The Bank Lending Channel in Dual Banking Systems: How Market Power Shapes Monetary Policy Effectiveness
Abstract
This paper investigates the effectiveness of the bank lending channel as a mechanism for monetary policy transmission in dual banking systems. Using generalized method of moments (GMM) estimators, we examine how market power and the presence of Islamic banks influence the bank lending channel. Our empirical results reveal that the effectiveness of this channel is conditional on the degree of market power. Specifically, we find that increases in interest rates are effective in altering bank lending only when the Lerner index, a measure of market power, reaches the threshold of 0.35. This suggests that the bank lending channel is only effective in markets with lower to average levels of competition (i.e. high market power). Additionally, we identify unique characteristics of Islamic banks that warrant further research for a comprehensive understanding of their role in the bank lending channel. Our study has important policy implications, particularly for emerging economies and dual banking systems, where regulatory measures may need to consider the intricate balance between market competition and effective monetary policy
References
Bibliography
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Adams, R. M., Amel, D. F. (2005). The Effects of Local Banking Market Structure on the Bank-Lending Channel of Monetary Policy. US: Federal Reserve. Retrieved from: https://www.federalreserve.gov/pubs/feds/2005/200516/200516pap.pdf
Ali, M., Khattak, M.A., & Alam, N. (2021). Credit risk in dual banking systems: does competition matter? Empirical evidence. International Journal of Emerging Markets, ahead-of-print. https://doi.org/10.1108/IJOEM-01-2020-0035
Al-Muharrami, Saeed & Matthews, Kent, 2009. "Market Power versus Efficient-Structure in Arab GCC Banking," Cardiff Economics Working Papers E2009/7, Cardiff University, Cardiff Business School, Economics Section.
Altunbas , Y. , L. Gambacorta , and D. Marquez-Ibañez ( 2010 ): “ Does Monetary Policy Affect Bank Risk-Taking? ” Working Paper , Bank for International Settlements .Amidu, M. (2006). The Link Between Monetary Policy and Banks’ Lending Behaviour: The Ghanaian Case. Banks and Bank Systems, 1(4), 38-48.
Amidu, M., & Wolfe, S. (2013). The effect of banking market structure on the lending channel: Evidence from emerging markets. Review of Financial Economics, 22(4), http://dx.doi.org/10.1016/j.rfe.2013.05.002
Ariss, R. T. (2010). On the Implications of Market Power in Banking: Evidence from Developing Countries. Journal of Banking & Finance. 34(4), 765-775. https://doi.org/10.1016/j.jbankfin.2009.09.004
Asbeig & Kassim, 2015. "Monetary transmission during low interest rate environment in a dual banking system: evidence from Malaysia," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 8(3),. https://doi.org/10.1080/17520843.2015.1060248
Azmi, W. & Ali Abdul Manap, T. (2017). Competition, Banking Stability and Growth: Evidence from the dual banking system in OIC countries," Working Papers 2017-6, The Islamic Research and Teaching Institute (IRTI).
Bacha, Obiyathulla I., 2008. "The Islamic Inter bank Money Market and a Dual Banking System : The Malaysian Experience," MPRA Paper 12699, University Library of Munich, Germany, revised Mar 2008.
Beck, T., Demirguc-Kunt, A., Merrouche, O. (2013). Islamic Vs. Conventional Banking: Business Model, Efficiency and Stability. Journal of Banking & Finance. 37 (2013) 433–447. https://doi.org/10.1016/j.jbankfin.2012.09.016
Becker, R., Osborn, D. R., Yildirm, D. (2012). A Threshold Cointegration Analysis of Interest Rate Pass-Through to UK Mortgage Rates. Economic Modelling. http://dx.doi.org/10.1016/j.econmod.2012.08.004
Bernanke, B, (1983). Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression. Massachusetts: National Bureau of Economic Research. NBER Working Paper No. 1054. Retrieved from: https://www.nber.org/papers/w1054.pdf
Bernanke, B., Blinder, A. (1988). Credit, Money and Aggregate Demand. Massachusetts: National Bureau of Economic Research. NBER Working paper No. 2534. Retrieved from: https://www.nber.org/papers/w2534.pdf
Bernanke, B., Gertler, M. (1995). Inside the Black Box: The Credit Channel of Monetary Policy Transmission. Massachusetts: National Bureau of Economic Research. NBER Working Paper No. 5146. Retrieved from: https://www.nber.org/papers/w5146
Borio, C., Gambacorta, L. (2017). Monetary Policy and Bank Lending in A Low Interest Rate Environment: Diminishing Effectiveness? Bank of International Settlement. Retrieved from: https://www.bis.org/publ/work612.pdf
Boukhatem, J., & Djelassi, M. (2022). The bank-lending channel of monetary policy transmission in a dual banking system: empirical evidence from panel VAR modeling. Cogent Economics & Finance, 10.
