Viverita Viverita, Bustaman Yosman, Danarsari Dwi Nastiti
Department of Management, Faculty of Economics and Business, Universitas Indonesia, Indonesia.
Faculty of Business and Communication, Swiss German University, Indonesia.
Heliyon. 2023 Apr;9(4):e15136. doi: 10.1016/j.heliyon.2023.e15136. Epub 2023 Apr 10.
This study investigates how liquidity has been created during the Covid-19 pandemic and examines the different behaviours to create liquidity for different types of bank ownership. Monthly panel data of 85 Indonesian Islamic and conventional banks are utilized to capture the time periods before and during the pandemic. The estimated regression model applies one period lag for all independent variables to reduce any endogeneity problems. The results indicate that overall banks created less liquidity during the pandemic. This finding implies that adding assets is not an effective strategy to create liquidity since banks transferred assets into safer investments during the pandemic. However, Islamic banks created more liquidity, especially when off-balance sheet activities are not included in the liquidity measurement. This phenomenon validates the unique market structure of Islamic banks, which must comply with Sharia law and avoid holding and trading prohibited assets. On the liability side, the deposits of these banks will be more liquid due to their depositors' religiosity and risk preferences. This study further indicates that the government-owned bank generated more liquidity than other ownership types. These results imply that the government successfully rescued the economy during the pandemic through the use of economic stimuli.
本研究调查了新冠疫情期间流动性是如何产生的，并考察了不同类型银行所有权为创造流动性而采取的不同行为。利用85家印度尼西亚伊斯兰银行和传统银行的月度面板数据来捕捉疫情之前和期间的时间段。估计回归模型对所有自变量采用一期滞后，以减少任何内生性问题。结果表明，总体而言，银行在疫情期间创造的流动性较少。这一发现意味着，增加资产并非创造流动性的有效策略，因为银行在疫情期间将资产转移到了更安全的投资中。然而，伊斯兰银行创造了更多流动性，尤其是在流动性衡量中不包括表外活动时。这一现象验证了伊斯兰银行独特的市场结构，即必须遵守伊斯兰教法并避免持有和交易违禁资产。在负债方面，由于储户的宗教信仰和风险偏好，这些银行的存款将更具流动性。本研究进一步表明，国有银行比其他所有权类型创造了更多流动性。这些结果意味着，政府在疫情期间通过使用经济刺激措施成功地拯救了经济。
