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Murdita, Fira
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Economics, Econometrics & Finance

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MACROECONOMIC DYNAMICS AND RAHN FINANCING IN INDONESIA: THE ROLE OF GOLD PRICES, INFLATION, AND ECONOMIC GROWTH Murdita, Fira
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol. 14 No. 3 (2025): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Tanjungpura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/jebik.v14i3.111735

Abstract

The development of Rahn financing at PT Pegadaian Syariah in Indonesia is associated with changes in gold prices and macroeconomic conditions. This study examines the short-run and lagged relationships between gold prices, inflation, economic growth, and Rahn financing using quarterly time-series data from 2016Q1 to 2024Q4. The analysis employs the Autoregressive Distributed Lag approach using EViews 13. The results show that gold prices have a significant negative coefficient in the current quarter and a significant positive coefficient at the first lag. Inflation exhibits significant negative and positive coefficients in the current quarter and the first and second lags, respectively. Economic growth has a significant negative coefficient in the current quarter and significant positive coefficients at the first and fourth lags, while the second and third lags are statistically insignificant. The Bounds Test produces an F-statistic of 2,297022, which is below the 5% lower-bound critical value of 3,272, indicating no evidence of long-run cointegration. The contribution of this study, therefore, lies in identifying dynamic short-run relationships and distinct lagged adjustment patterns.  JEL: E31, G12, O47.
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