DINAMIKA PASAR UANG, DERIVASI KURVA LM, DAN TRANSMISI KEBIJAKAN MONETER DI INDONESIA: ANALISIS TEORITIS DAN EMPIRIS DALAM ERA DIGITALISASI KEUANGAN

Abstrak

This study analyzes Indonesia's money market dynamics through the LM curve framework, Bank Indonesia's monetary transmission mechanisms, and the implications of financial digitalization on money demand. Using a descriptive-qualitative approach based on systematic literature review and policy analysis, it integrates Keynes's (1936) and Hicks's (1937) theory with Indonesia's 2019–2024 empirical developments. Findings show: (1) money demand consistently follows Keynesian patterns driven by national income (Y) and interest rates (i); (2) BI Rate, Open Market Operations, and Reserve Requirement policies effectively shift the LM curve—expansionary (2020–2021) and contractionary (2022–2023); (3) digitalization (QRIS, digital wallets) modifies the LM slope through declining income elasticity of money demand; (4) institutional transformation (P2SK Law, BSI) strengthens yet complicates monetary transmission. The study proposes an Enhanced LM Framework incorporating digital, dual-banking, and inflation-expectation dimensions relevant to the Indonesian context.