Main Article Content
Abstract
Purpose – This paper analyzes the determinants of e-money usage in Indonesia. The determinants of e-money usage considered are inflation, interest rates from Bank Indonesia (BI-rate), and gross domestic product (GDP).
Methods – This paper estimates time series data from 2010 to 2022 in a conditional error correction model with the help of the Eviews 10 software package.
Findings – Data analysis found that all independent variables have an effect on e-money, both in the short term and in the long term.
Implication – The development of e-money, which has the potential to increase the amount of money in circulation and thus increase inflation, can be controlled by inflation, interest rates, and GDP.
Originality – The originality of this paper lies in the use of the conditional ECM model for modeling e-money in Indonesia.
Abstrak
Tujuan – Paper in menganalisis faktor-faktor penentu penggunaan E-money di Indonesia. Variabel-variabel penentu penggunaan e-money yang dipertimbangkan adalah Inflasi, tingkat bunga dari Bank Indonesia (BI-rate), dan produk domestik bruto (PDB).
Metode – Paper ini menggunakan data time series dari tahun 2010 hingga 2022. Paper ini menggunakan model conditional error correction model dengan bantuan program Eviews 10.
Temuan –Analisis data menemukan bahwa semua variabel independen berpengaruh terhadap e-money, baik dalam jangka pendek maupun dalam jangka panjang.
Implikasi – Perkembangan e-money, yang berpotensi menambah jumlah uang beredar dan dengan demikian bisa meningkatkan inflasi, bisa dikontrol dengan inflasi, tingkat bunga, serta PDB.
Orisinalitas – Orisinalitas dari paper ini terletak pada penggunaan model conditional ECM atas pemodelan e-money di Indonesia.
Keywords
Article Details
Copyright (c) 2024 Dhia Mega Ayu Mustika, Abdul Hakim
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
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- Bank Indonesia. (2009). Peraturan Bank Indonesia No.11/12/PBI/2009 - Uang Elektronik (Electronic Money). https://www.bi.go.id/id/publikasi/peraturan/Pages/pbi_111209.aspx
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- Indrawati, Y., Wardhono, A., Qori’ah, C. G., & Nasir, M. A. (2020). The Impact of E-Money Diffusion on the Monetary Policy Effectiveness: Evidence from Indonesia. 144(November 2018), 237–241. https://doi.org/10.2991/aebmr.k.200606.040
- Kesler, S. (2018). Monetary Policy Implications of Cash, Other Money Supplies, and Cryptocurrencies in Singapore: A Growing Cashless Society. 3–8. https://digitalshowcase.lynchburg.edu/utcphttps://digitalshowcase.lynchburg.edu/utcp/141
- Menkominfo. (2018). Menkominfo: Saatnya Mengarah pada Ekonomi Digital, Bukan Lagi “Old Economy.” https://www.kominfo.go.id/content/detail/14190/menkominfo-saatnya-mengarah-pada-ekonomi-digital-bukan-lagi-old-economy/0/sorotan_media
- Muslichati, M. dan F. Aprilianto (2022), "The Impact of a Cashless Payment System on Inflation," Jurnal Ekonomi PEmbangunan, 21(2), 124-136.
- Omodero, C. O. (2021). Fintech Innovation in the Financial Sector: Influence of E-Money Products on a Growing Economy. Studia Universitatis Vasile Goldis Arad, Economics Series, 31(4), 40–53. https://doi.org/10.2478/sues-2021-0018
- Pambudi, S. A., & Mubin, M. K. (2020). Analysis The Effect of Electronic Money Use on Velocity of Money: Evidence from Indonesia. Jurnal Ilmu Ekonomi Terapan, 5(1), 42. https://doi.org/10.20473/jiet.v5i1.19626
- Permatasari, K. (2020). Pengaruh Pembayaran Non Tunai Terhadap Variabel Makroekonomi di Indonesia Tahun 2010-2017. Jurnal Ilmu Manajemen, 8, 225–232. www.bi.go.id
- Pigou, A.C. (1917), "The value of money," The Quarterly Journal of Economics, 37, 38-65.
- Pohan, A. (2011). Sistem Pembayaran Strategi dan Implementasi Di Indonesia. RajaGrafindo Persada.
- Purwohandoko, P., Marantika, A., & ... (2021). Analysis the Effect of Money Supply, Velocity of Money, Interest Rates and Inflation on Non-Cash Payments: Evidence in Indonesia. Linguistica …, 3, 1264–1276. https://repo.stiebangkinang.ac.id/102/
- Syarifuddin, F., Hidayat, A., & Tarsidin, T. (2009). Dampak Peningkatan Pembayaran Non-Tunai Terhadap Perekonomian Dan Implikasinya Terhadap Pengendalian Moneter Di Indonesia. Buletin Ekonomi Moneter Dan Perbankan, 11(4), 369–402. https://doi.org/10.21098/bemp.v11i4.346
- Wasiaturrahma, W., & Kurniasari, A. L. (2021). Electronic Payment and Economic Growth in Indonesia. Journal of Developing Economies, 6(2), 287. https://doi.org/10.20473/jde.v6i2.24923
- Widarjono, A. (2018). Ekonometrika Pengantar Dan Aplikasinya Disertai Panduan Eviews. Edisi keli. UPP STIM YKPN Yogyakarta.
