Analyzing Factors Influencing the Success of Currency Redenomination in Indonesia: A Literature Review
DOI:
https://doi.org/10.54099/ijibmr.v5i1.1381Keywords:
Redenomination, Currency, Simplification, Efficiency, EffectivenessAbstract
This study aims to analyze the factors that affect the success of currency redenomination, focusing on the Indonesian context. The method used was a literature study in which 30 articles related to redenomination were reviewed to understand this topic comprehensively. The study results showed that factors such as inflation rate, risk of redenomination, public understanding, currency changes, and psychographic aspects significantly affected the success of redenomination. The contribution of this research lies in providing an in-depth analysis of the implementation of redenomination in Indonesia and policy recommendations that can aid in successful implementation, as well as providing a broader perspective on the practice of redenomination in various economic contexts.
References
Amir, A. (2013). Redenominasi Rupiah dan Sistem Keuangan. Jurnal Perspektif Pembiayaan dan Pembangunan Daerah, 1(2), 91–96. https://doi.org/10.22437/ppd.v1i2.1498
Anelli, M., Patanè, M., Toscano, M., & Zedda, S. (2020). The Role of Redenomination Risk in the Price Evolution of Italian Banks' CDS Spreads. Journal of Risk and Financial Management, 13(7), 150. https://doi.org/10.3390/jrfm13070150
Annazah, N. S., Juanda, B., & Mulatsih, S. (2018). Faktor-Faktor yang Memengaruhi Keberhasilan Redenominasi. Jurnal Ekonomi dan Kebijakan Pembangunan, 6(2), 61–73. https://doi.org/10.29244/jekp.6.2.2017.61-73
Arsyad, M. (2023). Dampak Redenominasi Rupiah terhadap Penyajian Laporan Keuangan Audited. AKUNSIKA: Jurnal Akuntansi Dan Keuangan, 4(2), 1–7.
Astrini, D., Juanda, B., & Achsani, N. A. (2016). Impact of Redenomination on Price, Volume, and Value of Transaction: An Experimental Economic Approach. Buletin Ekonomi Moneter dan Perbankan, 19(2), 207–238. https://doi.org/10.21098/bemp.v19i2.630
Bleaney, M., & Veleanu, V. (2021). Redenomination risk in eurozone corporate bond spreads. The European Journal of Finance, 27(13), 1303–1325. https://doi.org/10.1080/1351847X.2021.1882524
Borri, N. (2019). Redenomination-risk spillovers in the Eurozone. Economics Letters, 174, 173–178. https://doi.org/10.1016/j.econlet.2018.11.013
Cherubini, U. (2021). Estimating redenomination risk under Gumbel–Hougaard survival copulas. Journal of Economic Dynamics and Control, 133, 104268. https://doi.org/10.1016/j.jedc.2021.104268
De Santis, R. A. (2019). Redenomination Risk. Journal of Money, Credit and Banking, 51(8), 2173–2206. https://doi.org/10.1111/jmcb.12582
Durand, C., & Villemot, S. (2020). Balance sheets after the EMU: An assessment of the redenomination risk. Socio-Economic Review, 18(2), 367–394. https://doi.org/10.1093/ser/mwy004
Dzokoto, V. A. A., Mensah, E. C., Twum-Asante, M., & Opare-Henaku, A. (2010). Deceiving Our Minds: A Qualitative Exploration of the Money Illusion in Post-redenomination Ghana. Journal of Consumer Policy, 33(4), 339–353. https://doi.org/10.1007/s10603-010-9144-3
Firliyanti, H. S. (2019). Urgenkah Penerapan Redenominasi Mata Uang di Indonesia?. Jurnal Manajemen Keuangan Publik, 3(1), 49–62. https://doi.org/10.31092/jmkp.v3i1.480
Hardiyanto, A., & Daulay, M. (2013). Analisis Persepsi Pelaku Usaha Di Kota Medan Terhadap Rencana Redenominasi. Jurnal Ekonomi dan Keuangan, 1(4), 1–11. https://media.neliti.com/media/publications/14732-ID-analisis-persepsi-pelaku-usaha-di-kota-medan-terhadap-rencana-redenominasi.pdf