Christiano, Lawrence J. & Eichenbaum, Martin & Evans, Charles L., 1999. "Monetary policy shocks: What have we learned and to what end?," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 2, pages 65-148, Elsevier.
Christopher A. Sims, 1992. "Interpreting the Macroeconomic Time Series Facts: The Effects of Monetary Policy," Cowles Foundation Discussion Papers 1011, Cowles Foundation for Research in Economics, Yale University. http://dx.doi.org/10.1016/0014-2921(92)90041-T
Dang, V.D., & Dang, V.C. (2021). Bank diversification and the effectiveness of monetary policy transmission: Evidence from the bank-lending channel in Vietnam. Cogent Economics & Finance, 9.
Dhungana, N. T. (2016). Effects of Monetary Policy on Bank Lending in Nepal. International Journal of Business and Management Review. 4(7), 60-81. https://doi.org/10.37745/ijbmr.2013
Fakhfekh, Mohamed & Hachicha, Nejib & Jawadi, Fredj & Selmi, Nadhem & Idi Cheffou, Abdoulkarim, 2016. "Measuring volatility persistence for conventional and Islamic banks: An FI-EGARCH approach," Emerging Markets Review, Elsevier, vol. 27(C), pages 84-99.
Fungáčová, Z., Solanko, L., & Weill, L. (2014). Does competition influence the bank lending channel in the euro area? Journal of Banking and Finance http://dx.doi.org/10.1016/j.jbankfin.2014.06.018
Gertler, M., Glichrist, S., Nataucci, F. (2013). External Constraints on Monetary Policy and the Financial Accelerator. NBER Working Paper No. 10128. Retrieved from: https://www.nber.org/papers/w10128
Glindro, E.T., Armas, J.C., Tolentino, V.B., & Dela Cruz-Sombe, L. (2022). Heterogenous impact of monetary policy on the Philippine rural banking system. The Philippine Review of Economics.
Gunji, T., Matsuhashi, N., Sato, H., Fuijbayashi, K., Okmura. M., Sasabe, N., Urabe, A. (2009). Light and Moderate Alcohol Consumption Significantly Reduces the Prevalence of Fatty Liver in the Japanese Male Population. The American Journal of Gastroenterology. http://dx.doi.org/10.1038/ajg.2009.361
Hakan, E.E., & Gülümser, A.B. (2011). Impact of Interest Rates on Islamic and Conventional Banks: The Case of Turkey.
Huseynov, F., Jamilov, R., Zhang, W. (2013). Bank Competition and the Lending Channel in Transition Countries.
Ibrahim, M. (2017). The Bank Lending Channel of Monetary Policy Transmission in A dual Banking System. Journal of Islamic Monetary Economics and Finance. 2(2), 193-22. https://doi.org/10.21098/jimf.v2i2.656
Ibrahim, M. H. (2016). Business Cycle and Bank Lending Procyclicality In A Dual Banking System. Economic Modelling, 55(C), 127-134.
Jearviriyaboonya, J., & Sethapramote, Y. (2019). Competition and Bank Lending Channels: Evidence from Bank-Level Data in Thailand. Journal of Economics and Management Strategy, 6, 105-122.
