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All Journal Jurnal Ilmu Ekonomi
Septya, Caroline Rose
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Economics, Econometrics & Finance Social Sciences

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The Relationship between Macroeconomic Factors and ASEAN Foreign Exchange Reserves with the Unemployment Rate as a Moderating Variable Septya, Caroline Rose; Riyanto, Wahyu Hidayat; Sulistyono, Setyo Wahyu
Jurnal Ilmu Ekonomi JIE Vol. 10 No. 02 (2026): Jurnal Ilmu Ekonomi
Publisher : Program Studi Ekonomi Pembangunan Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jie.v10i02.41754

Abstract

This study examines the impact of exports, imports, exchange rates, and FDI on foreign exchange reserves in ASEAN countries, with unemployment as a moderating variable. Using panel data from eight ASEAN nations (2014–2023), the analysis applies the Random Effect Model and the Moderated Regression Analysis. Results show that exports and exchange rates significantly boost reserves, while imports and FDI are not significant. However, unemployment weakens the effect of exports but strengthens the impact of imports, exchange rates, and FDI. These findings highlight the critical role of labor market conditions in shaping macroeconomic policy and maintaining foreign exchange reserve stability in the ASEAN region.
Co-Authors Riyanto, Wahyu Hidayat Setyo Wahyu Sulistyono