8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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Q@UKN C@EOFKCKN JDN@W@U GKN Q@UEKNCKN GKBKJ
J@NMKWKXO CUOXOX @CDNDJO GO ONGDN@XOK
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Epuiknpggon KegpbbkiMpe`unpu Eknc Ongdn`xok
Ekikn CpbokiCpuxpx U`mpb`u Knmckwkn YYY\O B`jiknkx
Wknmmkb ;8 Fpno 5118Fkckuwk
E K N C O N G D N @ X O K
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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;
Q@UKN C@EOFKCKN JDN@W@U GKN Q@UEKNCKN GKBKJJ@NMKWKXO CUOXOX @CDNDJO GO ONGDN@XOK ;
Db`i6Epuiknpggon Kegpbbki5
O. C`eofkckn @cdndjo Jkcud gkn C`eofkckn go X`cwdu C`pknmkn go Ongdn`xok
X`e`bpj Cuoxox @cdndjo Wkipn ;??=
Q`jeknmpnkn `cdndjo qkgk gkxkunk e`uipepnmkn g`nmkn x`wokq pqkk pnwpc
j`nmkwkxo jkxkbki c`w`uekwkxkn xpje`u gkk. Go n`mkuk*n`mkuk x`gknm e`uc`jeknm"
c`w`uekwkxkn xpje`u gkk ono w`upwkjk e`upqk c`w`uekwkxkn xpje`u gknk pnwpc on|`xwkxo
gkn c`w`uekwkxkn g`|oxk" go xkjqonm w`nwpnk c`w`uekwkxkn xpje`u gkk jknpxok knm
e`ucpkbowkx.
Gkbkj uknmck j`nmkwkxo c`w`uekwkxkn xpje`u gkk w`ux`epw" qoboikn c`eofkckn
knm gokjeob qkgk pjpjnk e`uldcpx c`qkgk gpk kxq`c" kowp kxq`c q`nhoqwkkn ocboj
e`upxkik knm cdngpxol" w`upwkjk e`upqk c`xwkeobkn `cdndjo jkcud" gkn kxq`c
q`nm`jeknmkn onlukxwupcwpu q`u`cdndjokn knm j`ngpcpnm c`mokwkn `cdndjo.
C`xwkeobkn `cdndjo jkcud w`uh`ujon qkgk ikumk ekuknm gkn fkxk knm xwkeob x`uwk
nobko wpcku gkn xpcp epnmk knm e`ukgk qkgk wonmckw knm j`jpnmconckn q`uwpjepikn
`cdndjo knm e`uc`xonkjepnmkn g`nmkn cdngoxo n`ukhk q`jekkukn onw`unkxodnkb knm
x`ikw.
X`j`nwkuk owp" q`nm`jeknmkn onlukxwupcwpu q`u`cdndjokn j`nhkcpq
q`nm`jeknmkn x`bpupi b`jekmk q`ngpcpnm ekmo e`ufkbknnk kcwo|owkx `cdndjo" kowp
x`cwdu pxkik" x`cwdu c`pknmkn$q`ueknckn" q`uknmckw ipcpj gkn q`ukgobkn" gkn b`jekmk
q`j`uonwkikn$eoudcukxo knm j`nm`bpkuckn e`uekmko c`eofkckn knm gkqkw
j`jq`nmkupio kcwo|owkx `cdndjo jkxkukckw.
Pqkk q`j`boikukkn c`xwkeobkn `cdndjo jkcud e`ukgk go gkbkj bonmcpq wpmkx
c`eofkckn `cdndjo jkcud" kowp c`eofkckn jdn`w`u" c`eofkckn loxckb" gkn c`eofkckn nobko
;H`ukjki qkgk Cpuxpx U`mpb`u Knmckwkn YYY\O B`jiknkx wknmmkb ;8 Fpno 5118.
5Mpe`unpu Eknc Ongdn`xok.
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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wpcku.8
X`j`nwkuk owp" pqkk q`nm`jeknmkn onlukxwupcwpu `cdndjo e`ukgk go gkbkj
bonmcpq wpmkx c`eofkckn `cdndjo jocud" x`q`uwo c`eofkckn go eogknm ongpxwuo"
q`ugkmknmkn" qkxku jdgkb" q`ueknckn" gkn x`cwdu c`pknmkn bkonnk. Gpk go knwkuk
e`uekmko c`eofkckn w`ux`epw" kowp c`eofkckn jdn`w`u gkn c`eofkckn go eogknm q`ueknckn"
xkkw ono j`nfkgo hkcpqkn wpmkx Eknc Ongdn`xok.
Gkbkj uknmck j`nhkqko gkn j`j`boikuk c`xwkeobkn `cdndjo jkcud" w`ugkqkw
`jqkw c`eofkckn pjpj knm gokjeob x`bkjk q`uodg` x`e`bpj cuoxox" kowp67
‥ J`n`ukqckn c`eofkckn loxckb$knmmkukn e`uojeknm pnwpc j`nmiongkuo q`nmmpnkkn
ipwknm gdj`xwoc gkbkj q`jeokkkn q`nm`bpkukn q`j`uonwki.
‥ J`n`ukqckn c`eofkckn jdn`w`u knm e`uikwo*ikwo knm j`nfkmk kmku
q`uwpjepikn bocpogowkx x`xpko g`nmkn q`uwpjepikn q`ujonwkkn uoob.
‥ J`nfkmk kmku nobko wpcku upqoki x`bkbp e`ukgk qkgk qdxoxo knm u`kboxwox. Qkgk
k}kbnk ono gobkcpckn j`bkbpo c`eofkckn g`|kbpkxo x`wokq ckbo xowpkxo `cdndjo
j`npnwpw g`jocokn. C`jpgokn" c`jpgokn x`fkc wkipn ;?9< ikb ono gobkcpckn
j`bkbpo q`n`xpkokn xkxkukn nobko wpcku upqoki x`hkuk ikuokn knm gowpfpckn pnwpc
j`j`boikuk gkk xkonm ongpxwuo*ongpxwuo e`uduo`nwkxo `cxqdu gkn x`ckbompx kmku
q`uc`jeknmkn nobko wpcku upqoki x`xpko g`nmkn cdngoxo q`ujonwkkn gkn
q`nk}kukn go qkxku |kbpwk kxonm.
‥ J`jq`uwkiknckn c`eofkckn bkbp bonwkx jdgkb )g`|oxk/ e`ekx x`fkc wkipn ;?=;.
C`eofkckn ono w`bki j`jeknwp j`nkuoc on|`xwkxo kxonm gkn j`jepkw
q`u`cdndjokn Ongdn`xok gkqkw g`nmkn u`bkwol h`qkw j`n`xpkockn gouo w`uikgkq
q`upekikn cdngoxo go qkxku onw`unkxodnkb.
E`uekmko bknmcki c`eofkckn w`ux`epw w`bki j`ngpcpnm q`j`boikukkn cdngoxo
`cdndjo jkcud knm u`bkwol xwkeob gkn qu`gohwkeb` x`bkjk q`uodg` x`e`bpj cuoxox
`cdndjo ;??=. Gkbkj q`uodg` w`ux`epw bkfp onlbkxo u`bkwol w`uc`ngkbo qkgk b`|`b ukwk*ukwk go
ek}ki ;1% q`u wkipn. G`loxow wuknxkcxo e`ufkbkn e`ukgk qkgk wonmckw knm gkqkw
8C`eofkckn Nobko Wpcku ono gkqkw qpbk goqkngknm x`ekmko ekmokn gkuo C`eofkckn Jdn`w`u" kckn w`wkqo x`uonm
b`eoi w`qkw goqkngknm x`ekmko c`eofkckn w`ux`ngouo.7
Boikw pukokn F. Xd`gukgfkg Gfo}kngdnd gkbkj ‒ Jkhud`hdndjoh Qdboh6 K Ldpngkwodn ldu Xpxwkonkeb`
@hdndjoh G`|`bdqj`nw ‚" Cpjqpbkn Qogkwd gkn Jkckbki Mpe`unpu Eknc Ongdn`xok Fpbo ‘ G`x`je`u ;??<"
Nd. ?" ;??<" Eknc Ongdn`xok" Fkckuwk.
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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8
goc`ngkbockn gkn fpjbki hkgknmkn g`|oxk gkqkw goq`uwkiknckn qkgk wonmckw knm hpcpq
pnwpc j`jeokko c`epwpikn ojqdu ukwk*ukwk x`bkjk bojk epbkn. Xpcp epnmk uoob gkqkw
goq`uwkiknckn qkgk wonmckw knm x`bkbp qdxowol x`ionmmk jkjqp j`ngdudnm c`nkockn
wkepnmkn gkn on|`xwkxo. X`bkon owp" nobko wpcku uoob fpmk e`uikxob goq`uwkiknckn qkgk b`|`b
knm jkjqp j`nfkmk gkk xkonm cdjdgowkx `cxqdu Ongdn`xok go qkxku onw`unkxodnkb.
Go x`cwdu c`pknmkn" gkbkj uknmck j`nmkwkxo c`x`nfknmkn knwkuk wkepnmkn gkn
on|`xwkxo" pqkk j`nmm`ukcckn xpje`u gknk gdj`xwoc gobkcpckn g`nmkn
j`nm`jeknmckn onlukxwupcwpu x`cwdu c`pknmkn" cipxpxnk ongpxwuo q`ueknckn. Ikb ono
w`uboikw xknmkw f`bkx ckbkp cowk j`nmkjkwo q`uc`jeknmkn x`cwdu c`pknmkn go Ongdn`xok
knm xkukw g`nmkn uknmckokn g`u`mpbkxo x`fkc wkipn ;?98. Qukcwox cowk gkqkw j`nmkwkckn
eki}k qudx`x g`u`mpbkxo q`u`cdndjokn knm gobkcpckn go Ongdn`xok ikjqou og`nwoc
g`nmkn g`u`mpbkxo x`cwdu c`pknmkn.
Gkbkj ikb ono j`jknm w`ugkqkw q`uwknkkn j`nmkqk g`u`mpbkxo x`cwdu c`pknmkn
fkpi b`eoi x`uonm gkn b`eoi gkipbp gobkcxknkckn goekngonmckn g`nmkn g`u`mpbkxo go x`cwdu
uoob. W`ub`qkx gkuo kgknk q`ug`ekwkn w`nwknm x`{p`nhonm gkuo qudx`x g`u`mpbkxo ono"
cipxpxnk knm j`nknmcpw kqkcki x`cwdu c`pknmkn gpbp kwkp x`cwdu uoob gpbp" knm
f`bkx gopwkjkcknnk g`u`mpbkxo x`cwdu c`pknmkn j`upqkckn qoboikn c`eofkckn knm
gokjeob g`nmkn j`boikw cdngoxo qkgk }kcwp owp.0
Nkjpn" xkwp ikb knm q`nwonm pnwpc
gohkwkw kgkbki eki}k q`n`jqpunkkn gkbkj q`nmkwpukn gkn q`nmk}kxkn x`cwdu
c`pknmkn" cipxpxnk q`ueknckn" ikupx j`n`uwko g`u`mpbkxo. Ono j`upqkckn xkukw pwkjk
knm j`jpnmconckn eknc*eknc gkqkw e`uc`jeknm g`nmkn ekoc x`uwk gkqkw
j`jknlkkwckn q`bpknm gkn j`nmikgkqo wknwknmkn knm goxkfockn db`i g`u`mpbkxo g`nmkn
u`bkwol kjkn.<
0
W`ugkqkw e`e`ukqk `cdndj" fkpi x`e`bpj w`ufkgonk cuoxox jdn`w`u" knm w`bki j`nmonmkwckn ekikkgkuo g`u`mpbkxo x`cwdu c`pknmkn knm wknqk goojeknmo g`nmkn g`u m̀pbkxo x`cwdu uoob. Go bkon qoikc" wogkc
w`qkw qpbk pnwpc j`nmkwkckn eki}k g`u`mpbkxo go x`cwdu uoob e`bpj kgk xkjk x`ckbo kwkp fkpi w`uwonmmkb.
Boikw joxkbnk wpboxkn Xkiuob Xkeouon6 ‒Hkqowkb Khhdpnw Boe`ukbovkwodn" wi` Ongdn`xokn @yq`uo`nh`‚ go
gkbkj epcp Xikcob Lkup{o )`gowdu/" Lonknhokb X`hwdu U`ldujx on Kxokn kng Bkwon Kj`uohkn Hkdpnwuo`x"
B`xxdnx dl Hdjqkukwo|` @yq`uo`nh`" ]kxionmwdn GH6 Wi` ]dubg Eknc" ;??8.
