Do Real Interest Rate, Gross Domestic Savings and Net Exports Matter in Economic Growth? Evidence from Indonesia* Agus Eko SUJIANTO, , Pribawa E. PANTAS, Mashudi MASHUDI, Dwi Santosa PAMBUDI, Bagus Shandy NARMADITYA Journal of Asian Finance Economics and Business, 2020 This study aims to measure the effects of real interest rate (RIR), gross domestic savings (GDS), and net exports (EN) shocks on Indonesia’s economic growth (EG). The focus on Indonesia is unique due to the abundant resources available in the nation, but they are unsuccessful in boosting economic growth. This study applied a quantitative method to comprehensively analyze the correlation between variables by employing Vector Autoregression Model (VAR) combined with Vector Error Correction Model (VECM). Various procedures are preformed: Augmented Dickey–Fuller test (ADF), Optimum Lag Test, Johansen Cointegration Test, Granger Causality Test, as well as Impulse Response Function (IRF) and Error Variance Decomposition Analysis (FEVD). The data were collected from the World Bank and the Asian Development Bank from 1986 to 2017. The findings of the study indicated that economic growth responded positively to real interest rate shocks, which implies that when the real interest rate experiences a shock (increase), the economy will be inclined to growth. While, economic growth responded negatively to gross domestic savings and net export shocks. Policymakers are expected to consider several matters, particularly the economic conditions at the time of formulating policy, so that the prediction effectiveness of a policy can be appropriately assessed.
RECENT SCHOLAR PUBLICATIONS
Digital Payments and Monetary Policy Transmission in Indonesia: An Islamic Economic Perspective PE Pantas, N Othman, MM Yunus, NAM Puad IJISH (International Journal of Islamic Studies and Humanities) 9 (1), 11-20 , 2026 2026
Analysis of Islamic Bank Financing Strategies to Create Green Banking (Case Study of BPD DIY Syariah) F Salsabila, PE Pantas Islam in World Perspectives 4 (2), 296-307 , 2025 2025
Determinants of Islamic Banking Social Fund Management Efficiency in Indonesia: Two Stages Data Envelopment Window Analysis PE Pantas Jurnal Ilmiah Ekonomi Islam 10 (2), 1743-1750 , 2024 2024
Pelatihan Manajemen Wakaf Produktif pada Nadzir di Lingkungan Pimpinan Daerah Muhammadiyah Kulon Progo AA Rifan, PE Pantas, MK Hidayatulloh, M Shulthoni Jurnal Pengabdian Multidisiplin 4 (1), 1-5 , 2024 2024 Citations: 6
Efisiensi dan Efektivitas Pengelolaan Zakat di BAZNAS Kota Yogyakarta: Pendekatan DEA dan Allocation to collection Ratio R Fadila, R Wahyudi, PE Pantas, DS Pambudi Mukaddimah: Jurnal Studi Islam 8 (2), 188-209 , 2023 2023 Citations: 5
Program Tahsinul Qur’an Bagi Lansia Y Hanafiah, PE Pantas, MA Kurniawan, H Ma'ruf, APS Insani, KA Putri Seminar Nasional Hasil Pengabdian Kepada Masyarakat, 439-448 , 2022 2022
Pengaruh Indikator Makroekonomi Terhadap Volume Perdagangan Sukuk Ritel di Indonesia IN Hanifah, PE Pantas Etihad: Journal of Islamic Banking and Finance 2 (2), 99-114 , 2022 2022 Citations: 13
Impact of Electronic Money on Monetary Policies in Indonesia PE Pantas, AA Rifan, SP Adi, N Heniirawati, E Eriyanti Asia Pacific Journal of Business Economics and Technology 2 (4), 62-72 , 2022 2022 Citations: 1
Pengaruh Kenaikan Harga Minyak dan Inflasi terhadap Risiko Pembiayaan Macet Bank Syariah di Indonesia A Sundari, PE Pantas Islamic Economics, Finance, and Banking Review 2 (1), 62-75 , 2022 2022
Analisis Tingkat Efisiensi dan Tingkat Produktivitas pada Bank Umum Syariah LF Putri, PE Pantas Islamic Economics, Finance, and Banking Review 1 (2) , 2021 2021
Islamic Banking Efficiency in Indonesia and Malaysia: Two Stages Data Envelopment Window Analysis PE Pantas, A Susetyohadi, L Azwita Al-Uqud : Journal of Islamic Economics 5 (2), 234-249 , 2021 2021 Citations: 15
Dasar-Dasar Mikroekonomi Islam PE Pantas UAD PRESS , 2021 2021 Citations: 4
The Contribution of the Pragmatism Educational Philosophy in the Implementation of Pancasila Education During Distance Learning R Wikandaru, S Cathrin, H Husin, I Listiana, PE Pantas, W Widyoningsih, ... KnE Social Sciences, 552-566 , 2021 2021 Citations: 3
Determinan Struktur Modal pada Industri Barang Konsumsi di Indeks Saham Syariah Indonesia PE Pantas, A Susetyohadi Ash-Shiddiqiyah Journal of Islamic Economics and Business (AJIEB) 1 (1), 58-71 , 2021 2021
Do Real Interest Rate, Gross Domestic Savings and Net Exports Matter in Economic Growth? Evidence from Indonesia AE Sujianto, PE Pantas, Mashudi, DS Pambudi, BS Narmaditya Journal of Asian Finance, Economics and Business 7 (11), 127–135 , 2020 2020 Citations: 18
