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All Journal Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Asep Suryanto
Islamic Economic, Universitas Siliwangi, Tasikmalaya, Indonesia
Economics, Econometrics & Finance Social Sciences

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The Effect of Non-Sharia Financial Instruments on Indonesian Economic Growth Sandi Mulyadi; Asep Suryanto
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol 5 No 4 (2023): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah 
Publisher : Research and Strategic Studies Center (Pusat Riset dan Kajian Strategis) Fakultas Syariah IAI Nasional Laa Roiba

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (430.198 KB) | DOI: 10.47467/alkharaj.v5i4.2006

Abstract

The purpose of this study was to determine and analyze the impact and contribution of the non-bank financial industry (IKNB) and non-Islamic banking on Indonesia's economic growth before and during the pandemic. The variables used in this study are data on total assets of Sharia IKNB, IKNB, and Industrial Production Index (IPI) data as a measure of economic growth. The research method used is the Vector Error Correction Model (VECM) method using monthly time series data from 2015 to 2021. The research results reveal several results, the long-term VECM test of Islamic NBFI and NBFI variables has an impact on economic growth, while the IRF test shows that economic growth is resistant to shocks by sharia NBFIs and NBFIs over the next 60 years, contributing 11% and 4% to economic growth, respectively.
Co-Authors Sandi Mulyadi