Husen, D. S., Projogo, W., & Badrudin, R. (2022). Situational Involvement Sebagai Pemediasi Pengaruh Enduring Involvement Pada Cycling Affective State. Jurnal Ekonomi Dan Bisnis, 16(1), 49–58. http://jeb.stieykpn.ac.id/index.php/jeb/issue/view/142/582
Jati, S. A., & Prasetyo, P. E. (2018). Analisis Persepsi Pelaku UMKM Terhadap Kebijakan Redenominasi Rupiah di Kota Semarang. Efficient: Indonesian Journal of Development Economics, 1(1), 69–76. https://doi.org/10.15294/efficient.v1i1.27222
Kiss, G. D., & Alipanah, S. (2024). Sovereign spread divergence owing to inflation and redenomination risk countered by unconventional monetary policy in the Eurozone. Economic Modelling, 131, 106613. https://doi.org/10.1016/j.econmod.2023.106613
Kremens, L. (2023). Currency Redenomination Risk. Journal of Financial and Quantitative Analysis, 1–31. https://doi.org/10.1017/S002210902300087X
Kristianti, I. P., & Kristiana, D. R. (2023). Analisa Literasi Finansial, Sikap Finansial, dan Perilaku Finansial pada Milenial dan Generasi Z. Journal of Culture Accounting and Auditing, 2(2), 12. https://doi.org/10.30587/jcaa.v2i2.6865
Lapavitsas, C. (2018). The redenomination risk of exiting the Eurozone: An estimation based on the Greek case. European Law Journal, 24(2–3), 226–243. https://doi.org/10.1111/eulj.12276
Lianto, J., & Suryaputra, R. (2012). The Impact of Redenomination in Indonesia from Indonesian Citizens' Perspective. Procedia - Social and Behavioral Sciences, 40, 1–6. https://doi.org/10.1016/j.sbspro.2012.03.153
Mahardika, H., Sembada, A. Y., & Narhetali, E. (2015). Adapting to zeroes: Investigating the need for a transition period in the proposed Rupiah redenomination plan. J. for International Business and Entrepreneurship Development, 8(4), 346. https://doi.org/10.1504/JIBED.2015.072925
Marimuthu, F., & Maama, H. (2021). Currency redenomination and firm value growth: Lessons from a developing economy. Investment Management and Financial Innovations, 18(1), 223–235. https://doi.org/10.21511/imfi.18(1).2021.19
Miswanto, M., Tarigan, S. T., Wardhani, S., Khuan, H., Rahmadyanti, E., Jumintono, J., Ranatarisza, M. M., Machmud, M., & Machmud, M. (2024). Investigating the influence of financial literacy and supply chain management on the financial performance and sustainability of SMEs. Uncertain Supply Chain Management, 12(1), 407–416. https://doi.org/10.5267/j.uscm.2023.9.011
Miswanto, M. (2012). Kebijakan Dalam Penentuan Dan Pendanaan Modal Kerja Perusahaan. Jurnal Economia, 8(2), 181–195. https://doi.org/10.21831/economia.v8i2.1227
Miswanto, M. (2013). Pengukuran Risiko Bisnis dan Risiko Pendanaan Dalam Perusahaan. Jurnal Economia, 9(1), 102–115. https://doi.org/https://doi.org/10.21831/economia.v9i1.1380
Miswanto, M., Christiana, T. C., & Syaflan, M. (2022). Dampak Penggunaan Modal, Risiko Kredit, Efisiensi Operasional, Likuiditas, dan Kemampuan Pengelolaan Aset Produktif Terhadap Profitabilitas Perbankan. Jurnal Riset Manajemen Sekolah Tinggi Ilmu Ekonomi Widya Wiwaha Program Magister Manajemen, 9(2), 39–56. https://doi.org/10.32477/jrm.v9i2.449
Miswanto, M., & Husnan, S. (1999). The Effect of Operating Leverage, Cyclicality, and Firm Size on Business Risk. Gadjah Mada International Journal of Business, 1(1), 29–43. https://scholar.google.com/citations?view_op=view_citation&hl=id&user=Fz0SNesAAAAJ&citation_for_view=Fz0SNesAAAAJ:SP6oXDckpogC&gmla=AH8HC4wpaKGg3bPoZgYvGunKhtFQaN_WrB0lXGETTCEKPJX0fyoZgL6si9Xbxy0BaY7iLOgwjXeHoKE5gPfzpj0aH1DSzOwlJKo&sciund=8445934492278205608
