Financing the Green Transition: Macroeconomic and Commodity Determinants of Green Sukuk Performance in Indonesia
グリーン・トランジションの資金調達：インドネシアにおけるグリーン・スクークのパフォーマンスのマクロ経済およびコモディティ決定要因 (AI 翻訳)
Susilo Nur Aji Cokro Darsono, Nadia Dhika Sastiakana, Saizal Pinjaman, Intan Mutiara, Latifah Dian Iriani, Sobar M. Johari
🤖 gxceed AI 要約
日本語
本研究は、インドネシアのグリーンスクークのパフォーマンスのマクロ経済及びコモディティ決定要因をVECMを用いて分析。長期的にインフレ、為替レート、BIレート、金価格が影響を与えることを示す。
English
This study examines macroeconomic and commodity determinants of Green Sukuk performance in Indonesia using VECM from Jan 2020 to Dec 2024. Results show long-term effects of inflation, exchange rate, BI rate, and gold prices, but not oil prices.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
インドネシアのグリーンスクーク市場は日本でも参考になり得るが、日本のグリーンボンド市場とは異なるイスラム金融枠組みを採用。日本におけるグリーンファイナンス多様化の観点から位置付けられる。
In the global GX context
This paper provides empirical evidence on green sukuk performance, a growing segment of sustainable finance. While Indonesia-specific, it offers insights for global green bond markets and emerging economy contexts.
👥 読者別の含意
🔬研究者:Highlights the role of macroeconomic factors in green sukuk performance, useful for sustainable finance researchers.
🏢実務担当者:Indonesian green sukuk issuers can use findings to understand market drivers.
🏛政策担当者:Indonesian policymakers should consider interest rates and gold prices in green sukuk regulation.
📄 Abstract（原文）
Amid growing attention to sustainable Islamic finance, understanding the macro-financial drivers of Green Sukuk performance is increasingly important for policy and market development in Indonesia. This study explores how macroeconomic conditions and commodity prices influence the performance of Green Sukuk in Indonesia. Using the Vector Error Correction Model (VECM) and monthly data from January 2020 to December 2024, the study examines both short-term dynamics and long-term relationships among the variables. The results show that, in the short run, inflation tends to increase Green Sukuk, while the Jakarta Composite Index (JCI) has a negative impact. Over the long term, inflation and the exchange rate positively affect Green Sukuk, suggesting that broader macroeconomic conditions and currency movements play an important role in shaping its development. On the other hand, the BI Rate and gold prices have a negative influence in the long run, indicating that higher interest rates and rising gold prices may encourage investors to shift their funds away from Green Sukuk. Meanwhile, oil prices do not appear to significantly affect Green Sukuk in either the short or long term. Overall, these findings suggest that monetary factors and alternative investment assets, such as gold, are important in determining the performance of Green Sukuk in Indonesia, especially in maintaining long-term stability.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.18196/ijief.v9i1.30173first seen 2026-05-15 18:07:44
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