Dampak Kebijakan Loan to Value Terhadap Pertumbuhan Kredit Properti

Agus Taufik, Nining I. Soesilo

Abstract


ABSTRAK

Salah satu instrumen kebijakan makroprudensial yang diterapkan di berbagai negara termasuk Indonesia adalah pembatasan rasio Loan to Value untuk mengendalikan laju pertumbuhan kredit properti perbankan nasional. Tesis ini membahas dampak penerapan rasio Loan to Value (LTV) terhadap pertumbuhan kredit properti perbankan nasional. Dengan menggunakan model persamaan regresi berganda (ordinary least squares), penelitian ini menyimpulkan bahwa penerapan kebijakan LTV yang bersifat mengetatkan pada saat pertumbuhan ekonomi sedang tinggi memiliki pengaruh signifikan dalam menahan laju pertumbuhan kredit properti lima bulan setelah kebijakan tersebut diterbitkan. Sedangkan penerapan kebijakan LTV yang bersifat melonggarkan saat pertumbuhan ekonomi sedang melambat tidak berpengaruh signifikan dalam mendorong laju peryumbuhan kredit properti.

Kata Kunci: Countercyclical; Kebijakan Makroprudensial; Kredit Properti; rasio Loan to Value (LTV)

 

ABSTRACT

One of macroprudential policy instruments implemented by many financial authorities including Bank Indonesia is limitation on Loan to Value ratio. This countercyclical policy is intended to control the mortgage loan growth. This thesis examines the impact of  Loan to Value ratio (LTV) policy to mortgage loan growth in Indonesia. By using multiple regression model (ordinary least squares), the study concludes that implementation of tight LTV policy during economic boom period has a significant impact on restraining mortgage loans growth five months after implementation of the policy. In contrary, loosening LTV policy during economic downturn is less significant in boosting the growth of mortgage loan.

Keywords: Countercyclical; Loan to Value Ratio; Macroprodential Policy; Mortgage Loan


Keywords


Countercyclical; Kebijakan Makroprudensial; Kredit Properti; rasio Loan to Value (LTV)

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References


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DOI: http://dx.doi.org/10.21002/jke.v12i2.208

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