Rafael Chrissendy , Birgitta Saraswati

PENGARUH INDIKATOR MIKROPRUDENSIAL, MAKROPRUDENSIAL, DAN FINTECH TERHADAP STABILITAS SISTEM KEUANGAN DI INDONESIA

Introduction

Pengaruh indikator mikroprudensial, makroprudensial, dan fintech terhadap stabilitas sistem keuangan di indonesia. Analisis pengaruh indikator mikroprudensial, makroprudensial, dan fintech terhadap stabilitas sistem keuangan Indonesia. Mengungkap peran CAR, LDR, IHSG, inflasi, nilai tukar, dan kartu debit/kredit.

Abstract

Financial stability is a crucial element in the effectiveness of monetary policy, because without stability in the financial sistem, monetary policy transmission cannot run optimally. Therefore, Bank Indonesia and the Financial Services Authority/OJK have an important role in maintaining financial system stability through various policies implemented. This study aims to identify the influence of microprudential, macroprudential, and fintech variables on the stability of the Indonesian financial system. Using the Vector Error Correction Model method. The results showed that microprudential variables: Capital Adequacy Ratio/CAR and Loan to Deposit Ratio/LDR, have an influence on financial system stability. From the macroprudential aspect, composite stock price index, inflation, and exchange rate proved to have a significant effect on financial system stability. Meanwhile, fintech variables such as ATM/Debit and credit card have an effect on financial system stability. Moreover, shocks to composite stock price index, exchange rate, and inflation are permanent, while CAR, LDR, e-money, ATM/Debit, and credit card variables cause financial system stability imbalances in the next eight quarters. The implication of this study confirms that BI, OJK, and related policy makers play a strategic role in maintaining and improving the stability of Indonesia's financial system.

Review

This study addresses a highly pertinent and critical topic: the stability of the financial system in Indonesia, examining the influence of microprudential, macroprudential, and fintech indicators. Financial stability is rightly identified as a cornerstone for effective monetary policy transmission, underscoring the vital roles of institutions like Bank Indonesia and OJK. The research's focus on a comprehensive set of variables across these three domains is commendable, reflecting a thorough approach to understanding the multifaceted drivers of financial system resilience in a dynamic economic environment. Utilizing the Vector Error Correction Model (VECM), the study identifies several significant relationships. From a microprudential perspective, Capital Adequacy Ratio (CAR) and Loan to Deposit Ratio (LDR) are found to influence financial stability. Macroprudential factors, including the Composite Stock Price Index, inflation, and the exchange rate, also demonstrate significant effects. Interestingly, the fintech variables of ATM/Debit usage and credit card transactions are also shown to have an impact. Furthermore, the analysis of shocks reveals that macroprudential factors (CSPI, exchange rate, inflation) have permanent effects, while microprudential (CAR, LDR) and other fintech variables (e-money, ATM/Debit, credit card) cause imbalances for up to eight quarters. The findings offer valuable insights for policymakers, reinforcing the strategic importance of BI, OJK, and other relevant bodies in safeguarding and enhancing Indonesia's financial system stability. The inclusion of fintech variables is particularly timely, as the financial landscape continues to evolve with technological advancements. This research provides a robust empirical foundation that can guide the formulation of targeted policies aimed at mitigating risks and fostering a stable financial environment in Indonesia, ultimately contributing to the nation's overall economic health.

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