Pengaruh Guncangan Makroekonomi dan Kebijakan Pelonggaran Financing to Value terhadap Penyaluran KPR Syariah di Indonesia

Abstract

Mortgages are consumer financing products which aimed at home ownership. In Indonesia, mortgages are provided both by conventional and Islamic banking. However, Islamic mortgages have lower market share of distribution than its counterpart. Using Vector Error Correction Model (VECM), this study aims to examine the impact of macroeconomic indicators and FTV policy on the distribution of Islamic mortgages in Indonesia during the period from October 2014 to September 2019. This study found that the distribution of mortgages is closely determined by macroeconomic conditions and government policies. Based on VECM outcomes, the FTV policy has different short-term effects on the distribution of Islamic mortgages before and after its relaxation. The distribution of Islamic mortgages responded positively to the shocks of GDP. While it is responded negatively to the shocks of inflation, credit interest rates, exchange rates, and JII. GDP has the highest contribution in explaining the variation of the distribution of Islamic mortgages in Indonesia.