Analisis Kesesuaian Kebijakan Moneter Tidak Konvensional Dengan Prinsip Maqashid Syariah
Tinjauan Literatur
DOI:
https://doi.org/10.24260/4vqgzq91Keywords:
Unconventional monetary, Quantitative easing, Negative interest rate, Sharia economicsAbstract
Unconventional monetary policies, such as quantitative easing and negative interest rates, are used by central banks in various countries to overcome economic crises and maintain financial stability. This research aims to analyze the compatibility of unconventional monetary policies with the maqashid principles of sharia, which emphasize social justice, equitable income distribution, and the prohibition of usury. This research uses the literature study method by analyzing monetary policies implemented in countries such as Japan, Switzerland, the European Union, and the United States. The results show that quantitative easing contributes to economic growth and income distribution, but involves an element of speculation that is contrary to maqashid sharia. Meanwhile, the negative interest rate policy succeeded in increasing real sector activity and expanding employment opportunities, but it still contains elements of usury. In conclusion, although unconventional monetary policy provides economic benefits, its mechanism is not fully compliant with sharia principles. Therefore, it is necessary to develop sharia-based instruments, such as mudharabah and sukuk, which are more fair andtransparent in order to achieve the goals of Islamic economics.
References
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Barroso, João Barata R.B., Luiz A.Pereira da Silva, and Adriana Soares Sales. 2019. “Quantitative Easing and Related Capital Flows into Brazil: Measuring Its Effects and Transmission Channels through a Rigorous Counterfactual Evaluation.” Journal of International Money and Finance 67: 102–22. doi:10.1016/j.jimonfin.2015.06.013.
Casalin, Fabrizio, Giorgio Fazio, Yacoub Sleibi, Rue Frere, and West Bank. 2023. “Global Shocks and the Debt-Growth Nexus.”
CHAPRA, M. UMER. 1992. “Islam and the Economic Challenge.” American Journal of Islam and Society 9(4): 546–55. doi:10.35632/ajis.v9i4.2540.
Chen, Hsuan Chi, Robin K. Chou, Chih Yung Lin, and Chien Lin Lu. 2022. “Bank Loans during the 2008 Quantitative Easing.” Journal of Financial Stability 59: 100974. doi:10.1016/J.JFS.2022.100974.
Chen, W. D. 2020. “Liquidity, Covered Interest Rate Parity, and Zero Lower Bound in Japan’s Foreign Exchange Markets.” International Review of Economics and Finance 69(May): 334–49. doi:10.1016/j.iref.2020.05.007.
Cohen, Lior. 2022. “Examining QE’s Bang for the Buck: Does Quantitative Easing Reduce Credit and Liquidity Risks and Stimulate Real Economic Activity?” Journal of International Financial Markets, Institutions and Money 79: 101596. doi:10.1016/J.INTFIN.2022.101596.
Cwik, Tobias, and Christoph Winter. 2024. SSRN Electronic Journal FX Interventions as a Form of Unconventional Monetary Policy. doi:10.2139/ssrn.4773689.
Dell’Ariccia, Giovanni, Pau Rabanal, and Damiano Sandri. 2018. “Unconventional Monetary Policies in the Euro Area, Japan, and the United Kingdom.” Journal of Economic Perspectives 32(4): 147–72. doi:10.1257/jep.32.4.147.
Devah sukmawati, nur komariyah. 2024. “Konsep Kebijakan Moneter Dalam Perspektif Ekonomi Islam.” Jurnal Kewirausahaan dan Manajemen Bisnis: Cuan 1(2): 106–20. doi:10.59603/cuan.v1i2.20.
Dini Abdianti, Anisa Restu, and Sholahuddin Al Ayyubi. 2023. “Konsep Kebijakan Moneter Dalam Perspektif Ekonomi Islam.” Jurnal Kewirausahaan dan Manajemen Bisnis: Cuan 1(2): 106–20. doi:10.59603/cuan.v1i2.20.
