scholarly journals THE EFFECT OF MACROECONOMIC FACTORS ON THE NUMBER OF CORPORATE SUKUK OFFERS IN INDONESIA

2020 ◽  
Vol 1 (4) ◽  
pp. 593-605
Author(s):  
Haerul Ependi ◽  
Hakiman Thamrin
Keyword(s):  
Exchange Rate ◽  
Money Supply ◽  
Foreign Exchange ◽  
Significant Influence ◽  
Foreign Exchange Rate ◽  
Short Term ◽  
Macroeconomic Factors ◽  
Short And Long Term ◽  
Independent Variable

This study aims to analyze the effect of macroeconomics factors on corporate sukuk in Indonesia in the short and long term. The independent variable is Inflation, Economics Growth, Total Money Supply, Foreign Exchange Rate and Bank Indonesia (BI) Rate. Whereas the dependent variable is the number of sukuk corporations offered. The results of this study indicate that the Inflation, Economics Growth, Total money supply, and BI Rate have no significant effect on the number of corporate sukuk offered. While Foreign Exchange Rate has significant effect on the amount of corporate sukuk that offered. In the short term period, the total money supply has significant influence on the number of sukuk corporations offered while the rest have no significant effect

scholarly journals PENGARUH INFLASI, JUB, SBI, SERTA CADANGAN DEVISA TERHADAP NILAI TUKAR RUPIAH TAHUN 2017-2020

2021 ◽  
Vol 6 (2) ◽  
pp. 60-72
Author(s):  
Duwik Tri Utami ◽  
Fitrah Sari Islami
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
Foreign Exchange ◽  
Open Economy ◽  
The United States ◽  
Foreign Exchange Reserves ◽  
Short Term ◽  
The Exchange Rate

Indonesia's economy refers to an open economy. In conducting international trade, countries must compare their currencies with currencies belonging to other countries. Where, the United States currency, namely the dollar, is still the standard of world exchange rates and is used in international transactions. The effect of fluctuations in the exchange rate of the rupiah with the dollar is the occurrence of depreciation or appreciation which will affect Indonesia's economic activities. The purpose of this study is to determine the effect of inflation, the money supply (M2), the SBI interest rate, and foreign exchange reserves on the rupiah exchange rate in the short and long term. The variables that are thought to be able to influence changes in the rupiah exchange rate are the inflation rate, the money supply (M2), the SBI interest rate, and foreign exchange reserves. This research was conducted during January 2017 to December 2020, using the Error Correction Model (ECM). The result is a long-term and short-term relationship. In the short term, foreign exchange reserves and the money supply (M2) significantly affect the exchange rate. Meanwhile, in the long term, the SBI interest rate, money supply (M2), and foreign exchange reserves significantly affect the exchange rate.

scholarly journals Determinants Factors of Interest Rates on Three-Month Deposits of Bank Persero

JEJAK ◽  
2017 ◽  
Vol 10 (1) ◽  
pp. 90-102
Author(s):  
Tedy Kurniawan ◽  
Sucihatiningsih Dian Wisika Prajanti
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
The State ◽  
Capital Adequacy ◽  
Short Term ◽  
Operating Income ◽  
Short And Long Term ◽  
The Interest Rate

This research aims at analyzing the influence of Capital Adequacy Ratio (CAR), Operating Expenses of Operating Income (BOPO), inflation, exchange rate, and the amount of money supply (M1) to the interest rate of three month deposits of the State-Owned Bank in Indonesia in 2007-2015. This research uses the error correction model analysis. The result obtained is the CAR that has a significant effect on the long term and has no effect on the short term, BOPO has a significant influence on the long term and short term, inflation has the significant effect on the long term and has no effect on the short term, the exchange rate has an influence on the short and long term, the money supply has no effects on the short and long-term on the interest rate on three month deposits of the State-Owned Bank.

scholarly journals FAKTOR-FAKTOR YANG MEMPENGARUHI NILAI TUKAR RUPIAH TERHADAP DOLAR AMERIKA DENGAN MODEL KOREKSI KESALAHAN ENGLE-GRANGER (PENDEKATAN MONETER)

