Email this article UNRAVELING THE ROLE OF EXCHANGE RATES: BRIDGING GOLD AND OIL PRICES TO INDONESIA’S SHARIA STOCK INDEX
Abstract
Keywords
Full Text:
PDFReferences
Ash-Shiddiqy, M. (2019). Pengaruh Indeks Produksi Industri (IPI), Sertifikat Bank Indonesia Syariah (SBIS), Inflasi dan Nilai Tukar terhadap Indeks Saham Syariah Indoneisa (periode 2012-2018). Panangkaran: Jurnal Penelitian Agama Dan Masyarakat, 3(1), 43. https://doi.org/10.14421/panangkaran.2019.0301-03
Azzahra, L. M., & Andni, R. (2024). Pengaruh Variabel Makroekonomi Terhadap Indeks Saham Syariah Indonesia (ISSI) Pada Tahun 2011-2022. Journal of Sharia Economics, 5(1), 45–69. https://doi.org/10.22373/jose.v5i1.4201
Christianingrum, R. (2019). Pengaruh Variabel Ekonomi Makro Terhadap Nilai Tukar Rupiah. Jurnal Budget : Isu Dan Masalah Keuangan Negara, 4(1), 43–63. https://doi.org/10.22212/jbudget.v4i1.28
Fahdilla, Nurjannah, & Syahputra, R. (2023). Pengaruh Variabel Moneter Dalam Negeri Dan Luar Negeri Terhadap Nilai Tukar Rupiah. Inisiatif: Jurnal Ekonomi, Akuntansi Dan Manajemen, 2(2), 248–254.
Fajriah, Y., Rurum, D., Rijal, S., & Tafsir, M. (2024). Harga Emas Dunia Dan Suku Bunga Serta Dampaknya terhadap Indeks Harga Saham Dengan Kurs Sebagai Variabel Mediasi Di Bursa Efek Indonesia. Economics and Digital Business Review, 5(1), 148.
Fathimiyah, D. A., & Fianto, B. A. (2020). Pengaruh Variabel Makro Ekonomi Dan Dow Jones Islamic Market Index Terhadap Harga Saham Pada Indeks Saham Syariah Indonesia (Issi) Tahun 2012-2019. Jurnal Ekonomi Syariah Teori Dan Terapan, 7(11), 2183–2191. https://doi.org/10.20473/vol7iss202011pp2183-2191
Fuadi, A. (2020). Inflasi Dan Nilai Tukar Rupiah Terhadap Indeks Saham Syariah Indonesia. Jurnal Akuntansi Bisnis Pelita Bangsa, 5(01), 1–12. https://doi.org/10.37366/akubis.v5i01.102
Godil, D. I., Sarwat, S., Quddoos, M. U., & Hanif Akhtar, M. (2019). A Comparative Study on the Behavior of Islamic and Conventional Stocks in the Presence of Oil Price, Gold Price, and Financial Risk Factors: Evidence from Dow Jones Indices. Review of Applied Management and Social Sciences, 2(2), 117–128. https://doi.org/10.47067/ramss.v2i2.35
Handriani, M. S., Isnurhadi, Yuliani, & Sulastri. (2021). The Effect of Inflation Rate, Rupiah Exchange Rate, World Oil Prices, and World Gold Prices on Indonesia Sharia Stock Index (ISSI). International Journal of Business, Economics and Management, 4(2), 363–371. https://doi.org/https://doi.org/10.31295/ijbem.v4n2.1701 The
Hasibuan, F. F., Soemitra, A., & Harahap, R. D. (2023). Pengaruh Inflasi, Nilai Tukar, Harga Minyak Dunia Dan Harga Emas Dunia Terhadap Indeks Saham Syariah Indonesia. Jurnal Manajemen Akuntansi (JUMSI), 3(1), 707–717.
Hesniati, Kalimah, Z. N., Nanto, H., Yulianti, & Harsono. (2022). Pengaruh Harga Minyak Dunia, Kestabilan Politik dan Suku Bunga Terhadap Nilai Tukar Di Indonesia. Makro : Jurnal Manajemen Dan Kewirausahaan, 7(2), 116–131. https://doi.org/10.53712/jmm.v7i2.1501
Ibrahim, S. N., Hasan, R., & Nor, A. M. (2018). Does Gold Price Lead or Lags Islamic Stock Market and Strategy Commodity Price? A Study from Malaysia. International Journal of Business, Economics and Management, 5(6), 146–163. https://doi.org/10.18488/journal.62.2018.56.146.163
Jubaedah, S., Janiman, J., & Islami, P. A. (2019). Empirical Study About Islamic Stock Index Case in Indonesia. International Conference on Accounting, Management and Enterpreneurship, 123(Icamer 2019), 148–149. https://doi.org/10.2991/aebmr.k.200305.037
Junaidi, A., Wibowo, M. G., & Hasni. (2021). Pengaruh Variabel Ekonomi Makro Terhadap Indeks Saham Syariah Indonesia (ISSI) Periode Tahun 2014-2019. Jurnal Ekonomi Dan Bisnis, 24(01), 17–29.
