THE INFLUENCE OF MACROECONOMIC VARIABLES ON TRADING OF SUKUK NEGARA DURING PANDEMIC: CASE OF INDONESIA
Abstract
The year 2020 and 2021 became an unprecedented challenge due to the covid pandemic affecting many aspects around the world, including the economy. On the other side, over the past decade has the global Sukuk market become an increasingly prominent funding source for companies, financial institutions, and governments. For handling the pandemic in Indonesia, the Ministry of Finance has repeatedly issued Sukuk Negara. The objective of study is to analyze the short-term and long-term impact of macroeconomic variables on the sukuk trade in Indonesia and to see the impact of these macroeconomic variables on the stability of the Sukuk Negara Trade and the contribution of these variables during the pandemic to the Sukuk Negara. It was found that the exchange rate and inflation have a significant positive effect on the trading of sovereign sukuk in the secondary market. The most variables contribution is sovereign sukuk trade itself, followed by Exchange rate.
Keywords
Full Text:
PDFReferences
Abubakar, A., & Kassim, S. (2018). Institutional and macroeconomic determinants of financial development in the OIC countries. Global Business and Economics Review, 20(4), 410-424.
Accounting and Auditing Organisatin for Islamic Financial Institutions (AAOIFI). (2003). Sharia Standard, Investment Sukuk. pp. 229 (Vol. No 17). Bahrain: Manama.
Al-Quran dan Hadist. (n.d.).
Aman, A. U., Naim, A. M., & Isa, M. Y. (2019). What determines sukuk market development? New theoretical insights. Global Review of Islamic Economics and Business, 7(1), 021-027.
Ardiansyah, I. H., & Lubis, D. (2017). Pengaruh Variabel Makroekonomi terhadap Pertumbuhan Sukuk Korporasi di Indonesia. Jurnal Al-Muzara'ah, Vol. 5, No. 1.
Ascarya. (2009). Aplikasi Vector Autoregression dan Vector Error Correction Model Menggunakan Eviews 4.1. Modul VAR-VECM.
Badan Pusat Statistik. (2021).
BASYARIAH, N., KUSUMA, H., & QIZAM, I. (2021). Determinants of sukuk market development: macroeconomic stability and institutional approach. The Journal of Asian Finance, Economics, and Business, 8(2), 201-211.
Cherif, M., & Gazdar, K. (2010). Institutional and macroeconomic determinants of stock market development in MENA region: New results from a panel data analysis. International Journal of Banking and Finance, 7(1), 139-159.
Duqi, A., & Al-Tamimi, H. (2019). Factors affecting investors’ decision regarding investment in Islamic Sukuk. Qualitative Research in Financial Markets
Echchabi, A., Aziz, H. A., & Idriss, U. (2016). Does sukuk financing promote economic growth? An emphasis on the major issuing countries. Turkish Journal of Islamic Economics, 3(2), 63-73.
Echchabi, A., Aziz, H. A., & Idriss, U. (2018). The impact of Sukuk financing on economic growth: the case of GCC countries. International Journal of Financial Services Management, 9(1), 60-69.
Elkarim, G. A. (2012). Factors influence Sukuk and conventional bonds in Malaysia (Doctoral dissertation, Universiti Utara Malaysia).
Engle, R. F., & Granger, C. W. (1987). Co-integration and error correction: representation, estimation, and testing. Econometrica: journal of the Econometric Society, 251-276.
Ependi, H., & Thamrin, H. (2020). The Effect of Macroeconomic Factors on the Number of Corporate Sukuk Offers in Indonesia. Dinasti International Journal of Economics, Finance & Accounting, 1(4), 593-605.
Fahrian, D., & Seftarita, C. (2016). Pengaruh Lelang Sukuk Terhadap Perekonomian Indonesia. Jurnal Ilmiah Mahasiswa Ekonomi Pembangunan, 1(2), 446-454.
Firdaus M. 2011. Ekonometrika untuk Data Panel dan Time Series. Bogor (ID): IPB Press
Garcia, V. F., & Liu, L. (1999). Macroeconomic determinants of stock market development. Journal of applied Economics, 2(1), 29-59.
HADIYANTO, F. (2017). The Influence of Macroeconomics Factors Toward The Development of Corporate Sukuk in Indonesia Period 2008-2016 (Doctoral dissertation, Universitas Jenderal Soedirman). Suciningtias, S. A. (2019). Macroeconomic Impacts on Sukuk Performance in Indonesia: Co-integration and Vector Error Correction Model Approach. Journal of Islamic Finance, 8, 117-130.
Hameed, S. (2009). Accounting and Auditing for Islamic Financial Institutions. Kuala Lumpur: International Islamic University Malaysia
Haqqi, A. R. A. (2009). The philosophy of Islamic law of transactions. CERT Publications
Harris R dan Sollis R. 2005. Applied Time Series Modelling and Forcasting. John Wiley and Sons Inc.
Ismail, A. G., & Ahmad, Z. (2016). Macroprudential Tools and Its Relationship with Monetary Policy Tools. In Macroprudential Regulation and Policy for the Islamic Financial Industry (pp. 245-272). Springer, Cham.
