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The Comparison of Sukuk and Bond Absorption; Deficit Budget Financing in Indonesia

Tazkia Islamic Finance and Business Review

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Title The Comparison of Sukuk and Bond Absorption; Deficit Budget Financing in Indonesia
 
Creator parisi, salman al
Rusydiana, Aam Slamet
 
Subject Sukuk, Bond and Deficit Budget
 
Description Objectives: This study aims to analyze: (i) the comparison of sukuk and bond absorption in deficit budget financing; and (ii) which variable that has significant effect on deficit budget (Y1= equation 1), on bond (Y2= equation 2) and on sukuk (Y3 = equation 3).Method: This study uses Two Stage Least Square (2SLS) method. The data used is from Bank of Indonesia, BPS, Ministry of Finance, IDX, ministry of trade, with monthly data, February 2009 – December 2015.Results: The result shows that sukuk has a significant negative effect on deficit budget while bond has a significant positive effect on deficit budget. In addition, import has a significant negative effect on deficit budget while exchange rate variable has a significant positive effect on deficit budget (the first equation). BI rate has significant negative effect on bond, while SBI and deficit budget has significant positive effect on bond (the second equation). Then, Inflation and bond has significant positive effect on sukuk, while deficit budget has significant negative effect on sukuk (the third equation).Conclusion: Both sukuk and bond have significant correlation in increasing each of them. Furthermore, both sukuk and bond have significant effect on deficit budget.
 
Publisher Institute for Research and Community Empowerment (LPPM TAZKIA)
 
Contributor Indonesia Endowment Fund for Education (LPDP)
 
Date 2017-08-30
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://tifbr-tazkia.org/index.php/TIFBR/article/view/106
10.30993/tifbr.v10i2.106
 
Source Tazkia Islamic Finance and Business Review; Vol 10, No 2 (2016)
2460-0717
1907-8145
10.30993/tifbr.v10i2
 
Language eng
 
Relation http://tifbr-tazkia.org/index.php/TIFBR/article/view/106/108
http://tifbr-tazkia.org/index.php/TIFBR/article/downloadSuppFile/106/1
 
Rights Copyright (c) 2017 Author and Publisher
http://creativecommons.org/licenses/by-nc-sa/4.0