Bank Indonesia Rate Research Articles

Pengaruh Faktor Makroekonomi Nasional Terhadap Indeks Harga Saham Gabungan Di Bursa Efek Indonesia: Studi Kasus 2018-2022

Although an increase in investments can have an impact on a nation's economic growth, it is impossible to forecast a nation's future economic circumstances or obstacles. This research examines how the Indonesia Stock currency Composite Index (IHSG) is affected by foreign currency rates, inflation, and the BI Rate (Bank Indonesia Rate) between 2018 and 2022. Saturated sampling is used to select a sample size of 60 data points for each variable from the 60 monthly closing price data of IHSG collected over the last five years, using secondary data from official online business and financial portals. To assess how these macroeconomic factors affect the IHSG, the study uses1multiple linear1regression1analysis. The1findings show1that the IHSG is impacted by all three variables at the same time. However, the foreign exchange rate has no discernible effect1on the IHSG, but inflation and the BI Rate alone have a large impact. The1relationship between1macroeconomic variables1and Indonesia's stock1market performance is better understood thanks to these findings.

Impact of Macroeconomic Indicators on The Indonesia Stock Exchange (IDX) Composite Index Performance

This study examines the impact of macroeconomic indicators on the performance of the Indonesia Stock Exchange (IDX) Composite Index from 2014 to 2023, focusing on four key variables: interest rates, inflation, money supply (M2), and Gross Domestic Product (GDP). Using a Vector Autoregressive (VAR) model, the research investigates the short-term dynamics between these variables. The findings show that in the VAR estimation, only the lag 1 M2 value has a statistically significant coefficient. However, the Impulse Response Function (IRF) analysis reveals that shocks to the Bank Indonesia rate, inflation, money supply, and GDP initially cause significant fluctuations in the Jakarta Stock Exchange price index, but these effects are short-lived, with the index stabilizing around zero after several periods. These results provide valuable insights for policymakers and investors, emphasizing the importance of understanding macroeconomic conditions for making informed stock market decisions.

Monetary Policy and Inflation Targeting Framework in Indonesia Dual Banking System

Since 1990 the use of inflation as a nominal anchor used as the main target of monetary policy began to be an option for central banks in several countries. The new monetary policy framework is then known as Inflation Targeting Framework (ITF). This study tries to look at some important variables that affect the inflation rate within the framework of the Inflation Targeting Framework concept using Vector Error Correction Model. The results of data processing using VECM analysis can determine the behavior of Bank Indonesia Rate (BI Rate), Money Supply, Interbank Money Market (PUAB), Sharia Interbank Money Market (PUAS), and Sharia Bank Indonesia Certificates (SBIS). These variables significantly affect the inflation rate. The results of this study can provide important information for decision makers and academics as an evaluation of the application of ITF based on its application in Indonesia.

ANALISIS PENGARUH INFLASI, NILAI TUKAR RUPIAH, DAN BI RATE TERHADAP NILAI AKTIVA BERSIH REKSADANA SYARIAH DI INDONESIA (PERIODE 2015-2019)

This research examined the analysis of the effect of the Inflation, Rupiah Exchange Rate and BI Rate on the Net Asset Value (NAV) of Islamic Mutual Fund. Data used in this research is annualy, data start from 2015 until 2019. Sampling method used in this research is purposive sampling. This research used quantitative approach method and the analysis techniques used is multiple linear regression that using Eviews Version 10. Based on the result of this research showed that Inflation, Rupiah Exchange Rate and BI Rate stimultaneously has significant effect to Net Asset Value (NAV) of Sharia Mutual Balanced Fund. The results also show that inflation has a significant negative effect on the NAV of Islamic mutual funds. The Rupiah Exhange Rate (Exchange Rate) has a significant negative effect on the NAV of Islamic mutual funds and Bank Indonesia (BI) Rate significant positive effect of the NAV of Islamic mutual funds.

