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description Journal article public Journal of Enterprise and Development

Analisis Dampak Harga Emas Dunia, Harga Minyak Dunia, Kurs, Indeks Harga Konsumen (Ihk), Dan Bi Rate Terhadap Jakarta Islamic Index

Muhammad Umar Azyka Alfuadi
Published 2 Dezembro 2019

Abstract

The paper attempts to analyze the impacts of gold price, oil price, exchange rate, consumer price index, and BI rate to Jakarta Islamic Index using VAR- VECM analysis. The result shows that in long term all variables have a significant impact to JII. Gold price has negative impact to JII 4,1% and stable after 12 months, oil price has positive impact 1% and stable after 21 months, exchange rate has positive impact 3,8% and stable after 17 months, consumer price index has positive impact 0,5% and stable after 21 months, and BI rate has negative impact 6,2% and stable after 15 months. BI rate also gives the biggest impact‟s contribution into JII. This result is very contradictory with Islamic economic principle “No-Riba Oriented”.

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