Journal of Economics and Business

ISSN 2615-3726 (Online)

ISSN 2621-5667 (Print)

Published: 16 October 2019

The Role of Macroprudential Policy Instruments on Credit Distribution in Indonesia

Muhamad Yunanto, Henny Medyawati

Universitas Gunadarma, Indonesia

Download Full-Text Pdf


Pages: 1057-1063

Keywords: Macroprudential, Property Loans, Loan to Value, Proxyclicality, GDP


One of the objectives of the macroprudential policy instrument is to reduce the procyclicality of bank credit growth. This study aims to analyze the Bank Indonesia macroprudential policy in controlling property loans. The research variables consist of independent variables, namely loan to value (LTV) as dummy variables, consumption loan interest rates, GDP and LTV as interaction variables with consumer loans and the dependent variable, namely property loans. The research method uses panel data regression analysis. The data used in this study are secondary data for the period 2009 - 2018. The results show that the fixed effect model is the right model for analyzing whether macroprudential policy instruments (LTV) are able to control property credit.


  1. Agung, J. (2010). Mengintegrasikan kebijakaxn moneter dan makroprudensial: menuju paradigma baru kebijakan moneter di Indonesia pasca krisis global. Working Paper, No. 07, Bank Indonesia.
  2. Ardely, N. P. dan Syofriza S. (2016). Efektivitas kebijakan makroprudensial Bank Indonesia. Media Ekonomi , 24(1), 49-62.
  3. Bank Indonesia. (2009). Laporan perekonomian Indonesia 2009. Jakarta: Bank Indonesia.
  4. _____________. (2012). Kajian stabilitas keuangan No. 19, September 2012. Jakarta: Bank Indonesia.
  5. _____________. (2014). Laporan perekonomian Indonesia 2014. Jakarta: Bank Indonesia.
  6. ­­­­­­­­­_____________. (2018). Laporan perekonomian Indonesia 2018. Jakarta: Bank Indonesia.
  7. Bank of England. (2009). The role of macroprudential policy. A Discussion Paper.
  8. Beau, D., Laurent C. dan Benoit M. (2012). Macro-prudential policy and the conduct of monetary policy.” Working Papers 390, Banque de France.
  9. Bole, Velimir, Janez Prasnikar, dan Domen Trobec. (2014). Policy measures in the deleveraging process: a macroprudential evaluation. Journal of Policy Modeling 36. 410-432.
  10. Gujarati, D.N. dan Porter, D.C. (2012). Dasar-dasar ekonometrika buku 2 Edisi 5. Mc-Graw Hill Salemba Empat, Jakarta.
  11. Kannan, P., Rabanal P., and Scott, Alasdair M. (2012). Monetary and Macroprudential policy rules in a model with house price booms. The B.E. Journal of Macroeconomics, 12(1), 1-42.
  12. Nicolo, G. D., Favara G., and Ratnovski, L. (2012). Externalities and macroprudential Policy. IMF Staff Discussion Note, Research Department, International Monetary Fund.
  13. Nuryana, I. (2017). Assessment efektivitas instrumen makroprudensial dalam mengurangi risiko kredit kredit perbankan di Indonesia (studi pada perbankan go public periode 2012-2015). Jurnal Ilmu Manajemen dan Akuntansi, 5(1). 55-68.
  14. Saputra, M. J. (2016). Assessment Instrumen Kebijakan Makroprudensial dalam Memitigasi Risiko Kredit di Indonesia: Analisis Data Panel. Thesis, Faculty of Economics and Business, Universitas Lampung.
  15. Tayler, W.J dan Ziberman, R. (2016). Macroprudential regulation, credit spreads and the role of monetary policy. Staff Working Paper No. 599, Bank of England.
  16. Unsal, D. F. (2011). Capital Flows and Financial Stability: Monetary Policy and Maroprudential. IMF Working Paper, WP/11/189
  17. Widarjono, A. (2013). Ekonometrika teori dan aplikasi untuk ekonomi dan bisnis. Edisi Kedua, Fakultas Ekonomi UII, Yogyakarta.

About Us

The Asian Institute of Research is an online and open-access platform to publish recent research and articles of scholars worldwide. Founded in 2018 and based in Indonesia, the Institute serves as a platform for academics, educators, scholars, and students from Asia and around the world, to connect with one another. The Institute disseminates research that is proven or predicted to be of significant influence for the general public.

Stay Connected

  • Instagram - Black Circle
  • Facebook - Black Circle
  • LinkedIn - Black Circle

Contact Us

Please send all inquiries to the email:

Business Address:

5th Floor, Kavling 507, Fajar Graha Pena Tower, Jl. Urip Sumohardjo No.20, Makassar, Indonesia 90234

Copyright © 2018 The Asian Institute of Research. All rights reserved