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All Journal JOURNAL OF BUSINESS AND ECONOMICS RESEARCH (JBE) AL-ARBAH: Journal of Islamic Finance and Banking
Sulong, Zunaidah
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Respons Of Islamic Stock Markets To Monetary Policy Empirical Evidence from Indonesia Rasyidin, Muhammad; Sulong, Zunaidah
AL-ARBAH: Journal of Islamic Finance and Banking Vol 1, No 1 (2019)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.v1i1.4437

Abstract

AbstractPurpose - The impact of stock market and capital formation on economic growth in Indonesia for the period of January 2015 – May 2019. This paper examines a long-run equilibrium relation between stock market, capital formation and economic growth and other control variables.Method - This study uses autoregressive distributed lag (ARDL) model.Result - Findings revealed that none of the models was stationary at level but were all stationary at first difference. There is not a short run significant relationship between stock market, capital formation and economic growth in Indonesia. In the long run, capital formation has a significant positive association on economic growth and a negative non-significant relationship between stock market and economic growth in Indonesia.Implication - This research is useful to know the response of Sharia market to monetary policy instruments in Indonesia so that the Sharia stock market strategy is potentially developing in the future to encourage the achievement of characteristics such as An alternative source of financing and investment for economic actors and able to facilitate risk mitigation needs for market participants and able to drive the efficiency of transactions in the market through the improvement of the quality of stock market infrastructure Sharia.  Originality - The update of this research is response of Sharia stock market response to monetary policy instruments in Indonesia that are researched using ARDL models.
MR Role of Islamic Stock Market and Capital Formation Promoting Indonesia’s Economy Rasyidin, M.; Sulong, Zunaidah; Afendi, Arif; Nova, Nova; Diah, Muhammad; Zulfikar, Zulfikar
Journal of Business and Economics Research (JBE) Vol 4 No 3 (2023): October 2023
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v4i3.3632

Abstract

Capital formation and Indonesia’s economy. The study employed ARDL bounds-testing for the long run relationship and ECM for the short run dynamics. The data used in this study were annual secondary data in the form of time series from 1995 to 2020. The data for the study were obtained from multiple sources such as World Bank database, Asian Development and publication from relevant plurals. To measure stock market development was proxied with stock value traded. The results of the data analyzed showed that there might with no a short run significant relationship between islamic capital market, capital formation and Indonesia’s economy. In the long run VECM shows that capital formation has a significant positive association with Indonesia’s economy and a negative and non-significant relationship between islamic stock market and Indonesia’s economy. Investors and policymakers should take into account the information and fluctuations the future movements of Islamic stock price. The companies and the government has a strong commitment to increase investment promotion, facilitate and development, the create a conducive investment climate to encourage increased Indonesia’s economy. Recovery of the Indonesian economy might put Islamic stock market at advantage because there is possibility that global investors will switch back their investment.. There is no literature review on Islamic stock market, capital formation and economic growth. Therefore, we are going to fill this gap to investigates the link between three variabel empirically using VAR model.
Respons Of Islamic Stock Markets To Monetary Policy Empirical Evidence from Indonesia Rasyidin, Muhammad; Sulong, Zunaidah
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 1 No. 1 (2019)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2019.1.1.4437

Abstract

AbstractPurpose - The impact of stock market and capital formation on economic growth in Indonesia for the period of January 2015 – May 2019. This paper examines a long-run equilibrium relation between stock market, capital formation and economic growth and other control variables.Method - This study uses autoregressive distributed lag (ARDL) model.Result - Findings revealed that none of the models was stationary at level but were all stationary at first difference. There is not a short run significant relationship between stock market, capital formation and economic growth in Indonesia. In the long run, capital formation has a significant positive association on economic growth and a negative non-significant relationship between stock market and economic growth in Indonesia.Implication - This research is useful to know the response of Sharia market to monetary policy instruments in Indonesia so that the Sharia stock market strategy is potentially developing in the future to encourage the achievement of characteristics such as An alternative source of financing and investment for economic actors and able to facilitate risk mitigation needs for market participants and able to drive the efficiency of transactions in the market through the improvement of the quality of stock market infrastructure Sharia.  Originality - The update of this research is response of Sharia stock market response to monetary policy instruments in Indonesia that are researched using ARDL models.
Co-Authors Arif Afendi Diah, Muhammad Fachry Abda El Rahman M. Rasyidin Nova Nova Rasyidin, Muhammad