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All Journal Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) MUQTASID INFERENSI IQTISHADIA ISLAMICA: Jurnal Studi Keislaman Jurnal Al-Iqtishad Economica: Jurnal Ekonomi Islam al-Uqud : Journal of Islamic Economics Agregat: Jurnal Ekonomi dan Bisnis SYIRKAH Shirkah: Journal of Economics and Business IQTISHADUNA: Jurnal Ekonomi dan Keuangan Islam MALIA: Journal of Islamic Banking and Finance El-Qist : Journal of Islamic Economics and Business (JIEB) Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Al-Qashdu: Jurnal Ekonomi dan Keuangan Syariah Oikonomika: Jurnal Kajian Ekonomi dan Keuangan Syariah Income: Innovation Of Economics And Management Journal of Islamic Economics, Management, and Business (JIEMB) Journal of Accounting and Digital Finance Al-Tijary : Jurnal Ekonomi dan Bisnis Islam Perbanas Journal of Islamic Economics and Business Mandiri: Jurnal Akuntansi dan Keuangan Innovative: Journal Of Social Science Research Miftah Iqtishadia: Jurnal Ekonomi dan Perbankan Syariah eJEBA
Anton Bawono
Sekolah Tinggi Agama Islam Negeri Salatiga
Religion Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Library & Information Science Public Health Social Sciences Other

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Journal : El-Qist : Journal of Islamic Economics and Business (JIEB)

 1 
The Role of Exchange Rate in Moderating Effect of Sharia Shares, Sharia Mutual Funds, and Foreign Debt on National Economic Growth Rate in 2011-2023 Mukarromah, Indriya Zayinul; Bawono, Anton
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 14 No. 1 (2024): April
Publisher : Islamic Economics Department, Faculty of Islamic Economics and Business, Sunan Ampel State Islamic University, Surabaya Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/elqist.2024.14.1.48-63

Abstract

This study aims to investigate the moderating role of exchange rates in the relationship between Islamic stocks, Islamic mutual funds, and foreign debt on national economic growth in Indonesia from 2011 to 2023. Utilizing a quantitative approach with Moderated Regression Analysis (MRA), this research employs quarterly time-series data sourced from Indonesia’s Financial Services Authority, Bank Indonesia, and the Central Bureau of Statistics. The findings reveal that the exchange rate has a positive and significant impact on economic growth, while foreign debt exerts a positive yet insignificant effect. Furthermore, the exchange rate significantly moderates the impact of foreign debt on economic growth but fails to moderate the influence of Islamic stocks. Notably, Islamic mutual funds and Islamic stocks were excluded from the final model due to multicollinearity. This research contributes to the international discourse by providing empirical evidence from an emerging Muslim-majority economy, highlighting how currency stability plays a pivotal role in shaping the interaction between external financial instruments and economic growth. The study underscores the importance of exchange rate management in enhancing macroeconomic resilience, particularly within the context of Islamic financial markets in developing countries.
Co-Authors Abdul Aziz Nugraha Pratama Affifa, Anis Agus Waluyo, Agus Ainiah, Zumrotul Aisah, Anik Nur Alifah, Eba Ismi Asfa Widiyanto, Asfa Catur Wahyudi, Catur Fitriyani, Arum Teguh Iffah, Zatul Itsnaini, Nurul Kholifah Aminatul Juli Riyanto Tri Wijaya Laili, Yasfillahul Listiyaniningsih, Listiyaniningsih Mukarromah, Indriya Zayinul Mustofa, Nur Huri Nabila, Rifda Nasikin, Muhammad Kava Oktaviani, Milatunnikmah Finisia Rahajeng Rifqi Aulia Erlangga Rismawati, Artias Sahri, Sahid Alfi Saidah, Alfi Sari, Winda Novita Setyaningrum, Aisyah Setyaningrum, Aisyah Touray, Sally Ulinnuha, Ulinnuha Yuafi, Hamdan Yudi Saputra