- Wong, T. L., Lau, W. Y., & Yip, T. M. (2020). Cashless Payments and Economic Growth: Evidence from Selected OECD Countries. Journal of Central Banking Theory and Practice, 9(2015), 189–213. https://doi.org/10.2478/jcbtp-2020-0028
References
Badan Pusat Statistik. (2023). Pendapatan Nasional. https://www.bps.go.id/subject/11/produk-domestik-bruto--lapangan-usaha-.html#subjekViewTab1
Bank Indonesia. (2009). Peraturan Bank Indonesia No.11/12/PBI/2009 - Uang Elektronik (Electronic Money). https://www.bi.go.id/id/publikasi/peraturan/Pages/pbi_111209.aspx
Bank Indonesia. (2014). Apa Itu Elektronifikasi. https://www.bi.go.id/id/fungsi-utama/sistem-pembayaran/ritel/elektronifikasi/default.aspx#:~:text=Bank Indonesia (BI) telah mencanangkan,GNNT juga diharapkan mampu meminimalisasi
Bank Indonesia. (2016). Metadata. https://www.bi.go.id/id/statistik/metadata/seki/Documents/8_Suku_Bunga_Indo_DPM SEKI_2016 (Indonesia) new.pdf
Bank Indonesia. (2018a). Inflasi. https://www.bi.go.id/id/fungsi-utama/moneter/inflasi/default.aspx
Bank Indonesia. (2018b). Peraturan Bank Indonesia Nomor 20/6/PBI/2018 tentang Uang Elektronik. https://www.bi.go.id/id/publikasi/peraturan/Pages/PBI-200618.aspx
Bank Indonesia. (2020). Transaksi Uang Elektronik Agustus Melesat Tembus Rp17,23 Triliun, Ini Data Historisnya. https://www.bareksa.com/berita/berita-ekonomi-terkini/2020-10-13/transaksi-uang-elektronik-agustus-melesat-tembus-rp1723-triliun-ini-data-historisnya
Bank Indonesia. (2022a). Digitalisasi Sistem Pembayaran untuk Kemanfaatan Masyarakat. https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_2417922.aspx
Bank Indonesia. (2022b). Transaksi Uang Elektronik Menurun pada Februari 2022. https://dataindonesia.id/digital/detail/transaksi-uang-elektronik-menurun-pada-februari-2022
Fisher, I. (1911a). The Purchasing Power of Money, its Determination and Relation to Credit, Interest and Crises.
Fisher, I. (1911b). The Purchasing Power of Money.
Indrawati, Y., Wardhono, A., Qori’ah, C. G., & Nasir, M. A. (2020). The Impact of E-Money Diffusion on the Monetary Policy Effectiveness: Evidence from Indonesia. 144(November 2018), 237–241. https://doi.org/10.2991/aebmr.k.200606.040
Kesler, S. (2018). Monetary Policy Implications of Cash, Other Money Supplies, and Cryptocurrencies in Singapore: A Growing Cashless Society. 3–8. https://digitalshowcase.lynchburg.edu/utcphttps://digitalshowcase.lynchburg.edu/utcp/141
Menkominfo. (2018). Menkominfo: Saatnya Mengarah pada Ekonomi Digital, Bukan Lagi “Old Economy.” https://www.kominfo.go.id/content/detail/14190/menkominfo-saatnya-mengarah-pada-ekonomi-digital-bukan-lagi-old-economy/0/sorotan_media
Muslichati, M. dan F. Aprilianto (2022), "The Impact of a Cashless Payment System on Inflation," Jurnal Ekonomi PEmbangunan, 21(2), 124-136.
Omodero, C. O. (2021). Fintech Innovation in the Financial Sector: Influence of E-Money Products on a Growing Economy. Studia Universitatis Vasile Goldis Arad, Economics Series, 31(4), 40–53. https://doi.org/10.2478/sues-2021-0018
Pambudi, S. A., & Mubin, M. K. (2020). Analysis The Effect of Electronic Money Use on Velocity of Money: Evidence from Indonesia. Jurnal Ilmu Ekonomi Terapan, 5(1), 42. https://doi.org/10.20473/jiet.v5i1.19626
Permatasari, K. (2020). Pengaruh Pembayaran Non Tunai Terhadap Variabel Makroekonomi di Indonesia Tahun 2010-2017. Jurnal Ilmu Manajemen, 8, 225–232. www.bi.go.id
Pigou, A.C. (1917), "The value of money," The Quarterly Journal of Economics, 37, 38-65.
Pohan, A. (2011). Sistem Pembayaran Strategi dan Implementasi Di Indonesia. RajaGrafindo Persada.
Purwohandoko, P., Marantika, A., & ... (2021). Analysis the Effect of Money Supply, Velocity of Money, Interest Rates and Inflation on Non-Cash Payments: Evidence in Indonesia. Linguistica …, 3, 1264–1276. https://repo.stiebangkinang.ac.id/102/
Syarifuddin, F., Hidayat, A., & Tarsidin, T. (2009). Dampak Peningkatan Pembayaran Non-Tunai Terhadap Perekonomian Dan Implikasinya Terhadap Pengendalian Moneter Di Indonesia. Buletin Ekonomi Moneter Dan Perbankan, 11(4), 369–402. https://doi.org/10.21098/bemp.v11i4.346
Wasiaturrahma, W., & Kurniasari, A. L. (2021). Electronic Payment and Economic Growth in Indonesia. Journal of Developing Economies, 6(2), 287. https://doi.org/10.20473/jde.v6i2.24923
Widarjono, A. (2018). Ekonometrika Pengantar Dan Aplikasinya Disertai Panduan Eviews. Edisi keli. UPP STIM YKPN Yogyakarta.
Wong, T. L., Lau, W. Y., & Yip, T. M. (2020). Cashless Payments and Economic Growth: Evidence from Selected OECD Countries. Journal of Central Banking Theory and Practice, 9(2015), 189–213. https://doi.org/10.2478/jcbtp-2020-0028