Linguistic framing in central bank communications: a corpus-based study of Bank Indonesia policy statements

Authors

  • Arif Nugroho Universitas Islam Negeri Raden Mas Said Author

Keywords:

Bank Indonesia, central bank communication, corpus linguistics, discourse analysis, framing

Abstract

Background: Central bank communication has become a vital instrument for shaping expectations in emerging markets, where credibility and market confidence are highly sensitive to linguistic framing. Objective: The purpose of this study is to examine how Bank Indonesia constructs its policy messages through lexical choices, discursive strategies, and framing devices. Method: The research employs a mixed-method design, combining corpus linguistics (frequency, keyword, collocation) with critical discourse analysis and frame analysis, using a corpus of Bank Indonesia policy statements from 2015 to 2025. Results: The findings reveal three major results: first, lexical analysis shows concentrated use of keywords such as stability, inflation, and resilience; second, discourse analysis identifies rhetorical strategies of authority legitimation, risk normalization, and optimism projection; third, framing analysis demonstrates consistent reliance on stability, resilience, and growth-support narratives across policy documents. Implication: These results imply that Bank Indonesia’s communication operates not only as a technical information tool but also as a discursive mechanism for legitimizing authority and anchoring expectations. Novelty: This study contributes to the ways central bank communication operates as a strategic discursive mechanism that stabilizes market expectations through patterned lexical choices, framing consistency, and the projection of institutional authority.

References

[1] P. Perdymer and A. Dewi, “How Bank Indonesia Communicate its Monetary Policy During COVID19 Period,” Central Bank of Indonesia, Ottawa, IPS 0240, Jul. 2023. [Online]. Available: https://www.bis.org/ifc/events/ifc_230716_20_agenda/IPS240PresentationDewi.pdf

[2] T. Evdokimova, P. Nagy-Mohacsi, O. Ponomarenko, and E. Ribakova, “Breaking down success: How emerging market central banks have outperformed the Fed and ECB in the post-Covid inflation surge,” CEPR, CEPR, pp. 1–4, Feb. 23, 2024.

[3] S. Gebauer, T. McGregor, and J. Schumacher, “How central bank communication affects the economy,” ECB Europa, ECB Europa, pp. 1–4, Jul. 31, 2024.

[4] A. Koshkin and I. V. Pen’kova, “The evolution of the concept of central bank communication as a tool: from a threat to financial stability to an element of the economic security system,” Национальная безопасность / nota bene, May 2025, doi: 10.7256/2454-0668.2025.5.76466.

[5] A. Alonso-Robisco and J. M. Carbo, “Analysis of CBDC Narrative OF Central Banks using Large Language Models,” Documentos de Trabajo, Aug. 2023, doi: 10.53479/33412.

[6] A. Rutkowska and M. Szyszko, “Dictionary-based sentiment analysis of monetary policy communication: on the applicability of lexicons,” Quality & Quantity, vol. 58, pp. 5421–5444, May 2024, doi: 10.1007/s11135-024-01896-9.

[7] A. Koshkin, “Typology of communication strategies of central banks as a tool of monetary policy,” Финансы и управление, Apr. 2025, doi: 10.25136/2409-7802.2025.4.74556.

[8] C. Herrmann-Pillath and L. O. B. Macedo, “Narratives and Economic Policy: Theoretical Explorations and the Case of Central Bank Communication in Brazil,” Journal of Contextual Economics – Schmollers Jahrbuch, Jul. 2021, doi: 10.3790/schm.141.3.243.

[9] A. Nishan, M. I. Hossain, M. R. Haque, R. B. Ankhi, and A. Hosen, “The Intersection of Macroeconomic Narratives and Inflation Perceptions: A Data-Driven Analysis of Public Trust in Federal Reserve Policy Decisions,” Cognizance Journal of Multidisciplinary Studies, Apr. 2025, doi: 10.47760/cognizance.2025.v05i04.002.

[10] L. Harris, “Institutional Power and Political Stability – Three Key Interventions by the Bank of England (2016-2024),” Revue française de civilisation britannique, Jan. 2025, doi: 10.4000/14qki.

[11] S. Avetisyan, “The Role of Central Bank Narratives in Economic Performance: Evidence from Armenia,” South Asian Journal of Macroeconomics and Public Finance, vol. 14, pp. 243–259, Sep. 2025, doi: 10.1177/22779787251372382.

[12] X. Liu, Y. Zhang, and Z. Jiang, “A Corpus-Based Comparative Study on the Low-carbon Image Construction of Chinese and American Banks,” Innovation in Applied Linguistics, Jul. 2025, doi: 10.37420/j.ial.2025.005.

