Menilai Pengelolaan Fiskal Indonesia: Seberapa Efektif Mentransfer 200 Triliun Rupiah dari Cadangan Negara ke Bank Umum sebagai Alat untuk Merangsang Pertumbuhan Ekonomi Nyata?

In September 2025, Indonesia's Ministry of Finance transferred Rp200 trillion (USD $12 billion) from state reserves to five state-owned banks to stimulate credit expansion and economic growth. Analysed through IS-LM, liquidity preference, and credit channel theory, supported by a 100-respondent survey and senior banking executive interviews, this study finds the policy conditionally effective, with success dependent on SME targeting, transparent disbursement, and coordinated regulatory support.