Comparison of Islamic Banking in Indonesia and Malaysia: Islamicity Performance Index Approach PP Prasetyo, PE Pantas, NJ Ashar, FR Pertiwi Journal of Islamic Economics Perspectives 2 (1), 92-103 , 2020 2020 Citations: 26
Zakat Effects on Mustahiq Happiness PE Pantas Atlantis Press 370 (Conference Series on Education & Learnin), 185-188 , 2019 2019 Citations: 1
Cointegration of Stock Market and Exchange Rate in Indonesia PE Pantas, MNH Ryandono, M Munir, R Wahyudi Ihtifaz: Journal of Islamic Economics, Finance, and Banking 2 (No 2), 125-136 , 2019 2019 Citations: 12
Guncangan Variabel Makroekonomi Terhadap Jakarta Islamic Index PE Pantas Cakrawala: Jurnal Studi Islam 12 (1), 28-43 , 2017 2017 Citations: 20
MOST CITED SCHOLAR PUBLICATIONS
Comparison of Islamic Banking in Indonesia and Malaysia: Islamicity Performance Index Approach PP Prasetyo, PE Pantas, NJ Ashar, FR Pertiwi Journal of Islamic Economics Perspectives 2 (1), 92-103 , 2020 2020 Citations: 26
Guncangan Variabel Makroekonomi Terhadap Jakarta Islamic Index PE Pantas Cakrawala: Jurnal Studi Islam 12 (1), 28-43 , 2017 2017 Citations: 20
Do Real Interest Rate, Gross Domestic Savings and Net Exports Matter in Economic Growth? Evidence from Indonesia AE Sujianto, PE Pantas, Mashudi, DS Pambudi, BS Narmaditya Journal of Asian Finance, Economics and Business 7 (11), 127–135 , 2020 2020 Citations: 18
Islamic Banking Efficiency in Indonesia and Malaysia: Two Stages Data Envelopment Window Analysis PE Pantas, A Susetyohadi, L Azwita Al-Uqud : Journal of Islamic Economics 5 (2), 234-249 , 2021 2021 Citations: 15
Pengaruh Indikator Makroekonomi Terhadap Volume Perdagangan Sukuk Ritel di Indonesia IN Hanifah, PE Pantas Etihad: Journal of Islamic Banking and Finance 2 (2), 99-114 , 2022 2022 Citations: 13
Cointegration of Stock Market and Exchange Rate in Indonesia PE Pantas, MNH Ryandono, M Munir, R Wahyudi Ihtifaz: Journal of Islamic Economics, Finance, and Banking 2 (No 2), 125-136 , 2019 2019 Citations: 12
Pelatihan Manajemen Wakaf Produktif pada Nadzir di Lingkungan Pimpinan Daerah Muhammadiyah Kulon Progo AA Rifan, PE Pantas, MK Hidayatulloh, M Shulthoni Jurnal Pengabdian Multidisiplin 4 (1), 1-5 , 2024 2024 Citations: 6
Efisiensi dan Efektivitas Pengelolaan Zakat di BAZNAS Kota Yogyakarta: Pendekatan DEA dan Allocation to collection Ratio R Fadila, R Wahyudi, PE Pantas, DS Pambudi Mukaddimah: Jurnal Studi Islam 8 (2), 188-209 , 2023 2023 Citations: 5
Dasar-Dasar Mikroekonomi Islam PE Pantas UAD PRESS , 2021 2021 Citations: 4
The Contribution of the Pragmatism Educational Philosophy in the Implementation of Pancasila Education During Distance Learning R Wikandaru, S Cathrin, H Husin, I Listiana, PE Pantas, W Widyoningsih, ... KnE Social Sciences, 552-566 , 2021 2021 Citations: 3
Impact of Electronic Money on Monetary Policies in Indonesia PE Pantas, AA Rifan, SP Adi, N Heniirawati, E Eriyanti Asia Pacific Journal of Business Economics and Technology 2 (4), 62-72 , 2022 2022 Citations: 1
Zakat Effects on Mustahiq Happiness PE Pantas Atlantis Press 370 (Conference Series on Education & Learnin), 185-188 , 2019 2019 Citations: 1
Digital Payments and Monetary Policy Transmission in Indonesia: An Islamic Economic Perspective PE Pantas, N Othman, MM Yunus, NAM Puad IJISH (International Journal of Islamic Studies and Humanities) 9 (1), 11-20 , 2026 2026
Analysis of Islamic Bank Financing Strategies to Create Green Banking (Case Study of BPD DIY Syariah) F Salsabila, PE Pantas Islam in World Perspectives 4 (2), 296-307 , 2025 2025
Determinants of Islamic Banking Social Fund Management Efficiency in Indonesia: Two Stages Data Envelopment Window Analysis PE Pantas Jurnal Ilmiah Ekonomi Islam 10 (2), 1743-1750 , 2024 2024
Program Tahsinul Qur’an Bagi Lansia Y Hanafiah, PE Pantas, MA Kurniawan, H Ma'ruf, APS Insani, KA Putri Seminar Nasional Hasil Pengabdian Kepada Masyarakat, 439-448 , 2022 2022
Pengaruh Kenaikan Harga Minyak dan Inflasi terhadap Risiko Pembiayaan Macet Bank Syariah di Indonesia A Sundari, PE Pantas Islamic Economics, Finance, and Banking Review 2 (1), 62-75 , 2022 2022
Analisis Tingkat Efisiensi dan Tingkat Produktivitas pada Bank Umum Syariah LF Putri, PE Pantas Islamic Economics, Finance, and Banking Review 1 (2) , 2021 2021
Determinan Struktur Modal pada Industri Barang Konsumsi di Indeks Saham Syariah Indonesia PE Pantas, A Susetyohadi Ash-Shiddiqiyah Journal of Islamic Economics and Business (AJIEB) 1 (1), 58-71 , 2021 2021