<Xkiuob Xkeouon" ‒Ongdn`xok‟x Lonknhokb U`ldujx6 Hikbb`nm`x on wi` ;??1x ldu Owx Eknconm kng Lonknhokb
Jkuc`wx‚" Fdpunkb dl Kxokn @hdndjohx" 5)5/" Lkbb ;??;.
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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Quoduowkx knm goe`uockn db`i e`uekmko n`mkuk" cipxpxnk n`mkuk*n`mkuk
e`uc`jeknm w`ujkxpc Ongdn`xok" ekmo q`bkcxknkkn g`u`mpbkxo x`cwdu c`pknmkn x`bkjk
gkxk}kuxk ;?=1kn gkn ;?91kn j`jknm gkqkw goqkikjo cku`nk q`uc`jeknmkn x`cwdu ono
gkbkj gkxk}kuxk ;?01kn gkn ;?<1kn go n`mkuk*n`mkuk w`ux`epw wogkc e`mowp h`uki. Ikb
ono e`uckowkn `ukw g`nmkn q`ng`ckwkn q`jeknmpnkn `cdndjo knm gow`ukqckn go n`mkuk*
n`mkuk e`uc`jeknm qkgk q`uodg` ;?01kn gkn ;?<1kn knm h`ng`upnm j`nmkukickn
q`jeknmpnkn `cdndjo c` x`cwdu*x`cwdu xwukw`mox. E`uckowkn g`nmkn owp" c`eofkckn go
x`cwdu c`pknmkn knm gokjeob kgkbki j`bkcpckn x`b`hwo|` hu`gow qdboh kwkp x`jkhkjnk
kmku gknk b`eoi eknkc j`nmkbou c` x`cwdu*x`cwdu `cdndjo w`ux`epw. C`eofkckn ono
gogpcpnm db`i c`eofkckn xpcp epnmk cu`gow knm u`ngki. E`uekmko c`eofkckn owp w`bki
j`jekwkxo c`b`bpkxkkn x`cwdu c`pknmkn pnwpc e`um`ukc x`hkuk `loxo`n gkbkj
j`nkbpuckn gknk gkuo q`joboc c` q`nmmpnk gknk.
X`ekmko gkjqkc gkuo w`uekwkxnk upknm m`ukc x`cwdu c`pknmkn jkck w`ufkgobki
kqk knm gox`epw db`i JhConndn gkn Xik} x`ekmko ‒ lonknhokb u`qu`xxodn‚ knm
j`n`ekeckn ‒xikbbd} lonknh`‚" kowp wogkc w`uxkbpunk gknk )gkk e`bo/ x`hkuk `loxo`n c`
c`mokwkn*c`mokwkn `cdndjo knm qudgpcwol gkn `loxo`n qpbk" x`ionmmk q`uwpjepikn
`cdndjo j`nfkgo w`uikbknm.=
Pnwpc j`nmkwkxo jkxkbki owp" JhConndn gkn Xik} j`nmknfpuckn kmku gokgkckn
boe`ukboxkxo )g`u`mpbkxo/ x`ionmmk w`ufkgo ‒ lonknhokb g``q`nonm‚. J`bkbpo g`u`mpbkxo" eknc*
eknc gkn b`jekmk*b`jekmk c`pknmkn bkonnk goe`uo c`b`bpkxkkn knm b`eoi e`xku pnwpc
e`udq`ukxo x`hkuk `loxo`n kwkx gkxku j`cknoxj` qkxku x`ionmmk j`u`ck gkqkw e`ulpnmxo
g`nmkn ekoc gkn x``loxo`n jpnmcon gkbkj j`nkbpuckn gknk gkuo q`joboc gknk c`qkgk
q`nmmpnk gknk )q`nmpxkik/ pnwpc c`q`ubpkn qudgpcxo. J`u`ck e`uc`kconkn eki}k
c`w`ux`gokkn gknk e`ugkxkuckn j`cknoxj` qkxku j`upqkckn lkcwdu knm xknmkw q`nwonm
pnwpc gkqkw j`nhoqwkckn xoxw`j q`u`cdndjokn knm `loxo`n gkn j`nhkqko bkfp
q`uwpjepikn `cdndjo knm wonmmo.
=Udnkbg O. JhConndn" ‒Jdn` kng Hkqowkb on @hdndjoh G`|`bdqj`nw‚" ]kxionmwdn GH6 Wi` Euddconmx
Onxwowpwodnx" ;?=8 gkn @g}kug X. Xik}" ‒Lonknhokb G``q`nonm on @hdndjoh G`|`bdqj`nw‚" N`} _duc6
Dyldug Pno|`uxow Qu`xx" ;?=8.
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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Xwukw`mo g`u`mpbkxo x`cwdu c`pknmkn owp knm gow`ukqckn go Ongdn`xok" gojpbko
x`hkuk w`uekwkx g`nmkn j`n`wkqckn xpcp epnmk eknc b`eoi u`kboxwox qkgk wkipn ;?<9 ‘
;?=1" gkn c`jpgokn gobknfpwckn g`nmkn g`u`mpbkxo wkipn ;?98 gkn ;?99. X`ekmko
ikxobnk" cowk j`boikw e`wkqk x`cwdu q`ueknckn w`bki e`uikxob j`nonmckwckn q`uknnk
x`ekmko j`gok onw`uj`gokxo gkn q`n`gok fkxk q`ueknckn bkonnk" gkn ikb ono w`bki qpbk
j`npnfknm q`uwpjepikn `cdndjo knm wonmmo go jkxk bkbp.
Go xoxo bkon" cowk fpmk j`boikw eki}k q`uwpjepikn q`ueknckn knm xknmkw q`xkw ono
epcknnk wogkc j`nojepbckn q`ujkxkbkikn w`ux`ngouo. Go wonmckw jkcud" q`uc`jeknmkn
x`cwdu c`pknmkn knm q`xkw ono w`bki j`nojepbckn q`ujkxkbkikn go x`cwdu jdn`w`u. Ekmo
q`nm`ngkbokn jdn`w`u" q`uc`jeknmkn x`cwdu c`pknmkn knm q`xkw" knm fpmk xkbki
xkwpnk gogdudnm db`i kupx mbdekboxkxo" w`bki j`n`ekeckn e`uekmko ipepnmkn ckpxkbowkx
knwkuk e`xkukn*e`xkukn jdn`w`u j`nfkgo wogkc w`wkq" knm e`uojqbockxo c`qkgk jkcon
cdjqb`cxnk wuknxjoxo c`eofkckn jdn`w`u gkn cpuknm `l`cwolnk onxwupj`n jdn`w`u knm
kgk.9
Cdjqb`cxowkx q`ujkxkbkikn ono ekmkojknkqpn fpmk wpupw j`jq`nmkupio
c`jkjqpkn cowk gkbkj j`u`xqdn x`wokq m`fdbkc knm wojepb gkbkj q`u`cdndjokn.
OO. Q`ny`eke Cuoxox @cdndjo gkn Gkjqkcnyk w`uikgkq Qudx`x Q`jeknmpnkn
@cdndjo Ongdn`xok
Gkbkj q`uc`jeknmknnk" w`unkwk onlukxwupcwpu q`u`cdndjokn go Ongdn`xok
e`bpj jkjqp j`nmikgkqo x`jkcon h`qkwnk qudx`x onw`mukxo q`u`cdndjokn Ongdn`xok
c` gkbkj q`u`cdndjokn mbdekb. Q`uknmckw c`b`jekmkkn ekmo e`c`ufknk `cdndjo qkxku
knm `loxo`n w`unkwk e`bpj w`uwkwk g`nmkn ekoc. X`ekmko cdnx`cp`nxonk" `cdndjo
Ongdn`xok j`nfkgo xknmkw u`nwkn w`uikgkq m`fdbkc `cxw`unkb x`ekmkojknk w`ufkgo qkgk
q`uw`nmkikn wkipn ;??=. X`ekmkojknk w`uepcwo gkuo q`nmkbkjkn n`mkuk*n`mkuk w`wknmmk
go Kxok knm x`fkc q`uw`nmkikn wkipn ;??= j`nmkbkjo cuoxox `cdndjo" c`xwkeobkn
9E`uekmko wpboxkn gkn q`n`bowokn j`nm`nko wuknxjoxo jdn`w`u ono gkqkw goboikw qkgk ‒J`u`npnmckn C`jekbo
J`cknoxj` Wuknxjoxo Jdn`w`u go Ongdn`xok‚" db`i Ed`godnd" gkn ‒J`nhkuo Qkukgomjk Ekup Jknkf`j`n
Jdn`w`u gkbkj Xoxw`j Nobko wpcku Lb`cxoe`b 6 Xpkwp Q`jocoukn pnwpc Q`n`ukqknnk go Ongdn`xok‚" db`i
Ikuwkgo K. Xku}dnd gkn Q`uu ]kufod. C`gpk wpboxkn ono gojpkw gkbkj Epb`won @cdndjo Jdn`w`u gkn
Q`ueknckn" Eknc Ongdn`xok" \dbpj` ;" Ndjdu ;" Fpbo ;??9. X`bkon owp fpmk w`ugkqkw e`e`ukqk xpje`u
bkonnk x`q`uwo C`uwkx C`ufk Onw`un j`nm`nko q`uobkcp knmck q`nmmkngk pknm )jdn` jpbwoqbo`u/ knm
gobkcpckn GQQ*PU@X" Eknc Ongdn`xok qkgk wkipn ;??<.
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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`cdndjo jkcud w`unkwk wogkc gkqkw j`nfkjon con`ufk q`u`cdndjokn knm ekoc x`hkuk
e`uc`xonkjepnmkn x`bkjk jkxoi w`ugkqkw c`b`jkikn*c`b`jkikn qkgk onlukxwupcwpu
q`u`cdndjokn.?
Go xkwp xoxo" c`w`uepckkn q`u`cdndjokn g`nmkn xoxw`j g`|oxk e`ekx gkn e`uekmkobknmcki g`u`mpbkxo knm gow`jqpi q`j`uonwki w`bki j`je`uockn jknlkkw knm e`xku ekmo
q`uc`jeknmkn q`u`cdndjokn gdj`xwoc. Gkbkj e`e`ukqk wkipn w`ukciou x`e`bpj cuoxox"
gonkjoxj` q`u`cdndjokn Ongdn`xok hpcpq wonmmo g`nmkn bkfp onlbkxo knm j`npupn gkn
xpuqbpx n`ukhk q`jekkukn knm hpcpq e`xku. Q`uc`jeknmkn jkcud`cdndjo knm
jknwkq w`ux`epw w`bki j`je`uockn c`kconkn c`qkgk on|`xwdu" ekoc gkbkj gkn bpku n`m`uo
kwkx qudxq`c q`u`cdndjokn Ongdn`xok x`ionmmk x`jkcon j`ngdudnm jkxpcnk kupx
jdgkb gkn x`jkcon j`jq`ugkbkj qudx`x onw`mukxo q`u`cdndjokn nkxodnkb c` gkbkj
q`u`cdndjokn onw`unkxodnkb.
Kckn w`wkqo" go xoxo bkon" gonkjoxj` q`u`cdndjokn knm wonmmo w`ux`epw wogkc
x`q`npink gox`uwko g`nmkn pqkk pnwpc j`nkwk q`nm`bdbkkn gpnok pxkik gkn
j`nhoqwkckn q`n`b`nmmkukkn q`j`uonwkikn knm ekoc" x`ekmkojknk w`uh`ujon qkgk
cpuknmnk wuknxqkuknxo gkn cdnxoxw`nxo q`bkcxknkkn c`eofkckn. X`j`nwkuk owp" c`b`jkikn
onldujkxo" ekoc jpwp jkpqpn c`w`ux`gokkn" x`jkcon j`jq`uepupc cpkbowkx c`qpwpxkn
knm gokjeob db`i gpnok pxkik gkn q`j`uonwki. E`uekmko lkcwdu ono j`jq`ub`jki cdngoxo
lpngkj`nwkb jocud`cdndjo x`ionmmk j`nonmckwckn c`u`nwknkn q`u`cdndjokn w`uikgkq
mpnhknmkn*mpnhknmkn `cxw`unkb.
