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All Journal Jurnal Manajemen dan Bisnis (Performa) Jurnal Manajemen dan Bisnis Sriwijaya Journal of Economics, Business, & Accountancy Ventura Syntax Literate: Jurnal Ilmiah Indonesia JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Kaizen : Management Systems and Industrial Engineering Journal International Journal of Supply Chain Management Amwaluna Jurnal Ekonomi dan Keuangan Syariah Enrichment : Journal of Management INFOKUM Jurnal Integrasi Kesehatan dan Sains International Journal Of Science, Technology & Management (IJSTM) Studi Ilmu Manajemen dan Organisasi Jurnal Riset Manajemen dan Bisnis Bandung Conference Series: Business and Management International Journal of Science and Environment Applied Quantitative Analysis (AQA) Jurnal Ekonomi dan Kewirausahaan West Science Journal of Social Science and Business Studies Journal of Information System, Technology and Engineering
Tasya Aspiranti
Universitas Islam Bandung
Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Automotive Engineering Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Dentistry Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Mathematics Mechanical Engineering Medicine & Pharmacology Nursing Physics Public Health Social Sciences Transportation Other

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Journal : Journal of Economics, Business,

 1 
State Sukuk Potential in Reducing Indonesia Budget Deficit, 2009-2015 Ima Amaliah; Tasya Aspiranti
Journal of Economics, Business, & Accountancy Ventura Vol 20, No 1 (2017): April - July 2017
Publisher : STIE Perbanas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v20i1.781

Abstract

The purpose of this study is to identify potential retail state sukuk as part of state bonds that are used to replace foreign debt and lower the government's budget deficit. This study is important because the government's budget deficit continues to rise each year due to the increase of foreign debt. The increase in the debt itself is closely related to exchange rate fluctuations. Therefore, it is important for the government to develop a relatively secure funding in facing exchange rate fluctuations as well as parts of interest rate. The government has developed state securities based on sharia (SBSN) which can be used not only to close finance deficit but also to alternatively finance the infrastructure development. The population consists of budget deficit, retail state sukuk, corporate sukuk, and foreign debt. It uses purposive sampling to get the sample during 2009 -2015. This research uses descriptive quantitative method of secondary data published by Bank Indonesia, ministry Finance and Jakarta Islamic Index. The result shows that the proportion of retail state sukuk against sharia state securities increases over time (over 50%) but the proportion of corporate sukuk numbers is still relatively small (below 25%). 
Shifting the State Burden in Infrastructure Financing through the Issuance of Government Sukuk Amaliah, Ima; Aspiranti, Tasya
Journal of Economics, Business, and Accountancy Ventura Vol. 25 No. 2 (2022): August - November 2022
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v25i2.3023

Abstract

This research is intended to introduce and elaborate on the role of government sukuk as one of the macroeconomic policy instruments to cover the government budget deficit and infrastructure financing in Indonesia. This study developed an analysis model during the 2008.Q2-2020.Q4 period to show that the policy of developing Islamic financial instruments is closely related to macroeconomic variables. This study uses a dynamic linear ECM in developing government sukuk both in the short and long term. This study finds that sukuk budget deficit and infrastructure financing positively influence government sukuk issuance in the short term. While in the long term, infrastructure financing negatively influences government sukuk issuance. This study may suggest that the role of government sukuk as a substitute for foreign debt in building infrastructure must be further enhanced. The government should promote trust regarding government sukuk as a reliable investment instrument so that the government sukuk market expands and becomes an important source of financing for economic development, particularly infrastructure development.
State Sukuk Potential in Reducing Indonesia Budget Deficit, 2009-2015 Amaliah, Ima; Aspiranti, Tasya
Journal of Economics, Business, and Accountancy Ventura Vol. 20 No. 1 (2017): April - July 2017
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v20i1.781

