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ANALISIS EFEKTIVITAS TRANSMISI MONETER GANDA TERHADAP PERTUMBUHAN EKONOMI INDONESIA Wibowo, Muhammad Ghafur; Mubarok, Ahmad
Jurnal Ekonomi dan Pembangunan Vol 25, No 2 (2017)
Publisher : Pusat Penelitian Ekonomi-LIPI

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (29.168 KB) | DOI: 10.14203/JEP.25.2.2017.%p

Abstract

Mekanisme perubahan kebijakan moneter hingga memengaruhi pertumbuhan ekonomi disebut sebagai mekanisme transmisi kebijakan moneter. Indonesia menganut dual banking system yaitu bank syariah dan bank konvensional. Bank Indonesia selaku otoritas moneter mempunyai instrumen mekanisme transmisi syariah dan mekanisme transmisi konvensional.Tujuan penelitian ini untuk menganalisa efektivitas mekanisme transmisi ganda melalui jalur syariah yaitu pembiayaan dan bagi hasil, sedangkan jalur konvensional  yaitu kredit dan suku bunga dalam mendorong pertumbuhan ekonomi. Dalam penelitian ini metode yang digunakan adalah Vector Eror Correction Model (VECM). Penelitian ini menggunakan data dengan periode 2008-2015. Proses pengujian data menggunakan uji stasioneritas, uji kointegrasi, uji stabilitas, uji kausalitas, analisis Impulse Response Function (IRF), dan Forecast Eror Variance Decomposition (FEVD).Hasil penelitian ini menemukan variabel jalur syariah yaitu pembiayaan efektif dalam mendorong pertumbuhan ekonomi. Variabel bagi hasil dan SBIS tidak efektif dalam mendorong pertumbuhan ekonomi. Variabel jalur konvensional yang terdiri dari total kredit dan SBI tidak efektif dalam mendorong pertumbuhan ekonomi, sedangkan variabel suku bunga kredit efektif dalam mendorong pertumbuhan ekonomi.
Twin Deficit Phenomena in the Two Government Eras in Indonesia Wibowo, Muhammad Ghafur
Jurnal Analisis Bisnis Ekonomi Vol 18 No 1 (2020)
Publisher : Universitas Muhammadiyah Magelang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (940.73 KB) | DOI: 10.31603/bisnisekonomi.v18i1.2994

Abstract

The aim of this study is to analyze the development of the budget deficit and current account deficit in Indonesia in the era of President SBY and President Jokowi and to compare between the two eras. This study also analyzes the relationship of twin deficits to the Gross Domestic Product (GDP) and the interest rate (r). The analytical tool used was independent t-test (for comparison) and Vector Auto-Regressive (VAR). The data used comes from the International Monetary Fund (IMF), 2004:Q1-2018: Q3. The result showed that the budget deficit was the same in the two eras of government, but the trade balance deficit in the era of President Jokowi was far higher than before. The budget deficit has a significant effect on the trade balance deficit but does not apply otherwise (no causality). Variable gross domestic product and interest rates significantly influence both types of deficits.
GOOD PUBLIC GOVERNANCE IN ISLAMIC PERSPECTIVE: AN ANALYSIS ON THE WORLD GOVERNANCE INDICATOR IN OIC MEMBER COUNTRIES Wibowo, Muhammad Ghafur
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 3, No 1 (2020)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (2158.897 KB) | DOI: 10.12928/ijiefb.v3i1.1718

Abstract

This study seeks to reveal the suitability of Islamic teachings with Good Public Governance (GPG), which in recent decades, has become a concern of various countries in the world. By exploring many reputable references, it is known that there is a match between the governance index published by the World Bank and the teachings of Islam. Practically even OIC has made the issue of good public governance represented by the governance index as a common goal of all its members. However, the facts show that the governance index in various OIC member countries is still relatively low compared to other countries. Therefore, all OIC member countries need to enhance further the implementation of Islamic teachings in the management of the country to produce better governance.
The Determinant of Beef Import Growth in OIC Countries Ashari, Mirza Purta; Wibowo, Muhammad Ghafur
Efficient: Indonesian Journal of Development Economics Vol 4 No 2 (2021)
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/efficient.v4i2.44167

