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Abstrak :
One of some problematic issues of identification of the effectiveness of the monetary policy is the question on whether the monetary policy mechanism transmissions can perform fully in transmitting the changes of monetary policies into the national and regional level of economy. On earlier studies, Muelgini (2004) relatively compares the effectiveness of monetary policies of the jive mechanism transmission channels at the national level of the economy employing impulse response function. The results show that prior to the economic crises in Indonesia credit channel is not ejective, and for after crises periods' interest rates, credit and asset price channels are becoming relatively important. Utilizing similar methodology Laksono (2005) finds that the effectiveness of monetary mechanism varies among regions. This research analyzes the findings of both Muelgini's and Laksono's employing different methodology to evaluate the channels through which monetary policies are transmitted.

Abstrak :
One of some problematic issues of identification of the efiectiveness of the monetary policy is the question on whether the monetary policy mechanism transmissions can perform fully in transmitting the changes of monetary policies into the national and regional level of economy. On earlier studies, Muelgini (2004) relatively compares the eflectiveness of monetary policies of the five mechanism transmission channels at the national level of the economy employing impulse response fiznction. The results show that prior to the economic crises in Indonesia credit channel is not eflective, and for after crises periods interest rates, credit, and asset price channels are becoming relatively important. Utilizing similar methodology, Laksono (2005) finds that the eflectiveness of monetary mechanism varies among regions. This research analyzes the findings of both Muelgini ?s and Laksono's employing dijfkrent methodology to evaluate the channels through which monetary policies are transmitted.

Abstrak :
Penelitian ini bertujuan untuk memperoleh data empiris dan fakta yang sah (valid), benar dan dapat dipercaya mengenai faktor-faktor apa saja yang mempengaruhi penetapan margin pembiayaan murabahah yang dikaitkan dengan fluktuasi bunga kredit konsumtif Bank Indonesia. Penelitian ini dilakukan pada Bank Syariah "X" , selama 43 bulan terhitung sejak bulan Januari 2002 sampai dengan bulan Desember 2005. Metode penelitian yang digunakan adalah observasi langsung dengan pendekatan aplikatif dan korelasional. Hasil penelitian menunjukkan bahwa: 1) Variabel suku bunga kredit konsumtif bank konvensional berpengaruh secara signifikan terhadap prosentase margin pembiayaan murabahah. 2) Variabel bagi hasil DPK porsi murabahah berpenaruh signifikan terhadap penetapan margin pembiayaan murabahah 3) Biaya overhead bila terpisah denpn volume pembiayaan tidak terbukti dalam mempeugaruhi margin murabahah. 4) Volume pembiayaan tidak terbukti berpengaruh signifikan terhadap penetapan margin murabahah namun mempunyai pengaruh positif pada tingkat keyakinan 83.2% ketika berubah menjadi recovery cost. 5) Premi risiko mempunyai pengaruh signifikan terhadap margin murabahah. 6) Target profit mempunyai pengaruh signifikan terhadap margin murabahah. Hasil pengujian tesis ini menunjukkan bahwa faktor-faktor murabahah mempunyai pengaruh terhadap penetapan margin murabahah sebesar 85 % sedangkan sebesar l5%dipengaruhi oleh variabel lain.

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This research is made in order to get empiric data and facts that are valid, absolute and reliable regarding the factors which influence the determination of margin murabahah financing related to Bank Indonesia's consumptive credit interest rate fluctuation. This research is done at Syariah Bank "X" for 43 months starting from January 2002 until December 2005. The research method used is direct observation with applicative and correlative approach. The result of this research show that I) variable of conventional bank's consumptive credit interest rate influence significantly to the percentage of murahahaii financing margin, 2) variable of DPK rate or return for murabahah portion significantly influence to the determination of murabahah financing margin 3) overhead cost. if separated from financing volume unproved in influencing nitirabahah margin 4) financing volume unproved influence significantly in determinations murabahah margin, but have positive impact to belief rate at 83.2% when change to recovery cost 5) risk premium has significant influence to murabahah margin (6) Profit target significantly influence to murabahah margin. The result of this thesis show that murabahah factors influence in determination murabahah margin 85%. and 15 % influenced by other variables.

