ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI CADANGAN DEVISA INDONESIA PERIODE TAHUN 1991-2020
Abstract
This study aims to determine the effect of the total exchange rate, exports, and imports on Indonesia's foreign exchange reserves for 1991-2020. The analytical method used in this study is the Error Correction Model (ECM), using the E - Views 10 application as an analytical tool. The ECM model is used to answer this objective, looking at the short- and long-term effects of the independent variables on foreign exchange reserves. The data used in this study is secondary time series data from 1991 – 2020 obtained from the Central Statistics Agency and the Worldbank. The results of this study indicate that the exchange rate and imports have a significant positive effect on foreign exchange reserves in the long term. Meanwhile, exports have had a positive and insignificant impact on foreign exchange reserves for a long time. Meanwhile, exports have a positive and significant impact on foreign exchange reserves in the short term. Exchange rates and imports have a negative and insignificant effect on foreign exchange reserves in Indonesia in the period 1991-2020.
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