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All Journal Pendidikan Tata Niaga JURNAL PENDIDIKAN EKONOMI: Jurnal Ilmiah Ilmu Pendidikan, Ilmu Ekonomi dan Ilmu Sosial Economics Development Analysis Journal BISE: Jurnal Pendidikan Bisnis dan Ekonomi Jurnal Pendidikan Ekonomi (JURKAMI)
Inda Fresti Puspitasari
Universitas Muhammadiyah Surakarta
Economics, Econometrics & Finance Education Social Sciences

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Journal : Economics Development Analysis Journal

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Gold, Uncertainty, Macroeconomy, Inflation Hedging and Safe Haven in Indonesia Purnawan, Muhammad Edhie; Puspitasari, Inda Fresti
Economics Development Analysis Journal Vol 10 No 2 (2021): Economics Development Analysis Journal
Publisher : Economics Development Department, Universitas Negeri Semarang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v10i2.44653

Abstract

This study examines the impacts of monetary policy uncertainty and macroeconomic variables on gold price dynamics in Indonesia. Monthly time series data was used for the period of January 2009 till December 2018. Indonesia has the second place after Thailand as a country with the highest gold demand in Southeast Asia. but, there are less studies about role of gold as safe haven in Indonesia and this study is the first one that specifically included the uncertainty variable of US monetary policy in the model using ARDL-ECM approach. The ARDL-ECM approach is applied to find out are the gold price dynamics in Indonesia influenced by macroeconomic shocks or by the movements of gold price itself in the previous period. The empirical results of this study indicate that gold plays an important role as inflation hedging and safe haven in Indonesia. This study proved that in the short-term and long-term, gold price in the previous period, exchange rate, and IHSG have a negative and significant relationship on gold prices dynamics in Indonesia, while the London gold price and inflation have a positive and significant relationship on gold price movement in Indonesia. The high level of US monetary policy uncertainty and uncertainty in global economic conditions has led to an increase in gold prices in Indonesia.
Gold, Uncertainty, Macroeconomy, Inflation Hedging and Safe Haven in Indonesia Purnawan, Muhammad Edhie; Puspitasari, Inda Fresti
Economics Development Analysis Journal Vol 10 No 2 (2021): Economics Development Analysis Journal
Publisher : Economics Development Department, Universitas Negeri Semarang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v10i2.44653

Abstract

This study examines the impacts of monetary policy uncertainty and macroeconomic variables on gold price dynamics in Indonesia. Monthly time series data was used for the period of January 2009 till December 2018. Indonesia has the second place after Thailand as a country with the highest gold demand in Southeast Asia. but, there are less studies about role of gold as safe haven in Indonesia and this study is the first one that specifically included the uncertainty variable of US monetary policy in the model using ARDL-ECM approach. The ARDL-ECM approach is applied to find out are the gold price dynamics in Indonesia influenced by macroeconomic shocks or by the movements of gold price itself in the previous period. The empirical results of this study indicate that gold plays an important role as inflation hedging and safe haven in Indonesia. This study proved that in the short-term and long-term, gold price in the previous period, exchange rate, and IHSG have a negative and significant relationship on gold prices dynamics in Indonesia, while the London gold price and inflation have a positive and significant relationship on gold price movement in Indonesia. The high level of US monetary policy uncertainty and uncertainty in global economic conditions has led to an increase in gold prices in Indonesia.
Co-Authors Bambang Wasito Adi Bambang Wasito Adi - -, Bambang Wasito Adi - Dhany Efita Sari Egidea Amengku Sukma Muhammad Edhie Purnawan Nur Andriyani Nur Hidayah Salman Alfarisy Totalia Salman Alfarisy Totalia - -, Salman Alfarisy Totalia - Siti Masitoh Zofiana Mahaba Afifah