Jobst, A., Kunzel, P., Mills, P., & Sy, A. (2008). Islamic bond issuance: what sovereign debt managers need to know. International Journal of Islamic and Middle Eastern Finance and Management.
Melzatia, S., & Doktoralina, C. M. (2018). Yield Sukuk: Maturity, Rating and Value of Emission. Research Journal of Finance and Accounting, ISSN, 2222-1697.
Mishkin, F. S. (2007). The economics of money, banking, and financial markets. Pearson education.
Mitsaliyandito, R. Q., Arundina, T., & Kasri, R. A. (2017). Impact of sukuk market development on Indonesian Economic growth. International Journal of Applied Business and Economic Research, 15(24), 537-549.
Mo, D., Gupta, R., Li, B., & Singh, T. (2018). The macroeconomic determinants of commodity futures volatility: Evidence from Chinese and Indian markets. Economic Modelling
Muhammad, R., Permana, E. N., & Nugraheni, P. (2019). Tingkat Permintaan Sukuk Ritel: Analisis Faktor Internal Dan Eksternal. Media Riset Akuntansi, Auditing & Informasi, 19(2), 249-264.
Pardede, N., Hidayat, R. R., & Sulasmiyati, S. (2016). Pengaruh Harga Minyak Mentah Dunia, Inflasi, Suku Bunga (Central Bank Rate), Dan Nilai Tukar (Kurs) Terhadap Indeks Harga Saham Sektor Pertambangan Di ASEAN (Studi Pada Indonesia, Singapura, Dan Thailand Periode Juli 2013–Desember 2015). Jurnal Administrasi Bisnis, 39(1), 130-138.
Pratomo, A. S. (2019). Analisis determinan volume perdagangan sukuk negara ritel, seri SR-007. Islamic Finance, 7(2), 119-131.
Rahman, M. P. B., Duasa, J., Kassim, S., & Zainudin, W. R. A. (2017). Sovereign Sukuk Pricing Analysis: Do Macroeconomic Variables Matter?. International Journal of Economics, Management and Accounting, 25(3), 513-528.
Rousseau, P. L., & Yilmazkuday, H. (2009). Inflation, financial development, and growth: A trilateral analysis. Economic Systems, 33(4), 310-324.
Said, A., & Grassa, R. (2013). The determinants of sukuk market development: does macroeconomic factors influence the construction of certain structure of sukuk?. Journal of Applied Finance & Banking, 3(5), 251-267.
Saputra, T. A., & Prasetiono, P. (2013). Analisis Faktor-Faktor Yang Mempengaruhi Yield Obligasi Konvensional Di Indonesia (Studi Kasus Pada Perusahaan Listed di BEI) (Doctoral dissertation, Fakultas Ekonomika dan Bisnis).
Smaoui, H., & Khawaja, M. (2017). The determinants of Sukuk market development. Emerging Markets Finance and Trade, 53(7), 1501-1518.
Smaoui, H., & Nechi, S. (2017). Does sukuk market development spur economic growth?. Research in International Business and Finance, 41, 136-147.
Sukmaningrum, P. S., Rani, L. N., Hasib, F. F., & Rusmita, S. A. (2021). Impact Of Macroeconomics On Corporate Sukuk Yield In Indonesia. Review of International Geographical Education Online, 11(4), 418-429.
Suriani, M., Majid, R. M., & Nazaruddin, A. W. (2018). Macroeconomic determinants of the capital market in Indonesia: A comparative analysis between Sukuk and bonds markets. Journal of Academic Research in Economics and Management Sciences, 7(2), 1-17.
Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan aplikasi. Kanisius.
Tanjung, H., & Devi, A. (2013). Metodologi penelitian ekonomi Islam. Gramata Pub..
Ulfah, H. K., Aprilliani, S., & Adirestuty, F. (2019). Influence of Micro Economic and Macro Economic on Yield to Maturity of Ijarah Sukuk Corporation Year 2014-2017. KnE Social Sciences, 126-136.
Ulfah, H. K., Kusnendi, Aprilliani, S., & Adirestuty, F. (2019). Influence of Micro Economic and Macro Economic on Yield to Maturity of Ijarah Sukuk Corporation Year 2014-2017. In The 2nd International Conference on Islamic Economics, Business, and Philanthropy (ICIEBP) Theme: “Sustainability and Socio Economic Growth” (pp. 126–136). KnE Social Sciences
Wafi, T. G., Zulhilmi, M., Safitri, W. D., & Fitri, C. D. (2020). HUBUNGAN DINAMIS VARIABEL MAKROEKONOMI DAN PERTUMBUHAN SUKUK NEGARA, PENDEKATAN: ERROR CORECTION MODEL. JURNAL EKOMBIS, 6(2).
Yıldırım, S., Yıldırım, D. C., & Diboglu, P. (2020). Does Sukuk market development promote economic growth?. PSU Research Review.
DOI: https://doi.org/10.32507/ajei.v13i1.1188
Refbacks
- There are currently no refbacks.
Copyright (c) 2022 Raehan Fadila, Sebastian Herman, Eri Heriyanto
Indexed by:
.png)
© Copyright CC BY-SA Al-Infaq: Jurnal Ekonomi Islam, p-ISSN: 2087-2178, e-ISSN: 2579-6453 |
