Studi Economic Policy Uncertainty dan Pasar Keuangan terhadap Perkembangan Pasar Sukuk Indonesia
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Abstract
Abstract
Sukuk as a form of sharia investment are starting to be in great demand by investors because they are considered to have a lower level of risk and better performance and stability compared to conventional investments. However, conditions of global uncertainty pose a threat to the development of the national sharia economy. The purpose of this study was to analyze the influence of macroeconomic dynamics and financial market conditions consisting of exchange rates, international liquidity, foreign debt, debt repayment rates, and global economic policy uncertainty on the development of Indonesian sukuk. The research methodology used in this study is the multiple linear regression method using the ordinary least squares method. The results of this study indicate that macroeconomic and financial variables have a significant impact on the development of the sukuk market in Indonesia. Meanwhile, the global economic policy uncertainty variable has an insignificant influence on the development of the sukuk market in Indonesia. Thus, there is a need for new policy alternatives to maintain overall economic fundamental stability and maintain sufficient liquidity in all sectors. This aims to maintain investor confidence and create a conducive environment for the development of Islamic economics and the sukuk market in Indonesia.
Abstrak
Sukuk sebagai salah satu bentuk investasi syariah mulai banyak diminati oleh investor karena dianggap memiliki tingkat resiko yang lebih rendah, memiliki kinerja dan stabilitas yang lebih baik dibandingkan dengan investasi konvensional. Namun, kondisi ketidakpastian global memberikan ancaman terhadap perkembangan ekonomi syariah nasional. Tujuan penelitian ini untuk menganalisis pengaruh dari dinamika ekonomi makro dan kondisi pasar keuangan yang terdiri dari nilai tukar, likuiditas internasional, utang luar negeri, dan tingkat pengembalian utang dan ketidakpastian kebijakan ekonomi global terhadap perkembangan sukuk Indonesia. Metode penelitian yang digunakan dalam penelitian ini yaitu metode regresi linear berganda dengan menggunakan metode Ordinary Least Square. Hasil dari penelitian ini menunjukkan bahwa variabel keuangan ekonomi makro memiliki pengaruh yang signifikan terhadap perkembangan pasar sukuk di Indonesia. Sedangkan variabel ketidakpastian kebijakan ekonomi global memiliki pengaruh yang tidak signifikan terhadap perkembangan pasar sukuk di Indonesia. Dengan demikian, perlu adanya alternatif kebijakan baru untuk tetap menjaga stabilitas fundamental ekonomi secara keseluruhan serta menjaga kecukupan likuiditas di segala sektor, hal ini bertujuan untuk menjaga kepercayaan investor serta membuat lingkungan yang kondusif bagi pengembangan pasar sukuk dan ekonomi islam di Indonesia.
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