Analisis Pengaruh Inflasi, Suku Bunga, Nilai Tukar, dan Jumlah Uang Beredar, Terhadap Indeks Harga Saham Gabungan (IHSG) Periode 2013-2022

Indra Sari, Nurul Azizah Az Zakiyyah

Abstract


The Composite Stock Price Index (IHSG) is a unit index based on all types of shares traded on the stock exchange or stock market. The capital market plays a big role in a country's economy because it can influence and also encourage companies to develop. The role of the capital market in a country is as a driving force for the economy, because the capital market is a means of investing funds in the long term. Every country has a capital market that moves every day as seen from the fluctuating share prices. One of the indicators that causes movements in the Composite Stock Price Index (IHSG) is macroeconomic indicators. In the following research, the macroeconomic indicators used are inflation, exchange rates, interest rates and money supply. These macroeconomic indicators are fluctuating. This research aims to find out what the long-term and short-term influence of macroeconomic factors, namely inflation, interest rates, exchange rates and money supply on the IHSG. The research data used is time series data from the macroeconomic variables mentioned as well as IHSG data taken from 2013-2022 (monthly) and obtained from the Central Statistics Agency (BPS), Financial Services Authority, and Bank Indonesia (BI). The data that has been obtained is processed using the Eviews 10 analysis tool and the method used is the Vector Error Correction (VECM) method.


Keywords


Composite Stock Price Index (IHSG), Inflation, Money Supply (JUB), Dollar Exchange Rate, Interest Rates, VECM

Full Text:

PDF

References


A’yun, I.Q., Khoirudin, R., Salim, A., Putra, B.J., & Yuniarti, D. (2023). Peningkatan literasi keuangan bagi Diaspora Indonesia di China. Prosiding Seminar Nasional Hasil Pengabdian Kepada Masyarakat Universitas Ahmad Dahlan, 4(1), 720-728.

Astuti, R., Lapian, J., Rate, P. V. (2016). Pengaruh Faktor Makro Ekonomi Terhadap Indeks Harga Saham Gabungan (IHSG) Di Bursa Efek Indonesia (BEI) Periode 2006 – 2015. Jurnal Berkala Ilmiah Efisiensi. 16(2), 299 – 406.

Boediono. 2017 .Ekonomi Moneter. Yogyakarta: BPFE-Yogyakarta.

Fabozzi, F.J., Modigliani Franco., dan Ferri Michael G.1999 Pasar & Lembaga Keuangan. Jakarta.

Indrawahyu, M.L., Khoirudin, R. & Suripto. (2023). Analisis Determinan Permintaan Kredit Modal Kerja Terhadap Bank Umum Diyogyakarta. Gema Ekonomi, 12(2). https://doi.org/10.55129/https://doi.org/10.55129/.v12i4.2927

Indriani, A. (2007). Ekonomi Dan Akuntansi : Membina Kompetensi Ekonomi. Bandung. Grafindo Media Pratama.

Kurniawan, M. L. A., A’yun, I. Q., & Perwithosuci, W. (2022). Money Demand In Indonesia : Does Economic Uncertainty Matter?. Jurnal Ekonomi Dan Studi Pembangunan, 23(2), 232 – 244. https://doi.org/10.18196/jesp.v23i2.15876

Kewal, S. (2012). Pengaruh Inflasi, Suku Bunga, Kurs, Dan Pertumbuhan PDB Terhadap Indeks Harga Saham Gabungan. Jurnal Economia, 8(1), 53-64. https://doi.org/10.21831/economia.v8i1.801

Khoirudin, R. (2017). Penilaian Saham PT Pembangunan Perumahan Properti Dalam Rangka Initial Public Offering. Jurnal Keuangan Dan Perbankan, 21(1), 37 – 46. https://doi.org/10.26905/jkdp.v21i1.1225

Khoirudin, R. (2024). Management Analysis of Sleman Regency Local Government Operational Asset Management. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 12(1), 1541-1550. https://doi.org/10.37676/ekombis.v12i1.3733.

Khoirudin, R., Yuniarto, A.S., & Khasanah, U. (2024). Analisis volume ekspor CPO Indonesia ke India melalui pendekatan error correction model. Jurnal Samudra Ekonomi dan Bisnis, 15(2), 353-363. DOI: 10.33059/jseb. v15i2.8551.

Khoirudin, R., & Azizi, M.I. (2024). Determinan Ekspor Komoditas Karet Indonesia Ke Amerika Serikat Periode 1990 -2022. COSTING:Journal of Economic, Business and Accounting, 7(2), 3763-3770, https://doi.org/10.31539/costing.v7i3.8275

Krisnandi, H., & Julianda, D. P. (2020). Analisis Pengaruh Inflasi, Kurs, Indeks Dowjones Dan Jumlah Uang Beredar Terhadap Indeks Harga Saham Gabungan Di Bursa Efek Indonesia Periode 2017– 2019.

Mishkin, F. S. (2008). Ekonomi Uang, Perbankan, dan Pasar Keuangan. Edisi 8. Salemba Empat: Jakarta.

Melati, I., & Kurniawan, M. L. A. (2023). Money Demand Analysis Through Business Cycle In Indonesia. Jurnal Ilmiah Bidang Ilmu Ekonomi, 18(2), 203 – 212. 10.24269/ekuilibrium.v18i2.2023.pp203-212.

Pebriyanti, I., & Khoirudin, R. (2024). Analysis of Determinants of Foreign Exchange Reserves in ASEAN-5 Countries. BALANCE: Economic, Business, Management and Accounting, 21(1), 116-130. https://doi.org/10.30651/blc.v21i1.22113

Salim, A., Suripto, Yuniarti, D., Abasimi, I., Az zakiyyah, N.A., & A’yun, I.Q. (2024). Research elevation of bank lending and technological innovation in the excess liquidity countries. Heliyon, 10(13), 1-16. https://doi.org/10.1016/j.heliyon.2024.e33462

Samsul, M. (2015). Pasar Modal & Manajemen Portofolio. Jakarta: Erlangga.

Wibowo, A. J., & Khoirudin, R. (2022). Does Macroeconomic Fluctuation Matter For The Composite Stock Price Index. Jurnal Ekonomi Pembangunan, 20(1), 105 – 114. https://doi.org/10.29259/jep.v20i1.17479

Widarjono, A. (2018). Ekonometrika Pengantar Dan Aplikasinya Disertai Panduan Eviews. Edisi kelima. Yogyakarta: UPP STIM YKPN Yogya.

Widjanjanta, B. & Widyaningsih, A. (2007). Mengasah Kemampuan Ekonomi. Bandung. Citra Praya

Wikayanti, N. L. P. D., Aini, Q., Fitriyani, N. (2020). Pengaruh Krs Dolar Amerika Serikat, Inflasi, Dan Tingkat Suku Bunga Terhadap Indeks Harga Saham Gabungan Dengan Model Vector Error Corection. Eigen Mathematics Journal, 3(1), 65 – 72.

Zuhro, F. (2018). Pengaruh Indikator Kebijakan Moneter Terhadap Inflasi Di Indonesia. Jurnal Ekonomi Dan Bisnis, 19(1), 1 – 7.


Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Indra Sari, Nurul Azizah Az Zakiyyah

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

 

 

Socius: Jurnal Penelitian Ilmu-Ilmu Sosial

ISSN : 3025-6704