Assessing the Impact of Macroeconomic Variables on Project-Based Sukuk in Indonesia

This study is aimed at examining the influence of variables such as Infrastructure Budget, Bank Indonesia Rate, Money Supply, and Bank Indonesia Sharia Certificate on Project-Based Sukuk over short and long-term periods. The research also evaluates the response given by Project-Based Sukuk to shocks in these variables, as well as their contributions to variations in Project-Based Sukuk. The Vector Error Correction Model (VECM) method, implemented through Eviews 10, was utilized in this study which employed monthly secondary data spanning the period 2016-2020. The findings suggest that, in the short term, the Infrastructure Budget variable positively affects PBS. Conversely, in the long term, the Money Supply variable negatively influences PBS. BI rate and Bank Indonesia Sharia Certificate variables appear to have no significant effect on PBS in either the short or long term. The Impulse Response Function test reveals that PBS responds positively to shocks in the Infrastructure Budget, negatively to shocks in the Bank Indonesia Sharia Certificate, and variably to shocks in the BI Rate and Money Supply. The Forecasting Error Variance Decomposition test indicates that PBS exerts the most significant influence on variance explanation. Sukuk is proposed as a viable alternative to bridge the financing gap for infrastructure development. The government is therefore urged to preserve economic stability, particularly concerning the Infrastructure Budget from the State Budget and the Money Supply, given their impact on sukuk development, which is crucial for infrastructure progression in Indonesia.

The analysis of causality analysis of money supply (M2) and interest rate (BI Rate) in Indonesia: an empirical study in 1990-2021

This research investigates the causal relationship between the Bank Indonesia (BI) Rate and the Money Supply (M2) in Indonesia, using annual time series data from 1990 to 2022. The study reveals that an increase in the Money Supply (M2) directly impacts the BI Rate, a policy instrument employed by Bank Indonesia to manage and curb inflation. Moreover, through the rigorous application of Granger Causality Tests, the research demonstrates that the relationship between the BI Rate and Money Supply (M2) is bidirectional. This bidirectional relationship implies that changes in the interest rate influence the money supply and vice versa. These findings provide valuable insights into monetary policy dynamics and its implications for the Indonesian economy.

The Influence of Cryptocurrency (Bitcoin), IHSG, Fed Rate, and BI Rate on IDX BUMN 20 Stock Prices

The cryptocurrency market has grown significantly in recent years, with Bitcoin emerging as the dominant player. This research aims to investigate the relationship between cryptocurrency (Bitcoin) prices, the Indonesia Stock Exchange Composite Index (IHSG), the Federal Reserve (Fed) Rate, and the Bank Indonesia (BI) Rate with the stock prices of IDX BUMN20 companies. The study adopts a quantitative research approach, utilizing historical time-series data for the variables of interest spanning a specific period. The data will be collected from reputable financial databases and sources. Multiple regression analysis and White analysis causality tests will be employed to examine the potential influence of these factors on IDX BUMN20 stock prices. The findings from this research are expected to shed light on the interconnectedness of the cryptocurrency market with the traditional stock market in Indonesia and provide valuable insights for investors, policymakers, and market participants. Understanding these relationships can aid in risk management strategies and investment decision-making. However, it is crucial to note that the cryptocurrency market is known for its volatility and speculative nature, which may introduce unique challenges in interpreting the results. Therefore, cautious consideration and expert financial advice.

Analysis of Exchange Rate, Inflation, and Benchmark Interest Rate Impacts on the IDX Composite Index Before and After the COVID-19 Pandemic in the Years of 2019-2021

This research examines the impact of inflation, exchange rate, and Bank Indonesia (BI) interest rate on the IDX Composite Index before and during COVID-19. This research's subjects include companies listed on the IDX Composite Index on the Indonesia Stock Exchange (IDX) from 2019 to 2021, spanning a 36-month sample period. This research employs quantitative methods such as multiple linear regression, correlation, multicollinearity, and heteroscedasticity as the classical assumption testing. The coefficient determination test, t-test, and F-test are all part of hypothesis testing. The findings of this research show that inflation and the BI rate have a simultaneous effect due to the influence of the currency rate. All three variables: inflation, currency rate, and BI rate could all have an impact on the IDX Composite Index before and during COVID-19 between 2019 and 2021.

