Analisis Tantangan dan Peluang Digitalisasi Instrumen Pasar Uang Terhadap Efektivitas Transmisi Kebijakan Moneter
DOI:
https://doi.org/10.63822/9hyceg70Keywords:
Money Market; Monetary Policy Transmission; Digitalization; Financial Technology; Macroeconomic StabilityAbstract
The money market plays a very crucial role as the primary channel in the monetary policy transmission system to achieve macroeconomic stability. This study aims to analyze in depth the various challenges and opportunities arising from the digitalization process of money market instruments on the effectiveness of monetary policy transmission in Indonesia. By applying a qualitative descriptive method based on literature study. research data were collected from various scientific literatures, monetary authority reports, and regulations regarding financial technology. The research results show that the digitalization of money market instruments offers great opportunities including increased real-time market transparency, transaction cost efficiency, and acceleration of the interest rate pass-through mechanism to the real sector. However, this digital transformation also brings significant challenges including cybersecurity risks, potential for high liquidity volatility, and the urgency of more responsive.
References
Alamsyah, H. (2018). Perkembangan Pasar Keuangan Digital dan Stabilitas Sistem Keuangan di Indonesia. Jurnal Riset Ekonomi Modern, 14(2), 55-67.
Bouri, E., & Gupta, R. (2023). Financial Innovation and Monetary Policy: A Global Perspective. Journal of Financial Stability, 65, 101-115.
Haryono, E., & Juhro, S. M. (2021). Digitalisasi Ekonomi dan Tantangan Kebijakan Moneter di Indonesia. Journal of Central Banking Theory and Practice, 10(3), 1-18.
Iskandar, S., & Pratomo, R. (2023). Dampak Fintech dan Digitalisasi Instrumen Keuangan terhadap Jalur Transmisi Suku Bunga. Jurnal Ekonomi Keuangan dan Perbankan, 15(1), 45-60.
Kasiyo, S., & Juhro, S. M. (2019). The Impact of Fintech on Monetary Policy Transmission: Evidence from Indonesia. Buletin Ekonomi Moneter dan Perbankan, 21(3), 321-344. https://doi.org/10.21098/bemp.v21i3.1058
Nasir, M., & Syarifuddin, S. (2021). Digitalization of the Financial Sector and Monetary Policy Effectiveness in Emerging Economies. International Journal of Financial Research, 12(4), 89-101.
Prasetyo, A. B. (2020). Analisis Digitalisasi Instrumen Pasar Uang terhadap Likuiditas Perbankan. Jurnal Ekonomi dan Kebijakan Publik, 11(2), 123-135.
Suryani, T., & Wahyuni, S. (2022). Tantangan Keamanan Siber dalam Digitalisasi Sistem Pembayaran dan Implikasinya terhadap Stabilitas Moneter. Jurnal Akuntansi dan Keuangan, 24(1), 15-28.
Vives, X. (2019). Digital Disruption in Banking and its Impact on Competition and Monetary Policy. Oxford Review of Economic Policy, 35(2), 185-205. https://doi.org/10.1093/oxrep/grz002
Zimmermann, C. (2020). Monetary Policy in the Digital Age: Challenges and Opportunities for Central Banks. Journal of Digital Banking, 5(1), 22-35.
Bank Indonesia. (2024). Blueprint Pengembangan Pasar Uang (BPPU) 2025-2030: Digitalisasi dan Modernisasi Infrastruktur Pasar Keuangan. Diakses pada 8 Mei 2026, dari https://www.bi.go.id/id/publikasi/kajian/Documents/Blueprint-Pengembangan-Pasar-Uang-2025.pdf
Bank for International Settlements. (2022). The future of the monetary system. BIS Annual Economic Report. Diakses pada 8 Mei 2026, dari https://www.bis.org/publ/arpdf/ar2022e3.htm
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Jalu Raden Al-Awwali, Muhammad Iqbal, Dwi Dzikri Al Faris Ascha, Muhammad Yusuf Bahtiar (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
