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All Journal Jurnal Siasat Bisnis Jurnal Penelitian Pendidikan Guru Sekolah Dasar Afkaruna: Indonesian Interdisciplinary Journal of Islamic Studies Gadjah Mada International Journal of Business Media Trend: Berkala Kajian Ekonomi dan Studi Pembangunan Kubik Jurnal Ekonomi Syariah Teori dan Terapan Al-Ihkam: Jurnal Hukum dan Pranata Sosial Global Review of Islamic Economics and Business Jurnal Ekonomi dan Bisnis Islam Jurnal Ilmiah Ekonomi Islam Perisai : Islamic Banking and Finance Journal Economica: Jurnal Ekonomi Islam al-Uqud : Journal of Islamic Economics Al-Muzara'ah Jurnal Ekonomi & Keuangan Islam AFEBI Islamic Finance and Economic Review Muqtasid: Jurnal Ekonomi dan Perbankan Syariah MALIA Journal of Innovation in Business and Economics Amwaluna Jurnal Ekonomi dan Keuangan Syariah Journal of Islamic Monetary Economics and Finance PREPOTIF : Jurnal Kesehatan Masyarakat SEMAR KUBIK: Jurnal Publikasi Ilmiah Matematika BISMA (Bisnis dan Manajemen) Journal of Islamic Economic Literatures International Journal of Waqf Review on Islamic Accounting Islamic Social Finance Jurnal Riset Mahasiswa Matematika Islamic Economics Methodology Jurnal Abdimas Jatibara Fara'id and Wealth Management Maqasid al-Shariah Review Management and Sustainability Accounting and Sustainability Business and Sustainability IEFBR: Islamic Economics, Finance, and Banking Review Journal of Research on Community Engagement Islamic Economics Journal
Nisful Laila
Faculty Of Economic And Business, Airlangga University
Religion Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Medicine & Pharmacology Nursing Public Health Social Sciences Other

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Journal : Islamic Economics Journal

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Analysis of Determinants Affecting the Distribution of MSME Funds in Indonesia: A Study of the VECM Approach Ashary, M. Habib; Irsyadillah, Muhammad Ridha; Laila, Nisful
Islamic Economics Journal Vol. 11 No. 02 (2025): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v11i02.25

Abstract

This study analyzes the dynamic relationship between Islamic monetary instruments (SBIS, PUAS, and the PLS mechanism) and the distribution of MSME financing in Indonesia, using a Vector Error Correction Model (VECM) for the period January 2014 to December 2023. The estimation results indicate significant policy transmission challenges: SBIS has a negative and significant effect on MSME financing. This crucial finding indicates that SBIS functions as a “liquidity trap,” encouraging Islamic banks to place funds in low-risk liquid instruments rather than in risky real-sector financing, such as MSMEs. Meanwhile, PUAS and the underlying PLS mechanism are statistically insignificant, indicating risk aversion and operational barriers to profit-sharing contracts. IRF and FEVD analyses reinforce the conclusion that policy transmission remains weak, with MSME financing variations dominated by internal bank shocks. Theoretically, this study reveals a critical gap in the Mudarabah-based monetary framework, where liquidity instruments sacrifice the goal of promoting the real economy. The practical implications require regulators to redesign liquidity instruments (such as SBIS) to better encourage real-sector incentives, thereby strengthening the alignment between sharia principles and national economic development.
Co-Authors - Dewikarina A.A. Ketut Agung Cahyawan W Aam Rusydiana Aam Slamet Rusydiana Aam Slamet Rusydiana Aam Slamet Rusydiana, Aam Slamet Adrianna Syariefur Rakhmat Afifatun Ni’mah Afiqoh, Luluk Al Amiri Octadianto Al Marifatul A'la Al Mustofa, Muhammad Ubaidillah Ali, M. Mahbubi Ali, Mohammad Mahbubi Alin Nuhadilah Alissa Azmul Faoziyyah Annisa Aulia Safitri Annisa Ayusaleha Ari Widodo Arwani Arwani Ascarya Ascarya Ashary, M. Habib Aslan, Hakan Atina Shofawati, Atina Ayu Dwi Rukmana Aziza Hanifa Khairunnisa Bani Alkausar, Bani bayram, kamola Bayu Arie Fianto Belgiawan, Prawira Fajarindra Bin Mohd Dali, Nuradli Ridzwan Shah Bunga Aprigati Iskandar Chandra Ari Haryanto Chandra Ari Haryanto, Chandra Ari Choirum Miha Chorista Fitriani Dahayu Bethari Widyandri Desi Novera Danur Desi Sulfa Ningtias Dewi Karina, Dewi Dina Fitrisia Septiarini, Dina Fitrisia Doni Kurniawan Doni Kurniawan Dwi Wulan Ramadani Eka Puspa Dewi Eko Fajar Cahyono, David Kaluge Evania Herindar Fadlilatun Ni'mah Fahamsyah, Mohammad Hatta Ferica, Michelle Filianti, Dian Fitria Nurma Sari Gianissa Pandu Islamy Gigih Prihantono Hadi, T. Saipul Hanifiyah Yuliatul Hijriah, Hanifiyah Yuliatul Herwindo Ghora Nidityo Herwindo Ghora Nidityo, Herwindo Ghora Hikmah Maulidiyah Ibrahim, Mochammad Malik Idzal Dwi Nantyah Imron Mawardi Indah Rahmawati Irham Zaki Irsyadillah, Muhammad Ridha Islamy, Gianissa Pandu Ivani Ramadhanti Jannah, Shahnaz Latifatul Jayanti, Septia Dwi Kholidah, Himmatul KP Prabheesh Lia Auliah Rachmah M Nasih M. Fikri Himmawan M. Madyan Madyan, Muhammad Martien Rachmawati Martien Rachmawati, Martien Maslihatul Bisriyah Maulida, Syahdatul Mayangsari, Lidia Meidina Ana Ogie Moh. Nasih Mohammad Nafie Jauhari Muhammad Madyan, Muhammad Nadia Amalia Latifah Nia Fajriyatun Nadlifiyah Nikmatul Atiya Noven Suprayogi, Noven Nurul Huda Persada, Satria Fadil Puji Sucia Sukmaningrum Pupun Saepul Rohman Puspita Sari, Ika Putri, Diana Clarisa Alya Raditya Sukmana Ramadhanti, Ivani Rani, Lina Nugraha Reza Ashari Nasution Rolista Dwi Oktavia Rosalia Debby Endrianti Rusmita, Sylva Alif Salsabilla, Salma Nadia Setiyowati, Arin Shabbir, Malik Shahzad Shafana Putri Sambas Shahzad Shabbir, Malik Sherrindra Avedta Siti Nur Ro'ikayah Siti Zulaikah Siti Zulva Rafika Sri Herianingrum Sri Yayu Ninglasari Sudana Sudana Sulistya Rusgianto Tika Widiastuti Turmudi Ulfa, Anis Maria Vega Zahrah Narendra Duhita WAHYU SUKARTININGSIH Wijaya, Ulfia Imelda Windasari, Nila Armelia Yatoo, Nissar Ahmad Yulita Widya Afiqah