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All Journal Jurnal Manajemen dan Agribisnis El Dinar Jurnal Ekonomi dan Bisnis Islam Al-Muzara'ah Journal of Sustainable Tourism and Entrepreneurship Annals of Management and Organization Research Ekonomi Islam Indonesia Islamic Social Finance The Economic Review of Pesantren Business and Sustainability Policy Brief Pertanian, Kelautan, dan Biosains Tropika Halal Studies and Society
Haq, Daffa Aqomal
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Religion Agriculture, Biological Sciences & Forestry Humanities Biochemistry, Genetics & Molecular Biology Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Environmental Science Social Sciences Other

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Journal : Halal Studies and Society

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Analyzing the integration of Organization of Islamic Cooperation (OIC) countries before and during Rusian-Ukraine war Haq, Daffa Aqomal; Nurhalim, Asep; Wiliasih, Ranti
Halal Studies and Society Vol. 1 No. 1 (2024): January 2024
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/hass.1.1.24-30

Abstract

Co-movement of integrated stock market is causing economic shocks and global crises. A typical example of this crisis was the Russia-Ukraine war in 2022, which impacted the stock market. Therefore, this research aimed to examine the development, integration, and response of the five Islamic stock market in Organization of Islamic Cooperation (OIC) countries during the Russia-Ukraine war. Vector Autoregressive/Vector Error Correction Model (VAR/VECM) was used to analyze DJIMMT25, SPSADS, SPSUUAEDS, JII, DJIMT, SPBMIR, and SPBMIU indices. The results showed that the United Arab Emirates (UAE) and Saudi Arabia stock market had the same movement, while Turkey experienced a positive trend during the war. The Islamic stock market was also cointegrated but Malaysia influenced the other four OIC countries. Meanwhile, IRF reported a permanent effect on the volatility of the market due to the shocks experienced. The volatility response was relatively small since the stock market dominated the contribution of shocks.
Co-Authors Aceng Hidayat Afiana, Riyyun Al Muharram, Muhammad Shiddiq Asep Nurhalim Camara, Bumi Dharmarianti, Dian Putri Handian Purwawangsa Irfan Syauqi Beik Jowei, Yunita Ivone Laily Dwi Arsyianti Larre, Aura Asyda Luthfiana, Alda Melinda, Vera Mohammad Iqbal Irfany Neneng Hasanah Nursyamsiyah, Tita Putri, Fatimah Iskandar Rahmat, Muhammad Alifka Ramdhani, Arlita Ranti Wiliasih Rosmala, Novia Susanto, Astiani Ulfa, Nadiya