J`b`jkink lpngkj`nwkb jocud`cdndjo gkqkw goboikw qkgk j`npupnnk `loxo`nxo
q`nm`bdbkkn gpnok pxkik gkbkj e`e`ukqk wkipn x`e`bpj cuoxox `cdndjo w`ufkgo. Ikb ono
e`uckowkn g`nmkn x`jkcon wonmmonk goxwduxo gkbkj q`nmkbdckxokn xpje`u gkk ekoc knm
gobkcpckn db`i x`cwdu x}kxwk jkpqpn x`cwdu q`j`uonwki x`ionmmk j`ngdudnm
j`nonmckwnk cdnmbdj`ukxo pxkik knm jdndqdboxwoc gkn q`uobkcp q`nhkuo u`nw` )u`nw
x``conm/. J`xcoqpn c`mokwkn on|`xwkxo gkn qudgpcxo nkoc g`nmkn h`qkw gkbkj bojk wkipn
w`ukciou" q`jknlkkwkn xpje`u gkk" w`upwkjk jdgkb" j`nfkgo cpuknm dqwojkb gkn
?Boikw joxkbnk U. Jdu`nd" M. Qkxkgobbk." gkn @bo U`jdbdnk gkbkj ‒ Kxok‟x Lonknhokb Huoxox6 B`xxdnx kng
Qdboh U`xqdnx`x‚" Qkholoh Ekxon ]duconm Qkq`u X`uo`x6 @hdndjoh U`x`kuhi G`qkuwj`nw dl L`g`ukb
U`x`u|` Eknc dl Xkn Luknxoxhd" PXK6 Fpb ;??9. Fpmk M`ukug Hkquod" Fu. gkbkj ‒ Eknconm dn Huoxox 6
@yq`nxo|` B`xxdnx ludj U`h`nw Lonknhokb Huox`x‚" Wi` ]dubg Eknc U`x`kuhi Mudpq" ]kxionmwdn G.H6
Fpn` ;??9.
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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h`ng`upnm w`ucdnx`nwukxo qkgk x`cwdu*x`cwdu knm cpuknm qudgpcwol. X`ekmko kcoekwnk"
q`u`cdndjokn j`nfkgo cpuknm `loxo`n x`q`uwo w`uh`ujon qkgk nkocnk onhu`j`nwkb hkqowkb
dpwqpw ukwod )OHDU/ gkuo ukwk*ukwk x`cowku 8"; qkgk wkipn ;?99*;??; j`nfkgo ukwk*ukwk
x`cowku 7"5 gkbkj wkipn ;??5*;??=.
C`b`jkikn lpngkj`nwkb jocud`cdndjo fpmk w`uh`ujon qkgk c`u`nwknkn
)lukmobow/ knm w`ugkqkw go gkbkj x`cwdu c`pknmkn" cipxpxnk q`ueknckn. W`ugkqkw bojk
lkcwdu knm j`nmkcoekwckn cdngoxo jocud q`ueknckn nkxodnkb j`nfkgo u`nwkn w`uikgkq
m`fdbkc `cdndjo" kowp6;1
‥ Q`uwkjk" kgknk fkjonkn w`ux`bpepnm )ojqbohow mpkuknw``/ gkuo eknc x`nwukb kwkx
c`bknmxpnmkn iogpq xpkwp eknc pnwpc j`nh`mki c`mkmkbkn xoxw`joc gkbkj
ongpxwuo q`ueknckn w`bki j`nojepbckn jdukb ikvkug go ckbknmkn q`nm`bdbk gkn
q`joboc eknc. Fkjonkn knm kgk qukcwox j`nmm`x`u uoxocd knm goikgkqo
q`ueknckn c` eknc x`nwukb x`uwk j`ngdudnm q`ueknckn pnwpc j`nmkjeob pwknm
knm e`ub`eoikn gkn j`je`uockn cu`gow c` x`cwdu*x`cwdu knm e`uoxocd wonmmo.
‥ C`gpk" xoxw`j q`nmk}kxkn db`i eknc x`nwukb cpuknm `l`cwol cku`nk e`bpj
x`q`npink gkqkw j`nmojeknmo q`xkw gkn cdjqb`cxnk c`mokwkn dq`ukxodnkb
q`ueknckn. Kqkbkmo ong`q`ng`nxo eknc x`nwukb qkgk q`uodg` w`ux`epw xknmkw
cpuknm x`ionmmk j`n`ekeckn bknmcki*bknmcki cdu`cxo wogkc gkqkw gobkcpckn
x`hkuk `l`cwol. Ikb ono w`bki j`ngdudnm q`ueknckn nkxodnkb j`nmkekockn quonxoq
c`ikwo*ikwokn gkbkj c`mokwkn dq`ukxodnkb knm w`bki gow`wkqckn.
‥ C`womk" e`xkunk q`je`uokn cu`gow gkn fkjonkn ekoc x`hkuk bknmxpnm jkpqpn
wogkc bknmxpnm c`qkgk ongo|ogp$c`bdjqdc pxkik knm w`uckow g`nmkn eknc
)hdnn`hw`g b`ngonm/ w`bki j`ngdudnm wonmmonk uoxocd c`jkh`wkn cu`gow knm
goikgkqo eknc.
‥ C``jqkw" u`bkwol b`jkink c`jkjqpkn jknkf`uokb eknc w`bki j`nmkcoekwckn
q`npupnkn cpkbowkx kx`w qudgpcwol gkn q`nonmckwkn uoxocd knm goikgkqo eknc.
Xowpkxo ono goq`uepupc qpbk db`i b`jkink q`nmk}kxkn gkn xoxw`j onldujkxo
onw`unkb go gkbkj j`jknwkp" j`ng`w`cxo" gkn j`n`b`xkockn cu`gow e`ujkxkbki
gkn qdxoxo uoxocd knm e`ub`eoikn.
;1Ekhk Bkqdukn Wkipnkn Eknc Ongdn`xok ;??=$?9" ikbkjkn 5*8.
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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‥ C`bojk" cpuknm wuknxqkuknnk onldujkxo j`nm`nko cdngoxo q`ueknckn x`bkon w`bki
j`nmkcoekwckn c`xpbowkn gkbkj j`bkcpckn knkboxox x`hkuk kcpukw w`nwknm cdngoxo
c`pknmkn xpkwp eknc fpmk w`bki j`b`jkickn pqkk pnwpc j`bkcpckn cdnwudb
xdxokb gkn j`nhoqwkckn goxoqbon qkxku.
C`b`jkikn lpngkj`nwkb jocud`cdndjo fpmk jpnhpb x`ekmko gkjqkc gkuo b`jkink
q`nm`bdbkkn gpnok pxkik )qddu hduqdukw` md|`unknh`/. E`bpj cpkwnk c`xkgkukn kckn
q`nwonmnk wuknxqkuknxo gkn c`w`uepckkn gkbkj e`upxkik j`nmkcoekwckn c`mokwkn pxkik
x}kxwk h`ng`upnm cpuknm `loxo`n gkn cpuknm j`jq`uikwockn quonxoq*quonxoq q`nm`bdbkkn
pxkik knm x`ikw. X`bkon owp" epupcnk q`nm`bdbkkn gpnok pxkik fpmk w`uckow g`nmkn
e`bpj kgknk q`uknmckw ipcpj knm `l`cwol" w`upwkjk gkbkj q`n`b`xkokn c`qkobowkn
pxkik. E`uekmko c`b`jkikn ono j`nmkcoekwckn gpnok pxkik h`ng`upnm j`bkcpckn
on|`xwkxo knm e`ub`eoikn qkgk x`cwdu*x`cwdu `cdndjo knm u`nwkn w`uikgkq q`upekikn
nobko wpcku gkn xpcp epnmk" x`q`uwo x`cwdu qudq`uwo.
Kgk gpk ikb knm j`ngdudnm c`h`ng`upnmkn on|`xwkxo knm e`ub`eoikn w`ux`epw.
Q`uwkjk" gonkjoxj` q`u`cdndjokn Ongdn`xok knm x`jkcon j`nonmckw w`bki
j`nojepbckn c`kconkn knm e`ub`eoikn qkgk gouo on|`xwdu kxonm x`ionmmk j`nmpuknmo
c`ikwo*ikwokn j`u`ck gkbkj j`je`uockn qonfkjkn c`qkgk gpnok pxkik go Ongdn`xok.
C`gpk" gpnok pxkik gkbkj n`m`uo j`jknlkkwckn q`ue`gkkn xpcp epnmk gkbkj gkn bpku
n`m`uo knm hpcpq e`xku x`ionmmk kupx jdgkb jkxpc gkuo bpku n`m`uo" w`upwkjk gkbkj
e`nwpc qonfkjkn x}kxwk fknmck q`ng`c" w`upx j`nmkbou. Qkgk xkkw knm e`uxkjkkn nobko
wpcku upqoki knm u`bkwol xwkeob x`fkc e`e`ukqk wkipn w`ukciou" w`bki j`nojepbckn kgknk
c`qkxwokn w`uikgkq q`uc`jeknmkn cpux )ojqbohow mpkuknw``/ x`ionmmk j`nonmckwckn
c`kconkn gpnok pxkik kckn c`jknwkqkn q`uc`jeknmkn `cdndjo.
C`w`ux`gokkn q`jeokkkn knm u`bkwol jpgki goq`udb`i j`n`ekeckn x`cwdu x}kxwk
x`jkcon j`nmkekockn quonxoq c`ikwo*ikwokn gkbkj c`mokwkn pxkik x`ekmkojknk w`uh`ujon
qkgk wonmmonk qknmxk pwknm bpku n`m`uo e`ufknmck q`ng`c pnwpc q`jeokkkn on|`xwkxo
e`ufknmck qknfknm )jkwpuow mkq/. Q`uc`jeknmkn ono g`nmkn x`ngouonk j`nojepbckn
c`u`nwknkn x`cwdu x}kxwk w`uikgkq m`fdbkc nobko wpcku gkn w`bki j`ngdudnm c`qkobowkn
qkgk eknkc q`upxkikkn x}kxwk.
X`bknfpwnk" c`b`jkikn*c`b`jkikn lpngkj`nwkb jocud`cdndjo w`ux`epw go kwkx
j`nmkcoekwckn c`w`umknwpnmkn qkgk x`cwdu bpku n`m`uo x`jkcon e`xku" cipxpxnk pwknm
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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bpku n`m`uo x`cwdu x}kxwk. C`w`umknwpnmkn x`cwdu x}kxwk c`qkgk x`cwdu bpku n`m`uo
w`ux`epw w`upx j`nonmckw x`fkbkn g`nmkn q`xkwnk c`mokwkn on|`xwkxo x`cwdu x}kxwk. Ikb ono
j`nmkcoekwckn fpjbki pwknm bpku n`m`uo x}kxwk j`nonmckw wkfkj ionmmk wkipn ;??<.
G`nmkn cdngoxo q`u`cdndjokn knm jkxoi j`nmogkq e`uekmko c`b`jkikn j`ngkxku
w`ux`epw jkck m`fdbkc nobko wpcku knm w`ufkgo x`fkc q`uw`nmkikn wkipn ;??= e`upeki
g`nmkn h`qkw j`nfkgo cuoxox `cdndjo gkn c`pknmkn knm xknmkw gkbkj. Go x`cwdu bpku
n`m`uo" q`nmkupi cuoxox nobko wpcku w`bki j`n`ekeckn kupx jdgkb c`bpku n`wd" cipxpxnk
x`cwdu x}kxwk" knm xknmkw e`xku x`ionmmk n`ukhk q`jekkukn j`nmkbkjo g`loxow pnwpc
q`uwkjk ckbonk x`fkc wkipn ;?9?$?1. X`bkon owp" qdxoxo qonfkjkn gkn e`ekn knmxpukn
q`jekkukn bpku n`m`uo nkoc xknmkw wonmmo" w`upwkjk gkbkj upqoki" x`ionmmk eknkc
q`upxkikkn wogkc gkqkw j`j`npio c`}kfoeknnk.
Go x`cwdu q`ueknckn" cuoxox nobko wpcku knm w`ufkgo w`bki j`n`ekeckn
w`umknmmpnk lpnmxo onw`uj`gokxo knm gowkngko g`nmkn eknkcnk eknc j`nfkgo
onxdb|`nw. Ikb ono w`ufkgo cku`nk j`nonmckwnk c`u`nwknkn w`uikgkq qdxoxo ipwknm gkbkj
PXG x`ionmmk j`je`ukwckn xoxo bokeobow )qkxo|k/ eknc. Xoxo kxx`w )kcwo|k/ eknc
j`jepupc x`ekmkojknk w`uh`ujon qkgk j`nonmckwnk cu`gow e`ujkxkbki kwkp ndn
q`uldujonm bdkn )NQB/ kcoekw eknkcnk g`eowpu knm g`lkpbw . X`j`nwkuk owp" pqkk
q`nm`wkwkn bocpogowkx j`bkbpo c`nkockn xpcp epnmk knm gobkcpckn mpnk j`nxwkeobckn
onlbkxo gkn nobko wpcku w`bki qpbk j`n`ekeckn ‒n`mkwo|` xqu`kg‚ go x`cwdu q`ueknckn.
