<![CDATA[Abstrak Penelitian ini menganalisis faktor-faktor ekonomi makro yang memengaruhi volatilitas Indeks Harga Saham Gabungan (IHSG) di Indonesia menggunakan model GARCH (1,4) dengan data time series bulanan periode 2019–2024. Variabel independen yang diteliti mencakup suku bunga dan nilai tukar, yang dianalisis pengaruhnya terhadap IHSG sebagai variabel dependen. Hasil penelitian menunjukkan bahwa suku bunga memiliki hubungan negatif dengan IHSG, tetapi pengaruhnya tidak signifikan. Sebaliknya, nilai tukar menunjukkan hubungan positif yang signifikan terhadap IHSG. Model GARCH mengidentifikasi bahwa volatilitas IHSG dipengaruhi oleh perubahan harga saham di periode sebelumnya, dengan indikasi pasar cenderung kembali stabil setelah fluktuasi signifikan. Penelitian ini menyimpulkan bahwa dinamika pasar saham Indonesia dipengaruhi oleh faktor internal dan eksternal, seperti kebijakan ekonomi global dan fluktuasi nilai tukar. Hasil ini memberikan wawasan penting bagi investor untuk mempertimbangkan risiko volatilitas dalam pengambilan keputusan investasi. Abstract The abstract should be written in both English and Indonesian in one paragraph consists of maximum 250 words. The abstract should explain the purpose, method, and the result of the research concisely. An abstract should stand alone, means that no citation in the abstract. The abstract should be written in both English and Indonesian in one paragraph consists of maximum 250 words. The abstract should explain the purpose, method, and the result of the research concisely. An abstract should stand alone, means that no citation in the abstract. The abstract should be written in both English and Indonesian in one paragraph consists of maximum 250 words. The abstract should explain the purpose, method, and the result of the research concisely. An abstract should stand alone, means that no citation in the abstract. The abstract should be written in both English and Indonesian in one paragraph consists of maximum 250 words. The abstract should explain the purpose, method, and the result of the research concisely. An abstract should stand alone, means that no citation in the abstract.]]>