Doroftei, M?d?lina, and Alexandru P?tru?i. 2018. “Central Bank Independence and Economic Crises: How Both the Fed and ECB Managed to Rely on Unconventional Monetary Policies.” Proceedings of the International Conference on Business Excellence 12(1): 335–48. doi:10.2478/picbe-2018-0030.
Finnegan, Marie, and Supriya Kapoor. 2023. 61 Small Business Economics ECB Unconventional Monetary Policy and SME Access to Finance. Springer US. doi:10.1007/s11187-023-00730-0.
Goodfriend, Marvin. 2016. “The Case for Unencumbering Interest Rate Policy at the Zero Bound.” Designing Resilient Monetary Policy Frameworks for the Future (February 2015): 127–60.
Guerello, Chiara. 2018. “Conventional and Unconventional Monetary Policy vs. Households Income Distribution: An Empirical Analysis for the Euro Area.” Journal of International Money and Finance 85: 187–214. doi:10.1016/j.jimonfin.2017.11.005.
Harimaya, Kozo, and Toshiki Jinushi. 2023. “The Effects of Quantitative Easing Policy on Bank Lending: Evidence from Japanese Regional Banks.” Japan and the World Economy 67: 101193. doi:10.1016/J.JAPWOR.2023.101193.
Hartmann, Philipp, and Frank Smets. 2018. “Working Paper Series.” Review 85(6). doi:10.20955/r.85.67.
Hohberger, Stefan, Romanos Priftis, and Lukas Vogel. 2019. “The Macroeconomic Effects of Quantitative Easing in the Euro Area: Evidence from an Estimated DSGE Model.” Journal of Economic Dynamics and Control 108. doi:10.1016/j.jedc.2019.103756.
Ikeda, Daisuke, Shangshang Li, Sophocles Mavroeidis, and Francesco Zanetti. 2024. “Testing the Effectiveness of Unconventional Monetary Policy in Japan and the United States.” American Economic Journal: Macroeconomics 16(2): 250–86. doi:10.1257/mac.20210169.
Imsar, and Muhammad Kurniawan. 2023. “Implementasi Konsep Moneter Islam Berdasarkan Pandangan M.Umar Chapra Terhadap Kebijakan Moneter Di Indonesia.” Ekonomi Bisnis Manajemen dan Akuntansi (EBMA) 4(1): 1223–29.
Ito, Takatoshi, and Frederic S Mishkin. 2005. “Monetary Policy in Japan?: Problems and Solutions Takatoshi Ito and Frederic S . Mishkin Working Paper No . 231 Working Paper Series Center on Japanese Economy and Business Columbia Business School March 2005.” (231).
Jordan, Thomas J. 2022. “Kendala?: Tantangan Bagi Bank Nasional Swiss.” : 465–84.
Kalsum, Ummi. 2016. “Sistem Moneter Islam Dalam Membangun Perekonomian Di Indonesia.” Edisi Janusari 9(1): 61–71.
Lerven Van, Frank. 2016. “Quantitative Easing in the Eurozone: A One-Year Assessment.” Volume 51, 2016 · Number 4 · pp. 237–242. https://www-intereconomics-eu.translate.goog/contents/year/2016/number/4/article/quantitative-easing-in-the-eurozone-a-one-year-assessment.html?_x_tr_sl=en&_x_tr_tl=id&_x_tr_hl=id&_x_tr_pto=sge#:~:text=Program pelonggaran kuantitatif ECB,-Oleh karena itu&.
De Luigi, Clara, Martin Feldkircher, Philipp Poyntner, and Helene Schuberth. 2023. “Quantitative Easing and Wealth Inequality: The Asset Price Channel*.” Oxford Bulletin of Economics and Statistics 85(3): 638–70. doi:10.1111/obes.12543.
