The Effectiveness of Monetary Policy Towards Stock Index Case Study : Jakarta Islamic Index 2006-2014

Hasanah, Lak lak Nashat el; Panjawa, Jihad Lukis

doi:10.23917/jep.v17i1.1404

Cited by 4 publications

(6 citation statements)

References 1 publication

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“…The exchange rate negatively and significantly affects the Sharia stock market. The results of this study supported the study conducted by El-Hasanah & Panjawa (2016) The research also supports the study of Adamu, et., AL, (2017) stating that the exchange rate affects the stock market. With the stability of the exchange rate will make the issuer's financial statements well, so as to make investors like the shares and the price of the company's share will be increased.…”

Section: Discussionsupporting

confidence: 91%

“…This suggests that the stock market responds positively to the money supply. The study was in accordance with the results of El-Hasanah & Panjawa (2016) stating that after the global monetary crisis the amount of money was positively circulated against the sharia stock market. The same is also found in the study of Alatiqi and Fazel, (2008) and Li (2012) who said that the money circulating in the short term affects the stock market.…”

Section: Discussionsupporting

confidence: 90%

“…(Suhaibu, at., al. 2017). El-Hasanah & Panjawa (2016 in his studies said that before the global monetary crisis the exchange rate negatively affects Jakarta Islamic Index (JII), while the inflation rate and amount of money supply has no effect on JII.…”

Section: Literature Reviewmentioning

confidence: 99%

“…The instability of the exchange rate has a real economic shock as it negatively impacts the price level (Adamu, Mika'ilu and Umar, 2017). El-Hasanah & Panjawa (2016) in his studies said that before the global monetary crisis the exchange rate negatively affects Jakarta Islamic Index (JII). After the global monetary crisis the exchange rate does not affect JII.…”

Section: Literature Reviewmentioning

confidence: 99%

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Respons Of Islamic Stock Markets To Monetary Policy Empirical Evidence from Indonesia

Rasyidin

Sulong

2019

AL-ARBAH

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Purpose - The impact of stock market and capital formation on economic growth in Indonesia for the period of January 2015 – May 2019. This paper examines a long-run equilibrium relation between stock market, capital formation and economic growth and other control variables.Method - This study uses autoregressive distributed lag (ARDL) model.Result - Findings revealed that none of the models was stationary at level but were all stationary at first difference. There is not a short run significant relationship between stock market, capital formation and economic growth in Indonesia. In the long run, capital formation has a significant positive association on economic growth and a negative non-significant relationship between stock market and economic growth in Indonesia.Implication - This research is useful to know the response of Sharia market to monetary policy instruments in Indonesia so that the Sharia stock market strategy is potentially developing in the future to encourage the achievement of characteristics such as An alternative source of financing and investment for economic actors and able to facilitate risk mitigation needs for market participants and able to drive the efficiency of transactions in the market through the improvement of the quality of stock market infrastructure Sharia. Originality - The update of this research is response of Sharia stock market response to monetary policy instruments in Indonesia that are researched using ARDL models.

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Section: Discussionsupporting

confidence: 91%

Section: Discussionsupporting

confidence: 90%

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

See 2 more Smart Citations

Respons Of Islamic Stock Markets To Monetary Policy Empirical Evidence from Indonesia

Rasyidin

Sulong

2019

AL-ARBAH

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“…The calculation of the Jakarta Islamic Index (JII) is carried out by the Indonesia Stock Exchange (IDX) using the index calculation method determined by the Indonesia Stock Exchange (IDX), namely market capitalization weighted. This index calculation also includes adjustments due to changes in issuer data caused by corporate actions (El Hasanah & Panjawa, 2016).…”

Section: Sharia Stocks and Jakarta Islamic Index (Jii)mentioning

confidence: 99%

Macroeconomics Effect on Conventional and Sharia Stocks During the Covid-19 Pandemic

Halisa

Annisa²

2022

IJIBE

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This study aims to analyze the effect of macroeconomics on conventional and sharia stocks during the COVID-19 pandemic. The data collected for this study was obtained from monthly stock index data on the Indonesia Stock Exchange (IDX) as well as macroeconomic development reports from the Ministry of National Development Planning/Bappenas. The population in this study are all conventional and sharia stocks listed on the IDX. The sampling technique was carried out using a purposive sampling method with the criteria of conventional and sharia stocks listed on the IDX for the period March 2020 to June 2021. The macro variables used in researching the Jakarta Composite Index (JCI) and the Jakarta Islamic Index (JII) consisted of four variables, which are exports, imports, inflation rate, and foreign exchange reserves. The data analysis technique used in this research is multivariate multiple linear regression analysis accompanied by simultaneous and partial testing to determine the predictor variables that affect JCI and JII. The results shows that exports and foreign exchange reserves had a significant positive effect on JCI and JII, while imports and the inflation rate did not have a significant effect. The goodness of the model is 93%.

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Contagion and spillover effects of global financial markets on the Indonesian Sharia Stock Index post-COVID-19

Rizqi Febriandika,

Hakimi,

Awalliyah

et al. 2023

Investment Management and Financial Innovations

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This study aims to examine the spillover and contagion effects of global financial markets on the Indonesian Sharia Stock Index (ISSI) post-COVID-19. The study uses the Vector Error Correction Model method to explore the short-term and long-term relationships between ISSI and global financial markets. The data used in this study are time series data, namely the ISSI and several other countries that have a significant influence on the global economy, which were observed from May to July 2022. The results of the study show that the USD has a positive influence on ISSI in the short and long term. At the same time, the JPY and HKD have a negative influence on ISSI. The GBP and SGD do not have a significant influence on ISSI developments. The economic, business and financial sectors began to adjust after the COVID-19 pandemic ended, including the Indonesian Sharia Stock Index. Contagion occurs from one country’s financial system to another, which is influenced by aspects of volatility, exchange rates, the global crisis, the stock market, and stock indices. It is considered that this study can help the government to adjust better conditions of Islamic stocks in Indonesia. Acknowledgment The authors would like to thank the Research and Innovation Institute (LRI), Universitas Muhammadiyah Surakarta, for the enormous financial support in writing this study through the HIT funding scheme with number 02/A.6-II/FAI/1/2022.

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The Effectiveness of Monetary Policy Towards Stock Index Case Study : Jakarta Islamic Index 2006-2014

Cited by 4 publications

References 1 publication

Respons Of Islamic Stock Markets To Monetary Policy Empirical Evidence from Indonesia

Respons Of Islamic Stock Markets To Monetary Policy Empirical Evidence from Indonesia

Macroeconomics Effect on Conventional and Sharia Stocks During the Covid-19 Pandemic

Contagion and spillover effects of global financial markets on the Indonesian Sharia Stock Index post-COVID-19

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