The Indonesia Stock Exchange and Its Dynamics: An Analysis of the Effect of Macroeconomic Variables

Robiyanto Robiyanto, Michael Alexander Santoso, Apriani Dorkas Rambu Atahau and Harijono Harijono

Montenegrin Journal of Economics, 2019, vol. 15, issue 4, 59-73

Abstract: The relationship among some macroeconomic variables such as the exchange rate, world oil prices, and international capital market index with the Indonesian stock market (Indonesia Stock Exchange/ IDX)’s dynamics still interesting to study. Some studies still found inconsistent results, and its dependence on the dynamics of the international capital market and financial market, especially when there was turmoil in the international stock markets, such as the economic crisis in America. Those conditions made it interesting to examine whether there are influences from the Dow Jones index, the Rupiah exchange rate toward the US Dollar, and world oil prices toward the JCI.

Date: 2019
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