ELSI MERSILIA HANESTI, 091514553018 (2018) PEMBANGUNAN KEUANGAN ISLAM DAN PERTUMBUHAN EKONOMI DI INDONESIA(Periode Januari 2011-Mei 2017). Thesis thesis, Universitas Airlangga.

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Abstract

This study aims to look at the effect and the causality relationship between Islamic financial development to economic growth in Indonesia. The variables used as proxies of development in the Islamic finance sector are: total financing channeled by Islamic banking in Indonesia (TP), market capitalization value of Islamic stock listed in JII (KAP), outstanding sukuk value (SK), and NAV development on Islamic mutual funds (RD). Meanwhile, the variable used as a proxy of economic growth is total value of industrial production (PI) in Indonesia. In addition, inflation rate is included as an external variabel that is likely to contribute to economic growth in Indonesia. All variables using time series data taken from secondary data with study period was January 2011 to May 2017. The analysis technique used is Autoregressive Distributed Lag (ARDL) and Granger Causality Test. ARDL test results showed that in the long term, TP, SK, and RD have a significant effect on economic growth is proxied by the total value of industrial production. Meanwhile, market capitalization value of Islamic stock (KAP) has no significant effect on industrial production in Indonesia. In addition, external factors such as inflation rate have a significant impact on total industrial production in Indonesia. In the short term, all the variables that proxies of Islamic financial development and inflation rate as external variable significantly influence economic growth in certain lag with the speed of adjustment is 35.3%. The result of Granger Causality test show that Islamic financial development (through financing by Islamic banking) and economic growth have a bidirectional relationship. And, there is a one-way relationship (unidirectional relationship) from Islamic financial development (through sukuk investment) to economic growth. The form of influence and level of significance of these influences depend on the characteristics and roles of each Islamic financial instruments.

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