Cuoxox knm e`uc`bknfpwkn w`bki j`nmkcoekwckn q`ueknckn nkxodnkb j`nfkgo
x`jkcon uk}kn. Qkgk xoxo knm bkon c`q`uhkkkn jkxkukckw x`jkcon j`udxdw" cipxpxnk
x`fkc q`nhkepwkn ovon pxkik ;< eknc qkgk epbkn Nd|`je`u ;??=. Ikb w`ux`epw w`ufkgo
cku`nk c`eofkckn w`ux`epw gobkcpckn wknqk q`uxokqkn knm j`jkgko pnwpc j`nmiongkuo
upxi kwkp eknc*upn.;;
Q`npupnkn c`q`uhkkkn jkxkukckw w`uikgkq q`ueknckn w`ux`epw
w`uboikw gkuo q`jongkikn gknk db`i q`nkepnm c` onxwupj`n$eknc knm b`eoi kjkn ekoc go
;;Ono j`je`uockn q`bkfkukn knm xknmkw e`uikumk. Xknmkw uoxckn j`bkcpckn u`xwupcwpuoxkxo q`ueknckn
qkgk xkkw cdngoxo `cdndjo jkcud jkxoi wogkc xwkeob. Ono fpmk j`nfk}ke q`uwknkkn j`nm`nko j`nmkqk
u`xwupcwpuoxkxo q`ueknckn wogkc gobkcpckn b`eoi h`qkw qkgk xkkw cdngoxo q`ueknckn jkxoi e`bpj qkuki
x`ckbo" j`nmonmkw cdngoxo `cdndjo jkcud knm jkxoi e`bpj xwkeob. Db`i cku`nk owp x`bknfpwnk
Q`j`uonwki j`nmpqkkckn c`xwkeobkn `cdndjo jkcud w`ub`eoi gkipbp x`ekmko gkxku pnwpc j`bkcpckn
u`xwupcwpuoxkxo q`ueknckn.
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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;1
gkbkj jkpqpn bpku n`m`uo. Wogkc kgknk b`jekmk g`qdxow onxpuknh` )b`jekmk q`nfkjon
xojqknkn/ j`jepkw q`npupnkn c`q`uhkkkn ono e`uwkjeki qkuki.
Go x`cwdu jdn`w`u" wonmmonk eknwpkn bocpogowkx knm w`uqkcxk goe`uockn db`i eknc
x`nwukb c`qkgk eknc*eknc w`bki j`ngdudnm q`nonmckwkn pknm e`u`gku knm xknmkw e`xkux`ionmmk j`jq`ue`xku w`cknkn onlbkxo knm x`e`bpjnk j`jknm xpgki j`nonmckw wkfkj
kcoekw g`qu`xokxo upqoki knm xknmkw e`xku. Go x`cwdu loxckb" q`nm`bpkukn q`j`uonwki"
w`upwkjk pnwpc xpexogo ekikn ekcku jonkc )EEJ/ gkn q`jekkukn pwknm bpku n`m`uo"
j`nonmckw wkfkj x`ionmmk dq`ukxo c`pknmkn q`j`uonwki j`nmkbkjo g`loxow knm hpcpq
e`xku. Go x`cwdu uoob" c`mokwkn on|`xwkxo gkn qudgpcxo j`nmkbkjo cdnwukcxo x`j`nwkuk
wonmckw q`nmknmmpukn j`nonmckw q`xkw. E`uekmko q`uc`jeknmkn w`ux`epw g`nmkn f`bkx
j`nmmkjekuckn eki}k cuoxox knm w`ufkgo w`bki j`nmkcoekwckn gkjqkc n`mkwol knm
kjkw bpkx c`qkgk x`bpupi x`ngo q`u`cdndjokn nkxodnkb.
OOO. Bknmcki*bknmcki C`eofkckn pnwpc J`nmkwkxo Cuoxox @cdndjo
Bknmcki c`eofkckn knm gokjeob x`bkjk cuoxox ono w`uldcpx c`qkgk
j`nm`jekbockn c`xwkeobkn jkcud`cdndjo gkn j`jeknmpn c`jekbo onlukxwupcwpu
`cdndjo" cipxpxnk go x`cwdu q`ueknckn gkn gpnok pxkik. J`nmonmkw cdjqb`cxnk
jkxkbki knm goikgkqo" xwukw`mo pjpj gkuo qudmukj*qudmukj `cdndjo knm gow`ukqckn
go n`mkuk*n`mkuk knm j`nmkbkjo cuoxox x`upqk e`uwpjqp qkgk `jqkw eogknm qdcdc6;5
‥ Go eogknm jdn`w`u" gow`jqpi c`eofkckn jdn`w`u c`wkw pnwpc j`nmpuknmo bkfp
onlbkxo gkn q`npupnkn kwkp g`qu`xokxo nobko jkwk pknm bdckb x`hkuk e`ub`eoikn.
‥ Go eogknm loxckb" gow`jqpi c`eofkckn knm b`eoi w`uldcpx c`qkgk pqkk u`bdckxo
q`nm`bpkukn pnwpc c`mokwkn*c`mokwkn wogkc qudgpcwol c`qkgk c`mokwkn*c`mokwkn
knm goikukqckn gkqkw j`nmpuknmo xdhokb hdxw knm gowojepbckn db`i cuoxox
`cdndjo. Xkbki xkwp e`nwpcnk kgkbki g`nmkn qudmukj Fkuonm Q`nmkjkn Xdxokb.
;5Boikw kuwoc`b knm gowpbox db`i OJL Xwkll" ‒Wi` Kxokn Huoxox6 Hkpx`x kng Hpu`x‚" gkbkj Lonknh` kng
G`|`bdqj`nw" \dbpj` 80" Nd. 5" Fpn` ;??9.
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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;;
‥ Go eogknm q`nm`bdbkkn )md|`unknh`/" gow`jqpi c`eofkckn pnwpc j`jq`uekoco
c`jkjqpkn q`nm`bdbkkn ekoc go x`cwdu qpeboc jkpqpn x}kxwk. W`ujkxpc go
gkbkjnk pqkk j`nmpuknmo onw`u|`nxo q`j`uonwki" jdndqdbo" gkn c`mokwkn*
c`mokwkn knm cpuknm qudgpcwol bkonnk.
‥ Go eogknm q`ueknckn" gow`jqpi c`eofkckn knm kckn j`jq`uekoco c`b`jkikn*
c`b`jkikn xoxw`j q`ueknckn e`upqk qudmukj u`xwupcwpuoxkxo q`ueknckn knm
e`uwpfpkn pnwpc j`nhkqko gpk ikb" kowp6 j`nmkwkxo gkjqkc cuoxox gkn
j`nmiongkuo w`ufkgonk cuoxox x`upqk go jkxk gkwknm.
8.; Q`jpboikn @cdndjo j`bkbpo C`eofkckn Q`ueknckn
Pqkk q`n`ikwkn gkn q`uje`ugkkkn x`cwdu q`ueknckn w`bki j`nowk q`uikwokn
knm xknmkw e`xku" wogkc iknk gkuo x`mo }kcwp gkn w`nkmk knm gohpukickn w`wkqo fpmk
gkuo x`mo eokk knm goc`bpkuckn. Ikb ono gocku`nkckn q`nwonmnk q`uknkn q`ueknckn
gkbkj qudx`x c`eknmcowkn `cdndjo x`hkuk c`x`bpupikn. Go xkjqonm q`uknknnk gkbkj
q`n`b`nmmkukkn wuknxkcxo q`jekkukn nkxodnkb gkn onw`unkxodnkb x`uwk j`nfkbknckn
lpnmxo onw`uj`gokxo )q`nkbpukn gknk gkuo q`nkepnm$q`joboc gknk c` on|`xwdu/" x`cwdu
q`ueknckn fpmk e`ulpnmxo x`ekmko kbkw wuknxjoxo c`eofkckn jdn`w`u. G`nmkn ongpxwuo
q`ueknckn knm qkgk pjpjnk j`nmkbkjo c`xpbowkn" wuknxjoxo c`eofkckn jdn`w`u
j`bkbpo x`cwdu q`ueknckn wogkc e`ulpnmxo x`ekmkojknk knm goikukqckn. Ikb ono
j`nmkcoekwckn c`eofkckn jdn`w`u cpuknm `l`cwol gkbkj j`nhkqko xkxkuknnk. G`nmkn
g`jocokn" xknmkw xpbow goekknmckn ldujkw q`jpboikn `cdndjo nkxodnkb j`bkbpo qudmukj
xwkeoboxkxo jkcud`cdndjo kqkeobk x`cwdu q`ueknckn w`wkq e`ukgk gkbkj c`xpbowkn knm
qkuki.
Pqkk q`je`ugkkkn q`ueknckn gkqkw goc`bdjqdcckn c` gkbkj `jqkw kxq`c"
kowp u`ckqowkboxkxo eknc*eknc" u`xwupcwpuoxkxo cu`gow q`ueknckn" q`nm`jeknmknonlukxwupcwpu q`ueknckn" gkn q`n`jqpunkkn q`bkcxknkkn lpnmxo q`nmk}kxkn eknc.
Q`uwkjk" u`ckqowkboxkxo eknc*eknc. J`nmonmkw cdngoxo q`ujdgkbkn eknc*eknc
xpgki g`jocokn qkuki x`ekmko kcoekw gkuo cuoxox `cdndjo" x`ekmkojknk w`bki gopukockn go
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jpck" bknmcki xwukw`mox q`uwkjk knm kiupx gobkcpckn kgkbki j`jq`uekoco q`ujdgkbkn
w`ux`epw. C`eofkckn u`ckqowkboxkxo ono goxpxpn gkbkj xpkwp qkc`w" knm w`ugouo gkuo6
k/ U`ckqowkboxkxo ekmo eknc*eknc knm |okeb` pnwpc gkqkw j`nfkgo x`ikw gkn
j`nhkqko ukxod c`hpcpqkn jdgkb )hkqowkb kg`{pkh ukwod ‘HKU/ jonojpjx`e`xku 9% qkgk wkipn 511;. Eknc*eknc ono gonkwkckn bpbpx gkuo womk epki w`xw
knm xknmkw c`wkw j`boqpwo cdngoxo c`pknmkn" onw`muowkx q`joboc gkn jknkf`j`n"
x`uwk u`nhk c`ufk pnwpc womk wkipn3
e/ Q`je`uxoikn eknc*eknc gkuo q`joboc gkn q`nmpupx knm wogkc j`j`npio
q`uxkukwkn x`ekmko q`joboc gkn q`nmpupx knm ekoc )wogkc low kng qudq`u /3
h/ Q`npwpqkn ekmo eknc*eknc knm goq`ucoukckn wogkc kckn jkjqp e`uwkikn3
g/ Q`n`b`xkokn kx`w*kx`w eknc*eknc knm gowpwpq3
`/ Q`n`b`xkokn ekmo cu`gow jkh`w q`ueknckn" g`nmkn j`nmkboickn c` Kx`w
Jknkm`j`nw Pnow gkn j`nmikqpxepcpckn gkuo eknc*eknc knm gou`ckqowkboxkxo.
Gkbkj j`bkcxknkckn u`ckqowkboxkxo q`ueknckn goepwpickn eokk gkbkj fpjbki
e`xku. Gknk w`ux`epw gkqkw gkwknm gkuo x`cwdu x}kxwk gkn gkuo q`j`uonwki. Q`nkjekikn
jdgkb gkuo x`cwdu x}kxwk gkqkw gkwknm gkuo q`jdgkb gdj`xwoc jkpqpn q`jdgkb kxonm.
_knm qkbonm ekoc kgkbki gkuo q`jdgkb gdj`xwoc cku`nk c`q`jobockn eknc*eknc db`i
qoikc gdj`xwoc kckn b`eoi j`jq`ucpkw c`wkiknkn `cdndjo nkxodnkb. Nkjpn" kcoekw
cuoxox `cdndjo ikb knm og`kb ono xpbow gohkqko cku`nk x`cwdu x}kxwk nkxodnkb x`gknm
j`nmkbkjo c`xpbowkn bocpogowkx. Pnwpc ono jkck q`uknkn on|`xwdu kxonm j`nfkgo q`nwonm.
G`nmkn jkxpcnk on|`xwdu kxonm gkbkj q`ueknckn nkxodnkb jkck c`q`uhkkkn bpku
n`m`uo w`uikgkq q`u`cdndjokn Ongdn`xok kckn j`nonmckw.
