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Global Uncertainty and Indonesian Stock Performance: Evidence on JCI Volatility using ARCH-GARCH & ARDL Muhammad Sulton Maruf; Eni Setyowati
Proceeding ISETH (International Summit on Science, Technology, and Humanity) 2025: Proceeding ISETH (International Summit on Science, Technology, and Humanity)
Publisher : Universitas Muhammadiyah Surakarta

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Abstract

This research examines the influence of three dimensions of global uncertainty-Global Economic Policy Uncertainty (GEPU), Global Geopolitical Risk (GPR), and the Global Financial Stress Index (GFSI) on the volatility of Indonesia's stock market, specifically the Jakarta Composite Index (IHSG). Volatility is quantified employing a GARCH(1,1) model utilizing daily IHSG returns spanning from 2019 to 2025, subsequently transformed into monthly data for analytical purposes through the Autoregressive Distributed Lag (ARDL) methodology, incorporating inflation and the Bank Indonesia Rate as domestic control variables. The Bound Test substantiates a long-term relationship between global uncertainty and IHSG volatility. Long-term estimations indicate that both GEPU and GFSI significantly amplify volatility, whereas GPR exerts a notable negative influence, implying that Indonesia functions as a relatively secure haven amid global geopolitical strife. Inflation mitigates volatility, while the BI Rate appears to be statistically insignificant. In the short-term context, only GFSI displays a direct impact. The substantial error correction term (-0.83) signifies a robust tendency toward equilibrium restoration. Overall, global systematic risks predominantly overshadow domestic factors in determining the volatility of Indonesia's financial market.
Determinants of Saving Rates in Japan Sekar Anissa Hikmatul Aziz; Eni Setyowati
Proceeding ISETH (International Summit on Science, Technology, and Humanity) 2025: Proceeding ISETH (International Summit on Science, Technology, and Humanity)
Publisher : Universitas Muhammadiyah Surakarta

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Abstract

Purpose: This study aims to analyze the influence of Gross Domestic Product (GDP), labor force, and interest rates on savings rates in Japan during the period 2017 to 2024 in quarterly. In a dynamic economic context, people's saving behavior is one of the important indicators that influence economic stability and growth.Methodology: The analytical method used in this study is multiple regression analysis with the Error Correction Model (ECM). Data used in this study are sourced from the Bank of Japan, the Ministry of Finance of Japan, and the World Bank.Results: The results show that in the short term, savings rates are significantly influenced by the labor force, where increasing labor force participation implies an increase in income and savings capacity.Applications/Originality/Value: In the long term, savings rates are significantly influenced by Gross Domestic Product (GDP), indicating that increasing national income encourages people to save more. However, interest rates show a negative influence on savings rates, where low interest rates tend to reduce people's incentives to save.
Singapore's Economic Growth Dynamics Erlisse Kurnia Putri; Eni Setyowati
Proceeding ISETH (International Summit on Science, Technology, and Humanity) 2025: Proceeding ISETH (International Summit on Science, Technology, and Humanity)
Publisher : Universitas Muhammadiyah Surakarta

