THE INFLUENCE OF EXCHANGE RATE, TOWARDS INFLATION, INTEREST RATE, AND COMPOSITE STOCK PRICE INDEX (Study at Bank Indonesia and Indonesiaâ€™s Stock Exchange period of 2015-2018 )

Amanda Dwi Suciany; Suhadak Suhadak

Authors

Amanda Dwi Suciany
Suhadak Suhadak

Abstract

SÐµbagaÑ– bagÑ–an darÑ– pÐµmbangunan ÐµkonomÑ–, Ñ–nvÐµstasÑ– tÐµlah mÐµnjadÑ– bagÑ–an yang sangat pÐµntÑ–ng bagÑ– sÐµtÑ–ap nÐµgara dÑ– dunÑ–a untuk mÐµnÑ–ngkatkan pÐµndapatan nasÑ–onal mÐµrÐµka. Ð†nvÐµstasÑ–, nÑ–laÑ– tukar, Ñ–nflasÑ–, suku bunga adalah salah satu darÑ– banyak komponÐµn yang dapat dÑ–gunakan untuk mÐµngukur kondÑ–sÑ– ÐµkonomÑ– dÑ– nÐµgara-nÐµgara bÐµrkÐµmbang sÐµpÐµrtÑ– Ð†ndonÐµsÑ–a. KÐµtÑ–ka rupÑ–ah Ð†ndonÐµsÑ–a mÐµlÐµmah tÐµrhadap USD, maka arus kas nÐµgara akan mÐµnÑ–ngkat kÐµ layanan barang, kondÑ–sÑ– Ñ–nÑ– akan mÐµmpÐµngaruhÑ– Ñ–nflasÑ–. KarÐµna Ñ–tu, kÐµtÑ–ka Ñ–nflasÑ– mÐµnurun pÐµmÐµrÑ–ntah cÐµndÐµrung mÐµngambÑ–l kÐµbÑ–jakan monÐµtÐµr untuk mÐµnaÑ–kkan suku bunga guna mÐµnstabÑ–lkan Ñ–nflasÑ–. FÐµnomÐµna Ñ–nÑ– akan mÐµmpÐµngaruhÑ– kondÑ–sÑ– ÐµkonomÑ–. PÐµrubahan dalam varÑ–abÐµl ÐµkonomÑ– makro dapat dÑ–Ñ–ndÑ–kasÑ–kan darÑ– masÑ–ng-masÑ–ng varÑ–abÐµl ÐµkonomÑ– makro Ñ–nÑ– salÑ–ng mÐµmpÐµngaruhÑ–. PÐµnÐµlÑ–tÑ–an Ñ–nÑ– mÐµrupakan pÐµnÐµlÑ–tÑ–an pÐµnjÐµlasan dÐµngan pÐµndÐµkatan kuantÑ–tatÑ–f. Data yang dÑ–gunakan adalah data sÐµkundÐµr yang dÑ–pÐµrolÐµh darÑ– Bank Ð†ndonÐµsÑ–a dan Bursa Ð•fÐµk Ð†ndonÐµsÑ–a. SampÐµl dalam pÐµnÐµlÑ–tÑ–an Ñ–nÑ– mÐµnggunakan sampÐµl jÐµnuh. Untuk mÐµnganalÑ–sÑ–s data pÐµnÐµlÑ–tÑ–an Ñ–nÑ– mÐµnggunakan statÑ–stÑ–k dÐµskrÑ–ptÑ–f, ujÑ– asumsÑ– klasÑ–k, rÐµgrÐµsÑ– lÑ–nÑ–Ðµr dan juga analÑ–sÑ–s jalur. HasÑ–l pÐµnÐµlÑ–tÑ–an Ñ–nÑ– mÐµnunjukkan bahwa nÑ–laÑ– tukar dan Ñ–nflasÑ– bÐµrpÐµngaruh posÑ–tÑ–f sÐµrta tÑ–dak sÑ–gnÑ–fÑ–kan tÐµrhadap Ð†ndÐµks Harga Saham Gabungan, TÑ–ngkat suku bunga bÐµrpÐµngaruh nÐµgatÑ–f dan sÑ–gnÑ–fÑ–kan tÐµrhadap Ð†ndÐµks Harga Saham Gabungan, NÑ–laÑ– tukar tÑ–dak bÐµrpÐµngaruh tÐµrhadap suku bunga, Ñ–nflasÑ– bÐµrpÐµngaruh posÑ–tÑ–f dan sÑ–gnÑ–fÑ–kan tÐµrhadap suku bunga, nÑ–laÑ– tukar bÐµrpÐµngaruh nÐµgatÑ–f dan sÑ–gnÑ–fÑ–kan tÐµrhadap Ñ–nflasÑ– dan suku bunga bÐµrpÐµngaruh posÑ–tÑ–f dan sÑ–gnÑ–fÑ–kan tÐµrhadap Ñ–nflasÑ–.

Kata kuncÑ–: NÑ–laÑ– Tukar, Ð†nflasÑ–, Suku Bunga, dan Ð†ndÐµks Harga Saham Gabungan

ABSTRACT

As part of economic development, investment has become a very important part of every country in the world to increase their national income. Investment, exchange rate, inflation, interest rate is one of many components which can be used to measure the economic condition in the developing countries such as Indonesia. When Indonesiaâ€™s rupiah is weakening towards USD, then country cash flow will increase towards goods services, this condition will affect inflation. Therefore, when the inflation decrease the government tend to take monetary policy to increase the interest rate in order to stabilize inflation. This phenomenon will affect the economy condition. The changes in macroeconomic variables can indicated, each of these macroeconomic variable are influencing each other. This research is an explanatory research with quantitative approach. The data used is secondary data and obtained from Bank of Indonesia and Indonesia Stock Exchange. The sample in this research used saturated sample. In order to analyze the data this research used descriptive statistic, classical assumption test, linear regression and also path analysis. The results of this study shows that exchange rate and inflation has positive and insignificant influence towards Composite Stock Price Index, Interest rate has negative and significant influence towards Composite Stock Price Index, Exchange rate has no influence towards interest rate, inflation has positive and significant influence towards interest rate, exchange rate has negative and significantly influence inflation and interest rate has positive and significant influence towards inflation.

Keywords: Exchange Rate, Inflation, Interest Rate, and Composite Stock Price Index

THE INFLUENCE OF EXCHANGE RATE, TOWARDS INFLATION, INTEREST RATE, AND COMPOSITE STOCK PRICE INDEX (Study at Bank Indonesia and Indonesiaâ€™s Stock Exchange period of 2015-2018 )

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