Jemma Dridi and Maher Hasan, (2010), The Effects of the Global Crisison Islamic and Conventional Banks: A Comparative Study, No 2010/201, IMF Working Papers, International Monetary Fund
Jimenez, Gabriel and Ongena, Steven R. G. and Peydro, Jose-Luis and Saurina Salas, Jesus, Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say about the Effects of Monetary Policy on Credit Risk-Taking? (May 10, 2013). CentER Discussion Paper Series No. 2007-75, AFA 2009 San Francisco Meetings Paper, Available at SSRN: https://ssrn.com/abstract=1018960 or http://dx.doi.org/10.2139/ssrn.1018960
Kamta, M.T., Avom, D., Ndeffo, L.N., & Moumié, E.M. (2020). Effect of Banking Concentration on Monetary Policy Transmission Mechanism in Cameroon.
Karkaus, F. (2014). Concentration in Banking and Lending Channel of Monetary Policy: Evidence from Turkey. Istanbul Bilgi University Graduate School of Social Sciences Department of Economics. Retrieved from: http://openaccess.bilgi.edu.tr:8080/xmlui/handle/11411/688
Kashyap, A., Stein, J. (2000). What Do a Million Observations on Banks Say about the Transmission of Monetary Policy? American Economic Review 90(3), 407-428.
Kassim, Salina & Abd. Majid, M. Shabri & mohd. yusof, Rosylin. (2009). Impact of Monetary Policy Shocks on the Conventional and Islamic Banks in a Dual Banking System: Evidence from Malaysia. Journal of Economic Cooperation and Development. 30.
Khattak, M.A., Ali, M., & Khan, N.A. (2022). Competition and banks' financial performance in dual banking: Evidence from efficiency-adjusted market power. Economic Journal of Emerging Markets.
Liebersohn, J. (2017). How Does Competition Affect Bank Lending? Quasi-Experimental Evidence from Bank Mergers. Retrieved from: http://www.mit.edu/~liebers/liebersohn_jmp.pdf
Louati, Salma & Boujelbene, Younes. (2015). Banks’ stability-efficiency within dual banking system: a stochastic frontier analysis. International Journal of Islamic and Middle Eastern Finance and Management. 8. 472-490. 10.1108/IMEFM-12-2014-0121.
Martin Cihak and Heiko Hesse, (2010), Islamic Banks and Financial Stability: An Empirical Analysis, Journal of Financial Services Research, http://dx.doi.org/10.1007/s10693-010-0089-0
Morris, C. S., Sellon, G. H. (1995). Bank Lending and Monetary Policy: Evidence on a Credit Channel. Economic Review, 80(2), 59-75.
Naveed, M.Y. (2015), Impact of monetary policy shocks in a dual banking system in Pakistan: A vector auto regressive approach (VAR). European Academic Research, 2, 1-17.
Olivero, M. P., Li, Y., & Jeon, B. N. (2011). Competition in banking and the lending channel: Evidence from bank-level data in Asia and Latin America. Journal of Banking and Finance, 35(3), 560–571.
Özşuca, E.A. (2022). Revisiting the bank-lending channel in Turkey under the unconventional monetary policy framework. Business & Management Studies: An International Journal. https://doi.org/10.15295/bmij.v10i3.2099
Romer, C. D., Romer, D. H. (2000). Federal Reserve Information and the Behavior of Interest Rates. American Economic Review. 90 (3), 429-457.
Salim, Kinan. (2017). The impact of competition/concentration on efficiency in dual banking system [Doctoral dissertation].
Sengonul, A., Thorbeck, W. (2006). The Effect of Monetary Policy on Bank Lending in Turkey. Applied Financial Economics Journal. 15(13), 931-934. http://dx.doi.org/10.1080/0960310050010225
Weill, Laurent, Do Islamic Banks Have Greater Market Power? (February 26, 2010). BOFIT Discussion Paper No. 2/2010, Available at SSRN: https://ssrn.com/abstract=1578244 or http://dx.doi.org/10.2139/ssrn.1578244
Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25-51.
Yang, J., & Shao, H. (2016). Impact of Bank Competition on The Bank Lending Channel of Monetary Transmission: Evidence from China. International Review of Economics and Finance, https://doi.org/10.1016/j.iref.2015.12.008
Yungucu, Burak & Uluyol, Burhan. (2016). The Effects of Monetary Policy on the Islamic Financial Services Industry. Qualitative Research in Financial Markets. 8. 218-228. 10.1108/QRFM-02-2016-0006.
