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 methods that used in 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 stock’s index; error correction model


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ICSTIEM: International Conference on Sosial Technological, Innovation, Economics and Management, Penerbit Fakultas Ilmu Sosial dan Ilmu Politik (http://www.jurnal.saburai.ac.id/index.php/ICSTIEM/index).