SBI Interest Research Articles

PERBANDINGAN METODE REGRESI LINIER MULTIVARIABEL DAN REGRESI SPLINE MULTIVARIABEL DALAM PEMODELAN INDEKS HARGA SAHAM GABUNGAN

The composite stock price index or Indonesia Composite Index (ICI) is a composite index of all stocks listed on the Indonesia Stock Exchange and its movements indicate conditions that occur in the capital market. For investors, the ICI movement is one of the important indicator to make a decision whether the stocks will be sold, held or bought new shares. The ICI movement (y) was influenced by several factors including Inflation (x 1 ), Exchange Rate (x 2 ) and SBI interest rate (x 3 ). This study aims to compare the ICI modeling using the parameric and nonparametric approaches, namely multivariable linear regression and multivariable spline regression. Determination of the better model is based on the smaller MSE and the larger R 2 . The best regression model is multivariable spline regression with x 1 , x 2 and x 3 , each with a sequence orde (3,2,2) and the number of knot points (1,2,2). Keywords: Indonesia Composite Index, Multiple Linear Regression, Multivariable Spline Regression, MSE, R 2

ANALISIS PENGARUH INFLASI DAN TINGKAT SUKU BUNGA SBI TERHADAP OBLIGASI SYARIAH MUDHARABAH DAN IJARAH DI INDONESIA

In some recent years, Islamic financial and economy grows rapidly. This evidence can be proved by the growth of Syariah Financial Institution (LKS) in Indonesia that reached to 70 % . This phenomena was contradictory to Conventional Financial Institution that reached only one digit rate of average growth. One of the booming instruments in Islamic financial is syariah obligation. In general, this obligation which is offered by Emiten over subscribe. It become the alternative source of funds while the investors already sick and tired with the conventional financial portfolio products. Activities in capital market influenced by macro economy condition in a country. If the macro indicator stable, capital market activities would be stimulate. There are many indicators of macro economy used for calculate the national growth, such as the inflation and interest rate level. The purpose of this research is to knowing how the inflation and SB! interest rate level influences the syariah obligation return Mudharabah and Ijarah in Indonesia simultaneously. Population in this research is syariah obligation return Mudharabah and ljarah level in Indonesia. The instrument used in this analysis is double linear regression. The results of this research are (1)Both inflation and SBI interest rate level significantly influences syariah obligation return Mudharabah (2) Both inflation and SBI interest rate level were not significantly influences syariah obligation return Ijarah.

ANALISIS PENGARUH TINGKAT SUKU BUNGA SBI, KURS RUPIAH, HARGA EMAS DUNIA, HARGA MINYAK DUNIA DAN INDEKS HANG SENG TERHADAP INDEKS HARGA SAHAM GABUNGAN (studi kasus pada IHSG di Bursa Efek Indonesia periode 2005-2012)

Capital market is macroeconomic indicator, which is very important for a country. This study is intended to test the effect of SBI interest rate, rate of exchange of Rupiah against US Dollar, world gold price, oil price and Hangseng index on Indonesian Composite Index. Samples taken in this research are SBI interest rate, rate of exchange of rupiah against US Dollar, world gold price, oil price, hangseng index and Indonesian Composite Index period of 2005-2012. Data analysis method use is multiple linear regression analysis, classical assumption test, correlation analysis of Pearson, determination coefficient, and hypothetical test accounted uses an application of SPSS 17.0 for windows. The result shows that variable the world gold price and hangseng index partially has found that there is significant influence toward IHSG, while in a whole SBI interest rate, rate of exchange of Rupiah against US Dollar, world gold price, oil price and hangseng index have significant effect to IHSG.

Analisis Pengaruh Nilai Tukar Rupiah, Suku Bunga SBI, Inflasi Terhadap Jakarta Islamic Index

This research was conducted to find out whether there was an influence of the rupiah exchange rate, SBI interest rate, inflation rate on the Jakarta Islamic Index. The study population was the Jakarta Islamic Index with a sample of the Jakarta Islamic Index data for the 2007-2017 period. The method of analysis is done using multiple linear regression. The analysis shows that the rupiah exchange rate and SBI interest rate have a significant effect on the Jakarta Islamic Index, while inflation has no significant effect on the Jakarta Islamic Index. Simultaneously the exchange rate, interest rate and inflation have a significant influence on the Jakarta Islamic Index.

