The influence of inclusive economic growth and macroeconomic variables to stock price indexes on the Islamic and conventional stock exchanges: Long and short term analysis approaches (evidence in Indonesia and ASEAN countries)

Munir, Misbahul ORCID: https://orcid.org/0000-0003-3344-6845, Idrus, Salim Al, Retnasih, Nora Ria ORCID: https://orcid.org/0000-0001-5915-8871 and Zahroh, Fatmawati ORCID: https://orcid.org/0000-0001-5665-0000 The influence of inclusive economic growth and macroeconomic variables to stock price indexes on the Islamic and conventional stock exchanges: Long and short term analysis approaches (evidence in Indonesia and ASEAN countries). Research Report. LP2M UIN Maulana Malik Ibrahim Malang. (Unpublished)

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Abstract

This study, titled "The Influence of Inclusive Economic Growth and Macroeconomic Variables to Stock Price Indexes on the Islamic and Conventional Stock Exchanges: Long and Short Term Analysis Approaches (Evidence in Indonesia and ASEAN Countries)," investigates how inclusive economic growth and selected macroeconomic variables affect stock price indexes in both Islamic and conventional markets across ASEAN countries. Using the Vector Error Correction Model (VECM), the study analyzes short- and long-term impacts of inclusive growth, inflation, interest rates, and exchange rates on stock prices. Results indicate that inclusive economic growth positively impacts stock indexes in both the short and long term, highlighting its crucial role in shaping market performance over varying periods. Inflation shows no significant effect on stock prices, suggesting it may not be a determining factor for market movements in this context. Interest rates are found to have a negative impact in the short term but are insignificant in the long term, indicating temporary pressure on stock prices. Meanwhile, exchange rates positively influence stock prices in the short term, with no substantial effect in the long term, reflecting a transient impact on market stability. This research offers important insights into the nuanced roles of macroeconomic factors and inclusive growth in influencing market performance, providing guidance for investors and policymakers in ASEAN economies.

Item Type:	Research (Research Report)
Keywords:	Inclusive Economic Growth, Inflation, Interest Rate, Exchange Rate, Stock Price Index
Subjects:	14 ECONOMICS > 1401 Economic Theory > 140102 Macroeconomic Theory 14 ECONOMICS > 1402 Applied Economics > 140210 International Economics and International Finance 14 ECONOMICS > 1403 Econometrics > 140303 Economic Models and Forecasting 14 ECONOMICS > 1401 Economic Theory
Divisions:	Faculty of Economics > Department of Management
Depositing User:	Nora Ria Retnasih
Date Deposited:	23 Dec 2024 09:34

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