Murabahah, Pengaruh, D A N Ijarah, Terhadap Profitabilitas, Bank Umum, Syariah Di, and Korespondensi Penulis. 2019. “Pengaruh Murabahah , Musyarakah , Mudharabah , Dan Ijarah Terhadap Profitabilitas Bank Umum Syariah Di Indonesia.” 8(1).
Macaire, C., Naef, A., 2023. Greening monetary policy: evidence from the People’s Bank?of China. Clim. Pol. 23 (1), 138–149.
Naoyuki Yoshino, Farhad Taghizadeh-Hesary and Hiroaki Miyamoto*. 2017. “The Effectiveness of the Negative Interest Rate Policy In.”
Niharotul Faizah, Dewi Ratih, Kamelia Elima’ana Mafudloh, and Muhammad Tufiq Abadi. 2024. “Peran Otoritas Jasa Keuangan Dan Lembaga Penjamin Simpanan Dalam Menjaga Stabilitas Dan Keamanan Sistem Keuangan.” Jurnal Ilmiah Research and Development Student 2(1): 135–44. doi:10.59024/jis.v2i1.574.
Novitasari, Cindy, and Ray Dwiki Syahputra. “Kebijakan Moneter Dalam Perspektif Ekonomi Islam.” : 1–25.
Nur, Annisa, Rini Puji Astuti, Moh Kevi, Kailila Afif, Nadia Putri Rahmawati, and Niken Ayu. 2024. “Gudang Jurnal Multidisiplin Ilmu Teori Kebijakan Moneter.” 2: 165–68.
Onofri, Marco, Gert Peersman, and Frank Smets. 2023. “The Effectiveness of a Negative Interest Rate Policy.” Journal of Monetary Economics 140: 16–33. doi:10.1016/J.JMONECO.2023.07.002.
Pendahuluan, A. 2017. “Dampak Kebijakan Moneter Terhadap Luksemburg 1.” : 4–17.
Putnam, Bluford H. 2013. “Essential Concepts Necessary to Consider When Evaluating the Efficacy of Quantitative Easing.” Review of Financial Economics 22(1): 1–7. doi:10.1016/j.rfe.2012.12.001.
QASEEM, Fazlullah Ihza. 2024. “Monetary Policy Dynamics and Economic Growth: An Empirical Analysis of Indonesia’s Economy Using Time-Series Data and Error Correction Model (ECM).” Cognizance Journal of Multidisciplinary Studies 4(3): 284–303. doi:10.47760/cognizance.2024.v04i03.026.
Riset, Desember, Reserve Bank, and Glenn D Rudebusch. 2018. “FRBSFSurat Ekonomi.” : 1–5.
Rostagno, Massimo, and Carlo Altavilla. 2019. “Working Paper Series.” Review 85(6). doi:10.20955/r.85.67.
Schelling, Tan, and Pascal Towbin. 2022. “What Lies beneath—Negative Interest Rates and Bank Lending.” Journal of Financial Intermediation 51: 100969. doi:10.1016/J.JFI.2022.100969.
Schenkelberg, Heike, and Sebastian Watzka. 2013. “Real Effects of Quantitative Easing at the Zero Lower Bound: Structural VAR-Based Evidence from Japan.” Journal of International Money and Finance 33: 327–57. doi:10.1016/j.jimonfin.2012.11.020.
Stephens, Mark. 2024. “Peran Perumahan Dalam Keputusan Kebijakan Moneter Bank Sentral Di Australia Dan Inggris.”
Syaripudin, Enceng Iip, and Deni Konkon Furkony. 2020. “Perbedaan Antara Sistem Keuangan Islam Dan Konvensional.” EKSISBANK: Ekonomi Syariah dan Bisnis Perbankan 4(2): 255–73.
Turmudi, Imam. 2019. “Kajian Kebijakan Fiskal Dan Kebijakan Moneter Dalam Islam.” : 74–90.
Xin, Baogui, and Kai Jiang. 2023. “Economic Uncertainty, Central Bank Digital Currency, and Negative Interest Rate Policy.” Journal of Management Science and Engineering 8(4): 430–52. doi:10.1016/j.jmse.2023.04.001.
