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All Journal Jurnal Ekonomi & Studi Pembangunan Journal of Business and Halal Industry
Johari, Sobar M.
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Economics, Econometrics & Finance

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The Effect of Monetary Instrument of Islamic Banking Financing Channel Towards The Economic Growth in Indonesia Johari, Sobar M.; Wong, Wing Keung; Anjasari, Ida Fitri; Ha, Nguyen Tran Thai; Thuong, Trinh Thi Huyen
Jurnal Ekonomi & Studi Pembangunan Vol 23, No 1: April 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v23i1.13198

Abstract

Monetary policy is closely related to activities to achieve economic growth, which eventually gives welfare to the community. This study aims to analyze the description of the transmission flow of financing channels, the effect of monetary policy instruments, and their effectiveness to achieve economic growth. The variables used are Islamic Banking Finance (FIN), return of Sharia Bank Indonesia Certificate (SBIS), return of PUAS, and Industrial Production Index (IPI). This study used Vector Error Correction Model (VECM) to determine short- and long-term relationships using the time series data. First, the result of the study showed that the transmission flow could not be identified clearly, because the flow stopped in FIN, and it could not affect IPI, according to the Granger Causality test. Second, the result of VECM estimation showed that all variables only affected long term period and did not affect the short-term period. Third, monetary policy transmission of Islamic banking financing channel was not effective enough, which was proven with the result of IRF simulation, which showed that the effect of shock on financing channel variable (FIN) towards IPI was subsided and stable in the 10th period later. Meanwhile, the result of the FEVD simulation showed that the financing channel variable (FIN) only gave a contribution of as much as 0.14 percent towards IPI. The contribution and policy implications are also discussed in this study.
Efek Makroekonomi Terhadap Imbal Hasil Aktual Saham Jakarta Islamic Index (JII) Periode 2014 -2020 Anggraeni, Della Ayu; Johari, Sobar M.
Journal of Business and Halal Industry Vol. 1 No. 3 (2024): March
Publisher : Indonesian Journal Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47134/jbhi.v1i3.301

Abstract

Faktor makroekonomi di Indonesia diharapkan dapat mempengaruhi minat investor dalam berinvestasi saham Jakarta Islamic Index dan meningkatkan return berdasarkan pergerakan harga saham. Untuk mencapai hal tersebut, penelitian ini melakukan upaya untuk menguji efek dan hubungan variabel makroekonomi di proksikan oleh inflasi, BI Rate, Nilai Tukar IDR-USD, Cadangan Devisa, Utang Luar Negeri Indonesia terhadap imbal hasil aktual saham Jakarta Islamic Index (JII) tahun 2014-2020. Metodologi penelitian kuantitatif eksplanatif menggunakan analisis Vector Auto Regression (VAR) atau Vector Error Correction Model (VECM) dengan software Eviews 10. Hasil penelitian menunjukkan inflasi dan BI Rate serta Cadangan Devisa tidak signifikan mempengaruhi biaya operasional dan beban utang perusahaan sehingga tidak berdampak pada return JII. Adapun Nilai Tukar IDR-USD dan Utang Luar Negeri berpengaruh signifikan terhadap return JII yangmana semakin besar nilainya semakin mendorong pelemahan IHSG. Hal tersebut masih dapat ditangani dengan kestabilan ekonomi nasional sehingga tidak memberikan dampak signifikan pada indeks saham JII di Bursa Efek Indonesia.
Co-Authors Anggraeni, Della Ayu Anjasari, Ida Fitri Ha, Nguyen Tran Thai Thuong, Trinh Thi Huyen Wong, Wing Keung