Macroeconomic Variables and Sukuk Outstanding in Indonesia

2021 ◽  
Vol 4 (6) ◽  
pp. 561-570
Author(s):  
Nur Habibah Asri ◽  
Dwi Wulandari
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Causal Relationship ◽  
19Th Century ◽  
Significant Relationship ◽  
Vector Autoregression ◽  
Macroeconomic Variables ◽  
Quantitative Descriptive ◽  
The 19Th Century ◽  
Descriptive Method

Sukuk or Sharia bonds are one of the investment instruments in Indonesia. Since the 19th century, Sukuk has become popular with investors. Several previous studies found contradictory results that macroeconomic variables have a relationship and influence on Sukuk by observing the year before the pandemic. This study uses a quantitative descriptive method with a Vector Autoregression (VAR) approach. Through the optimum lag value, namely, lag 3, statistically it was found that there was a significant relationship between the variables of GDP, interest rates, and the exchange rate on Sukuk. In addition, several analysis results found a causal relationship between these variables.

scholarly journals Estimasi model neraca perdagangan Indonesia dalam periode 1998-2017

2019 ◽  
Vol 7 (3) ◽  
pp. 123-136
Author(s):  
Liza Azizah ◽  
Syamsurijal Tan ◽  
Emilia Emilia
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Trade Balance ◽  
Time Series Data ◽  
Series Data ◽  
Estimation Model ◽  
The Exchange Rate ◽  
Quantitative Descriptive ◽  
Balance Dynamics ◽  
Descriptive Method

This study aims to analyze Indonesia's trade balance dynamics and the factors that influence fluctuations in Indonesia's trade balance in the period 1998-2017. The method used in this study is a quantitative descriptive method. The data used in this study is time-series data on Indonesia's trade balance, exchange rate, GDP, inflation, and interest rates from 1998-2017. The data is processed through multiple regression analysis and development model analysis. The results showed that the variables of the exchange rate, GDP, inflation, and interest rates simultaneously significantly affected Indonesia's trade balance. Partially, the exchange rate, GDP, and interest rates have a significant effect on Indonesia's trade balance. In contrast, inflation does not substantially impact Indonesia's trade balance during the study period. R-square is 0.6882 or 68.82%, which means that Indonesia's trade balance for 1998-2017 is influenced by exchange rates, GDP, inflation, and interest rates, while other factors outside the estimation model influence the remaining 31.18%. Keywords: Trade balance, Exchange rate, GDP, Inflation, Interest rates.

scholarly journals Dampak Faktor Makroekonomi terhadap Non Performing Loan pada Kredit Produktif Bank Umum di Indonesia

2020 ◽  
Vol 3 (1) ◽  
pp. 1-28
Author(s):  
Alben Hernando ◽  
◽  
Elvaretta Miranda ◽  
Lauw Luvena Aileen Theodora ◽  
Yohanes B. Kadarusma ◽  
...  
Keyword(s):  
Exchange Rate ◽  
Regression Model ◽  
Interest Rates ◽  
Commercial Bank ◽  
Significant Relationship ◽  
Commercial Banks ◽  
Negative Relationship ◽  
Gdp Growth ◽  
Macroeconomic Variables ◽  
Loan Interest Rates

This study aims to find out the factors that affect non-performing loans of productive loans of commercial banks registeredin oritas Jasa Keuangan. This study examined the macroeconomic variables that affect productive credit NPLs. The sample used is a commercial bank in Indonesia, which is registered in OJK. Productive credit NPL data are taken quarterly from 2003 to 2017,and 56 observationsare obtained. The regression model used in this study is ARDL, with the help of processing Eviews 10 software. The macroeconomic variables tested in this research consist of GDP growth, loan interest rates growth, and IDR/ USD exchangerate growth. GDP growth and exchange rate growth has a negative relationship, while loan interest rates growth does not have a significant relationship with the dependent variable.

