STABILITAS EKONOMI DAN NILAI TUKAR INDONESIA: PERPEKTIF KEBIJAKAN FISKAL DAN MONETER ISLAM
Abstract
Fiscal deficit policy during a recession can be used as a stimulus to encourage economic growth, but in the long term, deficits financed by foreign debt can cause economic instability and increase the risk of inflation and increased interest burdens. The Purpose of the study determine the role of Islamic fiscal and monetary policy in maintaining stable economic growth and exchange rates. The research method was carried out qualitatively using a literature study approach sourced from various books, journals, and government agency reports. The results obtained show that when a recession occurs the government encourages economic growth through a fiscal deficit funded through foreign debt which has a long-term impact on increasing the debt and interest burden. In Islam there are alternatives using cash Waqf and the issuance of State Sharia Securities which have an impact on long-term economic stability and ZIS which can help reduce poverty and inequality. Meanwhile, monetary policy aims to influence the circulation of money, increase employment opportunities, exchange rate stability and purchasing power through sharia-based instruments that don’t use elements of usury through Statutory Reserve Requirements, Financial Ceilling, Moral Suasion, Profit and Sharing Ratio, Sukuk.
References
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[16] E. M. Buthelezi, “Safeguarding economic stability: the interplay of fiscal dominance and monetary policy in South Africa,” African J. Econ. Manag. Stud., 2024, doi: 10.1108/AJEMS-03-2024-0143.
[17] D. R. Pratiwi, “Potret Utang Pemerintah Periode 2015-2024: Risiko dan Capaiannya,” 2024.
[18] V. T. Thuy Van, N. T. Thai Ha, P. G. Quyen, L. T. Hong Anh, and D. T. Loi, “The Relationship Between Public Debt, Budget Deficit, and Sustainable Economic Development in Developing Countries: The Role of Corruption Control,” J. Ekon. Stud. Pembang., vol. 21, no. 1, pp. 84–104, 2020, doi: 10.18196/jesp.21.1.5033.
[19] M. N. Ngo and Loc Due Nguyen, “The Role of Economics, Politics and Intitutions on Budget Deficit in ASEAN Countries,” J. Asian Financ. Econ. Bus., vol. 7, no. 9, pp. 251–261, 2020.
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[22] N. Aslami and S. Sudiarti, “Konsep Kepemilikan Dan Distribusi Dalam Ekonomi Islam,” J. EK&BI, vol. 5, no. September 2021, pp. 2620–7443, 2022, doi: 10.37600/ekbi.v5i1.452.
[23] A. Fachruddin, M. Fiqih, R. Chandra, and I. Ikhwan, “Integrating Zakat into Indonesian Fiscal System : A Proposed Solution to Budget Deficit Program,” 7th Indones. Conf. Zakat Proc., no. March 2021, 2022.
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[26] Badan Kebijakan Fiskal Kementerian Keuangan Republik Indonesia, “Strategi Pengembangan Wakaf Uang dalam Rangka Pendalaman Pasar Keuangan Syariah,” 2019. [Online]. Available: https://fiskal.kemenkeu.go.id/kajian/2019/12/20/155813610857736-strategi-pengembangan-wakaf-uang-dalam-rangka-pendalaman-pasar-keuangan-syariah
[27] P. R. Citaningati and Kamaluddin, “An Alternative for the External Debt with the Implementation of Islamic Financial Instrument : Study on Indonesia Deficit Budget Policy,” J. Keuang. dan Perbank., vol. 26, no. 3, pp. 501–514, 2022.
[28] O. Z. Hafiz, “Sukūk: A Sharī’ah compliant tool for financing budget deficits,” 2019. doi: 10.4197/Islec.32-1.9.
[29] H. Ahmed, “Fiscal policy and deficit financing: Islamic perspectives,” J. King Abdulaziz Univ. Islam. Econ., vol. 32, no. 1, pp. 79–85, 2019, doi: 10.4197/Islec.32-1.5.
[30] A. Usman and A. A. Sa’ad, “Sukuk’s Role in Financing Infrastructural Development During the Covid-19 Pandemic in Nigeria,” Contrib. to Manag. Sci., pp. 367–376, 2023, doi: 10.1007/978-3-031-27860-0.
[31] J. Mohammadi and A. G. Khosroshahi, “The Role of Sukuk in the Economic Growth of Islamic Countries : An Approach to the Absorption of Liquidity Available in Iran,” Iran. J. Accounting, Audit. Financ., vol. 8, no. 2, pp. 23–38, 2024, doi: 10.22067/ijaaf.2024.42948.1232.
