THE IMPACT OF MACROECONOMICS VARIABLE TOWARDS JAKARTA ISLAMIC INDEX (JII) : ECM MODEL
Yan Aditiya Pratama, Yudhistira Ardana
Abstract
This research aim is to analyze the impact of macroeconomics variable to Jakarta Islamic Index. The macroeconomic variables are BI-rate, inflation, foreign exchange, sharia Bank of Indonesia certificate and oil world price. The methodsthat usedin this research is error correction model to analyze the short-run and long-run impact of macroeconomic variables to Jakarta Islamic Index. The result showed that the foreign exchange rate and sharia Bank of Indonesia certificate influence to the Jakarta Islamic Index in short-run. Otherwise the interest rate, shariah Bank of Indonesia certificate, and oil world price influence to the Jakarta Islamic Index in long-run.
Keywords: macroeconomic variables; Islamic stocks index; error correction model
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Yan Aditiya Pratama, Yudhistira ArdanaAbstract
This research aim is to analyze the impact of macroeconomics variable to Jakarta Islamic Index. The macroeconomic variables are BI-rate, inflation, foreign exchange, sharia Bank of Indonesia certificate and oil world price. The methodsthat usedin this research is error correction model to analyze the short-run and long-run impact of macroeconomic variables to Jakarta Islamic Index. The result showed that the foreign exchange rate and sharia Bank of Indonesia certificate influence to the Jakarta Islamic Index in short-run. Otherwise the interest rate, shariah Bank of Indonesia certificate, and oil world price influence to the Jakarta Islamic Index in long-run.
Keywords: macroeconomic variables; Islamic stocks index; error correction model
