ANALISIS INDEKS HARGA SAHAM GABUNGAN DI INDONESIA

Abstract

This study aims to analyze the effect of exchange rate, money supply, and interest rate on IHSG in Indonesia. The type of this research is descriptive and associative research. While the type of data is documentary data, the data source is secondary data and time series data from the first quarter of 2006 to the fourth quarter of 2013. Endogenous variables in this study stock prices. Exogenous variables are exchange rate, money supply, and interest rate. The result of the research concludes that the exchange rate, the money supply, and the interest rate significantly influence the composite stock price index in Indonesia. If interest rates fall then JCI will rise, while the exchange rate, and the money supply have a positive effect on JCI in Indonesia. Based on the results of the research, policies that can be recommended is that the government should continue to seek high economic growth by mobilizing the productive sectors of the economy, expanding employment and creating a business climate so as to increase revenues that ultimately will improve the welfare of the community. The government also needs to conduct monetary policy to gradually stabilize interest rates. A stable interest rate will increase public confidence in the banking climate, thus providing a positive signal on the economic recovery process.