Karimah, A., Anggraini, T., & Aslami, N. (2024). Analysis of the Influence of Interest Rates and Inflation on the Rupiah Exchange Rate in the Post Covid 19 Economic Recovery Era in Indonesia. Journal of Economic, Business and Accounting, 7(2), 3432–3442.
Katmas, E., & Indarningsih, N. A. (2022). The Effect of BI Interest Rate, Exchange Rate, and Inflation on The Indonesian Sharia Stock Index (ISSI). Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 5(2), 769–783. https://doi.org/10.31538/iijse.v5i2.2144
Khilyatunnisa, I. D., & Yuliana, I. (2023). The Impact of World Oil Prices and World Gold Price on the Indonesian Sharia Stock Price Index Moderated by Inflation ( 2017- 2021 Period ). Jurnal Ekbis Analisis, Prediksi, Dan Informasi, 24(1), 46.
Kilian, L. (2014). Oil Prices Shocks: Causes and Concequences. www.cepr.org
Kin, S., & Courage, M. (2014). The Impact of Oil Prices on the Exchange Rate in South Africa. Journal of Economics, 5(2), 193–199. https://doi.org/10.1080/09765239.2014.11884996
Kistiah, N. M., Haryadi, & Nurjanah, R. (2022). Analisis pengaruh ekspor neto, utang luar negeri dan BI rate terhadap nilai tukar atas Dollar Amerika Serikat. E-Journal Perdagangan Industri Dan Moneter, 10(2), 111–122.
Lusiana, D., Munir, M., & Isro, A. (2023). Analisis Dampak Variabel Makro Ekonomi Terhadap Indeks Saham Syariah Indonesia. AJIEB: Ash-Shiddiqiyah Journal of Islamic Economic and Business, 1(2), 18–29.
Mae. (2024). Rudal Iran Serang Israel: Indonesia Terancam Kena 5 Malapetaka Ini.
Muchlis, S., Mais, R. G., Munir, & Gustiani, R. (2023). The Effect Of Inflation , Interest Rates , And Exchange Rate On The Indonesian Sharia Stock Index (ISSI). Journal of Economics and Business Aseanomics, 8(1), 33–43.
Natasya, E. P., Sujianto, A. E., Maulidiyah, F. N., Oktafiani, D., & Ningtyas, S. R. (2023). Pengaruh Nilai Tukar, Suku Bunga, dan Sertifikat Bank Indonesia Syariah Terhadap Indeks Saham Syariah Indonesia. Jurnal Ekonomi Bisnis Dan Sosial Sains, 02(02), 182–193.
Muizz, A., Jaelani, A., & Mawaddah, Z. (2024). Macroeconomic Determinants of Islamic Stock Market Performance: An Analysis of Interest Rates, Inflation, Exchange Rates and Gold Prices. 1, 208–223. http://ejournal.iainkendari.ac.id/lifalah
Nawindra, I., & Wijayanto, A. (2020). The Influence of Macroeconomic Variables on The Indonesian Sharia Stock Index (ISSI) for The 2013-2019 Period. Management Analysis Journal, 9(4), 402–412. https://doi.org/10.15294/maj.v9i4.41875
NISP, R. O. (2023). Pengertian BI Rate, Fungsi, dan Bedanya dengan BI Repo Rate. Www.Ocbc.Id.
Noval, N. (2022). Mediasi Nilai Tukar (IDR/USD) Dalam Pengaruh Harga Minyak Mentah Dan Emas Dunia Terhadap Pasar Saham Syariah di Indonesia. Jurnal Ilmu Ekonomi Dan Bisnis Islam-JIEBI, 4(1), 42–56.
Nugroho, I., Hidayatullah, M. S., & Jayanti, A. A. (2023). The Effect of Inflation, Exchange Rate, and BI Rate on the Indonesian Sharia Stock Index. Journal of Islamic Economics and Finance Studies, 4(1), 114–132. https://doi.org/10.47700/jiefes.v4i1.5804
OJK. (2023a). Roadmap Pasar Modal Indonesia 2023-2027. Https://Www.Ojk.Go.Id/Id/Berita-Dan-Kegiatan/Publikasi/Documents/Pages/Roadmap-Pasar-Modal-Indonesia-2023---2027/Roadmap%20Pasar%20Modal%20Indonesia%202023-2027%20.Pdf, 17–44.
