Pengaruh Kebijakan Moneter Non-Tradisional Terhadap Stabilitas Ekonomi di Negara Berkembang: Sebuah Pendekatan Meta-Analisis

Dedi Atmi Suganda

doi:10.61994/equivalent.v2i2s.722

Authors

Dedi Atmi Suganda Universitas Islam Negeri Raden Fatah Palembang

DOI:

https://doi.org/10.61994/equivalent.v2i2s.722

Keywords:

Kebijakan Moneter, Stabilitas Ekonomi, Makro

Abstract

Abstract : After the 2008 financial crisis, non-traditional monetary policies such as quantitative easing and negative interest rates were adopted by many countries to maintain economic stability. While these policies have been effective in developed countries, their impact in developing countries is still not fully understood. The impact of non-traditional monetary policies in developing countries has not been widely studied, especially regarding exchange rate volatility, inflation instability, and vulnerability to global capital flows. Dependence on foreign capital makes developing countries more vulnerable to monetary policies in developed countries. This study aims to analyze the effect of non-traditional monetary policies on the economic stability of developing countries and identify factors that affect their effectiveness, such as global economic conditions, local market structure, and technology adoption. A qualitative approach with a meta-analysis design is used to evaluate the results of previous studies on the impact of non-traditional monetary policies in developing countries. The findings show that non-traditional policies tend to increase market liquidity and encourage investment in developing countries, but risk exchange rate volatility and inflation instability due to dependence on foreign capital. Fluctuations in global monetary policy also have a large impact, making emerging economies vulnerable to sudden changes in capital flows. Measures such as financing diversification and coordination between monetary and fiscal policies are important to mitigate such risks. Overall, non-traditional monetary policies can support economic growth in emerging economies if adapted carefully. Strengthening financial institutions, utilizing financial technology, and strong fiscal policies are necessary to maintain long-term economic stability.

Abstrak : Setelah krisis keuangan 2008, kebijakan moneter non-tradisional seperti pelonggaran kuantitatif dan suku bunga negatif diadopsi oleh banyak negara untuk menjaga stabilitas ekonomi. Meski kebijakan ini efektif di negara maju, dampaknya di negara berkembang masih belum dipahami sepenuhnya. Dampak kebijakan moneter non-tradisional di negara berkembang belum banyak diteliti, terutama terkait volatilitas nilai tukar, ketidakstabilan inflasi, dan kerentanan terhadap arus modal global. Ketergantungan pada modal asing membuat negara berkembang lebih rentan terhadap kebijakan moneter di negara maju. Penelitian ini bertujuan menganalisis pengaruh kebijakan moneter non-tradisional terhadap stabilitas ekonomi negara berkembang dan mengidentifikasi faktor-faktor yang memengaruhi efektivitasnya, seperti kondisi ekonomi global, struktur pasar lokal, dan adopsi teknologi. Pendekatan kualitatif dengan desain meta-analisis digunakan untuk mengevaluasi hasil studi sebelumnya terkait dampak kebijakan moneter non-tradisional di negara berkembang. Temuan menunjukkan bahwa kebijakan non-tradisional cenderung meningkatkan likuiditas pasar dan mendorong investasi di negara berkembang, namun berisiko menimbulkan volatilitas nilai tukar dan ketidakstabilan inflasi akibat ketergantungan pada modal asing. Fluktuasi kebijakan moneter global juga berdampak besar, membuat ekonomi negara berkembang rentan terhadap perubahan arus modal yang tiba-tiba. Langkah-langkah seperti diversifikasi pembiayaan dan koordinasi antara kebijakan moneter dan fiskal penting untuk memitigasi risiko tersebut. Secara keseluruhan, kebijakan moneter non-tradisional dapat mendukung pertumbuhan ekonomi di negara berkembang jika diadaptasi dengan hati-hati. Penguatan institusi keuangan, pemanfaatan teknologi finansial, serta kebijakan fiskal yang kuat sangat diperlukan untuk menjaga stabilitas ekonomi jangka panjang.Setelah krisis keuangan 2008, kebijakan moneter non-tradisional seperti pelonggaran kuantitatif dan suku bunga negatif diadopsi oleh banyak negara untuk menjaga stabilitas ekonomi. Meski kebijakan ini efektif di negara maju, dampaknya di negara berkembang masih belum dipahami sepenuhnya. Dampak kebijakan moneter non-tradisional di negara berkembang belum banyak diteliti, terutama terkait volatilitas nilai tukar, ketidakstabilan inflasi, dan kerentanan terhadap arus modal global. Ketergantungan pada modal asing membuat negara berkembang lebih rentan terhadap kebijakan moneter di negara maju. Penelitian ini bertujuan menganalisis pengaruh kebijakan moneter non-tradisional terhadap stabilitas ekonomi negara berkembang dan mengidentifikasi faktor-faktor yang memengaruhi efektivitasnya, seperti kondisi ekonomi global, struktur pasar lokal, dan adopsi teknologi. Pendekatan kualitatif dengan desain meta-analisis digunakan untuk mengevaluasi hasil studi sebelumnya terkait dampak kebijakan moneter non-tradisional di negara berkembang. Temuan menunjukkan bahwa kebijakan non-tradisional cenderung meningkatkan likuiditas pasar dan mendorong investasi di negara berkembang, namun berisiko menimbulkan volatilitas nilai tukar dan ketidakstabilan inflasi akibat ketergantungan pada modal asing. Fluktuasi kebijakan moneter global juga berdampak besar, membuat ekonomi negara berkembang rentan terhadap perubahan arus modal yang tiba-tiba. Langkah-langkah seperti diversifikasi pembiayaan dan koordinasi antara kebijakan moneter dan fiskal penting untuk memitigasi risiko tersebut. Secara keseluruhan, kebijakan moneter non-tradisional dapat mendukung pertumbuhan ekonomi di negara berkembang jika diadaptasi dengan hati-hati. Penguatan institusi keuangan, pemanfaatan teknologi finansial, serta kebijakan fiskal yang kuat sangat diperlukan untuk menjaga stabilitas ekonomi jangka panjang.

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