The Role of Exchange Rate in Moderating Effect of Sharia Shares, Sharia Mutual Funds, and Foreign Debt on National Economic Growth Rate in 2011-2023
Article Sidebar
Main Article Content
Abstract
This study aims to investigate the moderating role of exchange rates in the relationship between Islamic stocks, Islamic mutual funds, and foreign debt on national economic growth in Indonesia from 2011 to 2023. Utilizing a quantitative approach with Moderated Regression Analysis (MRA), this research employs quarterly time-series data sourced from Indonesia’s Financial Services Authority, Bank Indonesia, and the Central Bureau of Statistics. The findings reveal that the exchange rate has a positive and significant impact on economic growth, while foreign debt exerts a positive yet insignificant effect. Furthermore, the exchange rate significantly moderates the impact of foreign debt on economic growth but fails to moderate the influence of Islamic stocks. Notably, Islamic mutual funds and Islamic stocks were excluded from the final model due to multicollinearity. This research contributes to the international discourse by providing empirical evidence from an emerging Muslim-majority economy, highlighting how currency stability plays a pivotal role in shaping the interaction between external financial instruments and economic growth. The study underscores the importance of exchange rate management in enhancing macroeconomic resilience, particularly within the context of Islamic financial markets in developing countries.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
References
Afnan, Amalia. “Pengaruh Zakat, Infak Dan Sedekah (ZIS), Saham Syariah Dan Pembiayaan Perbankan Syariah Terhadap Pertumbuhan Ekonomi Dengan Nilai Tukar (Kurs) Sebagai Variabel Moderating Di Indonesia Tahun 2012 - 2021.” Skripsi IAIN Salatiga (2022).
Anzella, N.P, Desmintari, and Sugianto. “Pengaruh Nilai Tukar, Jumalh Uang Beredar Dan Tingkat Inflasi Terhadap Pertumbuhan Ekonomi Di Indonesia.” Jurnal Ilmu Ekonomi dan Sosial (2021): 88–100.
Basten, Eric Van, Syarifah Hudayah, and Irwan Gani. “Pengaruh Utang Luar Negeri Terhadap Pertumbuhan Ekonomi Dan Dampaknya Pada Pengangguran Terbuka Di Indonesia.” Forum Ekonomi 23 (1) 202, no. 1 (2021): 340–350. http://journal.feb.unmul.ac.id/index.php/FORUMEKONOMI.
Budi, Rakhmad Pambudi, Mahendra Galih Prasaja, and Agus Saur Utomo. “The Effect of Stock Selection Ability, Market-Timing Ability, and Fund Cash Flow on the Performance of Sharia Equity Mutual Funds (Study During the Covid-19 Pandemic, 2020-2021): Pengaruh Stock Selection Ability, Market Timing Ability, Dan Fund Cash Flow Terhadap Kinerja Reksa Dana Saham Syariah (Studi Pada Masa Pandemi Covid-19 Tahun 2020-2021)”. El-Qist: Journal of Islamic Economics and Business (JIEB) 13, no. 1 (June 20, 2023): 1–15. Accessed August 30, 2024. https://jurnalfebi.uinsa.ac.id/index.php/elqist/article/view/1328.
Choiriyah, Evi Aninatin Ni’matul, and Ilmiawan Auwalin. “The Effect Of Commodity Prices, Excange Rates, Inflation, Foreign Direct Invesment And Human Resources On The Economy Of Yhe Organization Of Islamic Cooperation (OIC) Countries.” Jurnal Ekonomi Syariah Teori dan Terapan (2020): 1606–1628.
Faroh, Nur. “Pengaruh Saham Syariah, Sukuk Dan Reksadana Syariah Terhadap Pertumbuhan Ekonomi Nasional (Tahun 2008-2015)” (2017).
