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Pengaruh Kualitas Kebijakan Terhadap Penanaman Modal Asing Langsung pada Negara ASEAN Nugraha, Pazri
Journal of Ecotourism and Rural Planning Vol. 1 No. 2 (2024): February
Publisher : Indonesian Journal Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47134/jerp.v1i2.169

Modal investasi merupakan sumber keuangan yang penting bagi dunia usaha dan sektor perekonomian masyarakat untuk berinvestasi, mengkonsumsi dan mengembangkan perekonomian. Penanaman Modal Asing (Foreign Direct Investment) merupakan salah satu jenis pembiayaan negara yang disambut baik oleh pemerintah selain sumber dalam negeri. tren peningkatan Foreign Direct Investment (FDI) di negara-negara ASEAN dari tahun ke tahun. Peningkatan ini menunjukkan bahwa investasi asing semakin mengalir ke wilayah ASEAN seiring berjalannya waktu. Penelitian ini mengunakan data sekunder yang berasan dari 11 negaraASEAN dalam rentang waktu 2009 - 2020. Variable dependen dalam penelitian ini yaitu Foreign Direct Investment (FDI), kemudian untuk variable independen dalam penelitian ini yaitu, Populasi penduduk, Upah, Kualitas regulasi, Stabilitas politik dan Inflasi. Hasil penenlitian menunjukan populasi berpengaruh secara signifikan terhadap FDI di negara-negara ASEAN, Kualitas regulasi pemerintah berpengaruh secara signifikan dan positif terhadap FDI di negara-negara ASEAN terakhir Stabilitas politik berpengaruh secara signifikan dan positif terhadap FDI di negara-negara ASEAN.

Dynamics effect of volatility index, interest rates, and commodity prices on Indonesian bond yields Darsono, Susilo Nur Aji Cokro; Firman, Afrizal; Nugraha, Pazri; Isnaini, Nurul; Wardani, Dyah Titis Kusuma
Jurnal Ekonomi & Studi Pembangunan Vol 25, No 1: April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i1.22189

Several factors influence the movements and dynamics of bond yields in financial markets. The determination of monetary policy, specifically the decisions regarding interest rates made by central banks, is a critical factor. Moreover, bond yields can be influenced by various factors such as geopolitical events, financial volatility, market sentiment, and investor risk appetite. These factors can impact the demand and supply dynamics in bond markets. This research aims to analyze the influence of Interest Rates, IDR to USD Exchange Rates, Volatility Index (VIX), Gold and Oil Prices on Bond Yields in Indonesia. The data used in this research is secondary data, which consists of time series data from 2019-2023. This research investigates the impact of financial and commodity prices on bond yields in Indonesia by using the autoregressive distributed lag (ARDL) model to examine both the long-run correlation and short-run effect. Empirical results found that Interest Rate, Volatility Index (VIX), and Oil Prices have a significant positive influence. Meanwhile, the Gold Price variable has a significant negative influence. This research has several crucial policy implications for investors concerning the national monetary policy, exchange rate fluctuation, and global volatility index to create profitable and sustainable portfolio strategies. Moreover, investment managers and investors should be concerned about the global commodities prices that will affect bond yield performances. This research contributes to the recent literature presenting causal relations of global volatility index (VIX) on Indonesian bond yield.

Dynamics effect of volatility index, interest rates, and commodity prices on Indonesian bond yields Darsono, Susilo Nur Aji Cokro; Firman, Afrizal; Nugraha, Pazri; Isnaini, Nurul
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 1: April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i1.22189

Several factors influence the movements and dynamics of bond yields in financial markets. The determination of monetary policy, specifically the decisions regarding interest rates made by central banks, is a critical factor. Moreover, bond yields can be influenced by various factors such as geopolitical events, financial volatility, market sentiment, and investor risk appetite. These factors can impact the demand and supply dynamics in bond markets. This research aims to analyze the influence of Interest Rates, IDR to USD Exchange Rates, Volatility Index (VIX), Gold and Oil Prices on Bond Yields in Indonesia. The data used in this research is secondary data, which consists of time series data from 2019-2023. This research investigates the impact of financial and commodity prices on bond yields in Indonesia by using the autoregressive distributed lag (ARDL) model to examine both the long-run correlation and short-run effect. Empirical results found that Interest Rate, Volatility Index (VIX), and Oil Prices have a significant positive influence. Meanwhile, the Gold Price variable has a significant negative influence. This research has several crucial policy implications for investors concerning the national monetary policy, exchange rate fluctuation, and global volatility index to create profitable and sustainable portfolio strategies. Moreover, investment managers and investors should be concerned about the global commodities prices that will affect bond yield performances. This research contributes to the recent literature presenting causal relations of global volatility index (VIX) on Indonesian bond yield.

Can bitcoin serve as a reliable safe haven? Amid uncertainty and volatility Nugraha, Pazri; Saptutyningsih, Endah; Nguyen, Tran Thai Ha; Darsono, Susilo Nur AJi Cokro
Journal of Accounting and Investment Vol. 27 No. 1 (2026): January 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v27i1.28742

Research aims: This study examines whether Bitcoin can serve as a safe-haven asset amid global market uncertainty during the 2022–2025 period, characterized by geopolitical tensions, post-pandemic inflation, and heightened financial volatility.Design/Methodology/Approach: The study employs a quantitative approach using daily data on Bitcoin, gold, oil, the S&P 500 index, and the Volatility Index (VIX) from January 2022 to June 2025. All variables are transformed into logarithmic returns and analyzed using an ARCH model to capture time-varying volatility and assess the influence of global market factors on Bitcoin returns..Research findings: The empirical results indicate that the VIX has a statistically significant negative effect on Bitcoin returns, implying that rising global uncertainty weakens rather than strengthens Bitcoin’s value. The S&P 500 exerts a significant positive influence, showing that Bitcoin moves pro-cyclically with equity markets and behaves like a risky asset. Oil prices have no significant impact, while gold returns exhibit a significant but unstable co-movement, lacking consistent value preservation. Overall, these findings reject Bitcoin’s safe-haven role and characterize it as a speculative digital asset with high sensitivity to stock market dynamics.Theoretical contribution/Originality: This study contributes to the safe-haven and digital finance literature by providing recent empirical evidence that distinguishes Bitcoin from genuine safe-haven assets. Grounded in formal safe-haven theory and volatility dynamics, it challenges the “digital gold” narrative and clarifies the boundary between high-risk digital assets and traditional safe havens.Practitioner/Policy implication: For investors, the results of this study confirm the need for caution in treating Bitcoin as a portfolio diversification instrument, as its behavior is more like that of a risky asset than a hedge asset. For Policymakers and regulators, these results show the importance of public education regarding Bitcoin's volatility risks and its limitations as a safe haven.

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