Andiyansari, Chasanah Novambar. 2020. “Akad Mudharabah Dalam Perspektif Fikih Dan Perbankan Syariah.” : 42–54.
Andrew leigh. 2022. " Menilai Kebijakan Moneter Australia di Abad ke-21" :2.
Anthony Battle. 2024. “Krisis Utang Negara Eropa.” https://www.investopedia.com/terms/e/european-sovereign-debt-crisis.asp.
Arif, Saiful, Julia Eka Firmanda, and Nadhirotul Jannah. 2024. “Bank Sentral Dan Kebijakan Moneter Islam Yang Sesuai Dengan Prinsip Syariah.” JMA: urnal Media Akademik 2(6): 1–14.
Barroso, João Barata R.B., Luiz A.Pereira da Silva, and Adriana Soares Sales. 2019. “Quantitative Easing and Related Capital Flows into Brazil: Measuring Its Effects and Transmission Channels through a Rigorous Counterfactual Evaluation.” Journal of International Money and Finance 67: 102–22. doi:10.1016/j.jimonfin.2015.06.013.
Casalin, Fabrizio, Giorgio Fazio, Yacoub Sleibi, Rue Frere, and West Bank. 2023. “Global Shocks and the Debt-Growth Nexus.”
CHAPRA, M. UMER. 1992. “Islam and the Economic Challenge.” American Journal of Islam and Society 9(4): 546–55. doi:10.35632/ajis.v9i4.2540.
Chen, Hsuan Chi, Robin K. Chou, Chih Yung Lin, and Chien Lin Lu. 2022. “Bank Loans during the 2008 Quantitative Easing.” Journal of Financial Stability 59: 100974. doi:10.1016/J.JFS.2022.100974.
Chen, W. D. 2020. “Liquidity, Covered Interest Rate Parity, and Zero Lower Bound in Japan’s Foreign Exchange Markets.” International Review of Economics and Finance 69(May): 334–49. doi:10.1016/j.iref.2020.05.007.
Cohen, Lior. 2022. “Examining QE’s Bang for the Buck: Does Quantitative Easing Reduce Credit and Liquidity Risks and Stimulate Real Economic Activity?” Journal of International Financial Markets, Institutions and Money 79: 101596. doi:10.1016/J.INTFIN.2022.101596.
Cwik, Tobias, and Christoph Winter. 2024. SSRN Electronic Journal FX Interventions as a Form of Unconventional Monetary Policy. doi:10.2139/ssrn.4773689.
Dell’Ariccia, Giovanni, Pau Rabanal, and Damiano Sandri. 2018. “Unconventional Monetary Policies in the Euro Area, Japan, and the United Kingdom.” Journal of Economic Perspectives 32(4): 147–72. doi:10.1257/jep.32.4.147.
Devah sukmawati, nur komariyah. 2024. “Konsep Kebijakan Moneter Dalam Perspektif Ekonomi Islam.” Jurnal Kewirausahaan dan Manajemen Bisnis: Cuan 1(2): 106–20. doi:10.59603/cuan.v1i2.20.
Dini Abdianti, Anisa Restu, and Sholahuddin Al Ayyubi. 2023. “Konsep Kebijakan Moneter Dalam Perspektif Ekonomi Islam.” Jurnal Kewirausahaan dan Manajemen Bisnis: Cuan 1(2): 106–20. doi:10.59603/cuan.v1i2.20.
Doroftei, M?d?lina, and Alexandru P?tru?i. 2018. “Central Bank Independence and Economic Crises: How Both the Fed and ECB Managed to Rely on Unconventional Monetary Policies.” Proceedings of the International Conference on Business Excellence 12(1): 335–48. doi:10.2478/picbe-2018-0030.
