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Title: | Analisis Pengaruh Guncangan Makroekonomi terhadap Perkembangan Sukuk Negara di Indonesia |
Authors: | Nurhalim, Asep Muthohharoh, Marhamah Sihotang, Revi Delima |
Issue Date: | Jan-2021 |
Publisher: | IPB University |
Abstract: | Penerbitan Sukuk Negara masih berada pada kisaran 20-30 persen setiap tahunnya dari total Surat Berharga Negara yang diterbitkan serta terdapat beberapa penjualannya yang tidak mencapai target pemerintah. Sebagai negara Muslim terbesar di dunia, Indonesia hanya menyumbang 13.38 persen total penerbitan Sukuk Negara di dunia di bawah Malaysia sebesar 32.82 persen dan Arab Saudi sebesar 31.94 persen. Penelitian ini bertujuan untuk menganalisis pengaruh guncangan makroekonomi terhadap perkembangan Sukuk Negara yang berdenominasi rupiah dari tahun 2014 sampai 2019. Berdasarkan metode analisis Vector Error Correction Model (VECM) diperoleh hasil bahwa Sukuk Negara merespon positif guncangan produk domestic bruto, imbalan deposito mudharabah dan Jakarta Islamic Index (JII). Sedangkan Sukuk Negara merespon negatif inflasi, suku bunga acuan dan nilai tukar rupiah. Variabel yang memberikan kontribusi dominan dalam menjelaskan keragaman perkembangan Sukuk Negara secara berurutan adalah JII, nilai tukar rupiah dan suku bunga acuan. The issuance of Sovereign Sukuk is still in the range of 20-30 percent each year of the total Government Securities issued and there are several sales that do not reach the government’s target. As the largest Muslim country in the world, Indonesia only contributed 13.38 percent of the total issuance of Sovereign Sukuk in the world, under Malaysia at 32.82 percent and Saudi Arabia at 31.94 percent. This study aims to examines the impact of macroeconomic shocks on the development of local currency Sovereign Sukuk from 2014 to 2019. Based on the Vector Error Correction Model (VECM) analysis method, it is found that Sovereign Sukuk respond positively to the shocks of real gross domestic product, mudharabah deposits return rate, and Jakarta Islamic Index (JII). Meanwhile the Sovereign Sukuk respond negatively to the shock of inflation, policy rate, and exchange rate. The three variables that made dominant contribution in explaining the variation of development of Sovereign Sukuk were JII, exchange rate and policy rate. |
URI: | http://repository.ipb.ac.id/handle/123456789/105681 |
Appears in Collections: | UT - Syariah Economic |
Files in This Item:
File | Description | Size | Format | |
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Cover, Lembar Pengesahan, Abstrak, Lembar Pengesahan, Prakata, Daftar Isi.pdf Restricted Access | Cover | 3.49 MB | Adobe PDF | View/Open |
H54160074_Revi Delima Sihotang.pdf Restricted Access | Fullteks | 10.25 MB | Adobe PDF | View/Open |
Lampiran.pdf Restricted Access | Lampiran | 2.83 MB | Adobe PDF | View/Open |
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