Kxq`c c`gpk kgkbki u`xwupcwpuoxkxo cu`gow. Kxq`c ono xknmkw j`n`nwpckn
c`e`uikxobkn qudmukj u`ckqowkboxkxo q`ueknckn gkn qudmukj q`n`ikwkn `cdndjo x`hkuk
c`x`bpupikn. C`mokwkn ono gogkxkuckn qkgk c`w`nwpkn u`xwupcwpuoxkxo cu`gow epbkn
Nd|`je`u ;??9 gkn e`ubkcp ekmo eknc*eknc knm ocpw gkbkj qudmukj u`ckqowkboxkxo" ekoc
eknc*eknc q`j`uonwki" EQG" jkpqpn eknc*eknc x}kxwk nkxodnkb. U`xwupcwpuoxkxo cu`gow
knm gobkcpckn j`bkbpo qukckuxk Eknc Ongdn`xok ono j`b`nmckqo u`xwupcwpuoxkxo cu`gow gkn
kx`w q`ueknckn bkonnk knm gobkcpckn db`i EQQN. U`xwupcwpuoxkxo cu`gow" knm qkgk
ikc`ckwnk j`upqkckn ekmokn pwkjk gkuo u`wupcwpuoxkxo gpnok pxkik ono" goikukqckn gkqkw
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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j`jq`uekoco q`jepcpkn eknc" gkn x`ckbompx j`nmmkoukickn qkuk g`eowpunk pnwpc
c`jekbo e`uqudgpcxo" knm e`ukuwo j`nmm`ukcckn x`cwdu uoob.
Kxq`c c`womk kgkbki q`nm`jeknmkn onlukxwupcwpu q`ueknckn" pnwpc j`nonmckwckn
gkk wkikn eknc*eknc gkbkj j`nmikgkqo e`uekmko m`fdbkc. Xkbki xkwp xkuknk knmx`gknm goxokqckn kgkbki q`ngouokn B`jekmk Q`nfkjon Xojqknkn" knm kckn
j`nmmknwockn qudmukj q`nfkjonkn q`j`uonwki knm qkgk }kcwp ono e`ubkcp gkn kckn
e`ukciou qkgk epbkn Fknpkuo 5111. Xkuknk bkon kgkbki q`nm`jeknmkn eknc xkuoki" knm
qkgk gouonk gkqkw goikukqckn j`jqpnko gkk wkikn knm b`eoi ekoc j`nmikgkqo jkxk*
jkxk cuoxox" gkn g`nmkn g`jocokn gkqkw j`jq`ucpkw xoxw`j q`ueknckn x`hkuk
c`x`bpupikn.
Cipxpx j`nm`nko eknc xkuoki q`ubp goc`jpckn eki}k q`nmkbkjkn x`bkjk cuoxox
`cdndjo ono j`je`uockn xpkwp q`bkfkukn e`uikumk ekmo cowk eki}k quonxoq uoxc xikuonm
)e`uekmo uoxocd/ kwkp qudlow kng bdxx xikuonm )ekmo ikxob/" x`ekmkojknk knm w`ugkqkw qkgk
xoxw`j eknc e`ugkxkuckn quonxoq xkuoki" j`upqkckn xpkwp quonxoq knm gkqkw e`uq`ukn
j`nonmckwckn c`wkiknkn xkwpkn*xkwpkn `cdndjo. Gkbkj ikb ono" quonxoq ekmo ikxob kwkp
e`uekmo uoxocd knwkuk q`joboc gknk gkn q`nmmpnk gknk xpgki goq`ufknfockn x`hkuk f`bkx
gkuo k}kb" x`ionmmk fock w`ufkgo c`xpbowkn pxkik cku`nk cuoxox `cdndjo" joxkbnk" jkck
uoxocd c`xpbowkn pxkik w`ux`epw dwdjkwox gowknmmpnm e`uxkjk db`i q`joboc gknk gkn
q`nmmpnk gknk. G`nmkn g`jocokn c`xpbowkn `cdndjo kckn u`bkwol b`eoi uonmkn w`ukxk db`i
q`uduknmkn gkn ekgkn pxkik x`hkuk ongo|ogpkb x`ionmmk c`eknmcowkn c`jekbo `cdndjo
gkqkw goikukqckn e`ubknmxpnm b`eoi h`qkw.
Kxq`c c``jqkw knm wogkc ckbki q`nwonmnk kgkbki j`n`jqpunkckn
q`bkcxknkkn lpnmxo q`nmk}kxkn eknc" kowp g`nmkn b`eoi j`nmpwkjkckn q`n`mkckn
kwpukn )bk} `nlduh`j`nw / gkn g`nmkn j`nonmckwckn lu`cp`nxo q`j`uocxkkn eknc knm
goldcpxckn qkgk u`xocd knm goikgkqo db`i x`wokq eknc.
C``jqkw kxq`c gkbkj uknmck u`xwupcwpuoxkxo q`ueknckn w`ux`epw e`ufkbkn xojpbwkn.
J`bkbpo e`uekmko pqkk ono goikukqckn c`b`jkikn xoxw`j q`ueknckn knm x`bkjk ono
j`nfkgo xpje`u gkuo e`ukwnk c`upxkckn `cdndjo kcoekw cuoxox kckn e`uknmxpu*knmxpu
iobknm x`ionmmk cowk kckn j`joboco xoxw`j q`ueknckn knm j`jqpnko c`wkiknkn knm
wonmmo.
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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8.5 Q`uxykukwkn ekmo C`xpcx`xkn Qudmukj U`xwupcwpuoxkxo Q`ueknckn
Pnwpc j`nfkmk xpxwkonkeobow c`eofkckn u`xwupcwpuoxkxo q`ueknckn" ekoc j`bkbpo
q`n`ikwkn go xoxo kcwo|k jkpqpn qkxo|k" q`ubp gox`uwko g`nmkn u`xwupcwpuoxkxo xoxo
dq`ukxodnkb q`ueknckn gkn q`uekockn `cdndjo jkcud x`hkuk pjpj" w`ujkxpc x`cwdu uoob.
Pnwpc owp goq`ubpckn e`e`ukqk xkukw knm q`ubp gohoqwkckn" kowp6
k. Cdngoxo `cdndjo jkcud knm xwkeob. Cdngoxo `cdndjo knm xwkeob j`upqkckn
q`uxkukwkn knm q`nwonm ekmo w`u}pfpgnk c`mokwkn pxkik gkn kcwo|owkx
q`ueknckn knm xpxwkonkeb`. G`nmkn bkfp onlbkxo knm u`ngki" gox`uwko db`i nobko
wpcku knm xwkeob" xpcp epnmk gkqkw goikukqckn pnwpc w`upx wpupn c` wonmckw
‒ndujkb‚" x`ionmmk eknc*eknc wogkc bkmo ikupx j`nknmmpnm e`ekn n`mkwo|`
xqu`kg gkn ekickn gkqkw j`jpqpc c`pnwpnmkn pnwpc j`jq`ucpkw
q`ujdgkbknnk. C`xwkeobkn nobko wpcku gkn c`xwkeobkn wonmckw ikumk fpmk qkgk
gouonk j`je`uockn c`xwkeobkn gkn c`qkxwokn ekmo gpnok pxkik gkn q`ueknckn.
e. Gpcpnmkn gkuo qudmukj u`xwupcwpuoxkxo gpnok pxkik. Q`n`ikwkn pxkik eknc q`ubp
gogkjqonmo db`i q`n`ikwkn x`cwdu uoob cku`nk c`gpknk w`ugkqkw c`w`uckowkn knm
xknmkw `ukw. Gkbkj ipepnmkn ono bknmcki*bknmcki knm gobkcpckn j`bkbpo
qudmukj ONGUK" Qukckuxk Fkckuwk" jkpqpn qudmukj u`xwupcwpuoxkxo cu`gow eknc*
eknc g`nmkn qudckuxk Eknc Ongdn`xok goikukqckn gkqkw j`n`b`xkockn jkxkbki
knm goikgkqo gpnok pxkik" x`ionmmk gpnok pxkik gkqkw jpbko e`ucoquki c`jekbo
e`uxkjk*xkjk gpnok q`ueknckn.
h. Q`jekikupkn xoxw`j ipcpj gkn q`upngknm*pngknmkn x`uwk xoxw`j kcpnwknxo.
Q`uekockn gkuo x`mo ipcpj gkn kcpnwknxo goikukqckn pnwpc j`nhoqwkckn
wuknxqkuknxo gkn c`qkxwokn pxkik eknc g`nmkn w`wkq j`je`ubkcpckn kvkx c`ikwo*
ikwokn.
g. Q`nhoqwkkn qkxku knm `loxo`n. Q`nhoqwkkn qkxku knm `loxo`n x`ionmmk
j`jpnmconckn w`uhoqwknk lpnmxo onw`uj`gokxo knm dqwojpj gkn `l`cwo|owkx
c`eofkckn jdn`w`u. Ikb ono gobkcpckn knwkuk bkon j`bkbpo q`nhoqwkkn xoxw`j
onx`nwol knm hdhdc" kowp e`ugkxkuckn j`cknoxj` qkxku.
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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;0
.̀ W`nkmk*w`nkmk w`ubkwoi knm j`jqpnko g`gockxo gkn onw`muowkx wonmmo pnwpc
j`nm`bdbk q`ueknckn. X`ipepnmkn g`nmkn owp" qudmukj*qudmukj q`bkwoikn gkn
q`jeonkkn" x`uwk qudmukj q`nmk}kxkn eknc knm `l`cwol gkn w`upx j`n`upx pnwpc
j`nfkjon cpkbowkx gkuo xpje`u gkk jknpxok knm kgk go q`ueknckn j`upqkckn
ikb*ikb knm jpwbkc ikupx gobkcpckn.
8.8 Q`jpboikn @cdndjo J`bkbpo C`eofkckn Jdn`w`u
C`xwkeobkn ikumk gkn nobko wpcku j`upqkckn qukxkukw ekmo q`jpboikn `cdndjo
cku`nk wknqk owp kcwo|owkx `cdndjo jkxkukckw" x`cwdu pxkik" gkn x`cwdu q`ueknckn kckn
w`uikjekw. Db`i cku`nk owp" wogkcbki e`ub`eoikn couknk fock ldcpx pwkjk c`eofkckn
jdn`w`u Eknc Ongdn`xok x`bkjk cuoxox `cdndjo ono kgkbki j`nhkqko gkn j`j`boikuk
c`xwkeobkn ikumk gkn nobko wpcku upqoki. Kqkbkmo Pngknm*pngknm Nd. 58 wkipn ;???
w`nwknm Eknc Ongdn`xok x`hkuk f`bkx j`n`epwckn eki}k wpfpkn Eknc Ongdn`xok kgkbki
j`nhkqko gkn j`j`boikuk c`xwkeobkn nobko upqoki knm go gkbkjnk j`nmkngpnm
q`nm`uwokn c`xwkeobkn ikumk )bkfp onlbkxo/ gkn c`xwkeobkn nobko wpcku upqoki.;8
Pnwpc j`nhkqko wpfpkn go kwkx" Eknc Ongdn`xok ionmmk xkkw ono jkxoi j`n`ukqckn
c`uknmck c`eofkckn jdn`w`u knm gogkxkuckn qkgk q`nm`ngkbokn fpjbki pknm e`u`gku
kwkp knm go ckbknmkn kckg`joxo goc`nkb x`ekmko {pknwow kqqudkhi. Go gkbkj c`uknmckw`ux`epw Eknc Ongdn`xok e`upqkk j`nm`ngkbockn pknm quoj`u )ekx` jdn`/ x`ekmko
xkxkukn dq`ukxodnkb c`eofkckn jdn`w`u.;7 G`nmkn fpjbki pknm quoj`u knm w`uc`ngkbo
jkck q`uc`jeknmkn fpjbki pknm e`u`gku" kowp J; gkn J5" goikukqckn fpmk ocpw
;8G`nmkn q`uckwkkn bkon" x`xpko g`nmkn PP Nd. 58 wkipn ;??? xkxkukn c`eofkckn jdn`w`u Eknc Ongdn`xok
iknk xkwp )xonmb` def`hwo|`/" kowp j`j`boikuk c`xwkeobkn nobko upqoki. Ikb ono e`ue`gk g`nmkn Pngknm*
pngknm w`nwknm Eknc X`nwukb knm bkjk" kowp PP Nd. ;8 wkipn ;?<9" knm j`npnwpw Eknc Ongdn`xokpnwpc j`j`npio e`e`ukqk xkxkukn x`ckbompx )jpbwoqb` def`hwo|`x/" kcno j`ngdudnm c`mokwkn `cdndjo"
j`jq`ubpkx c`x`jqkwkn c`ufk" gkn j`j`boikuk c`xwkeobkn nobko upqoki" knm q`nhkqkoknnk qkgk
ikc`ckwnk gkqkw xkbonm e`uwdbkc e`bkcknm" w`upwkjk gkbkj fknmck q`ng`c.
