The Effect of E-Money on Inflation in Indonesia: an Aplication of the Quantity Theory of Money

Dhestiane Sherly Puspita, Birgitta Dian Saraswati, Angelita Titis Pertiwi

Abstract


The main problem that has a very large impact on the economy and becoming one of the government's policy focuses is inflation. Technological developments in various fields, including financial technology remarked by the start of non-cash payments, are expected to have an impact on price stability or inflation. This study aims to identify the effect of e-money, demand deposits, currency, and quasi-money on inflation in Indonesia. Using the Error Correction Model approach and the observation period from 2010 to 2020, this study shows that demand deposits have no effect on inflation in Indonesia. Meanwhile, currency has a positive effect on inflation both in the long and in the short term. The e-money and quasi-money variables have been proven to have a negative effect on inflation in Indonesia in the long run. This indicates that the more e-money and quasi-money, the more people use non-cash transactions and they, in turn, can reduce the inflation rate.


Keywords


Inflation, Electronic money, Demand deposits, Currency, Quasi money, Error Correction Model (ECM)

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DOI: https://doi.org/10.30596/miceb.v1i0.341

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