Farida Titik Kristanti_Abstrat_1722013

PENGUJIAN VARIABEL MAKRO EKONOMI TERHADAP JAKARTA ISLAMIC INDEX 

 

Farida Titik Kristanti
Nur Taufiqoh Lathifah
Telkom Business School -Telkom University (d/h Institut Manajemen Telkom)
Jl. Telekomunikasi No.1, Terusan Buah Batu, Bandung, 40257.

 

Korespondensi dengan Penulis:
Farida Titik Kristanti: Telp. +62 22 750 3509; Fax.+62 22 750 2263
E-mail: farida_titik@yahoo.com

 

Abstract

Stock price behavior patterns determined the pattern of return received. Stock price was not only determined by company profits but also influenced by economic factors, political, and financial of state. The objective of this research was to examine the effect of macro economy variables, namely inflation, Interest rate, and foreign exchange to Jakarta Islamic Index in the long term and short term in 2008-2012 periods. This study used secondary data, while the methods of analysis used were the data stationary test (Augmented Dickey Fuller), co-integration test and error correction model. The results of this study indicated that all the variables had been stationary. Co-integration test showed that there was a long-term relationship among the variables. There was a long term relationship among inflation, interest rates and foreign exchange rates to  the Jakarta Islamic Index for 2008-2009 periods, while the Error Correction Model test showed that there was a short-term relationship among inflation, interest rates and foreign exchange rates to the Jakarta Islamic Index for 2008-2009 periods.

Key words: inflation, interest rates, foreign exchange rates, Jakarta Islamic Index

(Full Text. pdf)

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