;7Cdjqdn`n w`ue`xku pknm quoj`u kgkbki pknm ckuwkb )pknm c`uwkx gkn bdmkj/ knm e`u`gku go jkxkukckw"
pknm ckuwkb knm e`ukgk go gkbkj ckx eknc*eknc" gkn u`c`nonm moud eknc*eknc go Eknc Ongdn`xok. X`xpko
c`x`qkckwkn g`nmkn OJL" pknm quoj`u gow`wkqckn x`ekmko xkxkukn ongockwol c`eofkckn jdn`w`u Eknc
Ongdn`xok.
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w`uc`ngkbo.;0
X`bknfpwnk" g`nmkn fpjbki pknm e`u`gku knm w`uc`ngkbo goikukqckn
q`ujonwkkn kmu`mkw kckn ekuknm gkn fkxk x`bkbp e`um`ukc gkbkj fpjbki knm x`ojeknm
g`nmkn c`jkjqpkn qudgpcxo nkxodnkb x`ionmmk ikumk*ikumk gkn nobko wpcku gkqkw
e`um`ukc xwkeob.
G`nmkn j`nmmpnkckn c`uknmck c`eofkckn jdn`w`u x`q`uwo w`bki gopukockn go kwkx"
Eknc Ongdn`xok qkgk q`uodg` k}kb cuoxox `cdndjo" w`upwkjk x`bkjk wkipn ;??9"
j`n`ukqckn c`eofkckn jdn`w`u c`wkw pnwpc j`nm`jekbockn xwkeobowkx jdn`w`u. C`eofkckn
jdn`w`u c`wkw w`ux`epw w`uh`ujon qkgk q`uwpjepikn wkipnkn xkxkukn ongockwol pknm quoj`u
knm w`upx gow`ckn gkuo b`|`b w`uwonmmo <?"=% qkgk epbkn X`qw`je`u ;??9 j`nfkgo ;;"5%
qkgk epbkn Fpno ;???. C`eofkckn jdn`w`u c`wkw w`uqkcxk gobkcpckn cku`nk gkbkj q`uodg`
owp `cxq`cwkxo onlbkxo go w`nmki jkxkukckw xknmkw wonmmo gkn fpjbki pknm e`u`gku
j`nonmckw xknmkw q`xkw.
Go w`nmki wonmmonk `cxq`cwkxo onlbkxo gkn wonmckw uoxocd j`j`mknm upqoki" pqkk
j`jq`ubkjekw bkfp q`uwpjepikn pknm e`u`gku w`bki j`ngdudnm c`nkockn xpcp epnmk
gdj`xwoc x`hkuk wkfkj. Xpcp epnmk knm wonmmo goq`ubpckn kmku jkxkukckw jkp
j`j`mknm upqoki gkn wogkc j`je`bknfkcknnk pnwpc ikb*ikb knm wogkc j`ng`xkc x`uwk
wogkc j`nmmpnkcknnk pnwpc j`je`bo |kbpwk kxonm.
Pqkk q`jpboikn c`xwkeobkn jdn`w`u j`bkbpo q`n`ukqkn c`eofkckn jdn`w`u c`wkw
knm goeknwp g`nmkn pqkk q`jpboikn c`q`uhkkkn jkxkukckw c`qkgk q`ueknckn
nkxodnkb jpbko j`je`uockn ikxob qdxowol x`fkc wuo}pbkn O\ ;??9. Q`uwpjepikn pknm
e`u`gku knm j`bkjekw gkn xpcp epnmk xojqknkn go q`ueknckn knm wonmmo w`bki
j`nmpuknmo q`bpknm gkn ikxukw jkxkukckw gkbkj j`j`mknm jkwk pknm kxonm x`ionmmk
w`cknkn g`qu`xokxo upqoki e`uknmxpu xpupw. X`fkc q`uw`nmkikn wkipn ;??9 nobko wpcku
upqoki w`uikgkq PXG h`ng`upnm j`nmpkw gkn c`jpgokn e`um`ukc u`bkwol xwkeob x`bkjk
wkipn ;???.
X`xpko g`nmkn xoxw`j nobko wpcku j`nmkjeknm knm gow`ukqckn x`fkc ;7 Kmpxwpx
;??=" q`uc`jeknmkn nobko wpcku upqoki b`eoi eknkc gow`nwpckn db`i j`cknoxj` qkxku.
Go gkbkj xoxw`j w`ux`epw" q`nmpkwkn nobko wpcku upqoki knm w`ufkgo x`fkc q`uw`nmkikn
;0J; w`ugouo kwkx pknm ckuwkb knm e`u`gku go jkxkukckw gkn u`c`nonm moud jkxkukckw go q`ueknckn )pknm
moukb/" x`gknmckn J5 w`ugouo kwkx J; gkn wkepnmkn x`uwk g`qdxowd jkxkukckw ekoc gkbkj upqoki jkpqpn
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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;=
;??9 ionmmk kciou ;??? b`eoi eknkc gox`ekeckn db`i j`u`gknk w`cknkn q`ujonwkkn
|kbkx x`fkbkn g`nmkn w`uc`ngkbonk fpjbki pknm e`u`gku gkn wpupnnk `cxq`cwkxo onlbkxo.
Eknc Ongdn`xok iknk j`bkcpckn q`nfpkbkn |kbkx j`bkbpo j`cknoxj` qkxku qkgk ikumk
qkxku pnwpc j`nxw`uoboxkxo kwkp j`n`gdw c`jekbo `cxqknxo jdn`w`u knm e`ukxkb gkuo
q`jeokkkn g`loxow knmmkukn q`j`uonwki gkn epckn w`upwkjk gowpfpckn pnwpc
j`nmkukickn nobko wpcku upqoki c` xpkwp wonmckw w`uw`nwp. Q`bkcxknkkn q`nfpkbkn |kbkx owp
qpn wogkc xkjqko j`jekikkckn qdxoxo hkgknmkn g`|oxk Eknc Ongdn`xok cku`nk
j`nmmpnkckn g`|oxk knm e`ukxkb gkuo q`nkuockn ipwknm bpku n`m`uo q`j`uonwki knm
j`jknm goq`upnwpcckn pnwpc j`ngpcpnm q`jeokkkn g`loxow knmmkukn q`j`uonwki.
Nobko wpcku upqoki knm j`nmpkw x`uwk gogpcpnm db`i qkxdckn gkn goxwuoepxo
ekuknm*ekuknm c`epwpikn qdcdc knm j`jekoc w`bki j`ngdudnm q`npupnkn bkfp onlbkxo
x`fkc k}kb wuo}pbkn O\ ;??9. Ekickn" bkfp onlbkxo epbknkn knm x`jqkw j`nhkqko ;5"<=%
qkgk epbkn L`eupkuo ;??9" j`nhkwkw knmck n`mkwol kwkp g`lbkxo gkbkj epbkn Dcwde`u
;??9. G`lbkxo w`ux`epw c`jpgokn e`ubknfpw x`eknkc wpfpi ckbo e`uwpupw*wpupw x`bkjk
q`uodg` Jku`w ‘ X`qw`je`u ;???. G`nmkn q`uc`jeknmkn w`ux`epw" bkfp onlbkxo x`bkjk
wkipn ;??? iknk j`nhkqko 5"1%" fkpi b`eoi u`ngki gkuoqkgk bkfp onlbkxo x`bkjk wkipn
;??9 knm j`nhkqko =="<%. E`ukuwo Ongdn`xok w`bki e`uikxob j`nm`bkcckn ekikk
ioq`uonlbkxo knm x`jqkw j`nmknhkj x`bkjk qkupi q`uwkjk ;??9.
Gkbkj q`uc`jeknmkn x`bknfpwnk" bkfp onlbkxo knm xknmkw u`ngki gkn nobko wpcku
upqoki knm w`bki fkpi j`nmpkw goekngonmckn go jkxk qpnhkc cuoxox w`bki j`je`uockn
upknm m`ukc ekmo Eknc Ongdn`xok pnwpc j`jq`ubdnmmku c`eofkckn jdn`w`u gkn
j`ngdudnm q`npupnkn xpcp epnmk gdj`xwoc. X`ekmko h`ujonkn c`eofkckn jdn`w`u knm
kmkc bdnmmku" q`uwpjepikn wkipnkn xkxkukn ongockwol pknm quoj`u knm x`e`bpjnk w`upx
gowpupnckn ionmmk j`nhkqko ;;"5% qkgk Fpno ;???" x`fkc k}kb x`j`xw`u OO ;??? jpbko
gonkocckn ionmmk j`nhkqko ;0"=% qkgk Jku`w 5111. X`fkbkn g`nmkn owp" xpcp epnmk XEO
; epbkn knm x`bkjk ono j`nfkgo qkwdckn )e`nhijkuc / ekmo eknc*eknc w`upx j`npupn gkuob`|`b w`uwonmmo =1"09% qkgk X`qw`je`u ;??9 j`nfkgo ;;"1% qkgk kciou Kquob 5111.
Q`npupnkn xpcp epnmk XEO knm hpcpq wkfkj owp goocpwo db`i xpcp epnmk qkxku pknm
knwkueknc )QPKE/ gkn xojqknkn q`ueknckn g`nmkn bkfp q`npupnkn knm ikjqou xkjk.
|kbkx go q`ueknckn )pknm cpkxo/.
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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Xpcp epnmk cu`gow )cu`gow jdgkb c`ufk/ qpn j`nmkbkjo q`npupnkn j`xcoqpn wogkc
x`h`qkw gkn x`e`xku q`npupnkn xpcp epnmk xojqknkn q`ueknckn.
Q`npupnkn bkfp onlbkxo" q`nmpkwkn nobko wpcku upqoki" gkn q`npupnkn xpcp epnmk
j`je`nwpc xpkwp bonmckukn knm xkbonm j`jq`ucpkw )|ouwpdpx houhb`/ x`ionmmk j`jepckq`bpknm ekmo q`jpboikn `cdndjo. Wkngk*wkngk k}kb c`eknmcowkn `cdndjo Ongdn`xok
jpbko jpnhpb x`fkc wuo}pbkn O ;??? c`wock QGE uoob gkbkj wuo}pbkn w`ux`epw pnwpc
q`uwkjk ckbonk x`fkc ;??= j`nhkwkw q`uwpjepikn wuo}pbknkn qdxowol.
8.7 Kuki gkn Xkxkukn C`eofkckn Jdn`w`u Eknc Ongdn`xok Qkxhk PP Nd. 58$??
Gkuo xoxo q`nm`bdbkkn jdn`w`u" cuoxox `cdndjo x`xpnmmpink w`bki j`bkiouckn
xpkwp q`jocoukn pbknm ekmo q`ukn Eknc Ongdn`xok knm x`ikupxnk gkbkj q`u`cdndjokn"
gkn x`ckbompx q`uknnk gkbkj onxwowpxo c`n`mkukkn go U`qpeboc ono. Q`nmkbkjkn w`ux`epw
w`bki j`je`uockn xpkwp q`bkfkukn knm xknmkw e`uikumk eki}k onxwowpxo eknc x`nwukb"
g`nmkn x`mkbk c`w`uekwkxkn knm gojoboconk" ikupx c`jekbo c`qkgk lpnmxo pwkjknk
x`ekmko b`jekmk knm e`uwknmmpnm fk}ke w`uikgkq c`xwkeobkn nobko jkwk pknm knm
goc`bpkucknnk. C`xkgkukn pnwpc j`j`woc iocjki gkuo q`nmkbkjkn owp qpbk knm
c`jpgokn j`bkiouckn q`ux`wpfpkn GQU kwkx Pngknm Pngknm Nd. 58 Wkipn ;??? w`nwknm
Eknc Ongdn`xok knm j`nmkjknkwckn xpkwp q`upekikn knm xknmkw j`ngkxku gkbkj ikbq`nm`bdbkkn jdn`w`u. Gkbkj PP w`ux`epw" q`jocoukn pbknm ono goldujpbkxockn gkbkj
xpkwp wpfpkn c`eofkckn jdn`w`u knm fkpi b`eoi ldcpx goekngonmckn g`nmkn PP
x`e`bpjnk" kowp ‒j`nhkqko gkn j`j`boikuk c`xwkeobkn nobko upqoki‚.
