Strengthening Indonesia's Economic Growth with Islamic and non-Islamic Macroeconomic Variable

Bawono, Anton (2022) Strengthening Indonesia's Economic Growth with Islamic and non-Islamic Macroeconomic Variable.

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Abstract

Abstract: This research was conducted to determine the effect of taxes, Sukuk, grants, inflation, foreign debt, total financing, and the network of Islamic bank offices on Indonesia's economic growth. Research data for each variable is monthly from 2009-2018. Data analysis variables use Error Correction Model (ECM) Test and Autoregressive Conditional Heteroscedasticity (ARCH) Test with Eviews ver.10. The results showed that in the short and long term, variables taxes, Sukuk, inflation, foreign debt, total financing, and office networks of Islamic banks) affected the Indonesian economic growth. At the same time, grants have no significant effect on economic growth. For variable predictions in the next year (2019), only economic growth, grants, inflation, foreign debt, and network of Islamic bank offices can be predicted. Meanwhile, taxes, Sukuk, and total financing cannot be identified in 2019 because the variables are not significant in the ARCH analysis, so future values cannot be diagnosed. This result implies that the government and the community must continue to work together to manage state revenues used to fund productive projects to stimulate economic growth. Keywords: Economic growth;taxes; Sukuk; inflation; foreign debt

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