•  
  •  
 
Jurnal Kebijakan Ekonomi

Abstract

After the global financial crisis, Asian banks shifted funding from core to non-core liabilities. This study examines the impact of NCL on bank lending channels in Indonesia. Analyzing data from 95 banks during 2010-2019, the study finds that loose monetary policy significantly boosts loan growth, while tight policy curbs it across all banks. Higher non-core liabilities weaken lending channels, except for domestic banks. This underscores the central bank's role in using macroprudential tools to manage optimal NCL levels for banks, especially amidst financial innovations and business developments affecting future bank funding access.

Bahasa Abstract

Bank di Asia mengalami pergeseran pendanaan dari core ke non-core-liabilities (NCL) pasca krisis keuangan global. Studi ini menguji pengaruh NCL terhadap transmisi kebijakan moneter jalur kredit di Indonesia. Penelitian menggunakan data bulanan 95 bank periode 2010-2019 menunjukkan penurunan suku bunga kebijakan moneter secara signifikan mendorong pertumbuhan kredit bank, dan sebaliknya. Posisi NCL yang lebih tinggi mengurangi kekuatan transmisi kebijakan moneter pada sebagian besar jenis bank, kecuali bank domestik. Hal ini mengindikasikan perlunya bank sentral menggunakan instrumen makroprudensial untuk mengarahkan posisi NCL bank yang optimal, terutama menghadapi inovasi keuangan dan perkembangan bisnis yang mempengaruhi akses pendanaan bank di masa depan.

References

Agung, J. (1998). Financial Deregulation and The Bank Lending Channel in Developing Countries: The Case of Indonesia. Asean Economic Journal 12(3), 273–294.

Ananchotikul, N., & Seneviratne, D. (2015). Monetary Policy Transmission in Emerging Asia: The Role of Banks and the Effects of Financial Globalization. In IMF Working Papers (Vol. 15, Issue 207). https://doi.org/10.5089/9781513516233.001

Angrist, J. D. & Pischke, Jorn-Steffen. (2009). Mostly Harmless Econometrics : An Empiricist ’ s Companion. New Jersey : Princento Univeristy Press.

Azis, I. J., & Shin, H. S. (2015). Managing elevated risk: Global liquidity, capital flows, and macroprudential policy—an Asian perspective. In Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy-An Asian Perspective (Issue August). https://link.springer.com/book/10.1007/978-981-287-284-5

Bernanke, B. S. ., & Blinder, A. S. . (1992). The Federal Funds Rate and the Channels of Monetary Transmission Author ( s ): Ben S . Bernanke and Alan S . Blinder Source : The American Economic Review , Vol . 82 , No . 4 ( Sep ., 1992 ), pp . 901-921 Published by : American Economic Association Stabl. The American Economic Review, 82(4), 901–921.

Cecchetti, S. G., & Schoenholtz, K. L. (2015). Money , Banking , and Financial Markets.4thed. New York : McGraw – Hill Education.

Cerutti, E., Claessens, S., & Laeven, L. (2017). The use and effectiveness of macroprudential policies: New evidence. Journal of Financial Stability, 28, https://doi.org/10.1016/j.jfs.2015.10.004

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

Gambacorta, L., & Marques-Ibanez, D. (2011). The bank lending channel: Lesson from the crisis. In Journal of Money, Credit and Banking (Vol. 345). https://doi.org/10.1111/j.1538-4616.2011.00394.x

Gómez, E., Lizarazo, A., & Carlos, J. (2017). Evaluating the impact of macroprudential policies on credit growth in Colombia. BIS Working Paper No. 634.

Hahm, J.-H., Mishkin, F., Shin, H. S., & Shin, K. (2012). Macroprudential Policies in Open Emerging Economies. Proceedings, Nov, 63–114. https://doi.org/10.3386/w17780

Hahm, J., & Shin, H. S. (2011). Non-Core Bank Liabilities and Financial Vulnerability. Prelimanry draft of paper for the Federal Reserve Board adn JMBC conference on “Regulation of Systemic Risk”, Washington DC. September 15-16 (1-40).

Kashyap, A. K., & Stein, J. C. (1995). The impact of monetary policy on bank balance sheets. Carnegie-Rochester Confer. Series on Public Policy, 42(C), 151–195. https://doi.org/10.1016/0167-2231(95)00032-U

Kilinç, Z., Karasoy, H. G., & Yücel, E. (2013). Non-core Liabilities and Credit Growth (13/24; Issue May). https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Publications/Research/Working+Paperss/2013/13-24

Mishkin, F. S., & Serletis, A. (2011). The Economics of Money, Banking and Financial Markets (L. Rancourt & C. Jackson (eds.); 4th Canadi). Pearson Canada.

Naiborhu, E. D. (2020). The lending channel of monetary policy in Indonesia. Journal of Asian Economics, 67. https://doi.org/10.1016/j.asieco.2020.101175

Pontines, V., & Siregar, R. Y. (2019). Non-core liabilities and interest rate pass-through: bank-level evidence from Indonesia. Applied Economics, 51(25), 2703–2714. https://doi.org/10.1080/00036846.2018.1558352

Rashid, A., Hassan, M. K., & Shah, M. A. R. (2020). On the role of Islamic and conventional banks in the monetary policy transmission in Malaysia: Do size and liquidity matter? Research in International Business and Finance, 52(October 2019). https://doi.org/10.1016/j.ribaf.2019.101123

Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The Stata Journal, 9(1), 86–136.

Shin, H. S., & Shin, K. (2011). Procyclicality and Monetary Aggregates. In NBER Working Paper Series (No. 16836).

Taylor, J. B. (1995). The Monetary Transmission Mechanism: An Empirical Framework. Journal of Economic Perspectives, 9(4), 11–26. https://doi.org/10.1257/jep.9.4.11

Warjiyo, P. (2004). Mekanisme Transmisi Kebijakan Moneter Di Indonesia (Issue 11). Pusat Pendidikan dan Studi Kebanksentralan, Bank Indonesia.

Wijayanti, R., P, N. M. A., & Harun, C. A. (2018). Effectiveness of macroprudential policies and their interaction with monetary policy in Indonesi. BIS Paper No. 110, 31–50.

Wu, J., Luca, A. C., & Nam, B. (2011). Foreign bank penetration and the lending channel in emerging economies :

Evidence from bank-level panel data. Journal of International Money and Finance. Vol. 30 (6), 1128-1156



Download

Share

COinS