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All Journal Jurnal Ekonomi Pembangunan EQUILIBRIUM Jurnal Ekonomi Syariah Teori dan Terapan JDE (Journal of Developing Economies) Jurnal Ekonomi dan Bisnis Islam Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Equilibrium: Jurnal Ekonomi Syariah
Mustofa, Hafidz Zainul
Unknown Affiliation
Religion Economics, Econometrics & Finance

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The Influence of Halal Industry on Increasing Economic Growth in Islamic Countries Mustofa, Hafidz Zainul
EQUILIBRIUM Vol 12, No 1 (2024): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v12i1.28208

Abstract

This study aims to analyze the halal industry's influence on economic growth in Islamic countries. The research gap in this study is that previous studies have indicated a diverse influence of halal industry variables on economic growth. Therefore, this study aims to provide a deeper understanding of the role of the halal industry in enhancing economic growth in Islamic countries. This study is quantitative research using secondary data categorized as panel data. The data consist of annual figures on Islamic Finance, Halal Food, Halal Travel, Halal Fashion, Halal Media and Recreation, and Economic Growth from 2014 to 2020 in 10 Islamic countries, obtained from the State of the Global Islamic Economy (SGIE) Report and the World Bank. The data analysis technique used is Panel VECM. The study results show that only the Islamic Finance variable positively affects economic growth in the short term. In contrast, the other variables show no effect or a negative effect on economic growth. 
The Impact of Macroeconomic Factors on Foreign Direct Investment in Indonesia from 2007 To 2022: A Vector Error Correction Model (VECM) Approach Hafidz Zainul Mustofa; Moh. Faizin
Jurnal Ekonomi Pembangunan Vol. 21 No. 02 (2023): Jurnal Ekonomi Pembangunan
Publisher : Pusat Pengkajian Ekonomi dan Kebijakan Publik

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jep.v21i02.29782

Abstract

This study will examine the impact of macroeconomic factors on FDI. The gap in this study lies in the significant changes in economic conditions and investment policies in Indonesia since 2007, which previous studies have not fully explained. The possibility of new factors affecting FDI flows requires more sophisticated analyses. In addition, the relevance of internalized investment theory in the current context of economic globalization has not been widely explored in FDI research in Indonesia. This study uses Secondary time series data and quantitative research techniques. Quarterly data from 2007 to 2022 is the data set used. The research employs the Vector Error Correction Model data analysis technique, with a significance level of 5%. The findings indicate that the exchange rate has an insignificantly negative short-term impact on FDI and a significant negative long-term impact. Then, inflation has a short-term positive and insignificant impact on FDI but a significant negative in the long term. Meanwhile, the interest rate has a significant positive effect on FDI in the long term, but in the short term, it has a negative and insignificant effect.
The Influence of Halal Industry on Increasing Economic Growth in Islamic Countries Mustofa, Hafidz Zainul
EQUILIBRIUM Vol 12, No 1 (2024): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v12i1.28208

Abstract

This study aims to analyze the halal industry's influence on economic growth in Islamic countries. The research gap in this study is that previous studies have indicated a diverse influence of halal industry variables on economic growth. Therefore, this study aims to provide a deeper understanding of the role of the halal industry in enhancing economic growth in Islamic countries. This study is quantitative research using secondary data categorized as panel data. The data consist of annual figures on Islamic Finance, Halal Food, Halal Travel, Halal Fashion, Halal Media and Recreation, and Economic Growth from 2014 to 2020 in 10 Islamic countries, obtained from the State of the Global Islamic Economy (SGIE) Report and the World Bank. The data analysis technique used is Panel VECM. The study results show that only the Islamic Finance variable positively affects economic growth in the short term. In contrast, the other variables show no effect or a negative effect on economic growth. 
The Impact Analysis of Macroeconomic Factors to Indonesia’s Export Performance Mustofa, Hafidz Zainul; Faizin, Moh.
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 10 No. 1 (2025): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak
Publisher : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v10i1.1092

Abstract

Research Originality — This study provides an empirical analysis of the influence of macroeconomic factors on Indonesian exports in the short and long term. Unlike previous studies that tend to focus on one main variable, this study integrates several macroeconomic factors, namely foreign direct investment (FDI), exchange rate, inflation, interest rate, and gross domestic product (GDP), to evaluate their collective impact on Indonesia's export performance. By applying the Vector Error Correction Model (VECM), this study provides new insights into the dynamics of Indonesian exports from a macroeconomic perspective. Research Objectives — This study aims to analyze the influence of macroeconomic factors on Indonesian exports during the period 2007–2022. Specifically, this study examines the impact of FDI on export volume and value, the effect of exchange rate fluctuations on the competitiveness of export products, the correlation between inflation rate and export structure, the impact of interest rates on investment and exports, and the contribution of GDP to exports. Research Methods — This study uses a quantitative approach with the VECM model to analyze secondary time series data published quarterly during the period 2007–2022. Data were obtained from the Statistic Indonesia (BPS), the Ministry of Investment (BKPM), and Central Bank of Indonesia (BI). The analysis was conducted using E-Views 10 software to identify the short-term and long-term relationships between macroeconomic variables and Indonesian exports. Empirical Results — The results of the study indicate that FDI has an indirect positive impact on exports through changes in production structure and technology transfer. The exchange rate has a positive impact in the long term, but a negative impact on exports in the short term. Inflation has a positive effect on exports in the long term, but is not significant in the short term. Interest rates have a negative impact in both the short and long term, while GDP has a negative impact on exports in the long term, but a positive impact in the short term. Implications — The findings in this study have important policy implications for stakeholders in the economic sector. The proposed recommendations include providing incentives for foreign investment to increase export competitiveness, stable exchange rate management to reduce the impact of volatility, effective inflation control so as not to disrupt export competitiveness, interest rate policies that support the export sector, and economic growth policies that are oriented towards export market expansion.
Effect of Macroeconomic Factors on Economic Growth in Indonesia Mustofa, Hafidz Zainul; Faizin, Moh.
Journal of Developing Economies Vol. 10 No. 1 (2025)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jde.v10i1.60620

