Efektivitas transmisi kebijakan moneter jalur kredit dan harga aset terhadap pertumbuhan ekonomi pada bank sentral di ASEAN-5

Monetary policy has an important role in regulating the economic stability of a
country, including in the ASEAN-5 region. Central banks in these countries are
responsible for maintaining low inflation, steady economic growth, and financial
system stability. This research measures monetary policy instruments such as
interest rates, working capital credit, consumption credit, third party funds, and the
composite stock price index in each ASEAN-5 country as the level of success in
measuring economic growth variables. The aim of this research is to provide a
benchmark for monetary policy in its influence on economic growth. This research
is quantitative research. Data analysis in this research uses the Vector Error
Correction Model (VECM) as a tool to see long-term effects. The results of this
research show that in 5 ASEAN countries, namely Indonesia, Malaysia, Singapore,
the Philippines and Thailand, Working Capital Credit, Consumption Credit, Third
Party Funds and IHSG have a significant effect on Economic Growth. Meanwhile,
interest rates do not have a significant effect on economic growth