Analysis of The Effect of Inflation, Rupiah Exchange Rate, and BI Rate on The Net Asset Value of Sharia Mutual Funds In Indonesia (2015-2019 Period)

This research examined the analysis of the effect of the Inflation, Rupiah Exchange Rate and BI Rate on the Net Asset Value (NAV) of Islamic Mutual Fund. Data used in this research is annualy, data start from 2015 until 2019. Sampling method used in this research is purposive sampling. This research used quantitative approach method and the analysis techniques used is multiple linear regression that using Eviews Version 10. Based on the result of this research showed that Inflation, Rupiah Exchange Rate and BI Rate stimultaneously has significant effect to Net Asset Value (NAV) of Sharia Mutual Balanced Fund. The results also show that inflation has a significant negative effect on the NAV of Islamic mutual funds. The Rupiah Exhange Rate (Exchange Rate) has a significant negative effect on the NAV of Islamic mutual funds and Bank Indonesia (BI) Rate significant positive effect of the NAV of Islamic mutual funds.

The Analysis of Inflation, Exchange rate, and Benchmark Interest Rate (BI rate) Influences on the Indonesia Composite Index (ICI)

This study analyzes the correlation and influence rates of inflation, Bank Indonesia, and the Dollar Exchange (USD/IDR) on the Indonesia Composite Index(ICI) in Indonesia from 2001 to 2021. The type of study used explanatory research with quantitative approach. The research data is in the form of secondary data based on the period in the form of ICI, benchmark interest rate, inflation, and rupiah exchange rate on the US dollar (KURS) obtained from Bank Indonesia (BI), the Indonesia Stock Exchange (IDX), and the Central Statistics Agency (BPS). This study's data complements the latest month's data from the inflation rate, BI Rate, USD/IDR Exchange rate, and combination of the Stock Price Index(ICI) for 2001 to 2021. The analysis method in this study used multiple linear regression models and Ordinary Least Squares (OLS). The results showed that the Ordinary Least Square (OLS) relies on the overall movement of exchange rates in the interest rate based on the Composite IDX.

Determinants of short and long-term exchange market pressure in Indonesia

A decrease in a country's export prices and foreign exchange reserves is symptomatic of exchange rate market pressures, which would be described as an oversupply or disequilibrium in the money market. The method used in this study is the Vector Error Correction Model (VECM) to investigate Exchange Market Pressure (EMP) in Indonesia. This study utilizes secondary data obtained from Statistics Indonesia and Bank Indonesia (BI) website since 2008Q1-2021Q4. The findings of this study demonstrate a strong positive long-term relationship between domestic credit growth and the BI rate, a large negative long-term relationship between GDP growth and the BI rate, and no significant relationship between the current account balance and the exchange rate.

Determinan Non-Performing Financing pada Bank Pembiayaan Rakyat Syariah di Indonesia

Purpose: This study aims to empirically test the determinants or factors that affect Non-Performing Finance (NPF) in Islamic Finance Banks (BPRS) in Indonesia. The determinants analyzed are internal and external factors. Internal factors consist of the Capital Adequacy Ratio (CAR), Financing to Deposits Ratio (FDR), and Operating Costs for Operating Income (BOPO). Meanwhile, external factors are Inflation, Exchange Rate, and Interest Rate (BI Rate). Method: This study uses a quantitative approach. The research data is secondary data obtained from the websites of the Financial Prosecutor Authority (OJK) and Bank Indonesia (BI). The data collection technique is through time series data collection from 2013 to 2020. As for data analysis using multiple linear regression analysis.Results: Based on the results of the study showed that simultaneously internal and external factors had an effect on Non-Performing Finance. While partially that internal factors, namely CAR, FDR and BOPO have a positive and significant effect on the NPF. On external factors, the exchange rate variable partially has a positive and significant effect on the NPF, while the BI Rate has a negative and significant effect on the NPF, but the inflation variable partially has no significant effect on the NPF.Implications: This research can be used as material for consideration by BPRS to be more careful in channeling financing to customers. In addition to paying attention to the internal financial condition of the BPRS, it must also be aware of factors outside the BPRS, such as the exchange rate and the BI rate because they can also have an impact on financing.Novelty: This research builds on previous research by adding different variables in terms of financial performance and macroeconomic factors.

