The Effect of Macroeconomics and JSEC on mutual fund NAV During the Pandemic
Pengaruh Ekonomi Makro dan IHSG terhadap NAB Reksa Dana Selama Pandemi
Keywords:
NAV; JSEC; Inflation; Interest Rate; Gold; Exchange RateAbstract
The purpose of this study was to estimate the effect of gold prices, exchange rates, inflation, interest rates, and the Jakarta Stock Exchange Composite (JSEC) on mutual funds in Indonesia in 2020-2023 in the short term and long term using multiple linear regression with the Partial Adjustment Model (PAM) approach. Based on the regression results, it was found that in the short and long term, gold prices and inflation had no effect on the NAV of mutual funds in Indonesia in 2020-2023, while exchange rates and interest rates had a negative effect, and JSEC had a positive effect on the NAV of mutual funds in Indonesia. The government as a policy holder is expected to help increase capital market investment in Indonesia. One of the efforts that can be made is by making policies that can improve financial literacy in Indonesia and encourage financial inclusion, in order to support economic growth in Indonesia. In addition to the government, Bank Indonesia is expected to be able to control inflation rates, interest rates, and exchange rates so that the economy in Indonesia is more stable so that it can attract investors from abroad. On the other hand, investors are expected to always be wise in choosing investment instruments and always pay attention to the risks that arise when investing.
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