Judul: The Office Channeling Policy, the Development of Islamic Banking, and SMEs Financing in Indonesia.
Abstrak: The Islamic banking has grown rapidly and showed relatively better performance than the conventional banking. The development is supported by the improvement of banking law No. 7 in 1992 into No. 10 in 1998 which allows two banking systems in Indonesia, and the issuance of Bank Indonesia Regulation Number 9/7/PBI/2007 about a policy to expand the Islamic services for conventional banks (office channeling). However, the rapid growth of Islamic banking is not adequate compared to the community needs of Islamic banking services (Rohaya 2008). This is a highly prospective opportunitysince the majority of Indonesian population is Muslim. Based on Indonesian Islamic banking statistics, it indicates that the share of assets, depositor funds (DPK) and financing in small and medium enterprises (PYD) of Islamic banking to commercial banks has increased, although the value is still relatively small. In 2012, the share of assets was ammounted to 4.85%, 4.84% for DPK and 6.71% for PYD. But it may be improved since the financial market opportunities in Indonesia are still great especially in real activity. Islamic banking may be a hope for the development of small and medium enterprises (SMEs) with the concept of profit and loss sharing. SMEs have an important and strategic role, the ability of SMEs need to be empowered and developed to reduce the constraints they experienced so they can be able to contribute more leverage (Sutaryo 2004). SMEs face greater growth obstacles and have less access to formal sources of finance (Beck & Demirguc-Kunt 2006). One of the effective measures to overcome the SMEs problems is by financing using its own community financial resources, and implementing the development approach which has the potential to sustainability. The government continues its efforts to increase the role of banking through legislation and policies, as well as to strengthen the role of SMEs in improving the financing access from bank. The existence of Islamic banking is getting stronger and may be hope for SMEs business development as well as becoming an alternative financing source for SMEs. The development of Islamic banking has experienced rapid growth. However, this research was done to find out whether the increasing development of Islamic banking give a positive response in the SMEs financing and other variables in line with the rising of Islamic banking portfolio; and to find out what variables that affect the growth of Islamic banking all along. The purpose of this study: 1). To describe the effect of the Islamic banking development variables, 2). To analyze the dynamic response to the shocks of Islamic banking development variables, 3). To describe the development of Islamic banking in the presence of the office channeling in financing the SMEs. The auto-regression vector (VAR) method was used in this study, and was solved using Eviews version 8 software. VAR analysis required the data to be used must have been stationary at the time of unprocessed (level). When the data used were not stationary at the level, the VAR analysis could still be used after the data was transformed to become stationary. Testing in VAR analysis included the data stationary test,
Keyword: Islamic banking, Small and medium enterprises (SMEs), Vector autoregression (VAR)

Judul: Analysis of Islamic Financial Depth and Economic Growth in Indonesia
Abstrak: Kondisi sektor keuangan Indonesia yang tergolong dangkal mendorong pemerintah untuk meningkatkan kedalaman sektor keuangan, salah satunya yakni melalui sektor keuangan syariah. Kinerja positif keuangan syariah Indonesia dinilai mampu berkontribusi untuk mewujudkan pasar keuangan Indonesia yang lebih dalam dan berperan lebih optimal sebagai sumber pembiayaan dan pembangunan nasional. Penelitian ini bertujuan untuk menganalisis hubungan tingkat kedalaman keuangan syariah dan pertumbuhan ekonomi di Indonesia. Metode penelitian yang digunakan yaitu Vector Error Correction Model (VECM) dengan menggunakan data bulanan mulai dari Januari 2016 hingga Juni 2021. Hasil penelitian menunjukkan bahwa terdapat hubungan antara kedalaman keuangan syariah dan pertumbuhan ekonomi Indonesia. Dalam jangka panjang rasio kapitalisasi saham syariah terhadap PDB, rasio sukuk negara terhadap PDB, dan rasio sukuk valuta asing terhadap PDB berpengaruh positif signifikan terhadap pertumbuhan ekonomi. Sedangkan rasio DPK perbankan syariah terhadap PDB berpengaruh negatif signifikan terhadap pertumbuhan ekonomi. Adapun untuk rasio lainnya yaitu rasio money supply terhadap PDB, rasio pembiayaan bank syariah terhadap PDB, rasio aset perbankan syariah terhadap PDB, serta rasio sukuk korporasi terhadap PDB berpengaruh tidak signifikan terhadap pertumbuhan ekonomi Indonesia., The condition of Indonesian financial depth which is relatively shallow has prompted the government to improve the depth of financial sector, one of them is through the Islamic finance sector. The positive performance of Indonesian Islamic finance is considered capable of contributing to realizing a deeper Indonesian financial market and playing a more optimal role as a source of financing and national development. This study aims to analyze the relationship of Islamic financial depth and economic growth in Indonesia. The research method used is the Vector Error Correction Model (VECM) using monthly data from January 2016 to June 2021. The results show that there is a relationship between the depth of Islamic finance and Indonesia's economic growth. In the long term, the ratio of Islamic market capitalization to GDP, ratio of state sukuk to GDP, and ratio of global sukuk to GDP have a significant positive effect on economic growth. Meanwhile, the ratio of Islamic banking Third Party Funds (DPK) to GDP has a significant negative effect on economic growth. As for ratio of money supply to GDP, ratio of Islamic banking financing to GDP, ratio of Islamic banking assets to GDP, and ratio of corporate sukuk has no significant positive effect on economic growth.
Keyword: economics, islamic, financial, depth, VECM

Judul: Transisi Fasa Materi Hadronik ke Materi Kuark pada Inti Bintang Neutron.
Abstrak: Bintang neutron terdiri dari beberapa lapisan yang disusun oleh materi nuklir yang berbeda dengan kerapatan yang semakin tinggi ketika mendekati pusat bintang. Inti luar bintang neutron disusun oleh materi hadronik (nukleon, lepton, dan hyperon), sedangkan inti dalam bintang neutron disusun oleh kuark-kuark bebas (up, down, strange) yang saling berinteraksi. Tujuan penelitian ini adalah mempelajari bagaimana transisi dari inti luar ke inti dalam bintang neutron dengan menggunakan pendekatan RMF (Relativistic Mean Field) untuk materi hadronik dan CIDDM (Confined Isospin Density Dependent Mass) untuk materi kuark. Tekanan transisi diperoleh ketika potensial kimia barion materi hadronik dan materi kuark bernilai sama. Nilai tekanan transisi dengan parameter SU6-TM1 sekitar 87 MeV/fm3 dan diperoleh massa maksimum bintang neutron yaitu 1.92M dengan jari-jari sekitar 8.62 km. Nilai tekanan transisi dengan parameter SU6-G2 sekitar 53 MeV/fm3 dan massa maksimum bintang neutron yaitu 1.88M dengan jari-jari sekitar 8.16 km. Jenis transisi fasa adalah orde satu ditandai dengan diskontinuitas dalam kerapatan energi (adanya mixed phase). Parameter-parameter pada model nuklir yang digunakan menyebabkan perbedaan kekakuan persamaan keadaan (EOS) dari materi hadronik dan materi kuark sehingga nilai tekanan transisi dari fasa hadronik ke fasa kuark juga berbeda.
Keyword: bintang neutron, persamaan keadaan, transisi fasa