Zain, Sausan Kamila (2026) ANALISIS KEBIJAKAN MONETER: DAMPAK PENURUNAN BI-RATE SEBESAR 25 BASIS POIN MENJADI 4,75% TERHADAP SUKU BUNGA KREDIT KONSUMSI PADA BANK UMUM INDONESIA. Undergraduate thesis, UPN Veteran Jawa Timur.
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Abstract
The reduction of the BI-Rate by 25 basis points to 4.75% represents a monetary policy implemented by Bank Indonesia to encourage economic growth through increased consumption and banking financing. However, consumer loan interest rates at commercial banks in Indonesia tend to remain high and adjust slowly, indicating the presence of interest rate rigidity and an imperfect monetary policy transmission mechanism. This study aims to analyze the effect of the BI-Rate, inflation, exchange rate, and Gross Domestic Product (GDP) on consumer loan interest rates at commercial banks in Indonesia during the 2019–2025 period using the Vector Error Correction Model (VECM) method with monthly data consisting of 84 observations obtained from Bank Indonesia and the Central Statistics Agency (BPS). The findings show that in the short term, all variables do not have a significant effect due to interest rate rigidity in the banking sector. In the long term, inflation has a positive and significant effect in accordance with the Fisher Effect, while GDP has a negative and significant effect. Meanwhile, the BI-Rate is not proven to have a significant effect on consumer loan interest rates, indicating that monetary policy transmission still experiences incomplete pass-through. Therefore, this study shows that the monetary policy transmission through the interest rate channel in Indonesia has not operated optimally, thus requiring stronger coordination between Bank Indonesia and the banking sector so that the effectiveness of monetary policy can better support national economic growth. Keywords: BI-Rate, monetary policy, consumer loan interest rates, VECM, interest rate rigidity.
| Item Type: | Thesis (Undergraduate) | ||||||||
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| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HC Economics |
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| Divisions: | Faculty of Economic and Business > Departement of Economics | ||||||||
| Depositing User: | Sausan Kamila Zain | ||||||||
| Date Deposited: | 25 May 2026 08:21 | ||||||||
| Last Modified: | 25 May 2026 08:21 | ||||||||
| URI: | https://repository.upnjatim.ac.id/id/eprint/52494 |
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