"Dampak Regional Relaksasi Kebijakan Makroprudensial LTV terhadap Pertumbuhan Kredit Properti Periode Tahun 2016 s/d 2022" by Wienda Afrianty and Nining I. Soesilo
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Abstract

Macroprudential policy is a countercyclical policy that aims to reduce over-optimism during economic booms by curbing excessive expansion and mitigating over-pessimism during busts to ease credit contractions. Therefore, a macroprudential policy such as Loan to Value (LTV) aims to mitigate risks in the property sector. Bank Indonesia has relaxed LTV policy from June 2015 to December 2023. Research findings using individual bank quarterly data indicate that the relaxation of the LTV policy positively impacts property credit growth with a lag time of two quarters after the policy implementation. However, when analyzing on a regional basis, only positively and significantly impacts credit property growth in Java.

Bahasa Abstract

Kebijakan makroprudensial merupakan kebijakan yang bersifat “countercyclical”, dimana kebijakan ini dapat mengurangi over optimisime pada “boom” dengan mengerem ekspansi yang berlebihan dan dapat mengurangi over pesimisme pada saat “bust” untuk mengurangi kontraksi kredit. Salah satu kebijakan makroprudensial untuk menghadapi risiko di sektor properti adalah kebijakan Loan to Value (LTV). Bank Indonesia telah menerbitkan pelonggaran kebijakan LTV sejak tahun 2015 sampai dengan Desember 2023. Hasil penelitian menggunakan data triwulanan individual bank 2016 sampai 2022 bahwa pelonggaran kebijakan LTV di Indonesia berpengaruh positif terhadap pertumbuhan kredit properti dengan lag waktu dua triwulan setelah implementasi kebijakan. Namun demikian, apabila dilakukan analisa pengaruh kebijakan pelonggaran LTV di setiap pulau, kebijakan hanya berpengaruh signifikan secara positif terhadap pertumbuhan kredit properti di Pulau Jawa.

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