Mumu, S., Muloke, W., & Maase, A. (2019). Analysis of Rashomon Effects on government policy regarding redenomination and sanering. Jurnal Keuangan Dan Perbankan, 23(1), 138–145. https://doi.org/10.26905/jkdp.v23i1.2533
Nilasari, E. (2014). Urgensi Redenominasi Nilai Rupiah Dalam Perekonomian Indonesia. At-Taradhi, 5(1). https://doi.org/10.18592/taradhi.v5i1.79
Obuobi, B., Nketiah, E., Awuah, F., Agyeman, F. O., Ofosu, D., Adu-Gyamfi, G., Adjei, M., & Amadi, A. G. (2020). Impact of Currency Redenomination on an Economy: An Evidence of Ghana. International Business Research, 13(2), 62. https://doi.org/10.5539/ibr.v13n2p62
Pambudi, A., Juanda, B., & Priyarsono, D. S. P. (2015). Penentu keberhasilan redenominasi mata uang: pendekatan historis dan eksperimental. Buletin Ekonomi Moneter dan Perbankan, 17(2), 167–196. https://doi.org/10.21098/bemp.v17i2.48
Pardasia, S., & Syafri, W. (2024). Analisis Faktor Yang Mempengaruhi Nilai Tukar. Jurnal Ekonomi Trisakti, 4(1), 187–196. http://dx.doi.org/10.25105/jet.v4i1.18694
Pereira, E. F., Miswanto, M., Biyanto, F., Siregar, B., Soares, A. R. C., & Pereira, F. M. (2025). The Role of Meaningful Work and Employee Well-being on Employee Experience: Moderation by Employee Autonomy - Literature Review. International Journal of Islamic Business and Management Review, 4(2), 138–155. https://doi.org/10.54099/ijibmr.v4i2.1182
Permana, S. H. (2015). Prospek pelaksanaan redenominasi di Indonesia. Jurnal Ekonomi Dan Kebijakan Publik, 6(1), 109–122. https://doi.org/http://dx.doi.org/10.22212/jekp.v6i1.159
Prabawani, B. (217). Potential Impacts of Redenomination: A Business Perspective. International Journal of Business and Society, 18(S2), 295–308. https://www.ijbs.unimas.my/images/repository/pdf/Vol18-S2-paper4.pdf
Prabawani, B. (2018). Money Illusions: Post Redenomination Shopping Behavior. Economics & Sociology, 11(3), 161–169. https://doi.org/10.14254/2071-789X.2018/11-3/10
Prabawani, B., Prihatini, A. E., & Purbawati, D. (2019). Economic Rationalities of Loksado Indigenous in a Redenomination Perspective. Jurnal Ilmu Sosial, 18(1), 1–16. https://doi.org/10.14710/jis.18.1.2019.1-16
Putri, M. T., Hatta, A. J., & Indraswono, C. (2023). Analisis persepsi kemanfaatan, persepsi kemudahan, kepercayaan, gaya hidup, literasi keuangan, dan risiko terhadap penggunaan qris sebagai alat pembayaran digital pada mahasiswa di yogyakarta. Jurnal Ekonomi dan Bisnis, 17(3), 215–228. https://doi.org/10.53916/jeb.v17i3.73
Soares, A. R. C., Da SIlva, F. M., Biyanto, F., Miswanto, M., & Winarno, W. W. (2024). Integration of Team Performance, Emotional Intelligence, and Human Resource Management Practices: A Systematic Review. International Journal of Asian Business and Management, 3(4), 425–442. https://doi.org/10.55927/ijabm.v3i4.10760
Suhendra, E. S., & Handayani, S. W. (2012). Impacts of Redenomiantion on Economics Indicators. Conference: International Conference on Eurasian Economies, 18–22. https://doi.org/10.36880/C03.00395
Tholl, J., Schwarzbach, C., Pittalis, S., & von Mettenheim, H.-J. (2020). Bank funding and the recent political development in Italy: What about redenomination risk? International Review of Law and Economics, 64, 105932. https://doi.org/10.1016/j.irle.2020.105932
Zulhaisa, M., Karimi, S., & Ridwan, E. (2021). Perspektif masyarakat di Kota Padang terhadap rencana kebijakan redenominasi mata uang rupiah. e-Jurnal Perspektif Ekonomi dan Pembangunan Daerah, 10(1), 49–60. https://doi.org/10.22437/pdpd.v10i1.12510
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Intan Anindya Pramytha, Ula Restu Rafifah, Atika Jauharia Hatta, Alfredo Dos Santos, Frasto Biyanto

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.