Ismanto, Bambang, Lelahester Rina, and Mita Ayu Ristiani. “Pengaruh Kurs Dan Impor Terhadap Pertumbuhan Ekonomi Indonesia Periode Tahun 2007 - 2017.” Jurnal Ecodunamika : Pendidikan Ekonomi Universitas risten Satya Wacana (2019).
Istiyani, Anisa, and Rifda Nabila. “Pengaruh Saham Syariah, Sukuk, Dan Reksa Dana Syariah Terhadap Pertumbuhan Ekonomi Indonesia Dengan Nilai Tukar Sebagai Variabel Moderating Tahun 2011-2020.” EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi (2021): 11–19.
Jaya, I Made Laut Mertha. Metode Penelitian Kuaantitatif Dan Kualitatif: Teori, Penerapan Dan Riset. Yogyakarta: Anak Hebat Indonesia, 2020.
Kartika, Kharissa Dinna. “Pengaruh Saham Syariah, Obligasi Syariah, Reksadana Syariah Dan Inflasi Terhadap Pertumbuhan Ekonomi Indonesia Periode 2011 - 2017.” Skripsi IAIN Salatiga (2019).
Manurung, Jonni, and Adler Haymas Manurung. Ekonomi Keuangan Dan Kebijakan Moneter. Jakarta: Salemba Empat, 2009.
Mubarok, Muhamad Zaky. “Pengaruh Utang Luar Negeri, Sukuk Dan Pembiayaan Perbankan Syariah Dengan Nilai Tukar Sebagai Variabel Moderasi Terhadap Pertumbuhan Ekonomi Indonesia Tahun 2013 - 2018.” Skripsi IAIN Salatiga (2021).
Muhammad, Kharisma. “Pengaruh Pasar Modal Syariah Dan Inflasi Terhadap Pertumbuhan Ekonomi Indonesia Periode 2011- 2020.” Skripsi (2022).
Nurhidayah, Dwi, Amalia Nuril Hidayati, and Muhammad Alhada Fuadilah Habib. “The Influence of Inflation, Sharia Stock, Sukuk and Sharia Mutual Funds on National Economic Growth in 2013-2020.” Sinar Manajemen (2022): 158–173.
Nurwahida, Sugianto, and Nurul Jannah. “Pengaruh Ekspor , Reksadana Syariah Dan Utang Luar Negeri Terhadap Pertumbuhan Ekonomi Nasional Periode 2012-2020.” Jurnal Ilmiah Ekonomi Islam 8, no. 02 (2022): 1584–1597.
Purba, Bonaraja. “Analisis Tentang Pertumbuhan Ekonomi Indonesia Periode Tahun 2009 - 2018.” Jurnal Humaniora (2020): 244–255.
Sari, Septiani. “Pengaruh Utang Luar Negeri, Sukuk, Inflasi Dan Tingkat Suku Bunga Terhadap Pertumbuhan Ekonomi Indonesia Tahun 2014 - 2019.” Skripsi IAIN Salatiga (2020).
Tahira, Zamruda Tsania. “Peran Nilai Tukar Dalam Memoderasi Pengaruh Stock Market Develompent, FDI, Utang Luar Negeri, Ekspor Dan Inflasi Terhadap Pertumbuhan Ekonomi Indonesia.” Skripsi UIN Maulana Malik Ibrahim (2021).
Ulfa, Maria, and Nadia Roosmalitas Sari. “Pengaruh Sukuk, Reksadana Dan Saham Syariah Terhadap Laju Pertumbuhan Ekonomi Di Indonesia Tahun 2017 - 2020.” Jurnal Ekonomi, Manajemen, Bisnis dan Akuntansi (JEMBA) (2022): 555–568.
Widiyanti, M, and N Sari. “Kajian Pasar Modal Syariah Dalam Mempengaruhi Pertumbuhan Ekonomi Di Indonesia.” Ekonomikawan : Jurnal Ilmu Ekonomi Dan Studi Pembangunan (2019): 68–83.
Williamson, O E. The Economic Institutions of Capitalism. New York: The Free Press, 1985.