ANALISIS PENGARUH PENANAMAN MODAL ASING DAN HARGA MINYAK DUNIA TERHADAP PERTUMBUHAN EKONOMI DI INDONESIA TAHUN 2006-2024
PENDEKATAN VECTOR ERROR CORRECTION MODEL (VECM) DALAM PERSPEKTIF EKONOMI ISLAM
Abstract
Economic growth is a key indicator in assessing the success of a country's development. In the context of Indonesia as a developing country, economic growth is influenced by various external factors, including foreign direct investment (FDI) and world oil prices. Foreign investment plays a role in increasing production capacity, creating jobs, and transferring technology, while fluctuations in world oil prices affect macroeconomic stability through production costs, inflation, and the trade balance. From an Islamic economic perspective, economic growth is not only assessed by increasing output, but must also be aligned with the principles of justice, welfare, and sustainability in accordance with the objectives of maqāṣid al-sharī‘ah. This study aims to analyze the effect of foreign direct investment and world oil prices on Indonesia's economic growth during the 2006–2024 period using the Vector Error Correction Model (VECM) approach. The VECM method is used to identify short-term and long-term relationships between variables and adjustment mechanisms towards long-term equilibrium. This study uses secondary time series data sourced from national and international official institutions.
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