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VOLATILITAS INDEKS HARGA SAHAM DAN INDIKATOR MAKROEKONOMI DI TENGAH OPTIMISME PERTUMBUHAN EKONOMI INDONESIA Lutfia Tsalisati
Jurnal Ekonomi, Bisnis dan Pendidikan Vol. 4 No. 12 (2024)
Publisher : Universitas Negeri Malang

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Abstract

Di tengah optimisme pertumbuhan ekonomi Indonesia yang diproyeksikanmencapai 8% per tahun, volatilitas indeks harga saham menjadi tantangansignifikan. Artikel ini menganalisis keterkaitan antara volatilitas indeks sahamdan indikator makroekonomi untuk mengidentifikasi dampaknya terhadapsektor keuangan sebagai tulang punggung perekonomian nasional. Penelitianini menggunakan pendekatan metode ARSD (Annualized Rolling StandardDeviation) dan indeks volatilitas (VIX) untuk memprediksi fluktuasi pasarsaham jangka pendek. Analisis khusus dilakukan untuk membandingkanvolatilitas pasar saham sebelum dan setelah pandemi COVID-19. Hasilanalisis menunjukkan peningkatan volatilitas signifikan selama pandemi.Artikel ini memberikan rekomendasi kebijakan untuk meningkatkanketahanan sektor keuangan terhadap kondisi VUCA (Volatility, Uncertainty,Complexity, Ambiguity).
PENGARUH GOOD GOVERNANCE TERHADAP PERTUMBUHAN EKONOMI DI NEGARA ASEAN-5 : PENDEKATAN PANEL ARDL Lutfia Tsalisati; Ahmad Syahrul Fauzi
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 10 No 2 (2026): ON GOING
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v10i2.7477

Abstract

This study analyzes the impact of good governance on economic growth in ASEAN-5 countries (Indonesia, Malaysia, Thailand, Philippines, and Singapore) during the period 2009–2023. Governance quality is measured using the indicators of control of corruption, government effectiveness, and regulatory quality, with Foreign Direct Investment (FDI) and trade openness included as control variables. This study employs a Panel Autoregressive Distributed Lag (ARDL) model with the Pooled Mean Group (PMG) estimator to examine both short-run and long-run relationships among the variables. The results indicate that government effectiveness, control of corruption, and trade openness have a positive effect on economic growth in the long run, whereas regulatory quality shows a negative effect. The negative and significant coefficient of the Error Correction Term indicates the presence of an adjustment mechanism toward long-run equilibrium. These findings highlight the importance of strengthening governance to support sustainable economic growth in ASEAN-5 countries.