2023
DOI: 10.24235/amwal.v15i2.13428
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Macroeconomic and Economic Policy Uncertainty on Index Movement: An Empirical Study of the Islamic Capital Market in Indonesia

Faiq Maulana Wafi,
Santi Merlinda

Abstract: This study aimed to investigate the long-term effects of macroeconomic factors and U.S. economic policy uncertainty on Jakarta Islamic Index (JII). In addition, it closely examined JII's responses to macroeconomic shocks and U.S. EPU fluctuations from January 2018 to September 2022. The analysis included macroeconomic elements such as Inflation, exchange rate, GDP, and EPU, using Vector Error Correction Model (VECM). The results showed a persistent influence of GDP on JII, and in the structural analysis, JII c… Show more

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