OJK. (2023b). Statistik Saham Syariah - Desember 2023. Https://Ojk.Go.Id/Id/Kanal/Syariah/Data-Dan-Statistik/Saham-Syariah/Pages/Statistik-Saham-Syariah---Desember-2023.Aspx, 1–2.
Ozmen, Y. S. (2019). How the exchange relationship affects employee commitment: The mediating role of organizational trust. Journal of Management Development, 38(6), 501–516. https://doi.org/10.1108/JMD-08-2018-0220
Pardede, A. S. M., & Setiawina, N. D. (2018). Pengaruh Indeks Harga Saham Gabungan, Suku Bunga dan Harga Minyak Dunia terhadap Nilai Tukar Rupiah Tahun 2012-2016. E-Jurnal Ekonomi Pembangunan Universitas Udayana, 7(8), 1708–1736.
Pramita, R. (2022). Pengaruh Pertumbuhan Ekonomi, Inflasi dan Harga Minyak Mentah Dunia Terhadap Indeks Saham Syariah Indonesia dengan Nilai Tukar sebagai Variabel Intervening Tahun 2016-2021. Institit Agama Islam Negeri Salatiga.
Putri, Y., Satria, D., & Fakhruddin. (2022). Pengaruh Perubahan Harga Emas Dunia Terhadap Nilai Tukar Rupiah. Jurnal Ekonomi Dan Kebijakan Publik Indonesia, 9(1), 78–88. https://doi.org/10.24815/ekapi.v9i1.30276
Rachmawati, Y. (2018). Pengaruh Inflasi dan Suku Bunga Terhadap Harga Saham Pada Perusahaan Perbankan Yang Terdaftar Di LQ45 Bursa Efek Indonesia. Jurnal Media Akuntansi (Mediasi), 1(1), 66–79. https://doi.org/10.31851/jmediasi.v1i1.2368
Raghuvanshi, K. K., Agarwal, A., Jain, K., & Singh, V. B. (2022). A generalized prediction model for improving software reliability using time-series modelling. International Journal of System Assurance Engineering and Management, 13(3), 1309–1320. https://doi.org/10.1007/s13198-021-01449-5
Rahman, M. L., Hedström, A., Uddin, G. S., & Kang, S. H. (2021). Quantile relationship between Islamic and non-Islamic equity markets. Pacific Basin Finance Journal, 68. https://doi.org/10.1016/j.pacfin.2021.101586
Rahmawati, F., & Baini, N. (2019). Dampak Variabel Makro Ekonomi Domestik dan Global Terhadap Indeks Saham Syariah Indonesia (ISSI) Periode Mei 2011--Mei 2019. Li Falah: Jurnal Studi Ekonomi Dan Bisnis Islam, 4(1), 195. https://doi.org/10.31332/lifalah.v4i2.1473
Rasyidin, M., Rizkina, A., Saleh, M., & Muttaqim, H. (2023). Reaksi Pasar Keuangan Terhadap Nilai Tukar dan Minyak Dunia. TIN: Terapan Inforamatika Nusantara, 4(5), 301. https://doi.org/10.47065/tin.v4i5.4220
Saepuloh, D., Mulatsih, S. N., & Sutarjo. (2019). The Influence of Economic Growth, BI Rate, and Inflation and the Impact on Direct Foreign Investment in Indonesia in 2010-2017. KnE Social Sciences, 3(13), 1172. https://doi.org/10.18502/kss.v3i13.4275
Setiawati, S. (2024). Empat Faktor Penyebab Harga Emas Terbang: Tembus US$ 2.400.
Siregar, E. I., & Diana, D. (2019). The Impact of Political Risk and Macro Economics on Stock Return at Indonesia Stock Exchange (An Approach of Arbritage Pricing Theory (APT)). KnE Social Sciences, 2019, 744–772. https://doi.org/10.18502/kss.v3i26.5412
Shaik, M., Jamil, S. A., Hawaldar, I. T., Sahabuddin, M., Rabbani, M. R., & Atif, M. (2023). Impact of geo-political risk on stocks, oil, and gold returns during GFC, COVID-19, and Russian–Ukraine War. Cogent Economics and Finance, 11(1). https://doi.org/10.1080/23322039.2023.2190213
Sjoberg, D. D. … Larmarange, J. (2022). Reproducible Summary Tables with the gtsummary Package To cite this version : HAL Id : ird-03883594 Reproducible Summary Tables with the gtsummary Package.
