Peranan Kebijakan Moneter Mengendalikan Suku Bunga dan Inflasi serta Pengaruhnya terhadap Pertumbuhan Ekonomi di 4 Negara Asia (Singapura, Korea Selatan, Jepang dan Indonesia)

Abstract

This study aims to determine the role of monetary policy in controlling interest rates and inflation and their influence on economic growth in 4 Asian countries, namely Singapore, South Korea, Japan and Indonesia. The number of observations in this study were as many as 20 data with cross sections of 4 countries in the Asian Continent. The data used are real interest rate data, inflation data, and Gross Domestic Product (GDP) data. The data is sourced from World Bank data from 2013 - 2017. Tests were carried out by panel data analysis. The results of the analysis using the Chow Test show that interest rates and inflation have a positive influence on economic growth. Interest rates have a significant influence on economic growth, inflation also has a positive and significant influence on economic growth. F test results simultaneously show that Prob (F-statistic) 0.0001 <0.05, it can be said that independent variables simultaneously influence the dependent variable. While the results of the partial t test of interest rate variables obtained t count> t table that is 3.021500> 1.73406, then Ho is rejected which means the interest rate variable influences economic growth and the inflation variable is obtained t count> t table which is 2.077816> 1.73406, then Ho is rejected which meaning that the inflation variable also affects economic growth.