PERKEMBANGAN EKONOMI INDONESIA DENGAN PERBANKAN SYARIAH

Abstract

The emergence of the Islamic finance industry could offer
a system of tools to promote social and economic
justice and stimulate economic development. This
research is aimed to examine causality relationship between
a rapid growth of the Islamic financial system and a
promising economic development in Indonesia. This
research used Granger cointegration test and causality test
with error correction term as a statistic procedure to test
causality relationship and mutually exclusive test between
Islamic Financial System and economic development in
Indonesia.
This research used quarterly time-series data from year
2005:1 – 2012:4. Islamic Bank Financing (IBFin) were the
proxy from financial sector. Another variable in this research
were real economic sector and the indicator were real Gross
Domestic Product (GDP). The data source were IB
publication , World Bank national account data and OECD
national accounts data file. Granger causality test were
developed to test inclution from the past in X variable.
This test can predict the present value from Y variable
(Granger, 1996).
The result suggest Islamic financial system were not
significantly affected to Indonesia’s economic development
in the short term. But positive economic development in
Indonesia significantly affected to Indonesia’s Islamic
financial system. The result also indicate cointegration
relationship between Islamic Financial System and economic
development in the long term manner