The Influence of Sharia Capital Market, Sharia Bonds (Sukuk), and BI Rate on Gross Domestic Products (GDP) in Indonesia

Gebi Gita Marsi, Dyah Titis Kusuma Wardani

Abstract


This study aims to determine what affect GDP (Gross Domestic Product) in constant Indonesian prices. The dependent variable used is GDP (Gross Domestic Product), and the independent variables are Islamic stocks, Islamic mutual funds, Islamic bonds (Sukuk), and the BI rate. The data used in this study are monthly during the period 2016: 1-2018: 12 sourced from OJK, BI, and Ministry of Home Affairs. The estimation tool used in this study is the Vector Error Correction Model (VECM) using E-views 7.0. Estimation results show that in the short term, the GDP variable (Gross Domestic Product) itself, Islamic stocks, BI rate, and Islamic mutual funds significantly affect GDP (Gross Domestic Product). In the long run, the estimation results show that sharia stock variables and sharia mutual funds have a significant effect on GDP (Gross Domestic Product). While the sharia bond variable (Sukuk) and the BI rate do not significantly affect GDP (Gross Domestic Product). VECM estimation results in this study also produce important Says, namely IRF (Impulse Response Function) and VDC (Variance Decomposition).


Keywords


GDP; Sharia Shares; Sharia Mutual Funds; Sharia Bonds; BI rate (Sukuk); VECM; IRF; VDC

Full Text:

PDF

References


Hudiyanto. (2017). Ekonomi Pembangunan, Cetakan Ketiga, Penerbit Lingkar Media.

Irawan, I., & Siregar, Z. A. (2019). Pengaruh saham syariah, sukuk dan reksadana syariah terhadap pertumbuhan ekonomi Indonesia (Tahun 2012-2017). TANSIQ: Jurnal Manajemen Dan Bisnis Islam 2(1).

Kartika, K. D. (2019). Pengaruh saham syariah, obligasi syariah, reksadana syariah dan inflasi terhadap pertumbuhan ekonomi indonesia periode 2011-2017. Jurnal Institut Agama Islam Negri Salatiga, 1(2), 1-20.

Khetsi, Q. S., & Mongale, I. P. (2015). The impact of capital markets on the economic growth in South Africa. Journal of Governance and Regulation, 4(1-1), 154-163. https://doi.org/10.22495/jgr_v4_i1_c1_p6

Kuncoro, M. 2009. Metode Riset untuk Bisnis dan Ekonomi. Edisi 3. Jakarta: Erlangga.

Maiga, F.K. (2017). Impact of interest rate on economic growth in Nigeria. Pyrex Journal of Business and Finance Management Research, 3(3), 98–111. Retrieved from http://www.pyrexjournals.org/pjbfmr

Ologunwa, O.P. & Sadibo, O.V. (2016). Capital market development and economic growth in nigeria: An empirical analysis. Jurnal of Manajement and Technology, 48- 59.

Ramlan, H., & Suhaimi, M.S.I.B. (2017). The relationship between interest rates and inflation toward the economic growth in Malaysia. Journal of Humanities, Language, Culture and Business (HLCB), 1(1), 55-63. Retrieved from http://www.icohlcb.com/images/Articles/Vol_1/Paper-006-.pdf

Semuel, H. & Nurina, S. (2015). Analysis of the effect of inflation, interest rates, and exchange rates on Gross Domestic Product (GDP) in Indonesia. Proceedings of the International Conference on Global Business, Economics, Finance and Social Sciences, 1-13.

Sukirno, S. (2004), Makro Ekonomi Teori Pengantar, PT Raja Grafindo Perkasa, Jakarta.

Winarno, W. W. (2015). Analisis Ekonometrika dan Statistika dengan EViews, Edisi Keempat. Yogyakarta: UPP STIM YKPN.

Zou, X. (2018). VECM Model Analysis of Carbon Emissions, GDP, and International Crude Oil Prices. Discrete Dynamics in Nature and Society, 2018, 1–11. https://doi.org/10.1155/2018/5350308




DOI: https://doi.org/10.18196/jerss.v4i2.10156

Refbacks

  • There are currently no refbacks.



Office:
Redaksi Journal of Economics Research and Social Sciences, Gedung E2 Lantai 2, Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Yogyakarta
Jalan Brawijaya, Tamantirto, Kasihan, Bantul, Daerah Istimewa Yogyakarta 55183

Email: jerss@umy.ac.id

Telp: +62 812-3233-6697

Creative Commons License

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