Exchange Rates and the Effectiveness of Actual and Oral Official Interventions: A Survey on Findings, Issues and Policy Implications

2010 ◽  
Vol 10 (4) ◽  
pp. 1850213 ◽  
Author(s):  
Nevin Cavusoglu
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Interest Rates ◽  
Policy Implications ◽  
Consistent Finding ◽  
Macroeconomic Variables ◽  
Explanatory Variables ◽  
Monetary Authorities ◽  
Exchange Rate Movements ◽  
Exchange Markets

Monetary authorities of many open economies have been regularly intervening in foreign exchange markets for years to limit volatility in exchange rates and/or push exchange rates back to some desired level. Such interventions have taken the form of actual and oral official interventions. Review of studies investigating the effectiveness of interventions reveals one major issue, related to the assumption that interventions are mostly sterilized. This assumption might lead to unreliable results when changes in interest rates and interventions are both used as explanatory variables for exchange rates. One major consistent finding is that intervention has a significant but short-lasting effect on exchange rates. Studies have reached this conclusion by investigating whether intervention has been effective in turning around the exchange rate over the few days, weeks or months following intervention(s). Only a few studies have investigated and provided evidence that intervention has been effective in limiting long swings in exchange rates. Studies testing for the effectiveness of interventions specifically through the signaling channel also provide evidence on the importance of macroeconomic variables for exchange rates. The significance of official intervention and official communication for exchange rate movements combined with the importance of macroeconomic variables for exchange rates provide a role for official intervention and parity announcement to influence exchange rate movements and limit the magnitude of exchange rate swings.

Short-term influences on Canadian wood pulp prices and exports: a vector autoregression analysis

1996 ◽  
Vol 26 (4) ◽  
pp. 566-572 ◽  
Author(s):  
Janaki R.R. Alavalapati ◽  
Martin K. Luckert ◽  
Wiktor L. Adamowicz
Keyword(s):  
Exchange Rate ◽  
Vector Autoregression ◽  
Domestic Demand ◽  
Short Term ◽  
Macroeconomic Variables ◽  
Pulp Industry ◽  
Short Run ◽  
Dynamic Impacts ◽  
Pulp Processing ◽  
The U.S

The short-run dynamic impacts of macroeconomic variables on the Canadian pulp industry are investigated using the vector autoregression approach. The results show that shocks in the G10 exchange rate and the U.S. pulp price significantly affect Canadian pulp prices but not Canadian pulp exports. Short-term contracts, changes in the domestic demand for pulp, and limitations on pulp processing capacities are thought to be responsible for the limited responsiveness of pulp exports. The results also suggest that the indirect effect of shocks in the macroeconomy are important in explaining the dynamics of Canadian pulp price and pulp exports.

scholarly journals ANALISIS PENGARUH FAKTOR VARIABEL MAKROEKONOMI TERHADAP JAKARTA ISLAMIC INDEX (JII) PERIODE 2010 – 2013

2014 ◽  
Vol 3 (2) ◽  
Author(s):  
Herni Ali
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Regression Models ◽  
Secondary Data ◽  
Macroeconomic Variables ◽  
Multiple Regression Models ◽  
Negative Effect ◽  
The Exchange Rate ◽  
The Relationship ◽  
Positive Effect

The aim of this study is examining the relationship between cointergration and causality levels of Exchange Rate, GDP, BI interest rates and inflation on Islamic Capital Markets. The data used in this study is a quantitative secondary data in the form of time series of the period January 2010 to December 2013. The test were conducted with the approach of multiple regression models with variable index research JII (Y), the exchange rate (X1), GDP (X2) , BI rate (X3) and inflation (X4) as for hypothesis testing performed using SPSS statistical software. From the results obtained by testing the hypothesis that: a positive effect on the exchange rate, positive effect on GDP, interest harga sewa rates BI negative effect and inflation positive effect on JII. Simultanious testing into four macroeconomic variables affect the JII.DOI: 10.15408/sjie.v3i2.2061   

scholarly journals The Impact of Macroeconomic Variables on Stock Prices: An Empirical Analysis of Islamabad Stock Exchange

2014 ◽  
Vol 10 (2) ◽  
pp. 73-93
Author(s):  
Nosheen Rasool ◽  
Muhammad Mubashir Hussain
Keyword(s):  
Exchange Rate ◽  
Significant Relationship ◽  
Stock Prices ◽  
Price Index ◽  
Stock Exchange ◽  
Foreign Exchange Reserves ◽  
Macroeconomic Variables ◽  
Production Index ◽  
Long Run ◽  
The Impact

