-kelemahan yang terdapat pada teori tersebut mendorong para ekonom untuk mengembangkan pendekatan-pendekatan lain di antaranya melalui pendekatan moneter terhadap kurs mata uang. Melalui pendekatan ini kurs ditentukan oleh keseimbangan permintaan dan penawaran antara dua mata uang. Pendekatan ini juga menjelaskan bagaimana pengaruh variabel-variabel ekonomi seperti penawaran uang, pendapatan nasional, tingkat harga, dan tingkat bunga terhadap terbentuknya kurs mata uang. Artikel ini akan membahas salah satu konsep tentang kurs mata uang yaitu konsep Paritas Suku Bunga (Interest Rate Parity). Konsep ini membantu menjelaskan bagaimana perilaku kurs dan tingkat bunga saling berinteraksi untuk mencapai posisi keseimbangan di pasar valuta asing. Dengan analisis ekonometri melalui pendekatan kointegrasi dan Model Koreksi Kesalahan (Error Correction Model) akan diuji berlaku tidaknya kondisi paritas suku bunga berlaku di Indonesia.

Keywords

Analisis Paritas Suku Bunga, Studi Kasus, Indonesia

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References

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