Abstract

This study aimed to test the extent of factors affecting beef import activities as one of the import commodities in countries of the Organization of Islamic Cooperation (OIC). The method used in this study was the regression of panel data collected from time-series data with the range of 2010 to 2017. Its subjects were 7 OIC member countries that had the largest population and complete data availability. The Factors used in testing beef import activities covered beef production, beef consumption, exchange rate, inflation, and Gross Domestic Product (GDP). The results of this study showed that overall independent variables were able to significantly affect the volume of beef imports by 90%. However partially, the study found that only aspects of beef production, exchange rates, and inflation had significant effects on the volume of beef imports, while the variable of consumption of beef and GDP did not. Penelitian ini bertujuan menguji sejauh mana faktor-faktor yang mempengaruhi kegiatan impor daging sapi sebagai salah satu komoditas impor di negara anggota Organisasi Kerja Sama Islam (OKI). Metode yang digunakan dalam penelitian ini menggunakan regresi data panel yang dihimpun dari data runtut waktu dengan rentang tahun 2010 hingga 2017, serta objek data menggunakan 7 negara anggota OKI yang memiliki jumlah populasi penduduk terbesar serta ketersediaan data yang lengkap. Faktor–faktor yang digunakan dalam menguji kegiatan impor daging sapi yakni meliputi produksi daging sapi, konsumsi daging sapi, nilai tukar, inflasi, dan Produk Domestik Bruto (PDB). Hasil penelitian ini menunjukkan bahwa secara keseluruhan, variabel independen mampu mempengaruhi secara signifikan terhadap volume impor daging sapi sebesar 90%. Namun secara parsial, penelitian ini menemukan bahwa hanya aspek produksi daging sapi, nilai tukar, dan inflasi yang berpengaruh signifikan terhadap volume impor daging sapi. Sedangkan variabel konsumsi daging sapi dan PDB tidak berpengaruh signifikan terhadap volume impor daging sapi pada negara anggota OKI.
Determinant of Macro-Economics: Does Income Inequality Influence Happiness? Evidence From Indonesia Furwanti, Reni; Lestari, Dini Maulana; Muflikha, Muflikha; Wibowo, Muhammad Ghafur
JEJAK: Jurnal Ekonomi dan Kebijakan Vol 14, No 1 (2021): March 2021
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jejak.v14i1.28278

Abstract

This research aims to see does income inequality determines the happiness of Indonesian. This is important because there is a unique condition where Indonesia to be one of the developing nations which have a complexity of the income inequality issue, but it still has a high happiness index rate. This research uses cross-sectional data consisting of multiple indicators of all the variables from 34 provinces of Indonesia such as inflation, unemployment, and government investment as the macroeconomic factors, which have a direct impact on income inequality as well as happiness index, and this research uses path analysis model.The result delineates that although macro economics variables and income inequality have negative correlation toward happiness of Indonesian, it it not fully effected on it because most happiness of Indonesians are coming from another aspect such as socio-culture and religiosity
DINAMIKA HUBUNGAN FOREIGN DIRECT INVESTMENT (FDI), MAKROEKONOMI DAN RETURN INDEKS SAHAM SYARIAH DI EMPAT NEGARA ASEAN Fitriyanto, Nur; Ardiansyah, Misnen; Wibowo, Muhammad Ghafur; Satibi, Ibi
An-Nisbah: Jurnal Ekonomi Syariah Vol 8 No 2 (2021): An-Nisbah
Publisher : IAIN Tulungagung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21274/an.v8i2.4471

