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All Journal Economic Journal of Emerging Markets Jurnal Keuangan dan Perbankan Ziswaf : Jurnal Zakat dan Wakaf
Akhsyim Afandi
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Religion Economics, Econometrics & Finance Social Sciences Other

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IDENTIFYING BANK LENDING CHANNEL IN INDONESIA: A VECTOR ERROR CORRECTION APPROACH WITH STRUCTURAL BREAK Akhsyim Afandi
Jurnal Keuangan dan Perbankan Vol 13, No 1 (2009): January 2009
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (597.512 KB) | DOI: 10.26905/jkdp.v13i1.924

Abstract

There was a question whether monetary policy works through bank lending channelrequired a monetary-induced change in bank loans originates from the supply side. Mostempirical studies that employed vector autoregressive (VAR) models failed to fulfill thisrequirement. Aiming to offer a solution to this identification problem, this paper developed afive-variable vector error correction (VEC) model of two separate bank credit markets inIndonesia. Departing from previous studies, the model of each market took account of onestructural break endogenously determined by implementing a unit root test. A cointegrationtest that took account of one structural break suggested two cointegrating vectors identifiedas bank lending supply and demand relations. The estimated VEC system for both marketssuggested that bank loans adjusted more strongly in the direction of the supply equation.
Unit Root Test With One Endogenous Structural Break Evidence from Indonesian Time Series Data Akhsyim Afandi
Economic Journal of Emerging Markets Volume 11 Issue 3, 2006
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v11i3.522

Abstract

This paper examines the robustness of the ADF (Augmented Dickey-Fuller) unit root test to the presence of one structural break. The ADF test results show one variables out of six to be stationary. To check their robustness, two separate additive outlier (AO) models are employed: one allowing for one endogenously-determined break in the intercept and the other in the trend. These two tests can not reject the unit root null hypothesis for all the vari-ables. However, when an innovational outlier (IO) model, that allows for one endogenously-determined break is estimated, the null hypothesis can be rejected for 3 more series. The estimated break dates mostly correspond to the 1998 financial crisis in Indonesia.Keywords: unit root; stationarity; structural break, additive & innovational outlierJEL classification: C1; C22
An Ardl Approach to Identify Bank Landing Channel in Indonesia Akhsyim Afandi
Economic Journal of Emerging Markets Volume 1 Issue 1, 2009
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v1i1.2284

Abstract

This paper tests whether the bank lending channel works in Indonesia. It develops an errorcorrection representation of the Autoregressive Distributed Lag (ARDL) model of two bankcredit markets. Each model takes account of one structural break associated with the 1998financial crisis. The date of the crisis is determined by a unit root test that includes twostructural breaks. Instead of Johansen’s cointegrating procedure, bounds test procedure isimplemented. The estimated error correction model for both markets suggests that bankloans adjust more strongly towards loan supply, implying that monetary-induced disturbancesin bank loans originate from the supply side.Keywords: bank lending channel, unit root, structural breaks
DOMESTIC AND FORIGN FACTORS FOR STOCK PRICES IN INDONESIA Rahajeng Cahyaning Putri Cipto; Akhsyim Afandi
Economic Journal of Emerging Markets Volume 2 Issue 2, 2010
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v2i2.2302

Abstract

Indonesia has been developing various sectors of its economy, and so it needs a huge amount of capital. Therefore, it has been putting a lot of efforts to develop its capital market. This paper analyzes the impacts of domestic and foreign factors on Indonesia stock price. Some considered domestic factors are interest rates, production index, and foreign exchange rates. Various considered foreign factors are Singapore and US stock prices. The paper uses Vector Error Correction Mechanism model to analyze the data. The estimation results suggest that all variables significantly influence Indonesia stock price, with Singapore stock price as the dominant factors.Keywords: Stock price, interest rates, exchange rates, production indexJEL classification numbers: G12, G15
Exploring the Philosophy of the Local Wisdom of “Gusjigang” for Understanding Zakat and Tax Compliance Nita Andriyani Budiman; Mukhamad Nurkamid; Jaka Sriyana; Akhsyim Afandi; Budi Gunawan; Sri Mulyani
ZISWAF Vol 10, No 1 (2023): ZISWAF: JURNAL ZAKAT DAN WAKAF
Publisher : State Islamic Institute of Kudus (IAIN Kudus)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/ziswaf.v10i1.16696

Abstract

Zakat and tax play a crucial role in fostering the development of a country. Zakat is an obligation for Muslims, while tax is an obligation for all citizens. Therefore, this research aims to explore the prevailing local wisdom in the Kudus community, in order to gain insights into how these obligations are observed and complied with. The local wisdom philosophy of the Kudus community, known as ‘Gusjigang’, originated from the esteemed heritage of Holy Sunan. It embodies the values of good behavior, studiousness, and tenacious trading (entrepreneurship). Grounded by this philosophy, this study aims to comprehend the motivations behind the adherence of local entrepreneurs to zakat and tax using a case study approach. Following this, in order to gather relevant data, qualitative open-ended interviews and document analysis were employed as the primary source of data collection. Through this process, it was found that the prioritization of zakat over tax stems from the religious regulations and laws, which  take precedence over the mandates of fellow human beings. It is also important to note that from the perspective of the zakat administration, the distribution of zakat was considered more transparent and fairer as evidenced by the insights gleaned from the interviews. 
Co-Authors Budi Gunawan Budiman, Nita Andriyani Jaka Sriyana Laksono Trisnantoro Mukhamad Nurkamid Rahajeng Cahyaning Putri Cipto