The Influence of Inflation, Exchange Rate and Foreign Exchange Reserves on Indonesian Government Bond Yield with the Bank Indonesia Rate as Moderation

The Influence of Inflation, Exchange Rate and Foreign Exchange Reserves on Indonesian Government Bond Yield with the Bank Indonesia Rate as Moderation

The Influence of Inflation, Exchange Rate and Foreign Exchange Reserves on Indonesian Government Bond Yield with the Bank Indonesia Rate as Moderation

The purpose of this study was to analyze and examine the effect of inflation, exchange rates, foreign exchange reserves on the yield to maturity (YTM) of fixed rate series bonds denominated in rupiah with a tenor of 10 years during the period 2015 - 2021. The statistical analysis method used in the preparation of this research is quantitative with descriptive explanations. Data collection techniques were obtained from secondary data through library research. Secondary data obtained through the internet sites of Bank Indonesia, Central Statistics Agency, Ministry of Finance, and Bloomberg in the form of information, research data, and macroeconomic variables in the 2015-2021 period. The analytical method used in this study is moderated regression analysis (MRA). The study type was an explanatory study with data processing using the IBM SPSS Statistics 25 application. The study results showed that the determinant of inflation had no effect on YTM, exchange rate had a significant negative effect on YTM, foreign exchange reserves had a negative effect on YTM. The result of BI rate as moderating factor is able to moderate the relationship between both of exchange rate and foreign exchange reserves against YTM. It is believed that the BI rate has force power as a determinant of the yield to maturity of rupiah-denominated fixed rate government bonds. KEYWORDS: inflation, ex

Pengaruh Instabilitas Makroekonomi Terhadap Non-Performing Financing Perbankan Syariah di Indonesia

This study aims to identify the determinants of non-performing financing (NPF) in Islamic banks in Indonesia. The study objects are the Islamic banking industry during the first quarter of 2008 until the third quarter of 2019. The variables in this study are inflation, growth of Gross Domestic Product (PDB), and Bank Indonesia rate. The statistic method used is the Vector Error Correction Model (VECM). The result shows that inflation shock significantly affects the trend of NPF, while others do not give significant effect to NPF of Islamic Banking.

Determinant of Islamic Stock Index in Indonesia Pre and Post Pandemic Era Vaccine

This study aims to analyze the effect of Inflation, Bank Indonesia (BI) Rate, Exchange Rate, Composite Stock Price Index (JCI), Bank Indonesia Syariah Certificate (SBIS). the World Gold Price both simultaneously and partially against the Indonesian Sharia Stock Index (ISSI). This research applies the methodquantitative approach. The source of research data uses secondary data in December 2019 – December 2021 in the form of monthly closing prices for the Indonesian Sharia Stock Index and the Composite Stock Price Index from https://www.idx.co.id/then closing price Inflation, BI rate, Exchange Rate, Bank Indonesia Syariah Certificate (SBIS) from https://www.bi.go.id/and the closing price of world gold from https://id.investing.com/which was processed using Eviews 12 software with multiple linear analysis. The results of the study show that partially the BI Rate, Exchange Rate, JCI variables have a significant influence on ISSI and the Inflation, SBIS, Price variablesWorld gold has no significant influence on ISSI. Meanwhile, the variables of Inflation, BI Rate, Exchange Rate, JCI, SBIS and World Gold Prices have an effect on ISSI simultaneously. This finding provides implications for policy makers related to the Islamic capital market Keywords: Islamic Stock Index, Inflation, BI rate & exchange rate

Islamic Certificate of Bank Indonesia (SBIS)'s Impact on Indonesian Economic Growth

This study aims to determine the effect of monetary policy indicators, particularly Islamic Certificates of Bank Indonesia (SBIS), on economic growth in Indonesia. The dependent variable in this study is economic growth seen from the value of GDP. The independent variables used in this study are the money supply, BI rate, inflation, exchange rate (exchange rate), and Islamic Certificates of Bank Indonesia (SBIS). The type of data used in this study is secondary data in monthly time series (time series) from January 2010 to December 2019 sourced from the Central Statistics Agency (BPS) and Bank Indonesia (BI). This study uses the Vector Error Correction Model (VECM) analysis method. The VECM estimation results show that the effect of the money supply, BI rate, and Islamic Certificates of Bank Indonesia (SBIS) on economic growth in Indonesia in the short term is positive, but in the long term, it has a negative effect. Inflation in the short and long term does not affect economic growth in Indonesia. The exchange rate in the short term does not affect economic growth in Indonesia, while in the long term, it has a positive effect.Keywords: Economic Growth, Money Supply, BI Rate, SBIS, VECM.

