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Key Factors Impacting Indonesia's External Debt: A Case Study For 2009–2023 Salsabila Gustiansyah; Nelly Masnila; Yuliana Sari
Jurnal Akuntansi dan Keuangan Vol. 14 No. 2 (2026): Jurnal Akuntansi dan Keuangan: September 2026
Publisher : Universitas Malikussaleh

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29103/jak.v14i2.26492

Abstract

Indonesia has experienced a significant and sustained increase in its external debt during the last fifteen years. This requires the government to make effective policies in managing factors that affect external debt, in order to avoid the impacts and probable risks that are expected to arise. The present investigation explores the consequences arising from government spending, budget deficit, and exchange rate on Indonesia's external debt during the period from 2009 to 2023. The information was examined through multiple linear regression applied to time series data. The dataset was compiled from the primary official repositories of Bank Indonesia, Badan Pusat Statistik (BPS), and the Indonesian Ministry of Finance were analyzed using Statistical Product and Service Solutions (SPSS) version 25. The findings from this research demonstrate that, individually, the factors of government spending and exchange rate exert a positive and significant influence on external debt. However, the impact of the budget deficit is not statistically significant. At the same time, these three factors exert considerable influence on the external debt of Indonesia. This research emphasizes the importance of good external debt management to maintain the Indonesian economy