[32] Alpen Capital and Alpen Asset Advisors, “Islamic Finance and Wealth Management Report 2021,” Dubai, 2021.
[33] M. Metoui and A. Ghorbel, “Does Sukuk Sector Stimulate Economic Growth? Empirical Evidence from MENA and Southeast Asia Region,” Int. J. Empir. Econ., vol. 02, no. 02, pp. 1–41, 2023, doi: 10.1142/s2810943023500075.
[34] F. Elmorabit, S. Zaheer, M. Boussetta, and F. Z. Achour, “The Potential Role of Sukuk in Promoting Economic Growth: Evidence from Malaysia And Bahrein,” J. Econ. Financ. Manag. Stud., vol. 06, no. 01, pp. 438–454, 2023, doi: 10.47191/jefms/v6-i1-49.
[35] D. I. Hadiningdyah, M. N. Hosen, E. Amalia, and I. Wahyudi, “Impact Of Sukuk Negara Issuance on APBN Deficit Financing And Economic Growth : The Moderating Role Of Market,” Indones. Treas. Rev. J. TREASURY, STATE Financ. PUBLIC POLICIES IMPACT, vol. 9, no. 3, pp. 186–200, 2024.
[36] R. A. Ridwan et al., Ekonomi Moneter. Banten: Sada Kurnia Pustaka, 2024. [Online]. Available: https://www.google.co.id/books/edition/Ekonomi_Moneter/yR4REQAAQBAJ?hl=id&gbpv=1&dq=kebijakan+moneter+saat+terjadi+resesi+di+indonesia&pg=PA84&printsec=frontcover
[37] G.-M. Angeletos, C. Lian, and C. Wolf, “Can Deficits Finance Themselves?,” SSRN Electron. J., vol. 92, no. 5, pp. 1–65, 2023, doi: 10.2139/ssrn.4433864.
[38] Sri Mulyani Indrawati, Elan Satriawan, and Abdurohman, “Indonesia’s Fiscal Policy in the Aftermath of the Pandemic,” Bull. Indones. Econ. Stud., vol. 60, no. 1, pp. 1–33, 2024, doi: 10.1080/00074918.2024.2335967.
[39] A. Kamila, “Fiscal dominance in India: an empirical estimation,” Indian Econ. Rev., vol. 57, no. 1, pp. 113–132, 2022, doi: 10.1007/s41775-022-00133-0.
[40] A. G. Sore, I. D. Ayana, and W. M. Demissie, “On the fiscal deficit and economic growth in sub-Saharan Africa: A new evidence from system GMM,” PLoS One, vol. 19, no. 7, pp. 1–20, 2024, doi: 10.1371/journal.pone.0303825.
[41] S. M. Indrawati, “Kerangka Ekonomi Makro Dan Pokok-Pokok Kebijakan Fiskal Tahun 2024,” Jakarta, 2024. [Online]. Available: https://fiskal.kemenkeu.go.id/files/kemppkf/file/1684478041_kem-ppkf_2024.pdf
[42] M. Natsir, Ekonomi Moneter dan Kebanksentralan. Jakarta: Penerbit Mitra Wacana Media, 2018.
[43] N. Hasallyt, “Konsep Uang dan Kebijakan Moneter Dalam Hukum Ekonomi Islam,” Ejesh J. Islam. Econ. Soc., vol. 1, no. 2, pp. 102–110, 2024, doi: 10.32507/mizan.v1i2.7.
[44] B. Khalidin, “Monetary Policy in an Islamic Economics,” Int. J. Res. -GRANTHAALAYAH, vol. 9, no. 5, pp. 315–326, 2021, doi: 10.29121/granthaalayah.v9.i5.2021.3948.
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Published
2024-12-28
How to Cite
FEBRIANTO, M. Nanang; MASHUDI, Mashudi; ASIYAH, Binti Nur.
STABILITAS EKONOMI DAN NILAI TUKAR INDONESIA: PERPEKTIF KEBIJAKAN FISKAL DAN MONETER ISLAM.
Jurnal Ekonomi dan Bisnis (EK dan BI), [S.l.], v. 7, n. 2, p. 308-318, dec. 2024.
ISSN 2621-4695.
Available at: <https://jurnal.murnisadar.ac.id/index.php/EKBI/article/view/1769>. Date accessed: 17 jan. 2025.
doi: https://doi.org/10.37600/ekbi.v7i2.1769.
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Articles
