Pengaruh Ekspor, Foreign Direct Investment, Kurs dan Utang Luar Negeri terhadap Cadangan Devisa di 7 Negara Asean

Abstract

This study aims to analyze the effect of Exports, Foreign Direct Investment, Exchange Rates, and External Debt on Foreign Exchange Reserves in seven ASEAN countries, both partially and simultaneously. The research adopts a descriptive quantitative approach, utilizing panel data analyzed using the E-Views application. The study covers seven ASEAN countries. The data used are secondary data obtained from the IMF and World Bank for the period 2018 to 2023. The findings indicate that, simultaneously, the four independent variables Exports, Foreign Direct Investment, Exchange Rates, and External Debt have a joint influence on the Foreign Exchange Reserves of the seven ASEAN countries. Partially, Exports and External Debt have a positive and significant effect on Foreign Exchange Reserves, while Foreign Direct Investment and Exchange Rates show a negative and significant effect.