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Macroeconomic Variables and Sukuk Outstanding in Indonesia Asri, Nur Habibah; Dwi Wulandari
Open Access Indonesia Journal of Social Sciences Vol. 4 No. 6 (2021): Open Access Indonesia Journal of Social Sciences
Publisher : HM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37275/oaijss.v4i6.101

Abstract

Sukuk or Sharia bonds are one of the investment instruments in Indonesia. Since the 19th century, Sukuk has become popular with investors. Several previous studies found contradictory results that macroeconomic variables have a relationship and influence on Sukuk by observing the year before the pandemic. This study uses a quantitative descriptive method with a Vector Autoregression (VAR) approach. Through the optimum lag value, namely, lag 3, statistically it was found that there was a significant relationship between the variables of GDP, interest rates, and the exchange rate on Sukuk. In addition, several analysis results found a causal relationship between these variables.
Macroeconomic Variables and Sukuk Outstanding in Indonesia Asri, Nur Habibah; Dwi Wulandari
Open Access Indonesia Journal of Social Sciences Vol. 4 No. 6 (2021): Open Access Indonesia Journal of Social Sciences
Publisher : HM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (276.879 KB) | DOI: 10.37275/oaijss.v4i6.101

Abstract

Sukuk or Sharia bonds are one of the investment instruments in Indonesia. Since the 19th century, Sukuk has become popular with investors. Several previous studies found contradictory results that macroeconomic variables have a relationship and influence on Sukuk by observing the year before the pandemic. This study uses a quantitative descriptive method with a Vector Autoregression (VAR) approach. Through the optimum lag value, namely, lag 3, statistically it was found that there was a significant relationship between the variables of GDP, interest rates, and the exchange rate on Sukuk. In addition, several analysis results found a causal relationship between these variables.