The Analysis of Monetary Transmission by Interest Rate Channel in Influencing the Inflation: VECM Approach

.

Analisis Dampak Suku Bunga SBI, Inflasi, serta Pertumbuhan Ekonomi terhadap Return Saham Syariah Pada Jakarta Islamic Index Indonesia

This research is intended to determine the effect of SBI Interest Rate, Inflation, and Economic Growth on Sharia Stock Returns in JII (Jakarta Islamic Index) Period 2010-2017. This study uses a quantitative approach with the object of research on the company at the JII (Jakarta Islamic Index) registered in the period 2010-2017. With a total of 10 companies. The data collection technique uses purposive sampling. The data analysis technique used in answering the hypothesis of this study is multiple linear analysis. The results of this study indicate that partially the SBI Interest Rate has a significant positive effect on Sharia Stock Returns in the Jakarta Islamic Index, and Inflation has a significant negative effect and whereas Economic Growth has no influence on the Return of Sharia Stocks in JII. Simultaneous inflation research, SBI interest rates and economic growth have a significant effect on the return of Islamic stocks at JII.

DAMPAK KEBIJAKAN MONETER TERHADAP STABILITAS RUPIAH

This research aimed to study the impact of monetary policy on the rupiah stability. Variables used were the interest rate of Bank Indonesia Certificate (SBI), the rate of inflation (IHK), the exchange rate of rupiah against the US dollar (Kurs) and the money supply in the narrow sense (M1). Data used were of quarterly time series data of Bank Indonesia and Central Bureau of Statistic, covering 2002.1-2010.4. The analysis was undertaken by using a vector autoregression model (VAR), through the Impulse Response Function (IRF) and Forecast error variance decomposition (FEVD). The research results showed that in the sort run shocks of SBI decreased the inflation rate, and in the long run the inflation rate was constant. The exchange rate tended to be appreciated in the short run and long run although in a small magnitude. Money supply decreased with a minor fluctuation. Initially, the money supply shocks increased the interest rate of SBI, but decreased in the long run. The rate of inflation fluctuated in the sort run but it was constant in the long run. The exchange rate was depreciated both in the sort run and in the long run.

ANALISIS EMPIRIS EFEKTIVITAS MEKANISME TRANSMISI KEBIJAKAN MONETER DI INDONESIA MELALUI JALUR EKSPEKTASI INFLASI PERIODE 1990:2-2007:1

This study used Vector Auto regression (VAR) model to analyze effectiveness of monetary policy transmission mechanism in Indonesia through Inflation Expectation Channel period 1990:2-2007:1. That effectiveness was measured by two indicators, they are: (1) : (1) how fast or how many time lag needed since the shock of monetary instruments (rSBI) until the realisation of final target of monetary policy (inflation). (2) How strong the variables of inflation expectation line response the shock of SBI interest rate and other variable. This study used secondary data issued by Bank Indonesia and BPS as well as from International Finance Statistic (IFS). The result of the study shows that response velocity of variable in Inflation Expectation Channel towards shock instrument of monetary policy (rSBI) until reach the final target or time tag about 12 quarterly or twenty six months. While impulse response function of variables in this channel to the shock instrument of monetary policy (rSBI) is quiet weak and the main channel that is inflation expectation and exchange rate are not able to explain diversity final target of monetary policy (inflation) about 33,88%, while variable of inflation expectation only able to explain diversity of inflation about 15,03%. Meanwhile, we still able economically to conclude that mechanism of monetary policy transmission through Inflation Expectation Channel is effective to reach the final target of monetary policy of Indonesia period of 1990:2-2007:1

ANALISIS PEMBIAYAAN DAN KREDIT SEKTOR KONSTRUKSI DI INDONESIA: STUDI PERBANKAN SYARIAH DAN KONVENSIONAL

The construction sector is an important sector in supporting development projects in Indonesia. The development of the construction sector requires the role of the banking sector to provide access of capital through credit or financing. This study aims to analyze the factors affecting construction financing and credit in Islamic and Conventional Banking in Indonesia and among regions in Indonesia. This study uses Vector Autoregression/ Vector Error Correction Model (VAR/VECM) with monthly data from 2006 until 2014 and panel data analysis with yearly data from 2009 until 2013. The study results that the factors affecting financing and credit on Construction Sector in Indonesia are Third Party Funds (DPK), Wholesale price index, fee of SBIS (interest rate of SBI), percentage of Non Performing Financing (Non Performing Loan), Consumer Price Index and equivalent rate of financing (Interest rate of Credit). Furthermore, the factors affecting financing and credit on Construction Sector among regions in Indonesia are Third Party Funds, Gross Domestic Regional Product of Construction Sector, Gross Domestic Regional Product per Capita and percentage of Non Performing Financing (Non Perfoming Loan). Keywords: Construction, Credit, Financing, Panel data, VAR/VECM

