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All Journal Jurnal Ekonomi & Studi Pembangunan Jurnal Analisis Bisnis Ekonomi Journal of Economics Research and Social Sciences Journal of Asset Management and Public Economy Prosiding Konferensi Nasional Penelitian Matematika dan Pembelajarannya Ahsana: Jurnal Penelitian dan Pengabdian kepada Masyarakat Jurnal REP (Riset Ekonomi Pembangunan) Socius: Social Sciences Research Journal Jurnal Pengabdian Masyarakat Berkarya JITAA : Journal Of International Taxation, Accounting And Auditing JIAR : Journal Of International Accounting Research JIDE : Journal Of International Development Economics JISEF : Journal Of International Sharia Economics And Financial INCIDENTAL : JOURNAL OF COMMUNITY SERVICE AND EMPOWERMENT Jurnal Ilmiah Multidisiplin Optimum: Jurnal Ekonomi dan Pembangunan
Lestari Sukarniati, Lestari
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Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Mathematics Social Sciences Transportation Other

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The Influence of Macroeconomic Indicators on Foreign Exchange Reserves in Indonesia Sukarniati, Lestari; Widara, Widara; Asmara, Gea Dwi
Journal of Economics Research and Social Sciences Vol. 9 No. 2: August 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jerss.v9i2.24447

Abstract

This study aims to analyze the influence of macroeconomic indicators such as exports, imports, inflation, exchange rates, and the Bank Indonesia (BI) rate on foreign exchange reserves in Indonesia during the 2010-2023 period. The research methodology employed is multiple linear regression analysis and the Error Correction Model (ECM) with monthly time series data. The results indicate that exports, inflation, and exchange rates significantly affect Indonesia's foreign exchange reserves in the long run. Exports and exchange rates have a positive effect, while inflation also positively affects foreign exchange reserves. Conversely, the benchmark interest rate (BI Rate) has a significant adverse impact. In the short term, only inflation and exchange rate have a significant effect, negatively impacting foreign exchange reserves. This research contributes original value to the literature by integrating a broad set of macroeconomic indicators into a single, comprehensive model. This approach is seldom found in previous studies. Whereas earlier research typically assessed these variables in isolation or limited combinations, this study concurrently examines their collective impact within a consistent ECM framework over a 14-year monthly dataset. As such, this study enhances the current understanding of the short- and long-term macroeconomic dynamics affecting foreign exchange reserves and provides valuable insights for policymakers in formulating external sector strategies.
Co-Authors A'yun, Indanazulfa Qurrota A.A. Ketut Agung Cahyawan W Alfiaturrohmah, Siti Amalia Lubis, Firsty Ramadhona Apriliana, Dwi Arif Rahman Hakim Az zakiyyah, Nurul Azizah Basia, Lusmino Cholida, Maya Nur Faudzi, Maman Gatari , Altis Puspa Gatari, Altis Puspa Gea Dwi Asmara H, Herliani Haaq, Moh Ihzarull Hafizhy, Muhammad Nadif Istanti Istanti, Istanti Julianti, Shella Marliani Khoirudin, Rifki Lubis, Firsty Ramadhona Amalia Mahrus Lutfi Adi Kurniawan, Mahrus Lutfi Adi Manaf, Iqbal Marwanto, Arnufan Deni Mita Adhisti, Mita Mu`adzah, Nayla Mu’alimah, Silvi Nasir, Muhammad Safar Novita, Anti Anggriani Nuryana Putri, Raha Dewi Sinta Qurrota A’yun, Indanazulfa Rahmi, Mustika Ramadhona Amalia Lubis, Firsty Sembiring, Rinawati Suripto Suripto Suripto, S Widara, Widara Wiwin Hartanto