Dampak Kebijakan Moneter terhadap Kinerja Pasar Modal di Indonesia

The capital market plays an important role in the Indonesian economy as a source of long-term financing and an indicator of economic conditions. Capital market performance is reflected in the Jakarta Composite Index (JCI), which represents the price movements of all stocks listed on the Indonesia Stock Exchange. Based on monetary policy and capital market theory, changes in benchmark interest rates, the money supply, and inflation can influence market liquidity, investment costs, and investor behavior. This study aims to analyze the effects of benchmark interest rates, the money supply (M2), and inflation on capital market performance in Indonesia. The study uses secondary semi-annual data on the benchmark interest rate (BI Rate/BI 7-Day Reverse Repo Rate), the money supply (M2), inflation, and the JCI for the 2009–2024 period. Multiple linear regression is employed as the analytical method. The results show that the benchmark interest rate has a negative and significant effect on capital market performance, while the money supply (M2) has a positive and significant effect. Inflation has a negative but insignificant effect on capital market performance. Simultaneously, all three variables significantly affect capital market performance. These findings imply that maintaining stable monetary policy, particularly in managing interest rates and liquidity, is important to support capital market stability and encourage investment activities in Indonesia.