Pengaruh Inflasi, Nilai Tukar, dan Keterbukaan Ekonomi terhadap Investasi Asing Langsung (FDI) di Indonesia

Abstract

As a developing country, Indonesia requires inflows of Foreign Direct Investment (FDI) to support economic growth and sustainable development. This study aims to analyze the effect of inflation, the rupiah exchange rate, and economic openness on FDI in Indonesia during the period 1994–2023. The data used are secondary time series data obtained from the World Bank. The dependent variable in this study is FDI, while the independent variables consist of inflation, the rupiah exchange rate, and economic openness. The analysis was carried out using multiple linear regression with the E-Views 12 software. The results indicate that inflation has a positive but insignificant effect on FDI. The rupiah exchange rate has a positive and significant effect on FDI, confirming that exchange rate stability plays an important role in attracting foreign investors. In contrast, economic openness has a negative and significant effect on FDI, suggesting that higher trade openness tends to reduce the interest of foreign investors in Indonesia. Simultaneously, inflation, the rupiah exchange rate, and economic openness are proven to have a significant influence on FDI in Indonesia. These findings highlight the importance of maintaining macroeconomic stability and designing selective openness policies that focus on enhancing investment attractiveness while safeguarding the resilience of the national economy.