Abstract

Negara-negara kawasan Asia Tenggara tengah menyongsong integrasi pasar modal. Kehadiran momentum itu, dibutuhkan kondisi ekonomi masing-masing negara yang stabil dan pasar modal yang menarik. Momentum ini juga merupakan kesempatan pasar modal syariah untuk lebih dikembangkan di kawasan ini. Penelitian ini bertujuan untuk menguji pengaruh Foreign Direct Investment (FDI) dan variabel ekonomi makro yakni pertumbuhan ekonomi, inflasi, suku bunga acuan dan nilai tukar terhadap return indeks saham syariah di empat negara ASEAN yaitu Indonesia, Malaysia, Thailand dan Singapura. Periode penelitian sejak kuartal IV tahun 2006 sampai dengan kuartal I tahun 2020. Metode yang digunakan dalam pembuktian empiris pada penelitian ini adalah Autoregressive Distributed Lag Bounds Testing Approach (ARDL). Penelitian ini menemukan hubungan kointegrasi jangka panjang pada semua negara objek penelitian. Dalam hubungan jangka panjang dan dinamika jangka pendek, penelitian ini menemukan adanya variasi hasil dan arah koefisien di 4 negara ASEAN. Kecepatan penyesuaian kembali keseimbangan jika terjadi goncangan berturut-turut Indonesia, Malaysia, Thailand dan Singapura adalah 44.7%, 65.4%, 43.5% dan 50.0% per bulannya.
Makro ekonomi dan pasar saham syariah: pendekatan autoregressive distributed lag Linawati, Yuliasti; Andiansyah, Farma; Wibowo, Muhammad Ghafur
INOVASI Vol 17, No 3 (2021)
Publisher : Faculty of Economics and Business Mulawarman University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (409.237 KB) | DOI: 10.29264/jinv.v17i3.10035

Abstract

Penelitian ini bertujuan untuk mengalisis hubungan antara variabel makro ekonomi seperti inflasi, nilai tukar, dan suku bunga terhadap pasar saham syariah di Indonesia yang diwakili oleh indeks JII. Periode waktu yang digunakan yaitu mulai dari bulan Januari 2014 hingga Januari 2020, dengan menggunakan pendekatan autoregressive distributed lag. Adapun secara keseluruhan, hasil penelitian menyimpulkan bahwa baik dalam jangka pendek maupun jangka panjang seluruh variabel yang digunakan dalam penelitian terbukti mampu memengaruhi pasar saham syariah di Indonesia.
The Determinant of Beef Import Growth in OIC Countries Ashari, Mirza Purta; Wibowo, Muhammad Ghafur
Efficient: Indonesian Journal of Development Economics Vol 4 No 2 (2021)
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/efficient.v4i2.44167

Abstract

This study aimed to test the extent of factors affecting beef import activities as one of the import commodities in countries of the Organization of Islamic Cooperation (OIC). The method used in this study was the regression of panel data collected from time-series data with the range of 2010 to 2017. Its subjects were 7 OIC member countries that had the largest population and complete data availability. The Factors used in testing beef import activities covered beef production, beef consumption, exchange rate, inflation, and Gross Domestic Product (GDP). The results of this study showed that overall independent variables were able to significantly affect the volume of beef imports by 90%. However partially, the study found that only aspects of beef production, exchange rates, and inflation had significant effects on the volume of beef imports, while the variable of consumption of beef and GDP did not. Penelitian ini bertujuan menguji sejauh mana faktor-faktor yang mempengaruhi kegiatan impor daging sapi sebagai salah satu komoditas impor di negara anggota Organisasi Kerja Sama Islam (OKI). Metode yang digunakan dalam penelitian ini menggunakan regresi data panel yang dihimpun dari data runtut waktu dengan rentang tahun 2010 hingga 2017, serta objek data menggunakan 7 negara anggota OKI yang memiliki jumlah populasi penduduk terbesar serta ketersediaan data yang lengkap. Faktor–faktor yang digunakan dalam menguji kegiatan impor daging sapi yakni meliputi produksi daging sapi, konsumsi daging sapi, nilai tukar, inflasi, dan Produk Domestik Bruto (PDB). Hasil penelitian ini menunjukkan bahwa secara keseluruhan, variabel independen mampu mempengaruhi secara signifikan terhadap volume impor daging sapi sebesar 90%. Namun secara parsial, penelitian ini menemukan bahwa hanya aspek produksi daging sapi, nilai tukar, dan inflasi yang berpengaruh signifikan terhadap volume impor daging sapi. Sedangkan variabel konsumsi daging sapi dan PDB tidak berpengaruh signifikan terhadap volume impor daging sapi pada negara anggota OKI.
Determinants of Islamic Human Development Index in OIC Countries With Good Governance as Moderating Variables Hasbi, Hasbi; Wibowo, Muhammad Ghafur
EQUILIBRIUM Vol 10, No 1 (2022): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v10i1.14641

