ANALISIS PENGARUH FUNDAMENTAL MAKROEKONOMI TERHADAP STABILITAS FOREIGN EXCHANGE RESERVES DI NEGARA ASEAN
Keywords:
Foreign Exchange Reserves (FER), Exchange Rate, Interest Rate, Gross Domestic Product (GDP), Foreign Direct Investment (FDI), Panel Data RegressionAbstract
This study aims to analyse the effect of macroeconomic fundamentals on the stability of foreign
exchange reserves. The method used is panel data regression. Panel data is a combination of time series and
cross-section data. The time series data in this study is the period 2015-2023, while the cross-section data in
this study consists of 11 ASEAN countries, namely Brunei Darussalam, Indonesia, Cambodia, Laos,
Myanmar, Malaysia, Philippines, Singapore, Thailand, Timor-Leste, and Vietnam. This model is used to see
the effect of exchange rate, interest rate, GDP and FDI on Foreign Exchange Reserves (FER) in 11 ASEAN
countries. The data used is secondary data obtained from the World Bank. The results of the selected Fixed
Effect Model show that Exchange Rates are positively and significantly related to Foreign Exchange Reserves
in 11 ASEAN countries, Interest Rates are negatively and significantly related to Foreign Exchange Reserves
in 11 ASEAN countries, GDP is positively and significantly related to Foreign Exchange Reserves in 11
ASEAN countries, and FDI is positively and insignificantly related to Foreign Exchange Reserves in 11
ASEAN countries.
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