X`fkbkn g`nmkn c`h`ng`upnmkn eknkc eknc x`nwukb go gpnok pnwpc j`jldcpxckn
xkxkukn c`eofkckn jdn`w`u c`qkgk q`nhkqkokn xwkeobowkx ikumk" qkxkb = gkbkj PP Ndjdu
58 Wkipn ;??? w`nwknm Eknc Ongdn`xok x`hkuk `cxqboxow j`nmkjknkwckn wpfpkn
‒j`nhkqko gkn j`j`boikuk c`xwkeobkn nobko upqoki‚ x`ekmko xkxkukn c`eofkckn jdn`w`u.
W`ujondbdmo ‒c`xwkeobkn nobko upqoki‚ w`nwp xkfk gkqkw j`nmikxobckn onw`uqu`wkxo knm
e`ue`gk6 c`xwkeobkn x`hkuk onw`unkb ‘ kowp c`xwkeobkn ikumk )xwkeb` on w`ujx dl quoh`x dl
mddgx kng x`u|oh`x/" kwkp c`xwkeobkn x`hkuk `cxw`unkb ‘ kowp c`xwkeobkn nobko wpcku )xwkeb`
on w`ujx dl quoh`x dl dwi`u hpuu`nho`x/. Qoboikn kwkx onw`uqu`wkxo knm e`ue`gk w`ux`epw
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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j`jqpnko ojqb`j`nwkxo knm xknmkw e`ue`gk gkbkj ikb c`eofkckn jdn`w`u knm ikupx
gobkcpckn pnwpc j`nhkqko xkxkukn c`xwkeobkn upqoki knm goqoboi.
Gkbkj goxcpxo w`nwknm c`uknmck c`ufk c`eofkckn jdn`w`u" goxcpxo go ckbknmkn
w`duowoxo jkpqpn qukcwoxo eknc x`nwukb h`ng`upnm j`nmkuwockn c`xwkeobkn jkwk pknm gkbkj
onw`uqu`wkxo knm q`uwkjk" kowp c`xwkeobkn ikumk knm gopcpu g`nmkn wonmckw onlbkxo. Go
xkjqonm cku`nk kbkxkn w`duowox eki}k c`xwkeobkn ikumk j`upqkckn xkxkukn knm qkbonm
u`b`|kn ekmo c`eofkckn jdn`w`u" qkxkb*qkxkb jkpqpn q`nf`bkxkn qkxkb*qkxkb gkbkj PP
Eknc Ongdn`xok b`eoi x`xpko g`nmkn onw`uqu`wkxo w`ux`epw. Kumpj`n bkon kgkbki eki}k
gkbkj fknmck qknfknm" q`nhkqkokn c`xwkeobkn ikumk gkqkw j`nmkukickn c`xwkeobkn nobko
wpcku. X`hkuk b`eoi qukmjkwox" x`q`uwo w`bki gopukockn gkbkj xpe eke x`e`bpjnk" gkqkw
gockwkckn eki}k cku`nk x`fkc wkipn ;??= cowk w`bki j`jkxpco u`foj nobko wpcku e`ekx
)lu`` lbdkwonm `yhiknm` ukw`/" jkck wkum`w nobko wpcku wogkc gkqkw bkmo gompnkckn x`ekmko
knhidu c`eofkckn jdn`w`u" x`ionmmk xkxkukn c`xwkeobkn ikumk c`jpgokn j`nfkgo knhidu
c`eofkckn jdn`w`u.
Ekmo jkxkukckw x`hkuk pjpj" c`xwkeobkn ikumk j`upqkckn x`xpkwp knm xknmkw
q`nwonm cipxpxnk ekmo mdbdnmkn jkxkukckw e`uq`ngkqkwkn w`wkq. Onlbkxo knm wonmmo
x`uonmckbo gockw`mduockn x`ekmko jpxpi jkxkukckw ndjdu xkwp cku`nk gkqkw
j`nmm`udmdwo gkk e`bo gkuo q`ngkqkwkn knm goq`udb`i jkxkukckw. Ekmo ckbknmkn gpnok
pxkik" onlbkxo knm wonmmo kckn xknmkw j`npbowckn ckbcpbkxo q`u`nhknkkn eoxnox gkn
g`nmkn g`jocokn kckn e`ugkjqkc epupc ekmo kcwo|owkx q`u`cdndjokn gkbkj fknmck
qknfknm. Ekmo eknkc `cdndj" w`bki w`ue`nwpc x`jkhkj c`x`qkckwkn eki}k onlbkxo knm
wonmmo kckn e`ugkjqkc epupc ekmo qudx`x q`uwpjepikn `cdndjo gkbkj fknmck qknfknm.
Ekickn" q`n`bowokn g`nmkn j`nmmpnkckn qkn`b gkwk gkuo e`e`ukqk n`mkuk j`jepcwockn
eki}k bkfp onlbkxo knm jdg`ukw x`ckboqpn gkqkw e`ugkjqkc epupc ekmo qudx`x
q`uwpjepikn )Midxi kng Qibboqx" ;??9/.
G`nmkn c`uknmck q`jocoukn go kwkx" x`fkc wkipn 5111 Eknc Ongdn`xok qkgk x`wokqk}kb wkipn j`n`wkqckn gkn j`nmpjpjckn xkxkukn onlbkxo wkipnkn x`ekmko xkxkukn
c`eofkckn jdn`w`u. Pnwpc wkipn 5118 ono" g`nmkn j`jq`uwojeknmckn qudxq`c `cdndjo
gkbkj n`m`uo gkn bpku n`m`uo" Eknc Ongdn`xok j`n`wkqckn xkxkukn bkfp onlbkxo OIC wkipn
5118 qkgk wonmckw ?% g`nmkn jkufon g`|okxo »;%. X`bknfpwnk" gkbkj fknmck j`n`nmki
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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Eknc Ongdn`xok e`ucdjowj`n pnwpc x`hkuk e`uwkikq j`npupnckn bkfp onlbkxo j`nfkgo
x`cowku <% qkgk wkipn 511<.
O\. Q`uc`jeknmkn Con`ufk @cdndjo" Jdn`w`u" gkn Q`ueknckn W`ucono
E`uekmko pqkk j`bkbpo fkbkn qknfknm gkn e`ubocp gkbkj j`nmkwkxo cuoxox go kwkx
x`gocow g`jo x`gocow jpbko j`jepkickn ikxob. Xkjqko g`nmkn epbkn Fpno 5118" cdngoxo
q`u`cdndjokn j`npnfpcckn wkngk*wkngk q`uekockn knm x`jkcon nkwk. X`hkuk pjpj"
xpcp epnmk XEO jpbko wpupn" bkfp onlbkxo goikukqckn x`xpko g`nmkn wkum`w" nobko wpcku
upqoki j`nmpkw" pknm quoj`u w`uc`ngkbo" gkn lpnmxo onw`uj`gokxo q`ueknckn j`xco
q`ubkikn" w`bki jpbko e`um`ukc c`jekbo.
. Gkuo xoxo q`uc`jeknmkn ikumk" onlbkxo qkgk epbkn J`o w`uhkwkw x`e`xku 1"5;%
)j*w*j/ kwkp <"?;% )*d*/. X`hkuk pjpj wu`ng onlbkxo jkxoi j`npnfpcckn
c`h`ng`upnmkn knm j`npupn. Q`nonmckwkn ikumk knm w`ufkgo gogpmk gogdudnm db`i
c`nkockn ikumk WGB" x`j`nwkuk owp ikumk e`e`ukqk ekikn qdcdc jkxoi j`npnfpcckn
q`npupnkn )g`lbkxo/ x`ouonm g`nmkn j`bojqkink qkxdckn.
G`nmkn q`uc`jeknmkn bkfp onlbkxo xkjqko g`nmkn epbkn J`o w`ux`epw" qud`cxo
onlbkxo go kciou wkipn goq`ucoukckn kckn j`npfp ekwkx ek}ki gkuo wkum`w knm w`bki
gow`wkqckn" kowp j`npfp c` b`|`b 9"1% )*d*/. Gowonfkp gkuo lkcwdu knm
j`jq`nmkupionk" wu`ng q`npupnkn bkfp onlbkxo c` g`qkn knwkuk bkon b`eoi gox`ekeckn
db`i jkxoi u`bkwol b`jkink onw`ukcxo knwkuk q`ujonwkkn gkn q`nk}kukn" j`jekocnk
`cxq`cwkxo onlbkxo jkxkukckw knm w`uh`ujon qkgk x`jkcon eknkcnk cdnxpj`n knm
e`u`cxq`cwkxo kckn wpupnnk ikumk" gkn gkjqkc q`nmpkwkn upqoki gkbkj e`e`ukqk epbkn
w`ukciou.
X`j`nwkuk owp" nobko wpcku upqoki qkgk epbkn J`o 5118 j`nmpkw hpcpq wkfkj
x`e`xku 0"57% j`nfkgo Uq9.578"* q`u PXG. Q`nmpkwkn ono goqohp db`i j`nonmckwnk
kboukn jdgkb jkxpc knm gogdudnm db`i e`ubknfpwnk qudmukj go|`xwkxo" j`npupnnk
wonmckw uoxocd on|`xwkxo" gkn wonmckw xpcp epnmk go gkbkj n`m`uo knm jkxoi j`nkuoc.
X`hkuk lpngkj`nwkb" j`jekocnk ongockwdu jkcud*`cdndjo jdn`w`u" w`upwkjk cdngoxo
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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n`ukhk q`jekkukn knm jkxoi j`nhkwkw xpuqbpx" x`uwk xpqqb |kbkx knm jkxoi j`jkgko
go qkxku fpmk j`je`uockn kngob ekmo kqu`xokxo upqoki knm wkfkj. Go xoxo x`nwoj`n qkxku"
xwkeobowkx qdbowoc gkn c`kjknkn go gkbkj n`m`uo" c`jpnmconkn q`nhkoukn qonfkjkn OJL"
c`bknfpwkn qudmukj go|`xwkxo" gkn j`b`jkink PXG x`hkuk mbdekb x`jkcon j`jkhp
q`nmpkwkn upqoki.
Q`nmpkwkn nobko wpcku gkn u`bkwol u`ngkink bkfp onlbkxo w`ux`epw" w`bki j`je`uockn
q`bpknm ekmo Eknc Ongdn`xok pnwpc j`npupnckn xpcp epnmk x`hkuk e`uwkikq. Ukwk*ukwk
w`uwojeknm )UUW/ xpcp epnmk XEO ; epbkn qkgk epbkn J`o j`npupn wkfkj <5eqx
j`nfkgo ;1"77%. X`j`nwkuk owp" qkgk epbkn Kquob xpcp epnmk XEO wpupn 87eqx gkuo
;;"71% j`nfkgo ;;"1<%. C`h`ng`upnmkn q`npupnkn xpcp epnmk goq`ucoukckn jkxoi
w`upx e`ubknfpw. Wu`ng q`npupnkn xpcp epnmk onxwupj`n jdn`w`u fpmk w`bki
gowuknxjoxockn qkgk xpcp epnmk q`ueknckn nkjpn g`nmkn xckbk knm e`ue`gk*e`gk.
Gkbkj `jqkw epbkn q`uwkjk wkipn 5118" q`npupnkn xpcp epnmk XEO x`e`xku ;?8eqx w`bki
gou`xqdn g`nmkn q`npupnkn xpcp epnmk g`qdxowd ;8=eqx" gkn gowuknxjoxockn c`
q`npupnkn xpcp epnmk Cu`gow Jdgkb C`ufk 89eqx" Cu`gow On|`xwkxo 9eqx" gkn Cu`gow
Cdnxpjxo 55 eqx. C`h`ng`upnmkn q`npupnkn xpcp epnmk ndjonkb j`jek}k xpcp epnmk
uoob c`jekbo e`um`ukc wpupn" nkjpn jkxoi w`wkq b`eoi wonmmo goekngonm x`fpjbki n`mkuk go
ck}kxkn Kxok.
Go xoxo q`nykbpukn cu`gow" cu`gow knm goxkbpuckn q`ueknckn qkgk epbkn Kquob
jkxoi j`bknfpwckn wu`ng q`nonmckwkn )Uq<"9 wuobopn/. Pnwpc c`x`bpupikn wuo}pbkn OO
5118" cu`gow q`ueknckn goq`ucoukckn kckn x`gocow j`nonmckw cku`nk jkxoi wonmmonk
c`bdnmmkukn wkuoc kwkx cu`gow ekup knm w`bki gox`wpfpo gkn wkum`w qdxoxo cu`gow kciou wkipn
5118 knm b`eoi wonmmo e`ugkxkuckn epxon`xx qbkn q`ueknckn. Ikb ono gocpkwckn db`i ikxob
xpu|` knm j`jqukcoukckn kckn j`nonmckwnk q`ujonwkkn cu`gow qkgk wuo}pbkn OO 5118.
