Synergy Between Fiscal Policy and Capital Market Stability in Facing Global Challenges

Gema Merdeka Goeyardi; Agus Sukoco; Chriestine Ayu Ashari

Authors

Gema Merdeka Goeyardi Universitas Narotama, Surabaya, Indonesia
Agus Sukoco Universitas Narotama, Surabaya, Indonesia
Chriestine Ayu Ashari Universitas Narotama, Surabaya, Indonesia

Keywords:

Fiscal Policy, Capital Market Stability, Global Challenges, Capital Outflow, Economic Resilience.

Abstract

This study aims to analyze the contribution of synergy between fiscal policy and financial market authorities in maintaining domestic capital market stability amidst global economic uncertainty. In an era of high volatility driven by geopolitical dynamics, commodity price fluctuations, and global monetary tightening, capital market resilience serves as a crucial indicator of a nation's macroeconomic stability. Employing a qualitative method based on a literature review approach, this study evaluates the interaction between state budget components specifically state revenue, state expenditure, and the budget balance and performance indicators of the Indonesia Stock Exchange (IDX), namely the growth trends of the Jakarta Composite Index (JCI) and market capitalization, over the 2021–2025 period. Secondary data sourced from official ministry reports, academic journals, and news articles were analyzed using content analysis techniques to identify conceptual themes and map the transmission mechanisms of the macroeconomic policy mix. The findings indicate that the implementation of countercyclical and responsive fiscal strategies effectively serves as a macroeconomic shock absorber. Fiscal interventions, such as increasing energy subsidies, successfully break the transmission chain of global inflation to the real sector, thereby preserving domestic corporate profitability and minimizing mass sell-offs on the stock exchange. Furthermore, fiscal consolidation measures that restore the health of the state budget send a positive signal to international investors by lowering sovereign credit risk, thereby triggering significant foreign capital inflows into the domestic stock market. The successful coordination and synergy among institutions within the Financial System Stability Committee (KSSK) framework fostered a resilient investment climate, culminating in a surge in the Jakarta Composite Index (JCI) performance and a record-breaking market capitalization by the end of the study period.

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