Abstract

This study seeks to determine the effect of government spending, level of concern, and economic growth on I-HDI in the OIC countries with good governance as moderation in 2010-2019. This study uses explanatory quantitative research methods. The sampling technique in this research is non-probability sampling, with a sample of 10 countries of the Organization of Islamic Cooperation. The data analysis techniques used were descriptive analysis, Generalized Least Squares (GLS) model, hypothesis testing, and Moderated Regression Analysis (MRA) model. The results of statistical testing show that the variable government expenditure and unemployment rate do not affect the Islamic Human Development Index, while the variable economic growth has a negative effect. In addition, good governance cannot moderate the effect of government spending on the Islamic Human Development Index, while the unemployment rate and economic growth can be moderated in their influence on the Islamic Human Development Index. Thus, it can be concluded that to increase the human development index in the Islamic perspective, and there is a need for good governance so that human development in the OIC country is increasing.
Pengaruh Utang Luar Negeri, Inflasi, dan Pendapatan Negara terhadap Pertumbuhan Ekonomi: Studi di 6 Negara Asean Syafi'i, Imam; Syakur, Fauzan Abdul; Wibowo, Muhammad Ghafur
WELFARE Jurnal Ilmu Ekonomi Vol 2, No 1 (2021): Mei
Publisher : Jurusan Ekonomi Pembangunan, Fakultas Ekonomi, Universitas Siliwangi

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (499.99 KB) | DOI: 10.37058/wlfr.v2i1.2672

Abstract

This research was conducted to measure the main influence of external debt, inflation and state income on the economic growth in Six (6) ASEAN countries using a quantitative approach. The population of this study includes 6 ASEAN countries for the periods of 2015-2019 using data from The World Bank. The method of analysis using Panel Data methods. Meanwhile, the model specification test is done by using the Random Effect Model as the suitability model. The results of this current study showed that inflation and GDP partially had a significant and negative effect on the economic growth of ASEAN countries, while the effect of external debt on economic growth is not significant. These findings are expected to make a positive contribution to the government in maintaining economic stability.Penelitian ini dilakukan untuk mengetahui pengaruh utang luar negeri, inflasi dan pendapatan negara terhadap pertumbuhan ekonomi di 6 (enam) negara ASEAN dengan menggunakan pendekatan kuantitatif. Populasi penelitian ini mencakup 6 negara ASEAN sepanjang periode2015-2019. Data diambil dari Bank Dunia. Metode analisis menggunakan Data Panel. Sedangkan pengujian spesifikasi model dilakukan dengan menggunakan Random Effect Model sebagai model kesesuaian. Temuan hasil penelitian menunjukkan bahwa inflasi dan GDP secara parsial berpengaruh negatif dan signifikan terhadap pertumbuhan ekonomi negara ASEAN, sedangkan utang luar negeri tidak memiliki pengaruh signifikan terhadap pertumbuhan ekonomi. Temuan ini diharapkan dapat memberikan kontribusi yang positif bagi pemerintah untuk menjaga kestabilan perekonomian.