Abstract

Indonesia’s GDP growth from 2007 to 2022 shows a significant trend, reflecting the positive dynamics of a growing economy. This growth is influenced by macroeconomic factors such as inflation, interest rates, unemployment, fiscal and monetary policies, and international trade conditions. This study investigates the factors affecting Indonesia’s economic growth, mainly focusing on foreign direct investment (FDI), exchange rate, inflation rate, interest rate, and exports. This study uses quantitative methods with quarterly data from 2007 to 2022. The data used are time series data obtained from the Central Statistics Agency (BPS), the Investment Coordinating Board (BKPM), and Bank Indonesia (BI). The analysis used the Vector Error Correction Model (VECM) approach to understand the long-run and short-run relationships. The findings show that FDI is insignificant for Indonesia’s economic growth, while exchange rates and exports negatively impact growth in the short and long run. Inflation has a negative effect in the long run, and interest rates have a positive impact in the long run. Policy implications include improving FDI efficiency, maintaining currency stability, controlling inflation, setting appropriate interest rate policies, and diversifying exports to support economic growth.
BRIDGING THE GAP BETWEEN MAQĀṢID AL-SHARĪ‘AH AND THE SDGs: CHALLENGES AND OPPORTUNITIES FOR SUSTAINABLE DEVELOPMENT Mustofa, Hafidz Zainul; Wahyudi, Amin; Marpuah, Siti
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 11 No. 1 (2025): JANUARY - JUNE 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v11i1.62689

Abstract

The SDGs are designed as a universal and inclusive global development framework, but their implementation still lacks flexibility in accommodating the spiritual dimension and ethical principles. Based on quantitative indicators and material achievements, the SDGs approach ignores the moral, social, and spiritual aspects as the core of maqāṣid al-sharī‘ah. Therefore, this study seeks to analyze the alignment between the SDGs and maqāṣid al-sharī‘ah and proposes integrating Islamic values ​​to strengthen the moral, social, and ecological dimensions within the sustainable development framework. This research uses a systematic literature review analysis method, focusing on literature to explore integrating the maqāṣid al-sharī‘ah concept in sustainable development. The data sources in this study are journal articles, books, and other relevant documents. Sustainable development involves a multidimensional approach encompassing social, lifestyle, human resources, economic, environmental, and institutional dimensions. In the concept of maqāṣid al-sharī‘ah, this approach must balance the public interest, social welfare, and environmental protection by emphasizing the principles of justice and ethical and moral responsibility. Challenges in this implementation include integrating maqāṣid al-sharī‘ah values ​​with the SDGs, various interpretations of maqāṣid, economic and social challenges, climate change, and technological advancement. The integration of maqāṣid al-sharī‘ah with the SDGs shows alignment. It supports the achievement of welfare, but challenges, such as integration, interpretation, economic and social, environment, and technology, must be overcome for effective implementation. This study recommends strengthening sustainable development policies that consider maqāṣid al-sharī‘ah through education, technological innovation, and stakeholder collaboration.
The Role of Green Sukuk in Financing Sustainable Transport and Reducing Emissions Mustofa, Hafidz Zainul; Wahyudi, Amin
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 1 (2025): Februari-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20251pp29-44

Abstract

This study examines how green sukuk, as a sustainable financing tool, can reduce CO2 emissions by financing the sustainable transportation sector in Indonesia. This study uses a qualitative approach and content analysis techniques to investigate the contributions of funds distributed through green sukuk to different green transportation projects. The results show that green sukuk financing for the sustainable transportation sector reached IDR 34 trillion, the largest amount compared to other sectors, such as renewable energy and water management. Financing in this sector has reduced carbon emissions by more than 15 million tonnes from 2018 to 2022. In addition, green sukuk also contributes to achieving SDGs. By offering empirical data on the effects of green sukuk financing in the sustainable transportation sector on lowering CO2 emissions, this study adds to existing literature and emphasises how it helps Indonesia achieve SDGs. This study also identified limitations in data coverage and economic impact that require further exploration. Future research should adopt a more holistic approach and consider external variables that may affect the effectiveness of green sukuk. The government can increase the effectiveness of green sukuk by implementing policies that encourage its development, including providing incentives for investors and integrating smart and green city concepts as strategic steps.
Co-Authors Amin Wahyudi Faizin, Moh. Moh. Faizin Siti Marpuah, Siti