Finnegan, Marie, and Supriya Kapoor. 2023. 61 Small Business Economics ECB Unconventional Monetary Policy and SME Access to Finance. Springer US. doi:10.1007/s11187-023-00730-0.
Goodfriend, Marvin. 2016. “The Case for Unencumbering Interest Rate Policy at the Zero Bound.” Designing Resilient Monetary Policy Frameworks for the Future (February 2015): 127–60.
Guerello, Chiara. 2018. “Conventional and Unconventional Monetary Policy vs. Households Income Distribution: An Empirical Analysis for the Euro Area.” Journal of International Money and Finance 85: 187–214. doi:10.1016/j.jimonfin.2017.11.005.
Harimaya, Kozo, and Toshiki Jinushi. 2023. “The Effects of Quantitative Easing Policy on Bank Lending: Evidence from Japanese Regional Banks.” Japan and the World Economy 67: 101193. doi:10.1016/J.JAPWOR.2023.101193.
Hartmann, Philipp, and Frank Smets. 2018. “Working Paper Series.” Review 85(6). doi:10.20955/r.85.67.
Hohberger, Stefan, Romanos Priftis, and Lukas Vogel. 2019. “The Macroeconomic Effects of Quantitative Easing in the Euro Area: Evidence from an Estimated DSGE Model.” Journal of Economic Dynamics and Control 108. doi:10.1016/j.jedc.2019.103756.
Ikeda, Daisuke, Shangshang Li, Sophocles Mavroeidis, and Francesco Zanetti. 2024. “Testing the Effectiveness of Unconventional Monetary Policy in Japan and the United States.” American Economic Journal: Macroeconomics 16(2): 250–86. doi:10.1257/mac.20210169.
Imsar, and Muhammad Kurniawan. 2023. “Implementasi Konsep Moneter Islam Berdasarkan Pandangan M.Umar Chapra Terhadap Kebijakan Moneter Di Indonesia.” Ekonomi Bisnis Manajemen dan Akuntansi (EBMA) 4(1): 1223–29.
Ito, Takatoshi, and Frederic S Mishkin. 2005. “Monetary Policy in Japan?: Problems and Solutions Takatoshi Ito and Frederic S . Mishkin Working Paper No . 231 Working Paper Series Center on Japanese Economy and Business Columbia Business School March 2005.” (231).
Jordan, Thomas J. 2022. “Kendala?: Tantangan Bagi Bank Nasional Swiss.” : 465–84.
Kalsum, Ummi. 2016. “Sistem Moneter Islam Dalam Membangun Perekonomian Di Indonesia.” Edisi Janusari 9(1): 61–71.
Lerven Van, Frank. 2016. “Quantitative Easing in the Eurozone: A One-Year Assessment.” Volume 51, 2016 · Number 4 · pp. 237–242. https://www-intereconomics-eu.translate.goog/contents/year/2016/number/4/article/quantitative-easing-in-the-eurozone-a-one-year-assessment.html?_x_tr_sl=en&_x_tr_tl=id&_x_tr_hl=id&_x_tr_pto=sge#:~:text=Program pelonggaran kuantitatif ECB,-Oleh karena itu&.
De Luigi, Clara, Martin Feldkircher, Philipp Poyntner, and Helene Schuberth. 2023. “Quantitative Easing and Wealth Inequality: The Asset Price Channel*.” Oxford Bulletin of Economics and Statistics 85(3): 638–70. doi:10.1111/obes.12543.
Murabahah, Pengaruh, D A N Ijarah, Terhadap Profitabilitas, Bank Umum, Syariah Di, and Korespondensi Penulis. 2019. “Pengaruh Murabahah , Musyarakah , Mudharabah , Dan Ijarah Terhadap Profitabilitas Bank Umum Syariah Di Indonesia.” 8(1).
Macaire, C., Naef, A., 2023. Greening monetary policy: evidence from the People’s Bank?of China. Clim. Pol. 23 (1), 138–149.