Pengaruh Rasio Keuangan dan Makro Ekonomi terhadap Harga Saham pada Perusahaan Sektor Consumer Goods di BEI

This research examines the relation of financial ratio and macroeconomics to stock price. The financial ratios used in this research are the return on assets (ROA), debt to assets ratio (DAR), debt to equity ratio (DER), dan price earning ratio (PER). However, the macroeconomy uses inflation, Bank Indonesia rate, and exchange rate. The research sample uses secondary data such as annual reporting from consumer goods companies listed in Indonesia Stock Exchange (IDX). Twenty-eight companies were used as a sample in this research, using the purposive sampling technique. This research uses multiple regression analysis and uses SPSS 24.0 as a tool. This research shows that ROA, PER, and inflation had no significant influence on the stock price. On the other hand, DAR, DER, Bank Indonesia rate, and exchange rate significantly influenced the stock price. ROA does not have a significant influence on stock price can be caused by investors' view that ROA can be changed not only driven by corporate profits but can also be caused by the changes of corporate assets. So the decline in ROA does not always reflect a decrease in corporate profits but can be caused by an increase in corporate investments. PER does not have a significant influence on stock price can be caused by the high level of investor confidence in the prospects of consumer goods sector companies because the consumer goods sector contains companies that produce consumption needs. While inflation does not have a significant influence on stock price can be caused by the view of investors that inflation in the long term will not endanger the funds of investors who are in the capital market.

Impacts of macroeconomics factors toward IDX composite and IDX finance during Covid-19 pandemic

<p><em>Macroeconomics is the branch of economy that deals with activity, structure, behaviour and decision making of economy as a whole. IDX Composite and IDX Finance are stock market indices used by Indonesia Stock Exchange, unfortunately, relationship between macroeconomics and IDX composite and IDX finance during COVID-19 period in Indonesia is still poorly understood. </em><em>This research aimed to investigate the impacts of macroeconomics factor included Inflation Rate, Bank Indonesia rate (BI Rate), the exchange rate on IDR, and monthly new cases of COVID-19 in Indonesia on IDX Composite and IDXFINANCE, respectively. The analysis was using multiple linear regression method. The result indicated that BI Rate negatively significantly impacted both IDX Composite and IDXFINANCE. While, Indonesian inflation and USD to IDR exchange rate, gave significant impact on IDX Composite, consecutively positively and negatively. Partial test indicated that COVID-19 monthly cases in Indonesia did not impact both IDX Composite and IDXFINCANCE. In addition, Indonesian inflation and USD to IDR exchange rate also did not impact IDXFINANCE. Overall test illustrated that all of the mentioned macroeconomics variables impacted both IDX Composite and IDXFINANCE. This research is expected to help investors and traders in making futures investment decision.</em><em></em></p>

Interest Rates and Inflation as Determining Factors of Saving in Central Sulawesi Banks

This study aims to analyze the effect of the Central Bank, which is in Indonesia presented by Bank Indonesia (BI) Rate and inflation rate on the savings rate at commercial banks in Central Sulawesi by using the analysis tools of autoregressive conditional heteroscedasticity (ARCH) and generalized autoregressive conditional heteroscedasticity (GARCH). The results of the analysis show that the BI Rate and inflation have significant effects on saving rate at commercial banks in Central Sulawesi. The importance of being a source of investment funds to support development activities can be a consideration for the government to formulate a policy for allocating investment from these savings funds for productive sectors. Practically, it is hoped that the distribution of savings through investment activities can encourage economic growth and increase economic development in Central Sulawesi.