What question did this study set out to answer?

To examine the short- and long-run effects of global uncertainty indicators, gold prices, and domestic macroeconomic factors on Islamic stock indices in Indonesia and Malaysia.

August 14, 2026International Journal of Emerging Markets

Global uncertainty, gold price and macroeconomic dynamics: a comparative study of Islamic stock indices in Indonesia and Malaysia

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Authors

DFDarya FitriayuIndonesia University of Education JJJuliana JulianaPelita Harapan University MDMuhammad Wafi Dhiya'ulhaqIndonesia University of Education

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Implication

Time-series analysis reveals divergent sensitivities to global uncertainty and domestic fundamentals in Indonesian and Malaysian Islamic stocks, indicating selective market integration.

Key Points

To examine the short- and long-run effects of global uncertainty indicators, gold prices, and domestic macroeconomic factors on Islamic stock indices in Indonesia and Malaysia.
Analyzed monthly time-series data from August 2017 to August 2025.
Applied the Autoregressive Distributed Lag (ARDL) and Error Correction Model (ECM) frameworks along with structural break tests and robustness checks.
Demonstrated cross-country heterogeneity, where the Indonesian Islamic stock market is primarily driven by domestic fundamentals (notably exchange rates), whereas the Malaysian market is more sensitive to global uncertainty metrics and gold prices.
Identified significant and negative error correction terms across both markets, confirming rapid adjustment toward long-run equilibrium following economic shocks.

Cite This Study

Fitriayu et al. (2026) studied this question.

synapsesocial.com/papers/6a7ec79cb70b84ec8b9141ab https://doi.org/10.1108/ijoem-10-2025-2486

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Implication

Time-series analysis reveals divergent sensitivities to global uncertainty and domestic fundamentals in Indonesian and Malaysian Islamic stocks, indicating selective market integration.

Global uncertainty, gold price and macroeconomic dynamics: a comparative study of Islamic stock indices in Indonesia and Malaysia

Discussion

Member takes

Implication

Key Points

Cite This Study

Global uncertainty, gold price and macroeconomic dynamics: a comparative study of Islamic stock indices in Indonesia and Malaysia

Discussion

Member takes

Implication

Key Points

Cite This Study

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