Naoyuki Yoshino, Farhad Taghizadeh-Hesary and Hiroaki Miyamoto*. 2017. “The Effectiveness of the Negative Interest Rate Policy In.”
Niharotul Faizah, Dewi Ratih, Kamelia Elima’ana Mafudloh, and Muhammad Tufiq Abadi. 2024. “Peran Otoritas Jasa Keuangan Dan Lembaga Penjamin Simpanan Dalam Menjaga Stabilitas Dan Keamanan Sistem Keuangan.” Jurnal Ilmiah Research and Development Student 2(1): 135–44. doi:10.59024/jis.v2i1.574.
Novitasari, Cindy, and Ray Dwiki Syahputra. “Kebijakan Moneter Dalam Perspektif Ekonomi Islam.” : 1–25.
Nur, Annisa, Rini Puji Astuti, Moh Kevi, Kailila Afif, Nadia Putri Rahmawati, and Niken Ayu. 2024. “Gudang Jurnal Multidisiplin Ilmu Teori Kebijakan Moneter.” 2: 165–68.
Onofri, Marco, Gert Peersman, and Frank Smets. 2023. “The Effectiveness of a Negative Interest Rate Policy.” Journal of Monetary Economics 140: 16–33. doi:10.1016/J.JMONECO.2023.07.002.
Pendahuluan, A. 2017. “Dampak Kebijakan Moneter Terhadap Luksemburg 1.” : 4–17.
Putnam, Bluford H. 2013. “Essential Concepts Necessary to Consider When Evaluating the Efficacy of Quantitative Easing.” Review of Financial Economics 22(1): 1–7. doi:10.1016/j.rfe.2012.12.001.
QASEEM, Fazlullah Ihza. 2024. “Monetary Policy Dynamics and Economic Growth: An Empirical Analysis of Indonesia’s Economy Using Time-Series Data and Error Correction Model (ECM).” Cognizance Journal of Multidisciplinary Studies 4(3): 284–303. doi:10.47760/cognizance.2024.v04i03.026.
Riset, Desember, Reserve Bank, and Glenn D Rudebusch. 2018. “FRBSFSurat Ekonomi.” : 1–5.
Rostagno, Massimo, and Carlo Altavilla. 2019. “Working Paper Series.” Review 85(6). doi:10.20955/r.85.67.
Schelling, Tan, and Pascal Towbin. 2022. “What Lies beneath—Negative Interest Rates and Bank Lending.” Journal of Financial Intermediation 51: 100969. doi:10.1016/J.JFI.2022.100969.
Schenkelberg, Heike, and Sebastian Watzka. 2013. “Real Effects of Quantitative Easing at the Zero Lower Bound: Structural VAR-Based Evidence from Japan.” Journal of International Money and Finance 33: 327–57. doi:10.1016/j.jimonfin.2012.11.020.
Stephens, Mark. 2024. “Peran Perumahan Dalam Keputusan Kebijakan Moneter Bank Sentral Di Australia Dan Inggris.”
Syaripudin, Enceng Iip, and Deni Konkon Furkony. 2020. “Perbedaan Antara Sistem Keuangan Islam Dan Konvensional.” EKSISBANK: Ekonomi Syariah dan Bisnis Perbankan 4(2): 255–73.
Turmudi, Imam. 2019. “Kajian Kebijakan Fiskal Dan Kebijakan Moneter Dalam Islam.” : 74–90.
Xin, Baogui, and Kai Jiang. 2023. “Economic Uncertainty, Central Bank Digital Currency, and Negative Interest Rate Policy.” Journal of Management Science and Engineering 8(4): 430–52. doi:10.1016/j.jmse.2023.04.001.
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Analisis Kesesuaian Kebijakan Moneter Tidak Konvensional Dengan Prinsip Maqashid Syariah: Tinjauan Literatur. (2025). Journal of Islamic Economy and Business (JIsEB), 4(1), 47-57. https://doi.org/10.24260/4vqgzq91
