Pengaruh Kebijakan Moneter Terhadap Investasi Swasta

Rahayu Mardikaningsih; Didit Darmawan; Dita Nurmalasari

Authors

Rahayu Mardikaningsih Universitas Mayjen Sungkono Mojokerto
Didit Darmawan Universitas Mayjen Sungkono Mojokerto
Dita Nurmalasari Universitas Mayjen Sungkono Mojokerto

Keywords:

interest rate policy, private investment, monetary transmission, cost of capital, policy uncertainty

Abstract

Central bank interest rate policies influence private investment through various transmission channels, including the cost of capital, the balance sheet effect, business expectations, exchange rates, and policy uncertainty. The theoretical relationship between interest rates and investment is negative, but its strength varies depending on financial structure and access to financing. The difference between nominal and real interest rates determines the investment response to changes in monetary policy. The heterogeneity of responses across sectors and firm sizes complicates the formulation of an optimal single interest rate policy. Unstable policies create uncertainty that undermines the investment climate through the option to wait. The credibility of the central bank’s commitment to price stability is a valuable asset for long-term investment. Central bank independence is necessary to build the credibility of monetary policy that effectively promotes private investment.

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