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All Journal Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Islamiconomic: Jurnal Ekonomi Islam
Anton Bawono
Universitas Islam Negeri Salatiga
Religion Economics, Econometrics & Finance Social Sciences

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The Effect of Islamic Capital Market Instruments on Indonesia's Economic Growth is Moderated by The Money Supply Robiatul Adewiyah; Anton Bawono
ISLAMICONOMIC: Jurnal Ekonomi Islam Vol 14, No 1 (2023)
Publisher : Universitas Islam Negeri Sultan Maulana Hasanuddin Banten

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32678/ijei.v14i1.413

Abstract

This article examines the relationship between Islamic capital market instruments and Indonesia's economic growth, taking into account the moderating role of the money supply. With the rise of Islamic finance and the increasing significance of the Islamic capital market, understanding the dynamics between these instruments and economic growth becomes crucial. The method used in this research is quantitative research which focused on the national economic growth in Indonesia from the year 2011 to 2021. The data were used from the economic growth, Sharia stock index, sukuk, Sharia mutual funds, and total money supply in Indonesia from the period of research which is the quarterly data. The results of this study are that the Islamic stock index has a positive effect on economic growth. Sukuk has a positive effect on economic growth. On the other hand, sharia mutual funds do not affect economic growth. The money supply is not able to moderate the effect of the Sukuk on economic growth.
Estimasi Model Persamaan Simultan Metode Two Stage Least Squares antara Sukuk dan Variabel Makro yang Mempengaruhi terhadap Pertumbuhan Ekonomi di Indonesia 2015-2021 Dhani Masturoh; Anton Bawono; Musalim Ridlo
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 8 No 4 (2023)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v8i4.21023

Abstract

Abstract This study aims to test and analyze the relationship between Sukuk and macro variables that affect economic growth using the simultaneous model for the 2015-2021 period. This study uses secondary data types with a time series data model of Sukuk variables, macroeconomic variables consisting of inflation, poverty, exchange rates, interest rates, human development index (IPM), population size, and economic growth (GDP) in Indonesia. Furthermore, the data were tested using multiple linear regression models and simultaneous model tests, to obtain test results and complex analysis of exogenous and endogenous variables and their effect on economic development, with the help of the EVIEWS version 9 application. The results of this study indicate that Sukuk has a positive and significant effect on economic growth. Simultaneously, Sukuk is affected by the exchange rate, which has a negative and significant effect, and inflation, which has a positive and significant effect. Inflation has a positive but not significant effect on economic growth. Simultaneously inflation is influenced by the exchange rate which has a positive and significant effect and is influenced by interest rates which have a negative but not significant effect. poverty has a positive and significant effect on economic growth. Simultaneously, poverty is affected by inflation, which has no significant negative effect, HDI, which has a significant negative effect, and the number of inhabitants, which has a significant negative effect. Keywords: sukuk, inflation, poverty, exchange rates, interest rates, human development index (IPM), population, and economic growth (GDP).
Co-Authors Dhani Masturoh Musalim Ridlo Robiatul Adewiyah