Abstract

The purpose of this study is to identify potential retail state sukuk as part of state bonds that are used to replace foreign debt and lower the government's budget deficit. This study is important because the government's budget deficit continues to rise each year due to the increase of foreign debt. The increase in the debt itself is closely related to exchange rate fluctuations. Therefore, it is important for the government to develop a relatively secure funding in facing exchange rate fluctuations as well as parts of interest rate. The government has developed state securities based on sharia (SBSN) which can be used not only to close finance deficit but also to alternatively finance the infrastructure development. The population consists of budget deficit, retail state sukuk, corporate sukuk, and foreign debt. It uses purposive sampling to get the sample during 2009 -2015. This research uses descriptive quantitative method of secondary data published by Bank Indonesia, ministry Finance and Jakarta Islamic Index. The result shows that the proportion of retail state sukuk against sharia state securities increases over time (over 50%) but the proportion of corporate sukuk numbers is still relatively small (below 25%). 
Shifting the State Burden in Infrastructure Financing through the Issuance of Government Sukuk Amaliah, Ima; Aspiranti, Tasya
Journal of Economics, Business, and Accountancy Ventura Vol. 25 No. 2 (2022): August - November 2022
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v25i2.3023

Abstract

This research is intended to introduce and elaborate on the role of government sukuk as one of the macroeconomic policy instruments to cover the government budget deficit and infrastructure financing in Indonesia. This study developed an analysis model during the 2008.Q2-2020.Q4 period to show that the policy of developing Islamic financial instruments is closely related to macroeconomic variables. This study uses a dynamic linear ECM in developing government sukuk both in the short and long term. This study finds that sukuk budget deficit and infrastructure financing positively influence government sukuk issuance in the short term. While in the long term, infrastructure financing negatively influences government sukuk issuance. This study may suggest that the role of government sukuk as a substitute for foreign debt in building infrastructure must be further enhanced. The government should promote trust regarding government sukuk as a reliable investment instrument so that the government sukuk market expands and becomes an important source of financing for economic development, particularly infrastructure development.
Co-Authors A. Harits Nu'man Abdurrahim Abi Anwar, Umari Abi Anwar, Umari Abdurrahim Ade Yunita Mafruhat Adwiyah, Rabiatul Ahmad Julianda Akhmad Yogi Pramatirta, Akhmad Yogi Amalia, Ima Anisya Islamiyani Anjani, Selsa Putri Anwar, Umari Abdurrahim Abi Ardin Alpiana Nugraha Ayu Paramita Bagas Ismail Bima Cahya B Cahya B, Bima Cici Cintyawati Cici Cintyawati Cici Cintyawati Cici Cyntiawati Dadang Kusnadi Dalila Salsabila Denasari Nurul Hikmah Dita Garnida Eka Novia Arismayanti Eka Paksi, Tri Ayu Eka Tresna Gumelar Erma Walyuniar Farida Nur Machmud Fujitha, Bella Gia Halwansalas Handri Handri Hendarta, Albert Hendrati Dwi Mulyaningsih Ilham Fadillah Ima Amaliah Inva Jaswita, Derizka Iyan Bachtiar Jun Junaedi Lasmanah Luthfi Nurwandi Maqhfira Ridha Maulani Meli Amelia Mepy Nurana Mepy Nurana Meti Mulyati Moh. Safii Muhamad Ilham Eka Dwirahman Muhammad Naufal Nuriansyah Muhardi Muhardi Muhardi Muhardi Munarsih, Munarsih Naufal Wildan Rahmadian Nirmala Kesumah Nunung Nurhayati Nur Azmi Aulia Nurdin Nurdin Nurfahmiyati Nurfahmiyati Paksi, Tri Ayu Eka Pasha, Mochammad Samy Pratama, Ikbar Pupung Purnamasari Puspitawaty, Vinna R. Oktini, Dede Rabiatul Adwiyah Rafly Tryas Fariansyah Rahmaniar, Mirda Rahmannisa, Shofa Nur Rahmawati, Safira Rakha Izzatur Rahman Rani, Asni Mustika Reni Farida Yanti Riga Ari Nurgani Rini Lestari Risma Nuryanti Rusman Frendika Shafira Raudya Putri Shafira Raudya Putri Siskia Yuhanida Sri Suwarsi Subhan Perkasa Sumadilaga Sufiarsah, Sevanya Rezkia Sumadilaga, Subhan Perkasa Susan Fitriyana Suyanto, Rachmat Syifa Alia Balqis Three Yuliarti Koswara Tri Ayu Eka Paksi Umari Abdurrahim Abi Anwar Umari Abdurrahim Abi Anwar Westi Riani Wijoyo, Agung Yudha Dwi Nugraha Yuhka Sundaya Zahra Nabila Latama Zakri, Melvin Zulmauli Bahri