PENGARUH PASAR MODAL SYARIAH, OBLIGASI SYARIAH (SUKUK), DAN BI RATE TERHADAP PRODUK DOMESTIK BRUTO (PDB) DI INDONESIA PERIODE 2016:1-2018:12 PENDEKATAN VECTOR ERROR CORRECTION MODEL (VECM)
Abstract
This study aims to determine the effect of GDP (Gross Domestic Product) in terms of constant prices, in Indonesia. The dependent variable used is GDP (Gross Domestic Product), and the independent variables are Islamic stocks, Islamic mutual funds, Islamic bonds (sukuk), and the BI rate. The data used in this study are monthly during the period 2016: 1-2018: 12 sourced from OJK, BI, and Ministry of Home Affairs. The estimation tool used in this study is the Vertor Error Correction Model (VECM) using the help of E-views 7.0.Estimation results show that in the short term the GDP variable (Gross Domestic Product) itself, Islamic stocks, BI rate, Islamic mutual funds have a significant effect on GDP (Gross Domestic Product). In the long run, the estimation results show that sharia stock variables and sharia mutual funds have a significant effect on GDP (Gross Domestic Product). While the sharia bond variable (sukuk) and the BI rate do not have a significant effect on GDP (Gross Domestic Product). VECM estimation results in this study also produce important analyzes, namely IRF (Impulse Response Function) and VDC (Variance Decomposition).