Abstrak :
ABSTRAK
Penelitian ini bertujuan untuk mengetahui apakah variabel harga dan non harga berpengaruh terhadap pembiayaan mudharabah di Bank Syariah Mandiri (BSM) selama periode Januari 2001 sampai Maret 2005, tujuan lainnya adalah untuk mengetahui apakah pembiayaan mudharabah dengan kredit modal kerja bersifat substitusi atau bukan. Metode analisis yang dipakai adalah regresi tinier berganda. Variabel yang.diteliti adalah Sertifikat Wadiah Bank Indonesia (SWBI), suku bunga kredit bank konvensional, dan Dana Pihak Ketiga (DPK). Basil analisis regresi liner berganda menunjukkan bahwa secara bersamasama variabel SWBI, Bunga Kredit dan DPK mampu menjelaskan variansi permintaan mudharabah di BSM. Hal ini ditunjukkan uj i F dengan signifikansi mencapai 0,000. Besaran pengaruh tersebut ditunjukkan oleh nilai R2 sebesar 25%, sisanya 75% dipengaruhi oleh variabel lain yang tidak diteliti. Selama periode Januari 2001 sampai Maret 2005, keputusan BSM untuk melakukan pembiayaan mudharabah sangat dipengaruhi oleh berapa besar DPI( yang diperoleh oleh BSM, dengan asumsi variabel bebas lainnya konstan. Tersegmentasinya nasabah pembiayaan bank syanah dengan debitur di bank konvensional dibuktikan dengan korelasi parsial antars variabel bunga kredit dengan variabel pembiayaan mudharabah yang menunjukkan hubungan negatif. Dengan kata lain, kredit modal kerja di bank konvensional bukan merupakan substitusi dari pembiayaan mudharabah di BSM. Selama periode itu pula perkembangan sektor perbankan dan lembaga keuangan ikut dipengaruhi oleh factor kebijakan pemerintah, dalam hat ini SWBI. Peningkatan return SWBI mempengaruhi Bank Syariah untuk mengalokasikan dalam bentuk pembiayaan mudharabah. Besamya pengaruh SWBI terhadap pembiayaan mudharabah 95% sedangkan 5% oleh factor-faktor lain, dengan asumsi variabel bebas lainnya konstan.

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ABSTRACT
This research aims at knowing whether the price and non price variables have effect toward the mudharabah financing in Bank Syariah Mandiri (BSM) during the period of January 2001 to March 2005, other aim is to know whether the mudharabah financing with work capital credit has substitution in its nature or not. The analysis method used is multiple linear regression. Variables to study ara Certificate Wadiah Bank Indonesia (SWBI), conventional bank credit interest rate, and Related Parties Fund (DPK). Results of multiple linear regression indicate that simultaneously variables of SWBI, Credit Interest Rate and DPK were capable to explain the demand variance of mudharabah in BSM. It is indicated by the R2 value of 25%, the remaining 75% influenced by other variables which were not studied. During the period of January 2001 to March 2005, the decision of BSM to conduct mudharabah financing was strongly influenced by how much DPK obtained by BSM, with assumption other variables are constant. Segmentation of the syariah financing customers with debtors in conventional bank proven by partial correlation between credit interest variable with mudharabah financing variable showing the negative correlation. In other words, work capital credit in conventional banks is not a substitution of mudharabah financing in BSM. During the period also the development of banking sector and financial institutions influenced by the government policies as well, in this case SWBI. Improvement of SWBI return influences Bank Syariah to allocate in form of mudharabah financing, The influence of SWBI toward mudharabah financing is 95% while 5% by other factors, with assumption other independent variables are constant.