ABSTRACT
Transmissions mechanism have moving by many channel, as interest rate channel, exchange rate channel, Asset Price Channel and Credit Channel. This research compares monetary channel and credit channel (Quantum Channel) in effective transmissions mechanism in Indonesia before and after monetary crisis.
By Partial Adjustment Model (PAM) compares the money supply functions (M1) and credit functions (L). Although that’s every ordinary Lest Square functions (OLS), create variance residuals . If variance residuals models least than another model that channel more effective impact economics growth in transmissions mechanism.
Before monetary crisis money channel more effective then credits in transmissions mechanism. Looked by variance residual narrow money (M1) least than Credit (L).
After monetary crisis credit channel more effective then money in transmissions mechanism. Looked by variance residual narrow Credit (L) than narrow money (M1)
Key words : Transmission Mechanism, Money Channel, Credit Channel, Variance Residual .
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