ANALISIS EFEKTIVITAS KEBIJAKAN MONETER DAN KEBIJAKAN FISKAL TERHADAP TINGKAT PENDAPATAN PER KAPITA

Abstract

Macroeconomic policies applied in the modern economic system using fiscal and monetary policy to stabilize the economy of a country. In conventional economic systems, the interest rate is one of the main instruments of monetary policy that is used in maintaining economic stability. Whereas in the Islamic economic system should not use interest rate instruments that may affect the level of fluctuations and continuous speculation as well as one of the biggest aspects that contribute to the monetary crisis during this.

This study aims to analyze the impact of monetary policy (M2) and fiscal policy (government expenditure) to the level of people's income (gross domestic product) in the Islamic Republic of Iran that have been implemented and the Indonesian Islamic economic system that still uses a system of mixed economy (dual banking) within short and long term. This study uses long-term analysis of cointegration equation and dynamic analysis of short-term by using ECM (Error Correction Model). The data used are time series data from the years 1980-2009 are sourced from International Financial Statistics CD Room.

The results showed in the analysis of short-term and long term in the Islamic Republic of Iran, monetary policy (M2) is more effective in influencing the level of income per capita  compared to fiscal policy. Indonesia in the short term shows the monetary policy (M2) is more effective, but in the long run more effective fiscal policy variables in influencing per capita income.