The Influence of Islamic Capital Market Capitalization and Labor Force on the Economic Growth of Indonesia

Authors

  • Deky Candra Saputra Universitas Airlangga
  • Muhammad Ikhsan Univeritas Sriwijaya

DOI:

https://doi.org/10.24090/ej.v12i2.10381

Keywords:

sukuk, Economic growth, Islamic finance, Total Deposit, Total Financing, Economic Development, Investment, ZIS, Human Development Index, Labor, Economic Growth

Abstract

Sharia capital and labor markets play an important role in driving the economy of a country, including Indonesia. Sharia capital market capitalization is a key indicator of organized economic activity and has a significant impact on the allocation of resources to economic sectors with potential for growth. On the other hand, labor is the main asset in realizing economic potential through their productivity and contribution to development. This study examines the impact of Islamic Capital Market Capitalization and Labor on Indonesia's Economic Growth. It utilizes secondary data in the form of time series data from the Central Bureau of Statistics and the Financial Services Authority for the period 2014-2022. The analysis method employed is quantitative analysis, and the Error Correction Model (ECM) is used for the analysis. The study findings indicate that:(a) The sukuk variable has a positive and significant effect on Indonesia's economic growth. (b) The Sharia mutual fund variable also has a positive and significant effect on Indonesia's economic growth. (c) The labor variable positively and significantly influences Indonesia's economic growth.

Author Biographies

Deky Candra Saputra, Universitas Airlangga

1Faculty of Economics and Business, Universitas Airlangga, Surabaya, Indonesia

Muhammad Ikhsan, Univeritas Sriwijaya

2Faculty of Economics, Universitas Sriwijaya, Palembang, Indonesia

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Published

30-11-2024

How to Cite

Saputra, D. C., & Ikhsan, M. (2024). The Influence of Islamic Capital Market Capitalization and Labor Force on the Economic Growth of Indonesia. El-Jizya : Jurnal Ekonomi Islam, 12(2), 151–170. https://doi.org/10.24090/ej.v12i2.10381

Issue

Vol. 12 No. 2 (2024): el-Jizya : Jurnal Ekonomi Islam

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Articles

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Copyright (c) 2024 Deky Candra Saputra; Muhammad Ikhsan

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