THE EFFECT OF INFLATION, EXCHANGE, MUDHARABAH DEPOSIT RESULTS AND GLOBAL ECONOMIC POLICY UNCERTAINTY ON THE YIELD TO MTURITY OF STATE RETAIL SUKUK IN INDONESIA Fitria Idham Chalid, Sri Herianingrum
Faculty of Economics and Business, Universitas Airlangga
Jl. Airlangga 4-6, Surabaya
Abstract
This study aims to analyze empirically the effect of inflation, exchange rates, profit sharing on mudharabah deposits, and global economic policy uncertainty on the yield to maturity of state retail sukuk in Indonesia, both in the long term and in the short term. The data analysis used in this study used ARDL-ECM after going through the stationarity test and cointegration test stages. The results of this study indicate that inflation in the long term has a significant positive effect on yield to maturity SR010 but has no significant effect in the short term, while the exchange rate in the long term has a significant positive effect on yield to maturity SR010 but has no significant effect in the short term. Mudharabah in the long term has no significant effect on yield to maturity SR010 but has a significant positive effect in the short term and global economic policy uncertainty in the long term has no significant effect on yield to maturity SR010 but has a significant negative effect in the short term. This research can be a reference for the government as a regulator, namely in order to control strategic policies, especially policies regarding inflation and exchange rates so that they remain stable in order to create a conducive investment climate in the country, as well as a reference for investors as decision makers in investing. consideration in investing, especially investing in retail sukuk.
