Quantitative Easing dan New Monetary Trinity: Tinjauan Sistematis Kebijakan Moneter di Era Krisis
View of Quantitative Easing and the New Monetary Trinity: Systematic Reviews Analysis
Artikel ini mengkaji peran Quantitative Easing (QE) dalam merespons krisis ekonomi global dan pergeseran kerangka kebijakan moneter dari impossible trinity menuju New Monetary Trinity. Melalui pendekatan Systematic Literature Review (SLR) dan analisis bibliometrik terhadap 146 publikasi internasional periode 2020–2023, studi ini memetakan perkembangan riset, metode yang dominan, serta implikasi kebijakan QE di berbagai konteks negara.
Hasil kajian menunjukkan bahwa QE semakin dipandang sebagai instrumen penting untuk menjaga stabilitas keuangan dan meredam gejolak pasar ketika kebijakan suku bunga konvensional kehilangan efektivitas, khususnya selama krisis seperti pandemi COVID-19. Studi ini juga menemukan perbedaan pendekatan metodologis antara negara maju, yang banyak menggunakan model DSGE, dan negara berkembang, yang lebih mengandalkan metode empiris adaptif seperti VAR, SVAR, dan ARDL.
Secara konseptual, artikel ini menegaskan bahwa praktik kebijakan moneter modern bergerak menuju New Monetary Trinity, di mana stabilitas keuangan menjadi pilar tambahan yang krusial. Temuan ini menekankan pentingnya kebijakan moneter yang adaptif, koordinasi fiskal–moneter, serta pengelolaan arus modal dalam menghadapi ketidakpastian global.
This article examines the role of Quantitative Easing (QE) in responding to global economic crises and the evolution of monetary policy frameworks from the impossible trinity to the New Monetary Trinity. Using a Systematic Literature Review (SLR) combined with bibliometric analysis of 146 international publications from 2020–2023, the study maps research trends, dominant methodologies, and key policy insights related to QE.
The findings indicate that QE has increasingly been recognized as a crucial instrument for financial stability and market stabilization, particularly when conventional interest-rate policies become ineffective during crises such as the COVID-19 pandemic. The review also highlights methodological differences between advanced economies, which predominantly employ DSGE models, and emerging economies, which rely more on adaptive empirical approaches such as VAR, SVAR, and ARDL.
Conceptually, the study underscores a shift toward the New Monetary Trinity, where financial stability emerges as an essential pillar alongside exchange rate management and monetary autonomy. These insights emphasize the need for adaptive monetary policy, strong fiscal–monetary coordination, and effective capital flow management in an increasingly uncertain global environment.
View of Quantitative Easing and the New Monetary Trinity: Systematic Reviews Analysis