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All Journal Cakrawala: Jurnal Studi Islam Al-Tijary : Jurnal Ekonomi dan Bisnis Islam
Pribawa E Pantas
Universitas Ahmad Dahlan
Religion Humanities Economics, Econometrics & Finance

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Guncangan Variabel Makroekonomi Terhadap Jakarta Islamic Index (JII) Pribawa E Pantas
Cakrawala: Jurnal Studi Islam Vol 12 No 1 (2017)
Publisher : Universitas Muhammadiyah Magelang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (760.496 KB) | DOI: 10.31603/cakrawala.v12i1.1662

Abstract

Pertumbuhan pasar modal syariah di Indonesia terus menunjukkan kinerja yang positif, hal ini ditunjukkan dengan semakin besarnya nilai kapitalisasi serta minat investor dalam berinvestasi di pasar modal syariah. Tujuan penelitian ini adalah menganalisis secara empiris pengaruh jangka pendek dan jangka panjang variabel makroekonomi terhadap Jakarta Islamic Indeks (JII) serta menganalisis kecepatan respon Jakarta Islamic Indeks (JII) terhadap guncangan makroekonomi pada periode Januari 2011 – Desember 2016. Variabel makroekonomi yang digunakan antara lain inflasi, suku bunga bank Indonesia, nilai tukar, dan harga minyak dunia. Metode analisis menggunakan Vector Error Correction Model (VECM) dengan innovation accounting berupa Impulse Response Function (IRF) dan Forecasting Error Variance Decomposition (FEVD) dari data agregat Jakarta Islamic Indeks (JII). Hasil penelitian ini menunjukkan bahwa Guncangan variabel inflasi direspon negatif oleh JII, sedangkan variabel, suku bunga bank Indonesia, nilai tukar tukar, dan harga minyak dunia direspon positif oleh JII. Penelitian ini juga mengungkapkan bahwa guncangan yang paling cepat direspon oleh JII adalah variabel suku bunga bank Indonesia (15) diikuti variabel nilai tukar (16), inflasi (17), dan harga minyak dunia(17)
Islamic Financial Inclusion as a Transmission Channel: Evidence from Digital Payments and Inflation in Indonesia Pribawa E Pantas; Norfaizah Othman; Noor Aimi Mohamad Puad
Al-Tijary Vol. 11 No. 2 (2026): AL-TIJARY VOL. 11, NO. 2, JUNI 2026
Publisher : Faculty of Islamic Economics and Business Sultan Aji Muhammad Idris State Islamic University Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21093/gyz3zs22

Abstract

This study investigates the role of Islamic financial inclusion as a transmission channel linking digital payments and inflation in Indonesia's dual banking system. While digital payment systems have expanded rapidly and are known to influence monetary policy transmission, the mechanism through which these effects occur—particularly within an Islamic finance context—remains underexplored. Using monthly data from January 2016 to June 2025, this study employs an Autoregressive Distributed Lag (ARDL) model combined with a mediation framework to examine both direct and indirect effects. The findings reveal that digital payments significantly enhance Islamic financial inclusion, thereby influencing inflation dynamics through an indirect transmission mechanism. Mediation analysis confirms that Islamic financial inclusion partially transmits the impact of digital payments to inflation, with the indirect effect accounting for approximately 15.5% of the total effect. These results contribute to the literature by integrating Islamic finance into macroeconomic transmission analysis and provide policy implications for strengthening inclusive, sharia-compliant financial ecosystems in emerging economies.
Co-Authors Fanny Riana Pertiwi Noor Aimi Mohamad Puad Norfaizah Othman Nurul Jihadah Ashar Priyono Puji Prasetyo