Abojeib, M. (2017). Competition - stability relationship in dual banking systems Islamic vs. conventional banks [Doctoral dissertation].
Adams, R. M., Amel, D. F. (2005). The Effects of Local Banking Market Structure on the Bank-Lending Channel of Monetary Policy. US: Federal Reserve. Retrieved from: https://www.federalreserve.gov/pubs/feds/2005/200516/200516pap.pdf
Ali, M., Khattak, M.A., & Alam, N. (2021). Credit risk in dual banking systems: does competition matter? Empirical evidence. International Journal of Emerging Markets, ahead-of-print. https://doi.org/10.1108/IJOEM-01-2020-0035
Al-Muharrami, Saeed & Matthews, Kent, 2009. "Market Power versus Efficient-Structure in Arab GCC Banking," Cardiff Economics Working Papers E2009/7, Cardiff University, Cardiff Business School, Economics Section.
Altunbas , Y. , L. Gambacorta , and D. Marquez-Ibañez ( 2010 ): “ Does Monetary Policy Affect Bank Risk-Taking? ” Working Paper , Bank for International Settlements .Amidu, M. (2006). The Link Between Monetary Policy and Banks’ Lending Behaviour: The Ghanaian Case. Banks and Bank Systems, 1(4), 38-48.
Amidu, M., & Wolfe, S. (2013). The effect of banking market structure on the lending channel: Evidence from emerging markets. Review of Financial Economics, 22(4), http://dx.doi.org/10.1016/j.rfe.2013.05.002
Ariss, R. T. (2010). On the Implications of Market Power in Banking: Evidence from Developing Countries. Journal of Banking & Finance. 34(4), 765-775. https://doi.org/10.1016/j.jbankfin.2009.09.004
Asbeig & Kassim, 2015. "Monetary transmission during low interest rate environment in a dual banking system: evidence from Malaysia," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 8(3),. https://doi.org/10.1080/17520843.2015.1060248
Azmi, W. & Ali Abdul Manap, T. (2017). Competition, Banking Stability and Growth: Evidence from the dual banking system in OIC countries," Working Papers 2017-6, The Islamic Research and Teaching Institute (IRTI).
Bacha, Obiyathulla I., 2008. "The Islamic Inter bank Money Market and a Dual Banking System : The Malaysian Experience," MPRA Paper 12699, University Library of Munich, Germany, revised Mar 2008.
Beck, T., Demirguc-Kunt, A., Merrouche, O. (2013). Islamic Vs. Conventional Banking: Business Model, Efficiency and Stability. Journal of Banking & Finance. 37 (2013) 433–447. https://doi.org/10.1016/j.jbankfin.2012.09.016
Becker, R., Osborn, D. R., Yildirm, D. (2012). A Threshold Cointegration Analysis of Interest Rate Pass-Through to UK Mortgage Rates. Economic Modelling. http://dx.doi.org/10.1016/j.econmod.2012.08.004
Bernanke, B, (1983). Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression. Massachusetts: National Bureau of Economic Research. NBER Working Paper No. 1054. Retrieved from: https://www.nber.org/papers/w1054.pdf
Bernanke, B., Blinder, A. (1988). Credit, Money and Aggregate Demand. Massachusetts: National Bureau of Economic Research. NBER Working paper No. 2534. Retrieved from: https://www.nber.org/papers/w2534.pdf
Bernanke, B., Gertler, M. (1995). Inside the Black Box: The Credit Channel of Monetary Policy Transmission. Massachusetts: National Bureau of Economic Research. NBER Working Paper No. 5146. Retrieved from: https://www.nber.org/papers/w5146
Borio, C., Gambacorta, L. (2017). Monetary Policy and Bank Lending in A Low Interest Rate Environment: Diminishing Effectiveness? Bank of International Settlement. Retrieved from: https://www.bis.org/publ/work612.pdf
Boukhatem, J., & Djelassi, M. (2022). The bank-lending channel of monetary policy transmission in a dual banking system: empirical evidence from panel VAR modeling. Cogent Economics & Finance, 10.