2017 ◽  
Vol 4 (2) ◽  
pp. 162
Author(s):  
Eni Setyowati
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Gross Domestic Product ◽  
Money Supply ◽  
Foreign Exchange ◽  
Domestic Product ◽  
Short Term ◽  
Demand And Supply ◽  
Real Gross Domestic Product

Exchange rate measures the value of a certain foreign exchange from other foreign exchange's perspective. As the condition of economic changes, the exchange rate ma change substantially. The decrease of the value of a foreign exchange is called depreciation and the increase value of a foreign exchange is called appreciation.The equilibrium exchange rate will change along with the change of demand and supply. Factors causing the change of demand and supply curve among others are the amount of money supply, relative gross domestic product (GDP) and the level of relative interest rate.The research is aimed to analyze the influence of variables of Indonesian money supply, American money supply, Indonesian real Gross Domestic Product, American real Gross Domestic Product, deposits interest rate and LIBOR (London Interbank Offer Rates on SDR Deposit) both in short and long terms.One of the ways to analyze the influence of short term and long term is by developing the dynamic model. In this research, the analyzes of dynamic model was conducted with ENGEL-GRANGER ERROR CORRECTION MODEL approach which was developed by ENGEL-GRANGER (1987) based on GRANGER REPRESENTATION THEOREM.The ECM analyzes was chosen not only because of its ability to solve the problem of time series which is not stationer, and spurious regression and spurious correlation in the economic analyses but also its ability to discuss the consistence of empiric model with economic theory. Beside, ECM concept is also thought to be more realistic in observing the development of economics variables from the result of the analyzes during the time of observation. It was known that long-term exchange rate is influenced by Indonesia real Gross Domestic Product and the number of Indonesian money supply. The variable of Indonesian real Gross Domestic showed the significant result and the signal test was convenient with the theory. The variable which influence" short term exchange rate are the amount of Indonesian money supply, Indonesian real Gross Domestic Product, and Indonesian deposit interest rate. The three variables showed the significant result and the signal test was convenient with the theory.

scholarly journals Analisis Indeks Harga Konsumen di Indonesia Melalui Pendekatan Kointegrasi

2019 ◽  
Vol 4 (2) ◽  
pp. 110-118
Author(s):  
Muhamad Muin ◽  
Keyword(s):  
Exchange Rate ◽  
Empirical Study ◽  
Money Supply ◽  
Price Index ◽  
Consumer Price Index ◽  
Data Series ◽  
Short Term ◽  
Monthly Data ◽  
The Relationship

This study aims to analyze the relationship between the rupiah exchange rate (RER) and the money supply (M1) on the outgrowth of the consumer price index (CPI) in Indonesia. The data used in this study are monthly data series from January 2005 to January 2019. The results of this empirical study shows that there is a relationship between RER and M1 on CPI in the long term and there is a correction in the short term balance (ECM) which is influenced by M1. All of these variables are significant at α = 5% and partly significant at α = 1%.

scholarly journals FOREIGN EXCHANGE MARKETS: AN ERROR CORRECTION MODEL ANALYSIS

2009 ◽  
Vol 6 (2) ◽  
Author(s):  
IBM Wiyasha
Keyword(s):  
Exchange Rate ◽  
Structural Stability ◽  
Foreign Exchange ◽  
Foreign Exchange Rate ◽  
Correction Model ◽  
Equilibrium Relationship ◽  
Exchange Markets ◽  
Exchange Rate Markets

This study aims at investigating the behavior of foreign exchange rate markets in Indonesia using 1350 daily observations. Another objective of this study is to examine the structural stability due to Bali bombing chapter I and II. The markets being investigated are USD, AUD, SGD, and YEN; all relative to rupiah. The ECM is applied to investigate the behavior of the markets aforementioned. The findings of this study are that the markets are co integrated and there is a long term equilibrium relationship among them. Using the Chow test, this study finds that there is no structural stability in the markets after Bali bombing chapter I and II.

