Open AccessMacroeconomic Variables and Sukuk Outstanding in Indonesia
Author(s) -
Nur Habibah Asri,
Dwi Wulandari
Publication year - 2021
Publication title -
open access indonesia journal of social sciences
Language(s) - English
Resource type - Journals
ISSN - 2722-4252
DOI - 10.37275/oaijss.v4i6.101
Subject(s) - sukuk , vector autoregression , economics , exchange rate , lag , bond , investment (military) , econometrics , monetary economics , islam , islamic finance , geography , finance , political science , computer network , archaeology , politics , computer science , law
Sukuk or Sharia bonds are one of the investment instruments in Indonesia. Since the 19th century, Sukuk has become popular with investors. Several previous studies found contradictory results that macroeconomic variables have a relationship and influence on Sukuk by observing the year before the pandemic. This study uses a quantitative descriptive method with a Vector Autoregression (VAR) approach. Through the optimum lag value, namely, lag 3, statistically it was found that there was a significant relationship between the variables of GDP, interest rates, and the exchange rate on Sukuk. In addition, several analysis results found a causal relationship between these variables.