Sugeng, R. … Hadrianti, V. (2024). Analisis Pengaruh Bi Rate Dan Inflasi Terhadap Indeks Saham Syariah Indonesia (ISSI) Periode 2017-2020. Jurnal Ilmiah Ekonomi Islam, 10(1), 166–176. https://doi.org/10.29040/jiei.v10i1.12087
Sunaryo. (2022). Determinan Harga Emas (Studi Kasus pada PT Aneka Tambang, Tbk. Periode Tahun 2010 - 2019). KINERJA Jurnal Ekonomi Dan Bisnis, 5(1), 1–17.
Susilawati, Falefi, R., & Purwoko, A. (2020). Impact of COVID-19’s Pandemic on the Economy of Indonesia. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 3(2), 1147–1156. https://doi.org/10.33258/birci.v3i2.954
Syamila, A., Karimi, S., & Ridwan, E. (2020). Pengaruh Harga Minyak Mentah Dunia Terhadap Makroekonomi Indonesia: Net Eksportir Dan Net Importir Minyak 1991-2015. JIMEA: Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 4(1), 161–175.
Syarina, D. P. (2021). Analisis Pengaruh Nilai Tukar Rupiah, Inflasi Dan Indeks Dow Jones Terhadap Indeks Harga Saham Gabungan (IHSG) Di Bursa Efek Indonesia (BEI). Kindai, 16(3), 542–562. https://doi.org/10.35972/kindai.v17i1.590
Syahri, A., & Robiyanto, R. (2020). The correlation of gold, exchange rate, and stock market on Covid-19 pandemic period. Jurnal Keuangan Dan Perbankan, 3(24). https://doi.org/https://doi.org/10.26905/jkdp.v24i3.4621
Tuna, G., & Tuna, V. E. (2022). Are effects of COVID-19 pandemic on financial markets permanent or temporary? Evidence from gold, oil and stock markets. Resources Policy, 76. https://doi.org/10.1016/j.resourpol.2022.102637
Umeaduma, C. M.-G. (2025). Effect of Exchange Rate Volatility on Export Competitiveness and National Trade Balances in Emerging Markets. International Journal of Computer Applications Technology and Research, 12(11). https://doi.org/10.7753/IJCATR1211.1008
WA, A. R., & Yudhinanto. (2018). Analisis Pengaruh Suku Bunga SBI, Nilai Kurs, Harga Emas Dunia, Indeks Dow Jones, dan Indeks Hang Seng Terhadap IHSG (Studi Pada BEI Periode 2007-2016). Jurnal Ekonomi, 20(1), 67–81.
Wahab, U. S., & Fathoni, M. A. (2023). Pengaruh Bitcoin, Harga Emas, Dan Harga Minyak Dunia Terhadap Jakarta Islamic Index (JII). Islamic Economics and Business Review, 2(1), 36–48.
Waldi, I., & Amar, S. (2020). Pengaruh Inflasi, Tingkat Bunga, Emas Dunia, dan Utang Luar Negeri Terhadap Nilai Tukar Rupiah. Ecosains: Jurnal Ilmiah Ekonomi Dan Pembangunan, 9(2), 114–124. https://doi.org/10.24036/ecosains.11574257.00
Widyanti, L., & Hidayati, A. N. (2023). Pengaruh Variabel Makroekonomi Terhadap Indeks Saham Syariah Indonesia Periode 2018 – 2022. FINANCE: A Research Journal on Islamic Finance, 9(2), 168–182.
Winarto, J., Sule, E. T., & Ariawati, R. R. (2016). Test of Arbitrage Pricing Theory : Evidence from Indonesia. International Journal of Management Sciences and Business Research, 5(3), 29–40.
Yudiarti, T., Emilia, E., & Mustika, C. (2018). Pengaruh utang luar negeri, tingkat suku bunga dan neraca transaksi berjalan terhadap nilai tukar Rupiah terhadap Dolar Amerika Serikat. E-Journal Perdagangan Industri Dan Moneter, 6(1), 14–22. https://doi.org/10.22437/pim.v6i1.4448
Zahrok, F. F., Sulchan, M., Almira, D. T., & Aeni, E. A. N. (2021). Gold Prices, World Oil Prices and Large Trade Price Index on Indonesian Sharia Stock Index with Exchange Value as A Moderating Variable in Indonesia. Indonesian Economic Review, 1(2), 81–91.
DOI: https://doi.org/10.18860/ed.v13i1.31714
Refbacks
- There are currently no refbacks.
Editorial Office:
Megawati Soekarnoputri Building
Faculty of Economics
E-mail: eldinar@uin-malang.ac.id
Universitas Islam Negeri Maulana Malik Ibrahim Malang
E-ISSN 2622-0083
El Dinar under a CC BY SA 4.0 International License.
Member of:
Indexed By:
