DOI: https://doi.org/10.14710/djieb.16756

Analisis Perbandingan Hubungan Perdagangan Surat Berharga Syariah Negara dan Variabel Makro Ekonomi Sebelum dan Selama Pandemi Covid-19

*Fortuna Tunggadewi S  -  Universitas Diponegoro, Indonesia
Lia Wulandari  -  Universitas Diponegoro, Indonesia

Citation Format:
Abstract
The development of Islamic finance has been very rapid in the last 10 years. From many varoius products, one instrument of Islamic finance that can drives economic growth is sukuk. One type of sukuk issued by Indonesian government is State Sharia Securities (SBSN). this study uses interest rate, exchange rate, and inflation as independent variables. The results of this study reveal that the interest rate variable has no significant impact on SBSN trading through transactions in the secondary market. However, there is a change in interest rate before and after the covid era. Then the exchange rate variable also does not have significant effect on SBSN but it also has an increasing coefficient change after the pandemic happened. Then finally there is inflation that does not have a significant effect on SBSN. However, there is also a change in coefficient which was initially positive to negative after the covid 19 pandemic.
Fulltext View|Download Email colleagues
Keywords: Sukuk, Islamic finance, Change in pandemic era

Article Metrics:

Article Info
Section: Articles
Language : ID
  1. Ascarya. (2021), "The role of Islamic social finance during Covid-19 pandemic in Indonesia’s economic recovery", International Journal of Islamic and Middle Eastern Finance and Management. Emerald Publishing Limited
  2. Al-raeai, Arafat Mansoor, dkk. (2018), “The Role of macroeconomic factors on Sukuk Market Development of Gulf Cooperation Council (GCC) Countries”. International Journal of Economics and Financial, 8(3), 333-339
  3. Asri, Nur Habibah dan Dwi Wulandari. (2021), “Macroeconomic Variables and Sukuk Outstanding in Indonesia”. Journal of social sciences. 4(6), 561-570
  4. Bawono, Anton. Dkk. (2021), “Impact of Coronavirus and Macroeconomic indicators on Sharia Obligation with Simultaneous Model”. Jurnal Ilmu Ekonomi, 10(2), 291-298
  5. Hanandewa dan Heykal, Mohamad. (2013), Tantangan Konsep Perdagangan Sukuk di Pasar Sekunder. Binus Business Review, Vol. 4 No. 1: 207-214
  6. Hudaefi, F.A. and Beik, I.S. (2021), "Digital zakāh campaign in time of Covid-19 pandemic in Indonesia: a netnographic study", Journal of Islamic Marketing, Vol. 12 No. 3, pp. 498-517. Emerald Publishing Limited
  7. Ikram, M., Shen, Y., Ferasso, M. and D’Adamo, I. (2021), "Intensifying effects of COVID-19 on economic growth, logistics performance, environmental sustainability and quality management: evidence from Asian countries", Journal of Asia Business Studies. Emerald Publishing Limited
  8. Laila, N., Rusmita, S.A., Cahyono, E.F. and Azman-Saini, W.N.W. (2021), "The role of financial factors and non-financial factors on corporate bond and sukuk rating Indonesia", Journal of Islamic Accounting and Business Research, Vol. 12 No. 8, pp. 1077-1104. Emerald Publishing Limited
  9. Latifah dkk. (2020), “The Effect of Macro Economy on Sukuk Requests in Indonesia”. Journal Ilmiah Ekonomi dan Bisnis, 18(1), 74-83
  10. Ledhem, M.A. (2020), "Does Sukuk financing boost economic growth? Empirical evidence from Southeast Asia", PSU Research Review. Emerald Publishing Limited
  11. Nurhayadi, Yadi, dkk. (2020), “Pengaruh Inflasi, Nilai Tukar, dan Yield Sukuk Ritel terhadap volume perdagangan sukuk negara ritel SERI SR-007 di pasar sekunder”. TARAADIN, 1(1), 84-98
  12. Qizam, I., & Fong, M. (2019). “Developing Financial Disclosure Quality in Sukuk and Bond Market: Evidence from Indonesia, Malaysia, and Australia”. Borsa Istanbul Review, 19(3), 228-248
  13. Sakti, Muhammad Rizky P dan MD. Yousuf Harun. (2013), “Relationship between Islamic Stock Prices and Macroeconomic Variables: Evidence from Jakarta Stock Exchange Islamic Index”. Global Review of Islamic Economic and Business, 1(1), 071-084
  14. Santosa, Perdana Wahyu. (2021), “Macroeconomic indicators and Yield Curve of Indonesian Government Bond”. Business, Management and Economics Engineering, 19(1), 34-48
  15. Simbolon, L. and Purwanto. (2018),"The Influence of Macroeconomic Factors on Stock Price: The Case of Real Estate and Property Companies". Global Tensions in Financial Markets Research in Finance, Volume 34, 19–39
  16. Sinamo, T.M. and Hanggraeni, D. (2021), "Demand or supply shock during the COVID-19 crisis: empirical evidence from public firms in Indonesia", Journal of Asia Business Studies. Emerald Publishing Limited
  17. Suciningtias, Siti Aisiyah. (2019), “Macroeconomic Impacts on Sukuk Performance in Indonesia Co-integration and Vector Error Correction Model Approach”. Journal of Islamic Finance, (special issue), 117-130
  18. Sukmaningrum, Puji Sucia. Dkk. (2021), “Impact of Macroeconomics on corporate Sukuk Yield in Indonesia”. Review of International Geographical Education, 11(4), 419-428
  19. Surico, P. and Galeotti, A. (2020), “The economics of a pandemic: the case of Covid-19”, Working Paper. London Business School, pp. 69-73
  20. Verma, Rakesh Kumar dan Rohit Bansal. (2021), “Impact of macroeconomic variables on the performance of stock exchange: a systematic review”. International Journal of Emerging Markets, 16(7), 1291-1329
  21. Yusuf, Achlanudin dan Ahmad Danu Prasetyo. (2019), “The Effect of Inflation, US Bond yield, and exchange rate on Indonesia bond yield”. Jurnal Perspektif Pembiayaan dan Pembangunan Daerah, 6(6), 649-656

Last update:

No citation recorded.

Last update:

No citation recorded.