THE INFLUENCE OF INVESTMENT, ZIS (ZAKAH, INFAQ, SADAQAH), AND INFLATION ON ECONOMIC GROWTH IN INDONESIA Siska Arie Novita
Islamic Economics Departmen, Faculty of Economics and Business, University of Airlangga
Abstract
Economic growth is a measure of the success of economic development of the country, thus realizing the economy well be the main goal. Several variables such as the level of investment, ZIS, and inflation are used in this study. The purpose of this study is to examine the influence and relationship of investment, ZIS, and inflation on economic growth in Indonesia. This research method using a quantitative approach. The Data used is secondary data in the form of time series. The method of analysis using the model of Vector Autoregression (VAR), followed by the model Vector Error Correction Model (VECM), if there is cointegration. Data testing is done with the help of software Eviews 7 and Microsoft Excel 2010. The results of the study showed that the variable ZIS and inflation have an effect on long-term GDP. Variable mutual funds conventional and sharia does not affect on the long-term GDP. Variable mutual fund conventional, Islamic mutual funds, ZIS, and inflation does not influence short-term economic growth. GDP responds positively to shocks that occur in a mutual fund conventional, sharia mutual funds, and ZIS. GDP responds negatively to the shock on inflation. Variable inflation gives the largest contribution to GDP, then mutual funds conventional and ZIS as well as the last sharia mutual funds. The contribution of inflation and fundraising ZIS to economic growth in the long term, and it is crucial for optimization for related institutions to manage well.
Keywords: Mutual Funds, ZIS, Inflation, GDP and VECM
