Integration of the Indonesian Islamic Stock Index: Evidence from Developed and Developing Countries

Budiandru, Budiandru (2022) Integration of the Indonesian Islamic Stock Index: Evidence from Developed and Developing Countries. IQTISHADIA : Jurnal Kajian ekonomi dan bisnis islam, 15 (2). pp. 273-288. ISSN 2502 - 3993

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Abstract

Economic and monetary systems all over the world are increasingly becoming intertwined as a result of globalization. In addition, investors in the Islamic stock market may experience a decrease in the benefits of diversification because of shocks produced by globalization. This research aims to examine how the Indonesian Islamic stock index relates to the other Islamic stock indices from developed and developing countries. Data collected daily from 2012-2021, totaling 2088 observations, using a vector error correction model show that the Islamic stock index in Indonesia is linked to the Islamic stock index in both developed and developing countries. In addition, the Indonesian Islamic stock index had mixed reactions to both established and emerging Islamic stock indices. The Islamic stock indices in Indonesia are primarily affected by Japan’s involvement. Indonesia’s Islamic stock indices must prepare various alternative strategies for dealing with shocks from the Islamic stock indices in both developed and developing countries.

Item Type:	Article
Subjects:	H Social Sciences > HC Economic History and Conditions
Depositing User:	Dr Budiandru Budiandru
Date Deposited:	13 Apr 2023 09:17
Last Modified:	13 Apr 2023 09:17
URI:	http://repository.uhamka.ac.id/id/eprint/24367

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