ANALISIS PENGARUH VARIABEL MAKROEKONOMI TERHADAP PERKEMBANGAN REKSA DANA DI INDONESIA (TAHUN 2004:1-2013:4)

Abstract

This research is aimed ro test the influence of relation between macroeconomics variable and the development of mutual fund in Indonesia beginning from 2004 until 2013. The research used secondary data with Bank Indonesia (Bl). The Indonesian Capital Market Supervisory Agency (as known as Bapepam), internet sites in www.kitco.com, and Independent Statistics & Analysis U.S Energy Information Administration (EIA), all of' the source are quarterly time series data. Data were Analyzed with Vector Error Correction Model (VECM). Variables used in this research are NAB mutual fund, Gold London Fixing, Crude Oil Prices, inflation rate and Bank Indonesia rate. From the result of Co-integration Test shows that five variables of research have co-integration or equilibrium in long time period. Using multivariate VECM shown by Impulse Response Function as well as Variance Decomposition gives result that macroeconomics variable in research period brings out positive effect toward the development of mutual fund in Indonesia.

Keywords: Macroeconomics Variable, Mutual Fund Development, Vector Error Correction Model (VECM)