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Abstract

Purpose: this study employs an Error-Correction Model to examine how foreign direct investment (FDI), renewable energy consumption, labor, and inflation are associated with economic growth in SingaporeMethodology: Using annual Singapore data for 2000 to 2024, this study employs an Error-Correction Model to capture both short-run dynamics and long-run equilibrium relationships between FDI, renewable energy consumption, labor, inflation, and economic growth.Results: The short-run estimates indicate that growth is responsive to FDI, renewable energy use, and inflation, whereas labor does not exhibit a statistically significant effect. In contrast, the long-run results reveal that renewable energy, labor, and inflation exert significant influences on growth, while FDI becomes non-significant. The specification accounts for 71.61% of the variation in economic growth.Applications/Originality/Value: These findings point to the presence of frictions in the clean-energy transition and rigidities in the labor market, as well as an asymmetric contribution of FDI relative to renewables across time horizons. From a policy perspective, the implications include the importance of maintaining macroeconomic stability, accelerating the rollout of renewable energy, alleviating constraints in the labor market, and directing investment toward projects that enhance productivity.
Co-Authors Adi Wijayanto Aditama, Rifki Yudha Affan Bagus Santoso Agathon, Favian Ardine Agung Fadhila Putra Agus Dwi Anggono Ainafaid, Deviani Aji, Farhan Wahyu Akhyak Aksel Rizky Ramadhan* Al Afif, Rafiq Azzam Alamsyah - Albidin, Verendra Noveta Amrina Rosada, Amrina Andriyani, Rachma Fadia Anisa, Aulia Nurul Anma Dias Vidiana Annisa Nur Hidayah Arbaul Arbaul Fauziah Ariyanto, Nanda Bagus Atfinia, Neiska Syifa Ayu Azhar Alam AZIZAH, SALWA NUR Bagas Aji Ramadhan Bagus Andrianto Choirul Khabib, Khamdan Daryono Soebagiyo Daryono Soebagyo Daryono Subagyo Daryono Subagyo Datau, Rafiqha Aulia David Azizi, Nicolas Denata, Vigita Liliyawati Dewi Puji Astuti Dewi, Reny Fitria Dhea Nabilla Rossani Didik Iman Margatot Didit Purnomo DL, Wuryaningsih Donny Indra Ardhiansyah Eni Erlisse Kurnia Putri erna wati Fadhitama Farhan Saputra Fadhly, Fadhly Ahmadian Fajar Rini Suhadi Fajar Widayat Novianto Fajar Widayat Novianto, Fajar Widayat Falah, Lina Faradilla, Allya Rahma Fatimah NH, Siti Fifi Ramadanti Fiky Nila Mustika Firly Meidhita Berliandini Fitya Mukti, Diah Afriani Habib Bachtiar Haimah, Haimah Handayani, Sri Haslinda Yasti Agustin Hasmarin, Maulidyah Indira Hasmarini, Maulidiyah Indira Herry Purnama Hidayah, Annisa Nur Ibrahim Sorie Kamara IH, Maulidah Ika Silvitasari Ilham Hamdallah Inda Fresti Puspitasari Ismawan, Alfarizi Dwi Isnaeni Hasna Hanisah Istiqomah, Hafizhah Nur Ita Iva Kuriah Javafelistca, Renasya Caesar Jaya, Alfin Arma Juliansyah, Onny Kamara, Ibrahim Sorie Karel Milliano Hendika keisha Jenny Maulida Nugraha Khair, Otti Ilham Khoiriyah, Sheni Umi Kusuma, Viqie Aria Lia Sunny Nuraini Luh Putu Ratna Sundari M. Sholahuddin Madani, Ittikhadul Maharani, Inez Angela Eva Mahbuba, Laila Ayu Maris, Indra Din Marwatika, Arum Maulidah IH Maulidiyah IH MaulidSitti Retno Faridatussalam Maulidyah Indira Hasmari Maulidyah Indira Hasmarini Mu’awanah, Elfi Muhammad Arif Muhammad Arif Muhammad Arif Muhammad Hasanudin, Muhammad Muhammad Muntahibun Nafis Muhammad Sholahuddin Muhammad Sulton Maruf Muhsin, Fikri Zakaria Muhtadi Muhtadi Mujiati Murni Asliyana Musrikah Mustika, Fiky Nila Muzakki Dwi Zulna, Aakif Nanang Nanang Purwanto Niastuti, Shintia Ningsih, Putri Ayu Ningsih, Sri Rahayu Nizam, Renaldi Sahrul Novariani Putri Rienadi Novia Atina Titania Nuphanudin, Nuphanudin Nurcholis, Achmad Fauzan Zain Ardhi Nurul Pratiwi Oktaviani, Raihanah Aisyah Paramita, Sela Gita Dewi Pertiwi, Mayang Umi Pramono, Wisma Angger Purwantoro - Puspita, Hapsari Ayu Putri, Tasya Berliana Qaf, Ailsacia Cyrilla Radista Ravakalista Rafiq Azzam Al Afif Rahmawati, Putri Melinda Ramadhan*, Aksel Rizky Ramadhani, Affni Renita, Ayu Repik Febriansah Riana Rika Rohmatin Rienadi, Novariani Putri Ries Wulandari, Ries Rini Kuswati Rossani, Dhea Nabilla S Soepatini Safira, Aulia Salma Salsabila Darojati Sandy, Fernanda Jessica Sari, Riana Julihan Sari, Sandra Dwita Sekar Anissa Hikmatul Aziz Septiyaningsih, Lili Setyawan, Sidiq Shafa Nabila Shinta, Dita Apriselia Ratna Sholati, Saharani Neitha Siti Aisyah Siti Fatimah NH Siti Fatimah Nurhayati Siti Masitoh Siti Masitoh Siti Nurhayati Siti Nurhayati Sitti Retno Faridatussalam Soepatini Sri Rahayu Ningsih Subagyo, Daryono Supriyani, Yustika Suratman, Asyifa Syauqi T Triyono Taman, Mona Refaat Tanti Azizah Tiara Oktafia Parastika Trian Gigih Kuncoro Triyono, T Ummu Sholihah Vigita Liliyawati Denata Wahyulil Albab, Ahmad Wardani, Fadilla Anjarika Kuswisnu Widawati, Yesi Wiguna, Aditama Chandra Winarno, Yoga Surya Nugroho Wulandari , Dita Wuri Nur Indah Sari Yuni Prihadi Utomo Yustika Supriyani Yustikarinda, Ananda Nadhifah Zahra Setia Ar Rasyiid Zuhdi , Muhammad Naufal