Harga Properti Residensial & Pembiayaan Pemilikan Rumah Perbankan Syariah dan Konvensional
Article Sidebar
Published:
Dec 22, 2016
Keywords:
dynamic relationship, housing financing, housing price, macroeconomics, VECM
Main Article Content
Abstract
. This study investigates the dynamic relationship between macroeconomic variables and housing financing provided by convensional and islamic banking in Indonesia. Utilizing quarterly data from 2007 to 2016, this study employs Vector Error Correction Model (VECM), Impulse Response Function (IRF) and Forecast Error Variance Decomposition (FEVD). It finds that macroeconomics variables and housing price have distinct long relationship with housing financing provided by both. Our study reveal that policy intervention to stimulate or dampen housing financing provided by islamic and conventional bank can focus on GDP, house prices and monetary policy however it should be implemented to right segment. In addition, this study documents evidence that Islamic housing financing in Indonesia really dependent on interest rate. Therefore the findings suggest that Islamic Banking could apply alternative rate, possibly IHPR to manage to live up to their ideals in achieving the objectives of Shari’ah
Downloads
Download data is not yet available.
Article Details
Section
Articles
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Author(s) who published in this journal agree to following terms:
- Authors understand and agree that copyright of manuscripts published are held by Al-Muzara'ah. The statement to release the copyright to Al-Muzara'ah is stated in form CTA (link doc).
- Copyright encompass exclusive rights to reproduce, to distribute, and to sell any part of the journal articles in all form and media.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License (CC BY-SA) where Authors and Readers can copy and redistribute the material in any medium or format, as well as remix, transform, and build upon the material for any purpose, but they must give appropriate credit (cite to the article or content), provide a link to the license, and indicate if changes were made. If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original.
References
Bank Indonesia., Statistik perbankan Indonesia, Bank Indonesia (2013).
Bunda, Irina., Michele, Ca’Zorzi., Signal from Housing and Lending Booms. Working Paper Series No 1194. European Central Bank (2009).
Buiter, Willem., Housing wealth isn’t wealth. Economic. Vol.3, 2010-22 (2010).
Collyns, C., Senhadji, A., Lending booms, real estate bubbles and the Asian crisis. IMF working paper (2002).
Gerlach, S.,Wensheng, Peng., Bank Lending and Property Prices in Hong Kong, Journal of Banking & Finance, 29 (2), 461–481 (2005).
Goodhart, C., Hofmann, B., House prices, money , credit, and the macroeconomy. Oxford Review of Economic Policy, 24(1), 180-205 (2008).
Hofmann, B., Bank lending and property prices: Some international evidence, The Hong Kong Institute for Monetary Research Working Paper No. 22 (2003).
Hofmann, B., The determinants of private sector credit in industrialized countries: do property prices matter? International Finance. 7, 203-234 (2004).
Ibrahim, M. H., Law , S. H., House prices and bank credits in Malaysia: An aggregate and disaggregate analysis, Habitat International 42 (2014) 111-120 (2014).
Ibrahim, M.H., Stock Prices and Bank Loan Dynamics in a Developing Country: The Case of Malaysia, Journal of Applied Economics 9, no. 1 : 71–89 (2006).
Inoguchi, M., Influence of real estate prices on domestic bank loans in Southeast Asia. Asian-Pacific Economic Literature 25(2), 151-164 (2011).
Kassim, S. H., M.S.A. Majid, & R.M. Yusof., Impact of Monetary Policy Shocks on the Conventional and Islamic Banks in a Dual Banking System: Evidence from Malaysia, Journal of Economic Cooperation and Development 30, no. 1: 41–58 (2009).
Gerlach, S., W. Peng., Bank Lending and Property Prices in Hong Kong, Journal of Banking and Finance 29, no. 2 : 461–81 (2005).
Oikarinen, E., Interaction between house prices and household borrowing: the Finnish case. Journal of Banking and Finance. 33, 747-756 (2009).
Setianto, Rahmat., Harga properti residensial dan kredit perbankan di Indonesia: analisa agregat dan dis-agregat. Jurnal Manajemen Indonesia. Vol 15-no 1 (2015).
Wibowo M., Analisis Faktor-faktor Makro Ekonomi terhadap Pembiayaan Bank Syariah di Indonesia dan Malaysia [Tesis]. Bogor(ID): Institut Pertanian Bogor (2014).
Wuryandani, Hermanto., Prasetya., Perilaku Pembiayaan dalam Industri Properti. Bank Indonesia (2015).
Zhu, H., The structure of housing finance markets and house prices in Asia. BIS Quarterly Review. 55-69 (2006).
Bunda, Irina., Michele, Ca’Zorzi., Signal from Housing and Lending Booms. Working Paper Series No 1194. European Central Bank (2009).
Buiter, Willem., Housing wealth isn’t wealth. Economic. Vol.3, 2010-22 (2010).
Collyns, C., Senhadji, A., Lending booms, real estate bubbles and the Asian crisis. IMF working paper (2002).
Gerlach, S.,Wensheng, Peng., Bank Lending and Property Prices in Hong Kong, Journal of Banking & Finance, 29 (2), 461–481 (2005).
Goodhart, C., Hofmann, B., House prices, money , credit, and the macroeconomy. Oxford Review of Economic Policy, 24(1), 180-205 (2008).
Hofmann, B., Bank lending and property prices: Some international evidence, The Hong Kong Institute for Monetary Research Working Paper No. 22 (2003).
Hofmann, B., The determinants of private sector credit in industrialized countries: do property prices matter? International Finance. 7, 203-234 (2004).
Ibrahim, M. H., Law , S. H., House prices and bank credits in Malaysia: An aggregate and disaggregate analysis, Habitat International 42 (2014) 111-120 (2014).
Ibrahim, M.H., Stock Prices and Bank Loan Dynamics in a Developing Country: The Case of Malaysia, Journal of Applied Economics 9, no. 1 : 71–89 (2006).
Inoguchi, M., Influence of real estate prices on domestic bank loans in Southeast Asia. Asian-Pacific Economic Literature 25(2), 151-164 (2011).
Kassim, S. H., M.S.A. Majid, & R.M. Yusof., Impact of Monetary Policy Shocks on the Conventional and Islamic Banks in a Dual Banking System: Evidence from Malaysia, Journal of Economic Cooperation and Development 30, no. 1: 41–58 (2009).
Gerlach, S., W. Peng., Bank Lending and Property Prices in Hong Kong, Journal of Banking and Finance 29, no. 2 : 461–81 (2005).
Oikarinen, E., Interaction between house prices and household borrowing: the Finnish case. Journal of Banking and Finance. 33, 747-756 (2009).
Setianto, Rahmat., Harga properti residensial dan kredit perbankan di Indonesia: analisa agregat dan dis-agregat. Jurnal Manajemen Indonesia. Vol 15-no 1 (2015).
Wibowo M., Analisis Faktor-faktor Makro Ekonomi terhadap Pembiayaan Bank Syariah di Indonesia dan Malaysia [Tesis]. Bogor(ID): Institut Pertanian Bogor (2014).
Wuryandani, Hermanto., Prasetya., Perilaku Pembiayaan dalam Industri Properti. Bank Indonesia (2015).
Zhu, H., The structure of housing finance markets and house prices in Asia. BIS Quarterly Review. 55-69 (2006).