The purpose of this study was to analyze long-run causal relationship between ISE (Islamabad Stock Exchange) and macroeconomic variables in Pakistan and also find out the direction of causality. The impact of macroeconomic variables on stock prices of ISE has not been previously discussed by the researchers. The monthly data from January 2001 to December 2010 was used in this study. The set of macroeconomic variables include Exchange Rate (ER), Foreign Exchange Reserves (FER), Industrial Production Index (IPI), Interest Rate (IR), Imports (M), Money Supply (MS), Wholesale Price Index (WPI) and Exports (X). Descriptive statistics and Unit root test, Johansen Co-integration Technique and Granger Causality Technique were employed to analyze the long-run and causal relationship between the macroeconomic variables and stock prices.  The results revealed that M showed positive and significant relationship but Foreign Exchange Reserves (FER) and Industrial Production Index (IPI) indicated positive and insignificant relationship with the stock prices. Exchange rate(ER), Money supply (MS) and  Whole sale price index(WPI) showed negative but significant relationship while Interest  rate (IR) and Export( X )indicated a negative and insignificant relationship with the stock prices. The findings of Granger Causality revealed that only exports showed a unidirectional causal relationship. 

scholarly journals Determinants of Macroeconomic Variables on Islamic Stock Index: Evidence from Frontier Market

2020 ◽  
Vol 5 (1) ◽  
pp. 23
Author(s):  
Noor Hafizha Muhamad Yusuf ◽  
Natasha Aliana Muhamad Hilmi ◽  
Wan Mohd Yaseer Mohd Abdoh ◽  
Rozihanim Shekh Zain ◽  
Noor Sharida Badri Shah
Keyword(s):  
Exchange Rate ◽  
Gross Domestic Product ◽  
Money Supply ◽  
Significant Relationship ◽  
Emerging Market ◽  
Oil Price ◽  
Stock Index ◽  
Domestic Product ◽  
Fe Model ◽  
Macroeconomic Variables

This paper provides useful insights on the determinants of macroeconomic variables on Islamic stock index evidence from frontier market. The aims of this study is to examine the effect of macroeconomic variables namely gross domestic product (GDP), inflation (consumer price index), exchange rate (USD exchange rate), oil price (crude palm oil) and money supply (M2) on frontier market Islamic index (FMII). This study employs Fixed Effect (FE) model of 17 countries listed under FMII. The study cover a ten (10) years period from 2008 until 2017. The study have shown significant relationship between inflation, money supply and exchange rate with FMII and managed to reject null hypotheses for the three variables. Inflation and exchange rate is negatively related with FMII while money supply, gross domestic product and oil price is positively related to FMII. However, the study fails to find any significant relationship between gross domestic product and oil price with FMII. The findings of this study will provide better understanding on the frontier market and helps to improve their performance. Therefore, it can encourage countries in frontier market to be able to compete and achieve similar advancement as countries in developed and emerging market did.

scholarly journals ANALISIS PENGARUH INFLASI, NILAI TUKAR RUPIAH, DAN SUKU BUNGA TERHADAP RETURN SAHAM PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

KINDAI ◽  
2020 ◽  
Vol 16 (2) ◽  
pp. 262-275
Author(s):  
Richson Pardamean Silaban
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Stock Returns ◽  
Quantitative Methods ◽  
Banking Sector ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Macroeconomic Variables ◽  
Company Stock

