ANALISIS PENGARUH PENDAPATAN NASIONAL, INFLASI, SUKU BUNGA DALAM NEGERI, SUKU BUNGA LUAR NEGERI, DAN KRISIS EKONOMI TERHADAP PERMINTAAN UANG DI INDONESIA

Abstract

This study aims to analyze the influence of national income, inflation, domestic interest rates, foreign
interest rates, and the economic crisis on the demand for money in Indonesia. Money demand is seen as a crucial
aspect in understanding monetary stability and the direction of economic policy. The data used are secondary
time series data obtained from official publications of Bank Indonesia, the Central Bureau of Statistics, and other
relevant sources. The analytical method used is multiple linear regression with the Ordinary Least Squares (OLS)
approach accompanied by classical assumption tests. The results show that national income has a positive and
significant effect on the demand for money, in accordance with Keynes's theory that increased income will
increase the need for money for transactions. Inflation has a negative and significant effect, indicating that price
increases actually reduce the demand for real money. Domestic interest rates have a negative and significant
effect, while foreign interest rates have a negative but insignificant effect. The economic crisis variable shows a
positive but insignificant effect on the demand for money. These findings confirm that domestic factors,
particularly national income and domestic interest rates, play a dominant role in determining the demand for
money compared to external factors. This study is expected to provide input for the formulation of more
appropriate monetary policies to maintain Indonesia's economic stability.