COMPARATIVE ANALYSIS OF THE IMPACT OF THE GLOBAL ECONOMIC CRISIS ON THE STABILITY OF CONVENTIONAL AND SHARIA MACROECONOMICS IN INDONESIA : A LITERATURE REVIEW

Abstract

- Macroeconomic stability is the main foundation for the sustainability of national development because it determines the country's ability to maintain economic growth, price stability, exchange rates, and financial sector resilience. In an increasingly integrated global era, various external shocks such as the global financial crisis and the pandemic have confirmed the vulnerability of conventional economic systems that rely heavily on interest rates and speculative financial instruments. Indonesia presents a unique context because it operates two economic systems side by side, conventional and sharia, each of which has different characteristics and stability mechanisms. Through  the Systematic Literature Review (SLR) approach to 30 studies for the period 2010 to 2024, this study examines the resilience of the two systems in the midst of global pressures. The results show that the conventional system is more vulnerable to market volatility due to high leverage and dependence on the capital market, while the Islamic system shows stronger stability through risk-sharing principles, direct linkages to the real sector, and prohibition of speculative practices. However, the contribution of sharia in macro terms is still limited due to the not yet dominant market share. These findings confirm that the synergy between conventional monetary policy flexibility and value-based stability in the Islamic economy can create a more resilient, adaptive, and equitable national economic structure. This study provides a strategic direction for the formulation of more resilient macroeconomic policies in the face of global uncertainty.