Eri Hariyanto
Ministry of Finance

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PENINGKATAN PERAN SUKUK NEGARA DALAM PEMBIAYAAN INFRASTRUKTUR Eri Hariyanto
Jurnal Anggaran dan Keuangan Negara Indonesia (AKURASI) Vol 3 No 2 (2021): Jurnal Anggaran dan Keuangan Negara Indonesia (AKURASI)
Publisher : Direktorat Jenderal Anggaran Kementerian, Keuangan Republik Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33827/akurasi2021.vol3.iss2.art125

Abstract

Sukuk Negara is one of the sharia-based financing instruments issued by the government to meet the budget deficit. This study aims to identify priority issues in the development of Sukuk Negara to enhance the role of Sukuk Negara in supporting government infrastructure financing. From the results of data management using the Analytic Network Process (ANP) method, it is known that several priority problems include the issuance of Sukuk Negara financing limited to central government projects, the lack of quality and quantity of Islamic finance human resources compared to conventional finance, and the low interest in public investment in Islamic financial instruments. The priority of the solution is the need to make regulations that allow Sukuk Negara to finance PPP project financing schemes, increase innovation and quality of sukuk products so that they are able to achieve the set targets, and foster public investment interest. Thus, the strategy in supporting the government's infrastructure development is to increase the proportion of SBSN issuance, increase socialization and communication to the public, and diversify underlying assets.
THE THE EFFECT OF BANK INDONESIA CERTIFICATES, INFLATION, EXCHANGE RATE, GOVERNMENT REVENUE AND GOVERNMENT EXPENDITURE TO YIELD RETAIL SUKUK Eri Hariyanto
Jurnal Anggaran dan Keuangan Negara Indonesia (AKURASI) Vol 4 No 2 (2022): Jurnal Anggaran dan Keuangan Negara Indonesia (AKURASI)
Publisher : Direktorat Jenderal Anggaran Kementerian, Keuangan Republik Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33827/akurasi2022.vol4.iss2.art159

Abstract

This study discusses the effect of Bank Indonesia Certificates, Inflation, Exchange Rate, Government Revenue, and Government Expenditure to Yield Retail Sukuk SR008 using the Vector Auto Regression (VAR) – Vector Error Correction Model (VECM) method. The result of this study based on the VECM test results, it can be concluded that a significant variable that positively influences yield in the short term are Inflation and Government Revenue variable. In the short term, inflation and government revenue affect the yield requested by investors. The government will respond to inflation fluctuations by changing Bank Indonesia Certificates, and ultimately this will affect yield. Declining government revenue will cause an increase in the issuance of SBN, and this in the law of demand and supply will affect yield. While in the long term, the variables that significantly affect positively are the Bank Indonesia Certificates, Inflation, Government Revenue. As in the short term, inflation and government revenue affect yield in long term. Then the variable that affects negatively is the Government Expenditure. As in the short term, government spending in the long term also does not affect the SR008 yield. As in the short term, inflation and state income affect yield.