ANALISIS PEMBIAYAAN DAN KREDIT SEKTOR KONSTRUKSI DI INDONESIA: STUDI PERBANKAN SYARIAH DAN KONVENSIONAL

The construction sector is an important sector in supporting development projects in Indonesia. The development of the construction sector requires the role of the banking sector to provide access of capital through credit or financing. This study aims to analyze the factors affecting construction financing and credit in Islamic and Conventional Banking in Indonesia and among regions in Indonesia. This study uses Vector Autoregression/ Vector Error Correction Model (VAR/VECM) with monthly data from 2006 until 2014 and panel data analysis with yearly data from 2009 until 2013. The study results that the factors affecting financing and credit on Construction Sector in Indonesia are Third Party Funds (DPK), Wholesale price index, fee of SBIS (interest rate of SBI), percentage of Non Performing Financing (Non Performing Loan), Consumer Price Index and equivalent rate of financing (Interest rate of Credit). Furthermore, the factors affecting financing and credit on Construction Sector among regions in Indonesia are Third Party Funds, Gross Domestic Regional Product of Construction Sector, Gross Domestic Regional Product per Capita and percentage of Non Performing Financing (Non Perfoming Loan). Keywords: Construction, Credit, Financing, Panel data, VAR/VECM

Analisis Pengaruh Tingkat Suku Bunga SBI, Kurs Rupiah, Harga Emas Dunia, Harga Minyak Dunia dan Indeks Hang Seng Terhadap Indeks Harga Saham Gabungan (Studi Kasus pada IHSG di Bursa Efek Indonesia Periode 2005-2012)


 
 
 Capital market is macroeconomic indicator, which is very important for a country. This study is intended to test the effect of SBI interest rate, rate of exchange of Rupiah against US Dollar, world gold price, oil price and Hangseng index on Indonesian Composite Index. Samples taken in this research are SBI interest rate, rate of exchange of rupiah against US Dollar, world gold price, oil price, hangseng index and Indonesian Composite Index period of 2005-2012. Data analysis method use is multiple linear regression analysis, classical assumption test, correlation analysis of Pearson, determination coefficient, and hypothetical test accounted uses an application of SPSS 17.0 for windows. The result shows that variable the world gold price and hangseng index partially has found that there is significant influence toward IHSG, while in a whole SBI interest rate, rate of exchange of Rupiah against US Dollar, world gold price, oil price and hangseng index have significant effect to IHSG.
 
 

ANALISIS PENGARUH NILAI TUKAR RUPIAH, TINGKAT SUKU BUNGA SBI (BI RATE) DAN HARGA EMAS DUNIA TERHADAP INDEKS LQ45 DI BURSA EFEK INDONESIA

The purpose of this paper is to investigate the impact of macroeconomic on Index LQ45 in Indonesian Stock Exchange (BEI). Used data were daily report from 2011 until 2015. This study used linear regression analysis method to see the effect of exchange rate, interest rate (BI rate) and gold price on Index LQ45. Based on the results of this study, exchange rate and gold price have a positive and significant effect on Index LQ45, while interest rate (BI rate) has a negative and significant effect. Keywords: Index LQ45, Exchange rate, SBI Interest Rate (BI rate), Gold Price

PENGARUH INFLASI, SUKU BUNGA SBI, KURS US DOLLAR TERHADAP RUPIAH, PAJAK, SOLVABILITAS, DAN PROFITABILITAS TERHADAP STRUKTUR MODAL PADA PERUSAHAAN LQ-45 YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2010-2015

The capital structure is the ratio between long-term debt and equity capital used by the company. By using a proper comparison it will obtain an optimal capital structure. Optimal capital structure is capital structure which optimizes the balance between risk and return in order to maximize the stock price. The purpose of this study was to determine the factors that affect the company's capital structure of LQ-45 listed on the Indonesia Stock Exchange 2010-2015 period. The sampling technique used is purposive sampling method that produces as many as 13 companies. The analysis technique used is multiple linear regression. The results showed that all independent variables simultaneously affect the capital structure. T test results showed that the variable of exchange rate of US dollar against the rupiah has significant negative effect on the capital structure, the variable of tax has positive and significant impact on the capital structure, the variable of solvency has positive and significant impact on the capital structure and profitability variable has significant negative effect on the capital structure. While the variable inflation and SBI interest rate has no significant effect on the capital structure.

