Al Fiddhoh: Journal of Banking, Insurance, and Finance
Vol. 7 No. 1 (2026): Al Fiddhoh: Journal of Banking, Insurance, and Finance

Determinasi Makroekonomi terhadap IPM Indonesia: Analisis ARDL dan Relevansi Maqashid al-Shariah dalam Kebijakan Fiskal

Ratih Avisya (Universitas Islam Negeri Sunan Kalijaga)
Muhammad Wakhid Musthofa (Universitas Islam Negeri Sunan Kalijaga)
Muhammad Ghafur Wibowo (Universitas Islam Negeri Sunan Kalijaga)
Yasni Efyanti (Institut Agama Islam Negeri Kerinci)



Article Info

Publish Date
29 Jun 2026

Abstract

This study aims to analyze the influence of macroeconomic indicators on the Human Development Index (HDI) in Indonesia from an Islamic economic perspective. This research employs a quantitative approach using the Autoregressive Distributed Lag (ARDL) model with time series data from 1991 to 2022. The variables examined include inflation, economic growth (GDP), government expenditure, and unemployment rate. The results show that all variables simultaneously affect HDI. Partially, economic growth has a positive and significant effect on HDI in both the short and long term. Inflation has a positive and significant effect in the short term, while government expenditure does not have a significant effect on HDI. Meanwhile, the unemployment rate has a negative and significant effect in the long term. These findings highlight the importance of maintaining sustainable economic growth, managing unemployment effectively, and optimizing government expenditure policies in line with maqashid al-shariah principles to enhance the quality of human development in Indonesia.

Copyrights © 2026






Journal Info

Abbrev

al-fiddoh

Publisher

Subject

Economics, Econometrics & Finance Social Sciences

Description

Al-Fidhoh Jurnal Perbankan, Asuransi dan Keuangan yang dikelola oleh Fakultas Ekonomi dan Bisnis IAIN Kerinci dengan scope pada bidang Perbankan, Asuransi dan ...