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All Journal ETIKONOMI Jesya (Jurnal Ekonomi dan Ekonomi Syariah) International Journal of Communication and Society Dinasti International Journal of Digital Business Management IAIC Transactions on Sustainable Digital Innovation (ITSDI) ADI Pengabdian kepada Masyarakat Jurnal (ADIMAS Jurnal) COMSERVA: Jurnal Penelitian dan Pengabdian Masyarakat Makara Journal of Science Startupreneur Business Digital (SABDA Journal) Jurnal Ilmiah Edutic : Pendidikan dan Informatika Jurnal MENTARI: Manajemen, Pendidikan dan Teknologi Informasi Enrichment: Journal of Multidisciplinary Research and Development Jurnal Multidisiplin Indonesia
Henry, Henry
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Humanities Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Public Health Social Sciences Veterinary Other

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Journal : ETIKONOMI

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Macroeconomic Shocks and Market Persistence: A VECM Approach to the Indonesian Financial Sector Goh, Thomas Sumarsan; Erika, Erika; Henry, Henry; Albert, Albert
ETIKONOMI Vol. 25 No. 1 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v25i1.50478

Abstract

Research Originality: This study offers fresh insights by analyzing how inflation, exchange rates, and economic growth affect Indonesia’s IDX Finance sector, addressing a key gap in understanding the market's internal dynamics. Research Objectives: This study quantifies the impact of inflation, exchange rates, and economic growth on the Indonesian IDX Finance sector.  Research Method: This study uses 62 monthly observations and a VECM to analyze short- and long-run relationships among variables. Empirical Results:  Long-run VECM estimates reveal that the Consumer Price Index (CPI) and Exchange Rate (ER) exert significant positive pressures on IDXFINANCE, suggesting that moderate inflationary environments often catalyze credit expansion and heightened demand for financial intermediation. Conversely, Economic Growth (EG) exhibits a statistically negligible long-term impact. Implications: The findings indicate that IDX Finance is largely driven by its own past dynamics rather than by external macroeconomic shocks. As a result, internal market trends provide more reliable short-term predictions than traditional economic indicators, especially when the sector’s persistence is taken into account. JEL Classification: C5, E31, F31
Co-Authors Agustian, Harry Albert Albert Arthur Simanjuntak Aswadi Jaya, Aswadi Aurora, Cindy Dadi Adriana Darmanto Darmanto Devara Karunia Esa, Putu Dewi Nusraningrum, Dewi Effionora Anwar Erika Erika Eryc, Eryc Goh, Thomas Sumarsan Hafel, Muhlis Handra, Tessa Lachlan, Nicholas Liem, Gai Sin Lutfiyah, Konita Mahdi Jufri Parker, Jonathan Pebiyanti, Mamih Maya Queen, Zabenaso Rahmadan, Rizki Galang Sutisna, Felix Tan, Hana Maria Toni, Nagian Wardani Nur ali, Intan