Effectiveness of Monetary Policy Transmission Mechanism in Indonesia

This research aimed to analyse monetary mechanism effectivity to manage inflation in Indonesia through interest rate channel, credit channel, and expectation inflation channel. The research used Vector Error Correction Model (VECM) to analyze effectiveness of monetary policy transmission mechanism in Indonesia. The most effective channel was measured by result of Impulse Response Function and Variance Decomposition. They are: (1). The fastest time lag needed since the shock of monetary instruments (rSBI) until the realization of final target of monetary policy (inflation). (2). How strong the variables in each channel response the shock of SBI interest rate and other variable. The data used in this research is quarterly time series dara from 2005Q1 until 2016Q4. The results of this research show that the most effective channel in managing inflation during 2005Q1 until 2016Q4 is inflation expectation channel.

PENGARUH LABA PER LEMBAR SAHAM, DIVIDEN PER LEMBAR SAHAM DAN PENGUNGKIT KEUANGAN TERHADAP HARGA SAHAM PERUSAHAAN OTOMOTIF YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2006-2010

This study aimed to determine the effect of Earnings Per Share, Dividend Per Share and the Financial Leverage of the company's stock price on auto listed in Indonesia Stock Exchange 2006-2010 period either simultaneously or partially. The method used is the method of documentation, the data processing techniques using the Software Package for Social Sciences (SPSS) version 19.0 for windows evaluation. In conducting this study the authors using multiple linear regression analysis. The results either simultaneously or partially indicates that a significant difference between earnings per share, dividend per share and financial leverage on stock prices. This is evident from the calculated F and t is greater than F table (2.975) and t table (1,706). In addition, 69.3 % stock price able to be explained by the variable earnings per share, dividend per share and financial leverage. The remaining 30.7 % can be explained by other variables, such as Return On Assets (ROA), SBI Interest Rate, Price Earning Ratio (PER). The result is expected to be useful for the researchers themselves, the automotive company's management, as well as potential investors for further research. For automotive company's management should pay attention to earnings per share, dividend per share and the financial leverage that can be used to predict the rise or fall of stock prices is then to take the decision to invest.

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)

The purpose of this research is to analyze the influence of SBI Interest Rate, Exchange Rate, World Gold Price, Dow Jones and Hang Seng Index on Jakarta Composite Index in 2007-2016 observation period. The analytical method used in this study is multiple regression analysis which is operated by using EViews 9 program. When using multiple regression analysis, the data used must meet the classical assumption test to make the regression equation produced is BLUE (Best, Linear, Unbiased, Estimator). In addition, the test coefficient of determination, F test, and t test. The data used in this study is the monthly data of each research variable in the period 2007-2016. The result of this research indicates that the variable of SBI Interest Rate has a negative influence on IHSG. While the exchange rate variables, World Gold Price, Dow Jones Index, and Hang Seng Index have a positive effect on JCI. The adjusted R-square value is 96.6%, which means that the JCI movement can be explained by 96.6% of the five independent variables. Keyword: IHSG, macro economy, Capital market integration, Dow Jones Index, Hang Seng Index

ANALISIS PENGARUH NILAI TUKAR RUPIAH PER DOLLAR AS, TINGKAT SUKU BUNGA SBI, DAN INFLASI INDEKS HARGA KONSUMEN (IHK) TERHADAP IHSG DI BEI PERIODE 2003 – 2008

Financial statement is an important thing for a company. The financial statement of the company can indicate the company's condition and the investors always wait it for setting their investments. The purpose of this survey is to observe whether Rupiah exchange rate per US Dollars, Interest rate of SBI and Inflation of Consumer Price Index (CPI) have influence Composite Stock Price Index at Jakarta Stock Exchange either through partial and also simultan. The result shows that variable of Interest rate of SBI and Inflation of Consumer Price Index (CPI) significantly influence on the Composite Stock Price Index. If it is analyzed simultaneously, three variables have significant influences on the Composite Stock Price Index.

