Pengaruh Variabel Makroekonomi Terhadap Pembiayaan Perbankan Syariah Dalam Pemulihan Ekonomi 2011-2022

Abstract

Penelitian ini bertujuan untuk mengetahui dampak variabel makroekonomi terhadap pembiayaan perbankan syariah dalam upaya membantu dalam pemulihan ekonomi masyarakat setelah pandemi covid-19. Variabel makroekonomi yang digunakan adalah inflasi, suku bunga, dan nilai tukar terhadap pembiayaan perbankan syariah. Data yang digunakan merupakan data bulanan dari periode Januari 2011 sampai Agustus 2022. Metode yang digunakan untuk menguji dampak adalah model Autoregressive Distributed Lag (ARDL). Hasil pengujian dengan model ARDL menemukan bahwa nilai tukar dan suku bunga berpengaruh positif signifikan. Sedangkan variabel inflasi memiliki dampak positif dan negatif signifikan sekaligus terhadap pembiayaan. Dengan terkontrolnya variabel makroekonomi dengan baik bisa meningkatkan pembiayaan dan pembiayaan tersebut dapat membantu pemulihan ekonomi masyarakat dan berdampak pemulihan ekonomi nasional.

Macroeconomic Perspective on the Growth of Corporate Sharia Bonds (Sukuk) in Indonesia

“…The results of the partial test obtained a negative coefficient, the t-statistic value was -0.280, and the significance value of 0.780 was more significant than the alpha level of 0.05 or sig 0.780 > 0.05, so the conclusion from testing the first hypothesis was rejected, and the economic growth variable did not affect the growth of Sukuk. This result is consistent with the research Mulyadi et al, (2022); Munir & Rosyidah (2021); Pramidiyanti & Indrawati (2019); Zusryn et al, (2019) that economic growth variables do not affect the growth of Sukuk Economic growth does not affect the growth of corporate sukuk because the level of social welfare in a country can be seen from the country's gross domestic product (GDP). The increase in people's welfare will lead people to consume goods and services, which will increase the expansion of real sector investment.…”

“…Furthermore, the inflation variable research results of Ardiansyah & Lubis (2017); Masitoh & Fajri (2020); Wahyudi & Shofawati (2019) explained that inflation affects the growth of Islamic bonds, different from the results of research by Mulyadi et al, (2022); Munir & Rosyidah (2021); Pramidiyanti & Indrawati (2019); Zusryn et al, (2019) which explained that inflation does not affect the growth of corporate sukuk. Furthermore, the variable money supply research findings of Ardiansyah & Lubis (2017); Masitoh & Fajri (2020); Munir & Rosyidah (2021); Pramidiyanti & Indrawati (2019) explained that the money supply affects the growth of sharia bonds, in contrast to the research findings of Mulyadi et al, (2022) explained that the money supply does not affect the growth of corporate sukuk growth. Furthermore, the world oil price variable as a result of research by Zusryn et al, (2019) stated that world oil prices positively affect the growth of Islamic bonds, different results from Ardiansyah & Lubis (2017) that world oil prices harm corporate sukuk.…”

“…According to Mohamed et al, (2015), an increase in the money supply in the society will make people choose to invest their money to maintain their real value so that an increase in the money supply can increase the growth of corporate sukuk. Mulyadi et al, (2022) explained that the money supply negatively impacts Sukuk in the long and short term. The money supply reacts negatively with sukuk, which means that as the money supply increases, demand for sukuk will decrease.…”

“…Previous research used as a reference still has some research gaps in the research variables, such as the economic growth variable presented in the research results of Munir & Rosyidah (2021); Pramidiyanti & Indrawati (2019); Zusryn et al, (2019) that economic growth variables do not affect the growth of corporate Sharia bonds (sukuk), in contrast to the research by Mulyadi et al, (2022) which explained that economic growth variables have a positive effect on corporate sukuk growth. Furthermore, the inflation variable research results of Ardiansyah & Lubis (2017); Masitoh & Fajri (2020); Wahyudi & Shofawati (2019) explained that inflation affects the growth of Islamic bonds, different from the results of research by Mulyadi et al, (2022); Munir & Rosyidah (2021); Pramidiyanti & Indrawati (2019); Zusryn et al, (2019) which explained that inflation does not affect the growth of corporate sukuk. Furthermore, the variable money supply research findings of Ardiansyah & Lubis (2017); Masitoh & Fajri (2020); Munir & Rosyidah (2021); Pramidiyanti & Indrawati (2019) explained that the money supply affects the growth of sharia bonds, in contrast to the research findings of Mulyadi et al, (2022) explained that the money supply does not affect the growth of corporate sukuk growth.…”

“…Research data analysis techniques use multiple linear regression. Research by Mulyadi et al, (2022) with the research year 2011-2021, with the equation of the research variables of economic growth, inflation, and money supply; data analysis techniques used the Vector Error Correction Model (VECM). There are several novelties in this study that differ from previous research in the description related to reference research.…”