The Impact of Islamic Financial Deepening on Economic Growth in Indonesia
Unduhan
Tujuan dari penelitian ini adalah untuk menguji pengaruh pendalaman keuangan syariah terhadap pertumbuhan ekonomi di Indonesia selama 2010-2017. Penelitian ini mencoba menjawab pertanyaan kritis: apakah pendalaman keuangan Islam mempengaruhi pertumbuhan ekonomi Indonesia? Penelitian ini menggunakan metode regresi berganda dengan data time series. Selain itu, penelitian ini menggunakan tujuh proxy pendalaman keuangan syariah, yaitu kedalaman kredit syariah kepada sektor swasta (Murabahah/GDP), kedalaman deposito (Deposito/GDP), kedalaman total aset (Total Aset/GDP), kedalaman kapitalisasi pasar saham syariah (ISMC/GDP), dept volume perdagangan saham syariah (ISTV/GDP), kedalaman obligasi pemerintah syariah (IGB/GDP), dept obligasi korporasi syariah (ICB/GDP), terhadap produk domestik bruto (PDB) sebagai proksi pertumbuhan ekonomi. Hasil penelitian menunjukkan bahwa pendalaman keuangan syariah secara simultan mempengaruhi pertumbuhan ekonomi sementara sebagian kedalaman kredit syariah, deposito, volume perdagangan saham syariah, obligasi pemerintah syariah berpengaruh signifikan terhadap pertumbuhan ekonomi; sebaliknya, total aset berpengaruh negatif terhadap pertumbuhan ekonomi, serta dept kapitalisasi pasar saham syariah dan obligasi korporasi syariah tidak mempengaruhi pertumbuhan ekonomi. Sebagian besar temuan ini konsisten dengan studi empiris oleh Ogbuagu (2017), Kagochi (2013), Afonso (2014) dan peneliti lainnya. Hasil penelitian ini dapat dianggap sebagai bahan kontribusi untuk mengembangkan instrumen yang lebih inovatif tentang pendalaman keuangan syariah untuk mendorong pertumbuhan ekonomi di Indonesia, terutama bagi pemerintah, penulis dan pemangku kepentingan.
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