Abstrak : Kondisi moneter dan pergerakan variabel makro ekonomi merupakan hal yang perlu diperhatikan oleh seorang investor dalam melakukan aktivitas perdagangan saham di suatu negara. Keadaan ekonomi dan pergerakan variabel makro dalam suatu negara dapat mempengaruhi return saham, termasuk dalam sektor perbankan. Penelitian ini bertujuan untuk mengetahui pengaruh variabel makro ekonomi yaitu inflasi, nilai tukar rupiah, dan suku bunga terhadap return saham perusahaan perbankan yang terdaftar di BEI. Penelitian ini menggunakan metode kuantitatif. Populasi dalam penelitian ini adalah seluruh perusahaan perbankan yang terdaftar di Bursa Efek Indonesia pada periode 2014-2018, sedangkan sampel dalam penelitian ini adalah 29 perusahaan perbankan yang memenuhi kriteria penelitian. Teknik analisis data dalam penelitian ini menggunakan analisis regresi linier berganda. Hasil penelitian ini menunjukkan bahwa secara simultan variabel inflasi, nilai tukar rupiah, dan suku bunga berpengaruh secara signifikan terhadap return saham perusahaan perbankan. Secara parsial variabel inflasi, nilai tukar rupiah, dan suku bunga juga berpengaruh secara signifikan terhadap return saham perusahaan perbankan. Variabel yang memiliki pengaruh paling dominan adalah nilai tukar rupiah.   Kata kunci: Inflasi, Nilai Tukar Rupiah, Suku Bunga, Return Saham     Abstact : Monetary conditions and movement of macroeconomic variables are things that need to be considered by an investor in carrying out stock trading activities in a country. Economic conditions and movements of macro variables in a country can affect stock returns, including in the banking sector. This study aims to determine the effect of macroeconomic variables, namely inflation, rupiah exchange rate, and interest rates on stock returns of banking companies listed on the IDX. This research uses quantitative methods. The population in this study were all banking companies listed on the Indonesia Stock Exchange in the 2014-2018 period, while the sample in this study was 29 banking companies that met the research criteria. Data analysis techniques in this study used multiple linear regression analysis. The results of this study indicate that simultaneously inflation, rupiah exchange rate, and interest rates variables significantly influence the stock returns of banking companies. Partially, inflation, rupiah exchange rate, and interest rates also have a significant effect on banking company stock returns. The variable that has the most dominant influence is the rupiah exchange rate.   Keywords: Inflation, Rupiah Exchange Rates, Interest Rates, Stock Returns  

scholarly journals Middle Class Women Role in the 19th Century as Reflected in Bronte's Wuthering Heights

2020 ◽  
Vol 3 (2) ◽  
pp. 214-218
Author(s):  
Desy Nur Indrasari ◽  
Fathu Rahman ◽  
Herawaty Abbas
Keyword(s):  
Middle Class ◽  
19Th Century ◽  
Literary Work ◽  
The Novel ◽  
Wuthering Heights ◽  
Sociological Approach ◽  
Qualitative Descriptive ◽  
The 19Th Century ◽  
Descriptive Method

The aim of this research is to describe middle class women role in the 19th century in Bronte’s novel, Wuthering Heights, and induce a deeper understanding of effect each role on two characters in society. This research is a qualitative descriptive method using sociological approach. By using sociology of literature, a literary work is seen as a document of social. The data of this research collected from the descriptions and utterances of the characters and narrator in the novel. The result in this research shows that the role of women from the middle class were represented by the characters of the novel known as Catherine Earnshaw Linton, the main female protagonist and the motherless child and also Catherine (Cathy) Linton, daughter of Catherine Earnshaw Linton.

scholarly journals Sosialisasi Sejarah Bank Perkreditan Rakyat (BPR) Dan Bank Perkreditan Rakyat Syariah (BPRS) Kepada Alumni Pondok Al-Iman Yang Berada Di Palembang

2021 ◽  
Vol 1 (2) ◽  
pp. 43-52
Author(s):  
Meriyati Meriyati ◽  
Agus Hermanto
Keyword(s):  
Interest Rates ◽  
19Th Century ◽  
Financial Institutions ◽  
Commercial Banks ◽  
Colonial Period ◽  
Legal Basis ◽  
Credit Institution ◽  
Time Deposits ◽  
The 19Th Century ◽  
The Village

Rural Banks are bank financial institutions, which accept deposits only in the form of time deposits, savings, and / or other equivalent forms and channel funds as an RB business. The People's Credit Institution originated in the Dutch colonial period in the 19th century, with the formation of the Village Lumbung, Village Bank (BD), Bank Tani (BT), and Bank Dagang Desa (BDD), with the aim of helping farmers, employees and laborers to releasing themselves from the trap of moneylenders (loan sharks) who are said to provide loans with high interest rates. With the issuance of Law no. 7 concerning Banking of 1992 (Law No. 7/1992 concerning Banking) provided a clear legal basis as a type of bank other than commercial banks. According to Law no. 7/1992 concerning Banking Non-bank financial institutions that have obtained a business license from the minister of finance may adjust their business activities as a bank.

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