[13] Y. Tang, L. Shen, and H. He, “Evaluative Language in Economic Reports of the Belt and Road Initiative: A Corpus-Based Analysis of Xinhua,” Journal of Linguistics and Communication Studies, Aug. 2025, doi: 10.56397/jlcs.2025.08.02.

[14] Y. Derradj and R. Toumache, “Exploring Socioeconomic Challenges Using Latent Dirichlet Allocation and Text Mining: Convergence Points Between World Bank and The International Monetary Fund Reports,” SocioEconomic Challenges, Mar. 2025, doi: 10.61093/sec.9(1).101-115.2025.

[15] N. Fairclough, Media discourse. Edward Arnold London, 1995. [Online]. Available: https://reviewbooku.com/review/norman-fairclough-media-discourse-4951969

[16] T. A. Van Dijk, “Introduction: discourse, interaction and cognition,” Discourse Studies, vol. 8, no. 1, pp. 5–7, Feb. 2006, doi: 10.1177/1461445606059544.

[17] A. Fawaid, H. Baharun, M. Hamzah, Rohimah, I. Munawwaroh, and D. F. Putri, “AI-based career management to improve the quality of decision making in higher education,” in 2025 IEEE Integrated STEM Education Conference (ISEC), IEEE, Mar. 2025, pp. 1–8. doi: 10.1109/isec64801.2025.11147274.

[18] R. Wodak, The Discourse of Politics in Action. London: Palgrave Macmillan UK, 2009. doi: 10.1057/9780230316539.

[19] A. H. A. R, A. Fawaid, A. I. Frimayanti, R. Purnamasari, H. A. Al Anshori, and R. Hasanah, “E-Kinerja In Bridging Performance Gap And Personalized Employees’ Services In Tertiary Education,” in 2025 IEEE Integrated STEM Education Conference (ISEC), IEEE, Mar. 2025, pp. 1–8. doi: 10.1109/isec64801.2025.11147415.

[20] S. O. Agbeleoba, “Textual Cohesion and Inter-connectedness in Sustainable Development Goals (SDGs)-Related Speeches and Reports,” Journal of Research in Humanities and Social Science, Sep. 2025, doi: 10.35629/9467-13095160.

[21] L. W. Hartanto, S. Ningrum, and T. Setiawan, “Study of Actor Networks and Discourse in the Policy of Formation of Land Bank in Indonesia,” Journal of Law, Politic and Humanities, Apr. 2025, doi: 10.38035/jlph.v5i4.1560.

[22] W. H. Zeng and K. Ahrens, “Corpus-Based Metaphorical Framing Analysis: WAR Metaphors in Hong Kong Public Discourse,” Metaphor and Symbol, vol. 38, pp. 254–274, May 2023, doi: 10.1080/10926488.2022.2158088.

[23] F. S. Musdalifah, A. Nasyaya, and A. D. Santoso, “Digital Voices in Early Days: Analysing Local Government Social Media Approaches to Risk Communication During the Initial Stages of the COVID-19 Pandemic in Indonesia,” Jurnal Komunikasi: Malaysian Journal of Communication, vol. 39, no. 4, pp. 126–149, 2023, doi: 10.17576/JKMJC-2023-3904-07.

[24] A. Setiawan, A. Nurmandi, S. Usman, and Z. Qodir, “INDONESIAN GOVERNMENT COMMUNICATION IN MEDIA FRAMING IN COVID-19 CRISIS POLICY,” Revista de Gestao Social e Ambiental, vol. 18, no. 5, 2024, doi: 10.24857/rgsa.v18n5-174.

[25] E. Setiawati and T. Wahjuono, “The Speech Acts of the Police Investigator on a Banking Criminal Act in the Police Investigation Report: A Pragmatic Study,” vol. 12, pp. 44–54, May 2020.

[26] V. Crescenzo, A. Bonfanti, P. Castellani, and A. Vargas-Sánchez, “Effective entrepreneurial narrative design in reward crowdfunding campaigns for social ventures,” International Entrepreneurship and Management Journal, vol. 18, pp. 773–800, Jan. 2022, doi: 10.1007/s11365-021-00774-2.

[27] J. Glaser et al., “Interventions to Improve Patient Comprehension in Informed Consent for Medical and Surgical Procedures: An Updated Systematic Review,” Medical Decision Making, vol. 40, pp. 119–143, Jan. 2020, doi: 10.1177/0272989x19896348.

Downloads

Published

31-03-2026

How to Cite

Linguistic framing in central bank communications: a corpus-based study of Bank Indonesia policy statements. (2026). Indonesian Journal of Language and Economic Discourse, 1(1), 21-30. https://ejournal.narasikhatulistiwa.org/index.php/ijle/article/view/520