Kwkx gkxku f`nox q`nmmpnkkn" q`nonmckwkn cu`gow ekup w`ufkgo qkgk x`jpk f`nox cu`gow.
X`j`nwkuk owp j`npupw x`cwdunk" q`uwpjepikn cu`gow ekup w`ufkgo qkgk x`cwdu
q`uwkjeknmkn gkn q`ugkmknmkn.
Go xkjqonm q`jeokkkn gkuo cu`gow q`ueknckn" x`cwdu cduqdukw fpmk j`ngkqkwckn
wkjekikn q`jeokkkn gkuo q`n`ueowkn debomkxo x}kxwk ekoc go gkbkj jkpqpn go bpku
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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n`m`uo. Kgknk c`b`eoikn q`ujonwkkn qkgk q`n`ueowkn debomkxo cduqdukw j`je`uo xonkb
j`jekocnk qdw`nxo gknk gkuo debomkxo x`ionmmk goq`ucoukckn q`jeokkkn x`cwdu
cduqdukw gkuo qkxku debomkxo jkxoi kckn wpjepi qdxowol go wkipn 5118. Pnwpc q`jeokkkn
cdnxpjxo" c`mokwkn pxkik q`upxkikkn q`jeokkkn w`uhkwkw w`upx j`nonmckw" cipxpxnk
pnwpc q`jeokkkn cdnxpj`n. X`bkon owp" |dbpj` q`nmmpnkkn ckuwp g`e`w gkn ckuwp cu`gow
xkjqko g`nmkn epbkn Kquob 5118 j`npnfpcckn wu`ng q`uwpjepikn knm j`nonmckw.
C`h`ng`upnmkn j`b`jkink w`cknkn ikumk" j`nmpkwnk nobko wpcku" gkn w`upx
j`npupnnk xpcp epnmk w`bki j`je`uockn kwjdxl`u knm qdxowol ekmo qudx`x q`jpboikn
`cdndjo knm qkgk wkipn 5118 ono QGE goq`ucoukckn dqwojox j`nhkqko coxkukn 8"0%*
7%. X`j`nwkuk owp" wu`ng q`npupnkn bkfp onlbkxo knm w`upx e`ubknmxpnm x`jkcon
j`jknwkqckn pqkk q`nhkqkokn wkum`w onlbkxo wkipn 5118 gkn qudx`x q`npupnkn bkfp
onlbkxo fknmck j`n`nmki*qknfknm knm w`bki gohknknmckn. J`jq`uwojeknmckn
q`uc`jeknmkn gkn qudxq`c jkcud*`cdndjo" kuki c`eofkckn jdn`w`u g`nmkn j`npupnckn
xpcp epnmk jkxoi gkqkw gobknfpwckn" g`nmkn w`wkq j`jq`uikwockn kcx`b`ukxo q`npupnkn
gkn cdnxoxw`nxo xonkbnk" kmku w`wkq cdngpxol ekmo pqkk j`ngdudnm c`xonkjepnmkn
c`mokwkn `cdndjo gkn q`nhkqkokn wkum`w onlbkxo.
\. E`e`ukqk Hkwkwkn Kciou
Gkuo pukokn go kwkx" kgk e`e`ukqk hkwkwkn knm gkqkw goxoxoqckn qkgk ekmokn
q`npwpq ono. Q`uwkjk" cuoxox `cdndjo gkn jdn`w`u knm gokbkjo db`i Ongdn`xok
j`upqkckn cuoxox knm w`uepupc go knwkuk cuoxox*cuoxox knm gokbkjo db`i e`uekmko n`mkuk
kciou*kciou ono. X`bkjk b`eoi gkuo bojk wkipn w`ukciou ono qpbk cowk w`bki e`upqkk c`bpku
gkuo c`xpbowkn `cdndjo knm cowk ikgkqo" w`wkqo x`bkjk owp qpbk cowk j`ukxkckn eki}k
jkxoi kgk fkukc knwkuk c`onmonkn g`nmkn c`nkwkkn knm kgk. Ikb ono w`uh`ujon qkgk
e`bpj dqwojkbnk q`uwpjepikn `cdndjo" `cxqdu gkn jkxoi b`xpnk on|`xwkxo kxonm gkn
gdj`xwoc. Kbikxob" }kfki q`u`cdndjokn cowk jkxoi wkjqob b`xp. Nkjpn g`jocokn wogkc
gkqkw goqpnmcouo qpbk eki}k eknkc c`jkfpkn knm w`bki cowk hkqko x`qknfknm bojk wkipn
ono w`upwkjk go xoxo c`xwkeobkn `cdndjo gkn jdn`w`u. Ikb ono w`uh`ujon gkuo j`nmpkwnk
nobko wpcku upqoki" u`ngkink bkfp onlbkxo" wpupnnk xpcp epnmk" gkn w`uc`ngkbonk
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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58
q`uwpjepikn pknm quoj`u. Cowk w`nwpnk e`uikukq g`nmkn q`uekockn*q`uekockn go xoxo
w`ux`epw" qkgk mobouknnk kckn e`ugkjqkc qdxowol qkgk q`uwpjepikn `cdndjo.
C`gpk" c`xkjkkn q`ngkqkw" c`epbkwkn w`ckg" x`uwk cdnx`nxpx nkxodnkb knm
gobkngkxo db`i c`q`nwonmkn nkxodnkb x`hkuk c`x`bpupikn j`upqkckn qukxkukw knm xknmkw
q`nwonm" kwkp ekickn jpwbkc" pnwpc c`e`uikxobkn pqkk q`nknmmpbknmkn cuoxox. Db`i
cku`nk owp q`nonmckwkn cddugonkxo c`eofkckn knwkuk dwduowkx jdn`w`u g`nmkn q`j`uonwki
pnwpc j`nhoqwkckn xwkeobowkx `cdndjo jkcud gkn q`uc`jeknmkn x`cwdu uoob gkbkj uknmck
q`jpboikn `cdndjo j`nfkgo xknmkw q`nwonm. Qudq`nkx j`n`jqkwckn ‒cddugonkxo‚ qkgk
pupwkn w`ukwkx" cku`nk j`nkgkuo" cpuknmnk cddugonkxo kckn j`nmikxobckn xkxkukn*
xkxkukn knm e`ue`gk ekickn hdnlbohwonm" j`jeonmpnmckn jkxkukckw" gkn qkgk
kciounk kckn j`nmkcoekwckn u`ngkink `l`cwo|owkx q`bkcxknkkn c`eofkckn.
C`womk" ldcpx q`uikwokn cowk gkbkj e`e`ukqk wkipn c` g`qkn jkxoi ikupx
gokukickn qkgk pqkk j`jek}k q`u`cdndjokn c`jekbo e`umkouki. Fknmknbki cku`nk
c`w`uqpupckn `cdndjo gkn xdxokb e`e`ukqk wkipn xobkj j`npupwckn bknmcki cowk"
j`nmpuknmo c`q`uhkkkn gouo cowk" j`jdfdcckn cowk j`nfkgo eknmxk knm wkc e`ugkk"
j`nmm`udmdwo c`eknmmkkn gouo x`ekmko eknmxk x`ionmmk cowk wogkc wkip bkmo kqk knm
ikupx gobkcpckn. C`mokwkn knm wogkc e`uipepnmkn bknmxpnm kwkp j`joboco quoduowkx knm
u`ngki x`ekocnk goc`e`bkcknmckn. _knm ikupx gobkcpckn b`eoi gkipbp" gobkcpckn b`eoigkipbp cku`nk ekmkojknk qpn jkxoi eknkc c`ngkbk knm j`jekwkxo cowk.
X`cokn gkn w`uojk ckxoi.
Fkckuwk" ;8 Fpno 5118
Epuiknpggon Kegpbbki
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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57
Gklwku Qpxwkck
Ku`xwox" Qioboq" gkn Jkbhdbj H. Xk}`u )`gx/" ‒Wi` Qdbowohkb @hdndj dl Jdn`wku
Qdboh‚" @g}kug @bmku" Jkxxkhipx`wwx" ;??9.
Eknc Ongdn`xok" GQQ*PU@X" ‒Q`uobkcp Knmck Q`nmmkngk Pknm )Jdn` Jpbwoqbo`u/‚"
C`uwkx C`ufk Onw`un knm wogkc goqpebockxockn" Fkckuwk" ;??<.
Eknc Ongdn`xok" ‒Bkqdukn Wkipnkn ;??=$?9‚" Fkckuwk" ;??9.
Ed`godnd" ‒J`u`npnmckn C`jekbo J`cknoxj` Wuknxjoxo Jdn`w`u go Ongdn`xok‚"
Epb`won @cdndjo Jdn`w`u gkn Q`ueknckn " Eknc Ongdn`xok" \dbpj` ;" Ndjdu ;"
Fpbo ;??9.
Hkquod" M`ukug" Fu." ‒Eknconm on Huoxox6 @yq`nxo|` B`xxdnx ludj U`h`nw Lonknhokb
Huox`x‚" Wi` ]dubg Eknc U`x`kuhi Mudpq" ]kxionmwdn" G.H" Fpn` ;??9.
Gfo}kngdnd" F. Xd`gukgfkg" ‒Jkhud`hdndjoh Qdboh6 K Ldpngkwodn ldu Xpxwkonkeb`
@hdndjoh G`|`bdqj`nw‚" Cpjqpbkn Qogkwd gkn Jkckbki Mpe`unpu Eknc
Ongdn`xok Fpbo ‘ G`x`je`u ;??<" Nd. ?" Eknc Ongdn`xok" Fkckuwk" ;??<.
@kw}`bb" F." J. Jobmkw` gkn Q. N`}jkn )`gx/" ‒Wi` N`} Qkbmuk|`" K Gohwodnku dl
@hdndjohx‚" \db. 8" Bdngdn" Jkhjobbkn" ;?9=.
Onw`unkwodnkb Jdn`wku Lpng" ‒Wi` Kxokn Huoxox6 Hkpx`x kng Hpu`x‚" Lonknh` kng
G`|`bdqj`nw" \dbpj` 80" Nd. 5" Fpn` ;??9.
JhConndn" Udnkbg O." ‒Jdn` kng Hkqowkb on @hdndjoh G`|`bdqj`nw‚" ]kxionmwdn"
G.H." Wi` Euddconmx Onxwowpwodnx" ;?=8.
Jdu`nd" U." Qkxkgobbk" M." gkn @bo U`jdbdnk" ‒ Kxok‟x Lonknhokb Huoxox6 B`xxdnx kng
Qdboh U`xqdnx`x‚" Qkholoh Ekxon ]duconm Qkq`u X`uo`x6 @hdndjoh U`x`kuhi
G`qkuwj`nw dl L`g`ukb U`x`u|` Eknc dl Xkn Luknxoxhd" PXK" Fpb ;??9.
8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA
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Xkeouon" Xkiuob" ‒Ongdn`xok‟x Lonknhokb U`ldujx6 Hikbb`nm`x on wi` ;??1x ldu Owx
Eknconm kng Lonknhokb Jkuc`wx‚" Fdpunkb dl Kxokn @hdndjohx" 5)5/" Lkbb ;??;.
Xkeouon" Xkiuob" ‒Hkqowkb Khhdpnw Boe`ukbovkwodn‚" gkbkj epcp knm go`gow db`i Xikcob
Lkup{o e`ufpgpb ‒Lonknhokb X`hwdu U`ldujx on Kxokn kng Bkwon Kj`uohkn
Hdpnwuo`x" B`xxdnx dl Hdjqkukwo|` @yq`uo`nh`‚" Wi` ]dubg Eknc" ]kxionmwdn.
G.H." ;??8.
Xku}dnd" Ikuwkgo K." gkn Q`uu ]kufod" ‒J`nhkuo Qkukgomjk Ekup Jknkf`j`n
Jdn`w`u gkbkj Xoxw`j Nobko wpcku Lb`cxoe`b6 Xpkwp Q`jocoukn pnwpc
Q`n`ukqknnk go Ongdn`xok‚" Epb`won @cdndjo Jdn`w`u gkn Q`ueknckn " Eknc
Ongdn`xok" \dbpj` ;" Ndjdu ;" Fpbo ;??9.
Xik}" @g}kug X." ‒Lonknhokb G``q`nonm on @hdndjoh G`|`bdqj`nw‚" N`} _duc" DyldugPno|`uxow Qu`xx" ;?=8.
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