Christiano, Lawrence J. & Eichenbaum, Martin & Evans, Charles L., 1999. "Monetary policy shocks: What have we learned and to what end?," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 2, pages 65-148, Elsevier.
Christopher A. Sims, 1992. "Interpreting the Macroeconomic Time Series Facts: The Effects of Monetary Policy," Cowles Foundation Discussion Papers 1011, Cowles Foundation for Research in Economics, Yale University. http://dx.doi.org/10.1016/0014-2921(92)90041-T
Dang, V.D., & Dang, V.C. (2021). Bank diversification and the effectiveness of monetary policy transmission: Evidence from the bank-lending channel in Vietnam. Cogent Economics & Finance, 9.
Dhungana, N. T. (2016). Effects of Monetary Policy on Bank Lending in Nepal. International Journal of Business and Management Review. 4(7), 60-81. https://doi.org/10.37745/ijbmr.2013
Fakhfekh, Mohamed & Hachicha, Nejib & Jawadi, Fredj & Selmi, Nadhem & Idi Cheffou, Abdoulkarim, 2016. "Measuring volatility persistence for conventional and Islamic banks: An FI-EGARCH approach," Emerging Markets Review, Elsevier, vol. 27(C), pages 84-99.
Fungáčová, Z., Solanko, L., & Weill, L. (2014). Does competition influence the bank lending channel in the euro area? Journal of Banking and Finance http://dx.doi.org/10.1016/j.jbankfin.2014.06.018
Gertler, M., Glichrist, S., Nataucci, F. (2013). External Constraints on Monetary Policy and the Financial Accelerator. NBER Working Paper No. 10128. Retrieved from: https://www.nber.org/papers/w10128
Glindro, E.T., Armas, J.C., Tolentino, V.B., & Dela Cruz-Sombe, L. (2022). Heterogenous impact of monetary policy on the Philippine rural banking system. The Philippine Review of Economics.
Gunji, T., Matsuhashi, N., Sato, H., Fuijbayashi, K., Okmura. M., Sasabe, N., Urabe, A. (2009). Light and Moderate Alcohol Consumption Significantly Reduces the Prevalence of Fatty Liver in the Japanese Male Population. The American Journal of Gastroenterology. http://dx.doi.org/10.1038/ajg.2009.361
Hakan, E.E., & Gülümser, A.B. (2011). Impact of Interest Rates on Islamic and Conventional Banks: The Case of Turkey.
Huseynov, F., Jamilov, R., Zhang, W. (2013). Bank Competition and the Lending Channel in Transition Countries.
Ibrahim, M. (2017). The Bank Lending Channel of Monetary Policy Transmission in A dual Banking System. Journal of Islamic Monetary Economics and Finance. 2(2), 193-22. https://doi.org/10.21098/jimf.v2i2.656
Ibrahim, M. H. (2016). Business Cycle and Bank Lending Procyclicality In A Dual Banking System. Economic Modelling, 55(C), 127-134.
Jearviriyaboonya, J., & Sethapramote, Y. (2019). Competition and Bank Lending Channels: Evidence from Bank-Level Data in Thailand. Journal of Economics and Management Strategy, 6, 105-122.
Jemma Dridi and Maher Hasan, (2010), The Effects of the Global Crisison Islamic and Conventional Banks: A Comparative Study, No 2010/201, IMF Working Papers, International Monetary Fund
Jimenez, Gabriel and Ongena, Steven R. G. and Peydro, Jose-Luis and Saurina Salas, Jesus, Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say about the Effects of Monetary Policy on Credit Risk-Taking? (May 10, 2013). CentER Discussion Paper Series No. 2007-75, AFA 2009 San Francisco Meetings Paper, Available at SSRN: https://ssrn.com/abstract=1018960 or http://dx.doi.org/10.2139/ssrn.1018960
Kamta, M.T., Avom, D., Ndeffo, L.N., & Moumié, E.M. (2020). Effect of Banking Concentration on Monetary Policy Transmission Mechanism in Cameroon.
