Pengaruh Jumlah Uang Beredar terhadap Pertumbuhan Ekonomi melalui Investasi sebagai Variabel Intervening pada Provinsi Sumatera Utara

Authors

  • Arsiska Sari Universitas Negeri Medan
  • Eza Syahbana Universitas Negeri Medan
  • Jeane Alisya Universitas Negeri Medan
  • Radja Marihat Batubara Universitas Negeri Medan
  • Jonatan Marbun Universitas Negeri Medan
  • Putri Sari Margaret Julianty Silaban Universitas Negeri Medan

DOI:

https://doi.org/10.31004/innovative.v5i1.17573

Abstract

This study analyzes the impact of money supply on economic growth with investment as an intervening variable in North Sumatra during the 2010-2023 period. Using path analysis and secondary data from BPS and Bank Indonesia, the results show that money supply significantly affects economic growth (probability 0.0004) and investment (t-statistic 5.701674; probability 0.0001). Investment also significantly influences economic growth (probability 0.0385) and mediates the relationship between money supply and economic growth (Sobel test, 2.1726; probability 0.0298). The coefficient of determination indicates that 94.4% of the variation in economic growth is explained by money supply and investment. These findings support Keynesian and Harrod-Domar theories on the importance of liquidity and investment. The study recommends integrated monetary and investment policies to support sustainable economic growth in North Sumatra.

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Published

2025-01-30

How to Cite

Sari, A., Syahbana, E., Alisya, J., Batubara, R. M., Marbun, J., & Silaban, P. S. M. J. (2025). Pengaruh Jumlah Uang Beredar terhadap Pertumbuhan Ekonomi melalui Investasi sebagai Variabel Intervening pada Provinsi Sumatera Utara. Innovative: Journal Of Social Science Research, 5(1), 3080–3091. https://doi.org/10.31004/innovative.v5i1.17573