HUBUNGAN DINAMIS VARIABEL MAKROEKONOMI DAN PERTUMBUHAN SUKUK NEGARA, PENDEKATAN: ERROR CORECTION MODEL

Teuku Ghufran Wafi, Muhammad Zulhilmi, Winny Dian Safitri, Cut Dian Fitri

Abstract


This study aims to examine the effect of PBD, Exchange Rate, Inflation, Profit Sharing Sharia Deposits, World Oil Prices, SBIS on the growth of state sukuk. Sukuk is one of the important instruments in financing fiscal deficits. So far, tax and non-tax state revenues have not been able to finance all government spending. Government expenditure is intended to encourage economic growth and equitable distribution of public income. However, spending in 2020 is more aimed at handling Covid-19 that hit Indonesia, especially on health programs and social security. This study uses secondary data in the form of monthly time series (from January 2014 to December 2019). A number of variables are used to see the effect of balance in the short and long run between the independent variables and the dependent variable. Data obtained from government agencies, including: Financial Services Authority (OJK), Central Statistics Agency (BPS) and Directorate General of Debt Utilities Ministry of Finance of the Republic of Indonesia (DJPU). The econometric analysis model Error Correction Model (ECM) is used to see the effect between the two. From the research results obtained, GDP, BHDS and SBIS have a positive effect on the growth of Sukuk. While inflation and oil prices have a negative effect on the growth of sukuk. 

Keywords: Macroeconomic Variables, BHDS, SBIS, Sukuk Negara, ECM

 


Full Text:

PDF

References


Albugasem M, Muhamed NA, Ramli NM. (2015). The Influence of Corporate Governance, Financial Ratios, and Sukuk Structure on Sukuk Rating. Procedia Economics and Finance. 31(12): 62-74.

Datuk B. (2014). Sukuk, Dimensi Baru Pembiayaan Pemerintah Untuk Pertumbuhan Ekonomi. Jurnal Riset Akuntansi & Bisnis. 14(14): 111–24. Direktorat Kebijakan Pembiayaan Syariah. Mengenal Instrumen Investasi dan Pembiayaan Syariah. http://www.djppr.kemenkeu.go.id/page/load/1449

Fadhila, Dewi Rahma. (2004). Pengaruh Tingkat Bagi Hasil dan Suku Bunga Terhadap Simpanan Mudharabah: Studi Kasus Bank Syariah Mandiri. Skripsi. Universitas Islam Indonesia. Yogyakarta.

Hazmi, Y. (2018). Analisis Kredit, GDP, Inflasi dan Suku Bunga terhadap Pertumbuhan Ekonomi. Jurnal Ekonomi dan Bisnis. Vol. 20, No. 2. Politeknik Negeri Lhokseumawe.

Hazmi, Y., Raja, M., Nazamuddin, and Abdullah, S. (2019). Analysis of Subsidies, Inflation, Exchange Rates, BI Rates on Fiscal Sustainability In Indonesia. International Journal of Social Science and Economic Research, 4(3), 2049-2074.

Hazmi, Y., Faisal, F., Y., Putri., dan Cahyani., I. (2019). Akumulasi Utang Pemerintah, Subsidi dan Keberlanjutan Fiskal Di Indonesia. Prosiding Seminar Nasional, Vol. 3, No. 1. Politeknik Negeri Lhokseumawe.

Indrawan, Erik Rio. (2006). Pengaruh Tingkat Bagi Hasil dan Suku Bunga Terhadap Simpanan Mudharabah Pada BPRS Bangun Drajat Warga Yogyakarta. Skripsi. Universitas Islam Indonesia. Yogyakarta.

Ipando, Ogi Marsenal. (2008). Pengaruh Bagi Hasil Deposito Syariah Mandiri dan Suku Bunga Deposito Bank Umum Terhadap Jumlah Simpanan Deposito Syariah Mandiri di Bank Syariah Mandiri. Skripsi. Universitas Islam Negeri Sunan Kalijaga Yogyakarta. Yogyakarta

Kewal, SS. (2012). Pengaruh Inflasi, Suku Bunga, dan Pertumbuhan PDB Terhadap Indeks Harga Saham Gabungan. Jurnal Economia. 10(2): 53–64.

Khaliq, A. (2015). Mekanisme Transmisi Goncangan Harga Minyak dan Harga Pangan Dunia terhadap Perekonomian Makro Indonesia: Pendekatan Structural Vector Autoregressive (SVAR). Business Management Journal. 11(2): 21–59.

Manab, A, Sujianto AE. (2016). Pengaruh Stabilitas Ekonomi Makro terhadap Penerbitan Sukuk Negara Di Indonesia, Malaysia, dan Brunei Darussalam. Tulungagung (ID): Cahaya Abadi.

Mankiw NG. (2007). Makroekonomi. Liza F, Nurmawan I, Penerjemah; Hardini W, Barnadi D, Saat S, editor. Jakarta (ID): Penerbit Erlangga.

Nizar MA. 2012). Dampak Fluktuasi Harga Minyak Dunia terhadap Perekonomian Indonesia. Bulletin Ilmiah Litbang Perdagangan. 8(2): 189–210.

Undang-Undang Republik Indonesia Nomor: 19 Tahun 2008 Tentang Surat Berharga Syariah Negara (SBSN) atau Sukuk Negara.

Undang-Undang Republik Indonesia Nomor: 21 Tahun 2008 Tentang Perbankan Syariah.

Sartika U. (2017). Pengaruh Inflasi, Tingkat Suku Bunga, Kurs, Harga Minyak Dunia Dan Harga Emas Dunia Terhadap IHSG dan JII Di Bursa Efek Indonesia. I-Finance. 3(2): 2–4.

Savitri NID. (2016). Analisis Pengaruh Produk Domestik Bruto, Inflasi, dan Nilai Kurs terhadap Penerbitan Sukuk Korporasi Di Indonesia Periode Tahun 2014-2016. Ejournal UIN Sunan Kalijaga Yogyakarta 7(3): 1–15.

Wafa Mak. (2010). Analisa Faktor-Faktor yang Memengaruhi Tingkat Permintaan Sukuk Ritel-I (Periode Maret 2009 - Juni 2010). La Riba. 4(2): 161-178.

Zulkarnain, T. Yusri, H., Raja., M, dan Ali., I. (2019). Dynamic Influences, Government Debt, Subsidies on Fiscal Deficits in Indonesia. Journal of Applied Economic Sciences. Vol. 14, No. 4.




DOI: https://doi.org/10.35308/ekombis.v6i2.2875

Refbacks

  • There are currently no refbacks.


Copyright (c) 2020 JURNAL EKOMBIS

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.