Do Retail and Non-Retail State Sharia Securities Promote Economic Growth in Indonesia? Evidence from an ARDL Approach
DOI:
https://doi.org/10.21093/jkrnmr34Keywords:
Autoregressive Distributed Lag (ARDL), Economic Growth, Non-Retail SBSN, Retail SBSNAbstract
State Sharia Securities or Surat Berharga Syariah Negara (SBSN) have become an increasingly important instrument for financing Indonesia’s fiscal needs, yet the economic effects of retail- and non-retail-oriented issuances may differ because they target different investor segments and financing channels. This study examines the short- and long-run roles of Non-Retail SBSN and Retail SBSN in Indonesia’s economic growth. Using a quantitative time-series approach, the study analyzes 60 quarterly observations from 2009Q1 to 2023Q4 and applies the Autoregressive Distributed Lag (ARDL) method in EViews 13. Trade openness, the Consumer Price Index (CPI), and the BI Rate are included as macroeconomic control variables, while GDP represents economic growth. The findings show that Retail SBSN and CPI are significantly associated with GDP in the short run, whereas Non-Retail SBSN, trade openness, and CPI are significant in the long run. The results indicate that the contribution of SBSN to economic growth differs across investor segments and time horizons. Policy efforts should therefore strengthen the productive allocation of SBSN proceeds while expanding retail participation and Islamic financial literacy so that sovereign sukuk can contribute more effectively to sustainable economic activity.
References
Alotaibi, A. R., & Mishra, A. V. (2014). Determinants of International Financial Integration of GCC Markets. In Emerging Markets and the Global Economy: A Handbook (pp. 749–771). Elsevier Inc. https://doi.org/10.1016/B978-0-12-411549-1.00031-4
Andiansyah, F., Hanafi, S. M., Haryono, S., & Wau, T. (2022). Pengaruh Instrumen Keuangan Syariah Terhadap Pertumbuhan Ekonomi Indonesia. Al-Masraf (Jurnal Lembaga Keuangan Dan Perbankan), 7(1).
Baldwin, R. E. (2003). Openness and Growth: What’s the Empirical Relationship? (Working Paper 9578). http://www.nber.org/papers/w9578
Bank Indonesia. (2025). Inflasi. Bi.Go.Id. https://www.bi.go.id/id/fungsi-utama/moneter/inflasi/default.aspx
Bella, F. I., & Inas, I. (2023). The Influence of Islamic Banks and Sovereign Retail Sukuk on Economic Growth in Indonesia. Al-Tijary, 8(2), 141–157. https://doi.org/10.21093/at.v8i2.4406
Deliarnov. (2012). Perkembangan Pemikiran Ekonomi (3rd ed.). Rajawali Pers.
Departemen Komunikasi BI. (2024, September 3). Memahami Suku Bunga Acuan BI: Kunci Ambil Keputusan Keuangan yang Tepat. Bi.Go.Id. https://www.bi.go.id/id/publikasi/ruang-media/cerita-bi/Pages/data-suku-bunga-bi-saat-ini.aspx#:~:text=Secara%20sederhana%2C%20suku%20bunga%20acuan,suku%20bunga%20pinjaman%20dan%20tabungan.
Direktorat Pembiayaan Syariah. (2015). Sukuk Negara: Instrumen Keuangan Berbasis Syariah (Suminto, Ed.; Edisi Kedua). Direktorat Jenderal Pengelolaan Pembiayaan Risiko Kementerian Keuangan RI.
Fauzan, I. B., & Anindyntha, F. A. (2024). Analisis Pertumbuhan Ekonomi di Negara BRICS. Jurnal Riset Ilmu Ekonomi, 4(3), 199–213. https://doi.org/10.23969/jrie.v4i3.165
Fitriani, S. A., Hakim, D. B., & Widyastutik, W. (2021). Analisis Kointegrasi Keterbukaan Perdagangan dan Pertumbuhan Ekonomi di Indonesia. Jurnal Ekonomi Dan Kebijakan Publik, 12(2), 103–116. https://doi.org/10.22212/jekp.v12i2.2033
Hadiningdyah, D. I., Hosen, M. N., Amalia, E., & Wahyudi, I. (2024). Impact of Sukuk Negara Issuance on APBN Deficit Financing and Economic Growth: The Moderating Role of Market Liquidity. Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara Dan Kebijakan Publik, 9(3).
Ikhsan, M. (2022, January 6). Alasan di Balik Rendahnya Inflasi 2021. Feb.Ui.Ac.Id. https://feb.ui.ac.id/2022/01/06/mohamad-ikhsan-alasan-di-balik-rendahnya-inflasi-2021/
Ilmi, G. A. (2024). Optimalisasi BMN Idle sebagai Underlying Asset Sukuk Murabahah untuk Mendorong Pertumbuhan Ekonomi Indonesia. Langgas: Jurnal Studi Pembangunan, 3(2), 90–97. https://doi.org/10.32734/ljsp.v3i2.15776
Ismail, Aslan, & Efendi, A. R. (2020). Analisis Pendekatan Keynes Terhadap Pertumbuhan Ekonomi Di Indonesia. Jurnal Ekonomi Pembangunan Dan Manajemen, 1.