ANALISIS PENGARUH JUMLAH UANG BEREDAR, SUKU BUNGA SBI, NILAI TUKAR TERHADAP TINGKAT INFLASI

Inflation is one of the effects of a prolonged economic crisis that hit thecountry. Inflation is a situation where there are price rises sharply (Absolute)which continues over a period of time. The purpose of this study analyzes themonetary policy conducted by Bank Indonesia and its influence as the moneysupply, interest rates and exchange rates SBI (IDR / USD) of the inflation rate.The method used is multiple linear regression based on test results indicateavariable effect on money supply, interest rate of SBI, and the exchange rate(Rp / USD) in 2004 to 2009. By using eviews 4.0 software obtained from theresults of research following the money supply and exchange rate (Rp/USD)had no significant effect on inflation while the interest rate (SBI) have asignificant effect on inflation.

ANALISIS SIMULTAN ANTARA ALIRAN MODAL, NILAI TUKAR DAN INFLASI DI INDONESIA PERIODE 2000.01 – 2012.09

Globalization and the open economic enchanced the integration of financial market and the economic condition in several countries. The effects of such integration shows in the movement of capital flows between countries. The potential risks of the capital flows, such as sudden reversal, the pressure on the exchange rate and high inflation and the susceptibility on financial sector, might be be arised. The goal of this research is to analyze the relationship between capital flows, exchange rates and inflation in Indonesia period 2000.01 – 2012.09. The method used in this research is simultaneous equations method. The model equations in this study are divided into two, which are a short-term investments are proxied from portfolio investment and long-term investments proxied from foreign direct investment. The results of the first model estimates the short-term investments shows that the exchange rate and inflation does not significant affecting short-term investments, but the ratio of domestic interest rates to foreign interest has a positive and significant impact on short-term investments. While, a short-term investments has negative and significant impact on exchange rate IDR per USD and inflation positive and significant effect on exchange rate. Factors affecting the rate of inflation is SBI interest rate and the money supply. One the other hand, the results of the second model estimation shows that the exchange rate and inflation has positive and significant impact on the flow of foreign direct investment. Inflation rate does not alter the terms of the investor’s decision in investing in Indonesia, because it was followed by the improvement in economic conditions in Indonesia.Keywords: Capital Flows, Exchange Rate, Inflation, Simultaneous Equation

EFEKTIFITAS MEKANISME TRANSMISI KEBIJAKAN MONETER PADA JALUR SUKU BUNGA PERIODE 2005:07-2010:06

Vector Auto Regression (VAR) is an analysis or statistic method which can be used to predict time series variable and to analyst dynamic impact of disturbance factor in the variable system. In addition, VAR analysis is very usefull to assess the interrelationship between economics variable. This research through the following test phases: unit root test, optimal lag test, granger causality test, and form a vector auto regression model (VAR). The data used in this research is the Bank Indonesia Certificate rate data (SBI), interbank offered rate data (PUAB), deposit rate data (DEP), loan rate data (KDRT) and credit aggregate data (AGKDRT) of Indonesia in the period 2005:07-2010:06. The effectiveness was measured by two indicators. They are: (1). how fast or how many time lag needed since the shock of monetary instruments (rSBI) until the realisation of intermediary target of monetary policy (monetary aggregate). (2). How strong the variables of Interest Rate Channel response the shock of SBI interest rate and other variable. This study used secondary data issued by Bank Indonesia. The result of the study shows that response velocity of variable in Interest Rate Channel towards shock instrument of monetary policy (SBI) until reach the final target about 4 months. While impulse response function of variables in this channel to the shock instrument of monetary policy (SBI) is quiet weak and the main variable in interest rate money market among bank (PUAB) able to explain diversity intermediary target of monetary policy (Monetary Aggregate) about 2,82%. This result once shows a weak Granger causality and predictive power between PUAB as the operational target with monetary aggregate as the intermediary target of monetary policy. Thus we can conclude that mechanism of monetary policy transmission through Interest Rate Channel is not effective to reach the intermediary target of monetary policy of Indonesia period of 2005:072010:06. Keyword: Vector Auto Regression (VAR), The Monetary Transmission Mechanism (MTKM), The Interest Rate Channel.