TRANSAKSI PEMBAYARAN NON TUNAI DAN PERMINTAAN UANG KARTAL DI INDONESIA

Abstract

The development of cashless payment system, such as credit card, debit card and e-money, will have theoretically important impact on the monetary policy conducted by the central bank, especially on the currency demand. There are many studies concerning this issue in the developed countries, but only few studies in the developing countries such as Indonesia. This paper is therefore devoted to study the impact of cashless payment on the currency demand in Indonesia. In this paper, we employ the generalized moment method (GMM) to explore the behavior of currency demand and cashless paymeny system in Indonesia in the period of 2001-2007. To check the robustness of the coefficients, we compare the results of the GMM with those of the Cointegrating VAR. The results show that the debit card has a negative and statistically significant impact on the currency demand, while credit card and wealth have positive and significant impact. The results are also robust to the choice of the model, both GMM and Cointegrating-VAR. The other variables such as kliring and RTGS have no significant impact on the currency demand.