scholarly journals The relationship between macroeconomic factors and stock market volatility: empirical evidence from the Vietnam stock market

2013 ◽  
Vol 16 (3) ◽  
pp. 86-100
Author(s):  
Kieu Minh Nguyen ◽  
Diep Van Nguyen
Keyword(s):  
Exchange Rate ◽  
Stock Market ◽  
Money Supply ◽  
Stock Price ◽  
Price Index ◽  
Macroeconomic Factors ◽  
Stock Price Index ◽  
The Exchange Rate ◽  
The Relationship

The main target of this study is to measure the relationship of macroeconomic factors to the volatility of the stock market in Vietnam (through stock price VN-index). There are four factors including the consumer price index (measure of inflation), the exchange rate of USD/VND and money supply M2. Research shows that the stock price VN-Index has a positive relationship with the money supply M2 and the domestic gold price in long term. On the contrary, it has a negative relationship with the inflation while it does not have any connection to the exchange rate and stock price index. In short term, the current stock price index has proportional to the stock price index last month and inversely proportional to the exchange rate. The estimated speed of adjustment indicates that the Vietnam stock market converges to the equilibrium about 8 months (adjusted approximately 13.04% per month) to reach equilibrium in the long term.

Modelling foreign exchange rate transaction exposure of UK insurance companies

2016 ◽  
Vol 32 (2) ◽  
pp. 120-136
Author(s):  
Islam Amer
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange ◽  
Cash Flow ◽  
Estimation Method ◽  
Foreign Exchange Rate ◽  
Insurance Companies ◽  
Content Type ◽  
Flow Estimation ◽  
Life Insurers ◽  
Short And Long Term

Purpose The purpose of this paper is to study the sensitivity of foreign exchange exposure through the cash flow estimation method using a sample of 59 UK insurance companies. This approach allows a decomposition of exposures into short- and long-term components. By revealing the nature of their cash flow exposures, companies can evaluate the effectiveness of their hedging programmes and focus their hedging efforts according to the nature of their exposures. Design/methodology/approach Martin and Mauer’s (2003, 2005) three-stage model is used to estimate foreign exchange rate transaction exposures for the sample of 65 UK insurance companies over the period 2004-2013. However, this paper has one important innovation to this method. Instead of the model used in previous papers, the paper uses a model from the actuarial field that was proposed by Blum et al. (2001) for modelling foreign exchange rates with their relevant constituents (inflation and interest rate). Findings The evidence shows that the currency transaction exposure for non-life insurers is greater than that of life insurers. Moreover, the author finds that large insurers exhibit lower frequencies of foreign exchange transaction exposure than small insurers. Originality/value The value of this paper comes from the fact that revealing the nature of cash flow exposures, companies can evaluate the effectiveness of their hedging programmes and focus their hedging efforts according to the nature of their exposures.

scholarly journals EFFECTS OF FOREIGN EXCHANGE SUPPLY AND DEMAND DYNAMICS TO RUPIAH EXCHANGE RATE AND ECONOMIC PERFORMANCE

2010 ◽  
Vol 12 (3) ◽  
pp. 289-328
Author(s):  
Sugeng Sugeng ◽  
M. Noor Nugroho ◽  
Ibrahim Ibrahim ◽  
Yanfitri Yanfitri
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange ◽  
Significant Influence ◽  
Economic Performance ◽  
Supply And Demand ◽  
Short Term ◽  
Demand And Supply ◽  
Rate Estimation ◽  
Exchange Rate Movements ◽  
The Impact

This study examines the influence of forex demand and supply interaction on Rupiah's exchange rate. Estimation results show that the movement of rupiah is influenced by the forex supply and demand, where the foreign players are dominating. Furthermore, the demand and supply of foreign exchange is asymmetric.This paper also shows the impact of exchange rate movements on output is only in the short term with a more significant influence to the import, while the depreciation of Rupiah has a larger impact than its appreciation.Keywords:Foreign exchange, inflation, exchange rate.JEL Classification: E31, F31

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