The Effectiveness of Monetary Policy Towards Stock Index Case Study : Jakarta Islamic Index 2006-2014

Fluctuation in economy situation is an important indicator for investor decision making. The investor actions are base on the minimum risk while having maximum profit. One of it is observing the condition of macro variables within monetary policy. This research aims to analyze the impact of inflation, money supply, exchange rate, and birate towards stock of Jakarta islamic Index. The type data used is times series periode 2006-2014. Multiple linier regression with chow test and dummy variable approach to compare and to know the behavior of each independent variables. The result shows partially that birate and exchange rate negatively impact Jakarta Islamic Index before global monetary crisis in 2008, while inflation and money supply not that significantly impact. After global monetary crisis in 2008, partially, birate variable and money supply significantly giving positive influence to Jakarta Islamic Index, while at same time exchange rate and inflation are not significantly influencial. Simultaneously, inflation, money supply, exchange rate, and birate influence Jakarta islamic Index

Analisis Determinan Kinerja Bank Pembiayaan Rakyat Syariah di Indonesia (Pendekatan Direct Error Correction Model)

Islamic banking is emerging as a breakthrough and an alternative to conventional banking. The shariah-compliant financial services industry is currently at a growing stage compared to the advanced conventional financial services industry. The presence of the Shariah People Financing Bank also contributed to the economy as a credit channeling institution and it is expected that the wheels of the economy will spin faster and give a positive effect to the national economy. This study aims to analyze the influence of internal and external factors on the performance of Sharia Bank Financing in Indonesia Year 2011-2016. The analytical tool used in this research is the Error Corretion Model (ECM) which assumes the existence of a long-run equilibrium relationship between two or more economic variables, however in the short term that occurs is disequilibrium. With the error correction mechanism, a proportion of disequilibrium in a period is corrected in the next period. The results of this study indicate in the short term, internal factors represented by CAR and BOPO, and external factors are represented Exchange Rate and Inflation does not affect the Return On Asset Bank Syariah Rakyat Rakyat. In the long run CAR, BOPO and Kurs have a significant effect, while inflation does not significantly affect Return On Asset of Rural Bank of Sharia Liabilities