Pengaruh Jumlah Uang Beredar terhadap Pertumbuhan Ekonomi melalui Investasi sebagai Variabel Intervening pada Provinsi Sumatera Utara
DOI:
https://doi.org/10.31004/innovative.v5i1.17573Abstract
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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Copyright (c) 2025 Arsiska Sari, Eza Syahbana, Jeane Alisya, Radja Marihat Batubara, Jonatan Marbun, Putri Sari Margaret Julianty Silaban

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