Kartini, E., & Milawati, M. (2020). How Sukuk and Conventional Bond Affect Economic Growth? Evidence From Indonesia. International Journal of Economics and Financial Issues, 10(5), 77–83. https://doi.org/10.32479/ijefi.10223
Kementerian Keuangan. (2025). Mengenal Sukuk Ritel. Kemenkeu.Go.Id. https://www.kemenkeu.go.id/sukukritel
Kementerian Keuangan RI. (2023). Wamenkeu: Defisit APBN Menjadi Salah Satu Strategi Mendorong Pertumbuhan. Kementerian Keuangan RI. https://www.kemenkeu.go.id/informasi-publik/publikasi/berita-utama/Defisit-APBN-Strategi-Mendorong-Pertumbuhan
Kemu, S. Z., & Ika, S. (2016). Transmisi BI Rate sebagai Instrumen untuk Mencapai Sasaran Kebijakan Moneter. Kajian Ekonomi & Keuangan, 20(3). http://fiskal.kemenkeu.go.id/ejournal
Komalasari, A., Fatmasari, D., & Suharto, T. (2024). Pengaruh Jumlah Uang Beredar, Tingkat Inflasi dan Suku Bunga Terhadap Pertumbuhan Ekonomi di Indonesia. Jurnal Ekonomi Bisnis Antartika, 2, 1–10.
Kunthi, Y. C., Mandai, S., & Sofyan, S. (2023). Analisis Pengaruh Inflasi, Indeks Harga Konsumen, JUB, dan Kurs Terhadap Pertumbuhan Ekonomi Pada Tahun 2013 - 2021. Jurnal Ekonomi Trisakti, 3(1), 303–310. https://doi.org/10.25105/jet.v3i1.15409
Ledhem, M. A. (2022). Does Sukuk Financing Boost Economic Growth? Empirical Evidence From Southeast Asia. PSU Research Review, 6(3), 141–157. https://doi.org/10.1108/PRR-09-2020-0028
Mitsaliyandito, R. Q., Arundina, T., & Kasri, R. A. (2017). Impact of Sukuk Market Development on Indonesian Economic Growth. International Journal of Applied Business and Economic Research, 15(3). http:www.serialsjournal.com
Noor, H. S., & Komala, C. (2019). Analisis Indeks Harga Konsumen (IHK) Menurut Kelompok Pengeluaran Nasional Tahun 2018. Jurnal Perspektif, 3(2).
Novitasari, E., & Arundina, T. (2023). Dynamic Relationship Between Sukuk and Economic Growth in Indonesia Evidence from Vector Error Correction Model (VECM) and Wavelet Analysis. Al-Uqud: Journal of Islamic Economics, 7(2).
Simangunsong, N. A., & Barika, B. (2025). Analisis Investasi dalam Pertumbuhan Ekonomi di Indonesia. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(1), 952–964. https://doi.org/10.31955/mea.v9i1.4974
Suganda, A., Kurnia, C., Lubis, S., Sari, C. M., Ramadhini, N., Harahap, P. N., & Syahfitri, T. I. (2024). Pengaruh Foreign Direct Investment, BI Rate, Jumlah Uang Beredar Terhadap Pertumbuhan Ekonomi di Indonesia. JALAKOTEK: Journal of Accounting Law Communication and Technology, 1(2).
Sukirno, S. (2006). Ekonomi Pembangunan: Proses, Masalah, dan Dasar Kebijakan (2nd ed.). Kencana.
Sukirno, S. (2010). Makroekonomi: Teori Pengantar. Rajawali Pers.
Sunaryo, D. A., & Kasri, R. A. (2022). Hubungan Industri Keuangan Syariah dan Pertumbuhan Ekonomi Indonesia. Jurnal Pendidikan Tambusai, 6(2).
Syahputra, R. (2017). Analisis Faktor-Faktor yang Mempengaruhi Pertumbuhan Ekonomi di Indonesia. Jurnal Samudra Ekonomika, 1(2).
Tan, Y. L., & Shafi, R. M. (2021). Capital Market and Economic Growth in Malaysia: The Role of ?uk?k and Other Sub-Components. ISRA International Journal of Islamic Finance, 13(1), 102–117. https://doi.org/10.1108/IJIF-04-2019-0066
Ulfah, I. F., & Sugiarti, D. (2024). Analysis of the Influence of Sovereign Sukuk Financing on Economic Growth In Indonesia. An-Nisbah: Jurnal Ekonomi Syariah, 11(01).
Warta Pemeriksa. (2022). Wow, Pemerintah Mampu Tekan Defisit APBN. BPK RI. https://wartapemeriksa.bpk.go.id/?p=36162#:~:text=Ketua%20BPK%20menyampaikan%2C%20realisasi%20defisit,2020%20mencapai%20Rp947%2C7%20triliun.
Widarjono, A. (2018). Ekonometrika: Pengantar dan Aplikasinya Disertai Panduan EViews (Edisi Kelima). UPP STIM YPKM.
Yaya, R., & Sofiyana, E. (2018). Pengaruh Sukuk Ritel Pemerintah Terhadap Penghimpunan Dana Pihak Ketiga Bank Syariah. Media Riset Akuntansi, Auditing & Informasi, 18(2), 153–168. https://doi.org/10.25105/mraai.v18i2.3096
Y?ld?r?m, S., Y?ld?r?m, D. C., & Diboglu, P. (2020). Does Sukuk Market Development Promote Economic Growth? PSU Research Review, 4(3), 209–218. https://doi.org/10.1108/PRR-03-2020-0011
Zikratunnisa, & Aimon, H. (2024). Analisis Pengaruh Keterbukaan Perdagangan, Nilai Tukar, dan Inflasi Terhadap Pertumbuhan Ekonomi di Indonesia. Media Riset Ekonomi Pembangunan (MedREP), 1(4). https://medrep.ppj.unp.ac.id/index.php/MedREP/login
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Annisa Dinda Rahmasari, Rr Tini Anggraeni
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
