Macroeconomic Variables and Jakarta Islamic Index (JII) in Indonesia: an Approach of Error Correction Model
DOI:
https://doi.org/10.14421/skiej.2022.1.2.1752Abstract
The purpose of this study is to examine the impact of macroeconomic variables on the Jakarta Islamic Index (JII) over the period 2012-2021. Macroeconomic variables include inflation, the exchange rate, the bi-rate, global oil prices, and the price of gold. In this study, the Error Correction Model (ECM) was used to examine the short- and long-term impact of macroeconomic variables on the di Jakarta Islamic Index (JII). According to the findings, the Indonesian sharia exchange rate and Bi-Rate had an impact on the sharia stock index in the short run. In contrast, interest rates, global oil prices, and global gold prices have a long-term impact on the sharia stock index. Variable inflation has no effect on either.
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