DAMPAK KEBIJAKAN MONETER TERHADAP PENILAIAN PASAR MODAL: STUDI KASUS OBLIGASI DAN SAHAM DI INDONESIA

Abstract

Monetary policy significantly influences capital market performance, especially the valuation of financial instruments such as bonds and stocks. In the Indonesian context, changes in Bank Indonesia’s benchmark interest rate directly impact investor sentiment and asset pricing. This article examines how monetary policy decisions affect the valuation of bonds and stocks in the Indonesian capital market. Rising interest rates typically lead to declining bond prices due to their inverse relationship and can reduce stock valuations by increasing the cost of capital and lowering future cash flow projections. Conversely, lower interest rates tend to enhance the appeal of both bonds and equities. This study uses a qualitative approach supported by empirical literature to explore the mechanisms through which interest rate adjustments influence capital market dynamics. The findings suggest a strong sensitivity of financial instruments to interest rate changes, underscoring the importance of macroeconomic policy awareness among investors and policymakers. Understanding these interactions is crucial for risk management and informed investment decision-making.