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All Journal Ihtifaz: Journal of Islamic Economics, Finance, and Banking IJISH (International Journal of Islamic Studies and Humanities)
Pribawa E Pantas
Universitas Ahmad Dahlan, Yogyakarta
Religion Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences

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Cointegration of Stock Market and Exchange Rate in Indonesia Pribawa E Pantas; Muhamad Nafik Hadi Ryandono; Misbahul Munir; Rofiul Wahyudi
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 2 No. 2 (2019)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v2i2.886

Abstract

This study aims to determine the long-term relationship between stock market and exchange rate in Indonesia. The research method used is Johansen cointegration test. The results of this study found no cointegration between the variables tested. Thus the exchange rate, JII, and IHSG have no relationship in the long term. The fluctuation of the rupiah exchange rate in recent years did not generally affect the performance of stock indices especially after the global financial crisis of 2008. This shows the capital market in Indonesia has a good performance so that it is not so sensitive to the sentiment of the decline in the rupiah against the US dollar. This finding is in line with the findings of Syahrer (2010) which states the exchange rate has no effect on the stock market.
Digital Payments and Monetary Policy Transmission in Indonesia: An Islamic Economic Perspective Pribawa E Pantas; Norfaizah Othman; Mawar Murni Yunus; Noor Aimi Mohamad Puad
IJISH (International Journal of Islamic Studies and Humanities) Vol. 9 No. 1 (2026): April
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26555/ijish.v9i1.16285

Abstract

This study investigates whether the rapid expansion of digital payment systems reshapes the transmission of monetary policy in Indonesia, incorporating an Islamic economic perspective. Using monthly data from 2018M01 to 2024M12, this study employs the Autoregressive Distributed Lag (ARDL) model, along with impulse response function (IRF) and dynamic multiplier analyses, to capture both equilibrium and dynamic effects. The results reveal that cashless transactions significantly reduce inflation, indicating improved transaction efficiency and lower price rigidities. Moreover, the interaction between digital payments and policy interest rates strengthens the transmission mechanism, suggesting that financial digitalisation acts as a transmission accelerator. Islamic financial development is also found to contribute to inflation stability, reflecting the role of risk-sharing and asset-backed financing in reducing speculative pressures. The dynamic analyses confirm that the disinflationary effect of digital payments is persistent and stabilises in the long run. This study contributes to the literature by integrating digital finance and Islamic finance into a unified macroeconomic framework, offering new insights into the evolving structure of monetary transmission in emerging economies.
Co-Authors Mawar Murni Yunus Misbahul Munir Muhamad Nafik Hadi Ryandono Noor Aimi Mohamad Puad Norfaizah Othman Rofiul Wahyudi