Analisis Pengaruh Inklusi Keuangan Syariah, Perbankan Syariah, dan Pasar Modal Syariah terhadap Pertumbuhan Ekonomi di Indonesia Periode 2013-2023

Vika Anjani; Cupian Cupian

doi:10.59841/jureksi.v3i2.2718

Authors

Vika Anjani Universitas Padjadjaran
Cupian Cupian Universitas Padjadjaran

DOI:

https://doi.org/10.59841/jureksi.v3i2.2718

Keywords:

Islamic Finance, Islamic Banking, Islamic Capital Market

Abstract

This study aims to evaluate the long-run and short-run relationship between the Islamic capital market and Islamic banking on Indonesia's economic growth over the period 2013-2023. Using a quantitative approach and the Vector Error Correction Model (VECM) method, this study analyzes the dynamics between these variables. The data used includes the Indonesian Sharia Stock Index (ISSI), Islamic bonds, Islamic banking third-party funds (DPK), non-performing financing (NPF), and real gross domestic product (GDP) as an indicator of economic growth. The analysis shows that in the long run, both the Islamic capital market and Islamic banking contribute significantly to economic growth. However, in the short term, only a few variables show a significant effect. These findings confirm the strategic role of the Islamic financial sector in supporting sustainable economic growth, as well as the importance of strengthening and developing Islamic instruments to support national economic stability and progress.

References

Abdel-Magid, M. F. (1986). Accounting postulates and principles from an Islamic perspective. The American Journal of Islamic Social Sciences, 3(1), 79–95.

Allen, F., Demirguc-Kunt, A., Klapper, L., & Martinez Peria, M. S. (2016). The foundations of financial inclusion: Understanding ownership and use of formal accounts. Journal of Financial Intermediation, 27, 1–30. https://doi.org/10.1016/j.jfi.2015.12.003

Arifin, Z. (2006). Dasar-dasar manajemen bank syariah. Azkia Publisher.

Badan Pusat Statistik. (2024). Produk domestik bruto Indonesia. https://www.bps.go.id

Cheng, X., & Degryse, H. (2010). The impact of bank and non-bank financial institutions on local economic growth in China. Journal of Financial Services Research, 37(2), 179–199. https://doi.org/10.1007/s10693-009-0076-6

Damanik, S. (2022). Teori pertumbuhan ekonomi Schumpeter: Inovasi dan dinamika ekonomi. Jurnal Ekonomi dan Bisnis, 12(1), 34–50.

Dendawijaya, L. (2009). Manajemen perbankan. Ghalia Indonesia.

Dev, S. M. (2006). Financial inclusion: Issues and challenges. Economic and Political Weekly, 41(41), 4310–4313.

Hardanto, P. (2006). Pengantar perbankan syariah. Rajawali Pers.

Herlinawijaya, S. (2021). Dana pihak ketiga dan stabilitas bank syariah. Jurnal Keuangan Islam, 8(2), 102–118.

Jhingan, M. L. (2007). Ekonomi pembangunan dan perencanaan. PT RajaGrafindo Persada.

Kasmir. (2010). Manajemen perbankan. Rajawali Pers.

Kim, D. W., Yu, J. S., & Hassan, M. K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1–14. https://doi.org/10.1016/j.ribaf.2017.07.178

Mahzalena, & Juliansyah, R. (2019). Pertumbuhan ekonomi dan kebijakan pembangunan. Jurnal Ekonomi Makro, 14(2), 56–73.

Malik, A. (2007). Pengaruh perbankan syariah terhadap perekonomian Indonesia. Jurnal Ekonomi Islam, 5(1), 45–58.

Mirakhor, A., & Iqbal, Z. (2004). Islamic banking and finance: A global perspective. Palgrave Macmillan.

Nopirin. (2008). Ekonomi moneter. BPFE UGM.

Okaro, C. S. (2016). Enhancing financial inclusion in developing economies. Journal of Business and Finance, 8(3), 79–99.

Otoritas Jasa Keuangan. (2023). Laporan perkembangan keuangan syariah di Indonesia. https://www.ojk.go.id

Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.11.004

Sarma, M. (2012). Index of financial inclusion: A measure of financial sector inclusiveness. Journal of Banking & Finance, 36(6), 1249–1261. https://doi.org/10.1016/j.jbankfin.2011.10.012

Sarma, M., & Pais, J. (2008). Financial inclusion and development: A cross country analysis. Journal of Economic Development, 33(1), 108–126.

Sofariah, N., Damayanti, R., & Yuliani, D. (2022). Analisis pertumbuhan ekonomi Indonesia: Pendekatan model makroekonomi. Jurnal Ekonomi dan Keuangan Syariah, 7(3), 89–102.

Sudarmadji, & Sularto, L. (2007). Perbankan syariah dan perekonomian nasional. Jurnal Akuntansi dan Keuangan, 9(2), 123–136.

Sukirno, S. (2010). Makroekonomi: Teori pengantar. Rajawali Pers.

Todaro, M. P., & Smith, S. C. (2006). Economic development (9th ed.). Addison-Wesley.

Uddin, G. S., Chowdhury, M. B., & Islam, M. A. (2012). Financial inclusion and poverty reduction: The role of financial intermediation. Journal of Economic Policy Reform, 15(1), 21–37. https://doi.org/10.1080/17487870.2011.615705

Wahyudi, R., & Astuti, N. (2022). Stabilitas keuangan dan pertumbuhan ekonomi: Bukti empiris dari Indonesia. Jurnal Keuangan dan Perbankan, 19(2), 54–73.