期刊名称：International Journal of Energy Economics and Policy
电子版ISSN：2146-4553
出版年度：2021
卷号：11
期号：5
页码：418-424
语种：English
出版社：EconJournals
摘要：<p>The Islamic capital market plays an important role in the growth of the economy in Indonesia. During its development, the performance of the stock index in a country is often influenced by other stock indices in other countries. This study tries to analyze dependance of macroeconomic variable towards JII and IHSG price, using Autoregression Distributed Lag (ARDL). The results show that the Consumer Price Index (CPI) and exchange rate (EXC) significantly affect the movement of the JII and IHSG price index. This indicates that the movement of the JII and IHSG index in the short term is influenced by domestic production and exchange rate. Furthermore, the results of the research show a little uniqueness in the crude oil price (COP) variable.</p><p><strong>Keywords</strong>: ARDL, Macroeconomic, Oil price, Islamic stock</p><p><strong>JEL Classifications:</strong> E44, F41, Q43</p><p>DOI: <a href="https://doi.org/10.32479/ijeep.10911">https://doi.org/10.32479/ijeep.10911</a></p>