Karkaus, F. (2014). Concentration in Banking and Lending Channel of Monetary Policy: Evidence from Turkey. Istanbul Bilgi University Graduate School of Social Sciences Department of Economics. Retrieved from: http://openaccess.bilgi.edu.tr:8080/xmlui/handle/11411/688
Kashyap, A., Stein, J. (2000). What Do a Million Observations on Banks Say about the Transmission of Monetary Policy? American Economic Review 90(3), 407-428.
Kassim, Salina & Abd. Majid, M. Shabri & mohd. yusof, Rosylin. (2009). Impact of Monetary Policy Shocks on the Conventional and Islamic Banks in a Dual Banking System: Evidence from Malaysia. Journal of Economic Cooperation and Development. 30.
Khattak, M.A., Ali, M., & Khan, N.A. (2022). Competition and banks' financial performance in dual banking: Evidence from efficiency-adjusted market power. Economic Journal of Emerging Markets.
Liebersohn, J. (2017). How Does Competition Affect Bank Lending? Quasi-Experimental Evidence from Bank Mergers. Retrieved from: http://www.mit.edu/~liebers/liebersohn_jmp.pdf
Louati, Salma & Boujelbene, Younes. (2015). Banks’ stability-efficiency within dual banking system: a stochastic frontier analysis. International Journal of Islamic and Middle Eastern Finance and Management. 8. 472-490. 10.1108/IMEFM-12-2014-0121.
Martin Cihak and Heiko Hesse, (2010), Islamic Banks and Financial Stability: An Empirical Analysis, Journal of Financial Services Research, http://dx.doi.org/10.1007/s10693-010-0089-0
Morris, C. S., Sellon, G. H. (1995). Bank Lending and Monetary Policy: Evidence on a Credit Channel. Economic Review, 80(2), 59-75.
Naveed, M.Y. (2015), Impact of monetary policy shocks in a dual banking system in Pakistan: A vector auto regressive approach (VAR). European Academic Research, 2, 1-17.
Olivero, M. P., Li, Y., & Jeon, B. N. (2011). Competition in banking and the lending channel: Evidence from bank-level data in Asia and Latin America. Journal of Banking and Finance, 35(3), 560–571.
Özşuca, E.A. (2022). Revisiting the bank-lending channel in Turkey under the unconventional monetary policy framework. Business & Management Studies: An International Journal. https://doi.org/10.15295/bmij.v10i3.2099
Romer, C. D., Romer, D. H. (2000). Federal Reserve Information and the Behavior of Interest Rates. American Economic Review. 90 (3), 429-457.
Salim, Kinan. (2017). The impact of competition/concentration on efficiency in dual banking system [Doctoral dissertation].
Sengonul, A., Thorbeck, W. (2006). The Effect of Monetary Policy on Bank Lending in Turkey. Applied Financial Economics Journal. 15(13), 931-934. http://dx.doi.org/10.1080/0960310050010225
Weill, Laurent, Do Islamic Banks Have Greater Market Power? (February 26, 2010). BOFIT Discussion Paper No. 2/2010, Available at SSRN: https://ssrn.com/abstract=1578244 or http://dx.doi.org/10.2139/ssrn.1578244
Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25-51.
Yang, J., & Shao, H. (2016). Impact of Bank Competition on The Bank Lending Channel of Monetary Transmission: Evidence from China. International Review of Economics and Finance, https://doi.org/10.1016/j.iref.2015.12.008
Yungucu, Burak & Uluyol, Burhan. (2016). The Effects of Monetary Policy on the Islamic Financial Services Industry. Qualitative Research in Financial Markets. 8. 218-228. 10.1108/QRFM-02-2016-0006.
Published
2023-12-14
How to Cite
SALIM, Kinan et al.
The Bank Lending Channel in Dual Banking Systems: How Market Power Shapes Monetary Policy Effectiveness.
International Journal of Islamic Economics, [S.l.], v. 5, n. 02, p. 91-113, dec. 2023.
ISSN 2686-2166.
Available at: <https://e-journal.ejournal.metrouniv.ac.id/IJIE/article/view/8057>. Date accessed: 28 june 2024.
doi: https://doi.org/10.32332/ijie.v5i02.8057.
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Articles
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