DAMPAK KEBIJAKAN FISKAL DAN MONETER DALAM PEREKONOMIAN INDONESIA: APLIKASI MODEL MUNDELL-FLEMING
Abstract: This study aims to
analysis the impact of fiscal and monetary policy in Indonesian economy by
using Mundell Fleming (IS-LM-BOP) model. The main objective of this paper is to
see the impact of fiscal and monetary policy to Indonesia Gross Domestic
Product (GDP). Indonesia as a small open economy with imperfectly capital
mobility, so temporary thesis of the Mundell-Fleming model is that monetary
policy more effective than fiscal policy in improving of the GDP, that caused
by its crowding out effect yielded from expansive\ fiscal policy. A variant of
the Mundell Fleming model for the Indonesian economy is constructed and
analysed using the Two Stage Least Square Methods (2sls). The result of two
stage least square estimation indicating that the impact of monetary policy
with money supply(M2) instrument is more effective in improving GDP than fiscal
policy with government expenditure instrument . This result is proved with
influences which are positive and significant among money supply (M2) variable
and GDP from demand side. However, goverment expenditure variables give
positive effect but not significant to the GDP. These finding support the
Hypothesis of model Mundell-Fleming.
Keywords: Fiscal policy, monetary policy, Mundell –
Fleming model, two stages least square, crowding out effect
Penulis: Teguh Santoso, Maruto
Umar Basuki
Kode Jurnal: jpmanajemendd090169
