Analisis Faktor-faktor yang Mempengaruhi Cadangan Devisa
DOI:
https://doi.org/10.22219/jie.v8i01.29769Keywords:
Export, Foreign Direct Investment (FDI), External Debt, Interest Rate, foreign exchange reservesAbstract
Foreign exchange reserves are assets in the form of foreign currency a country holds and are used in international trade. In addition to being used for international transactions, foreign exchange reserves also play a role in maintaining the stability of the country's economy and financial system. Therefore, this research aims to analyze the factors that influence foreign exchange reserves in the short and long term, such as exports, foreign direct investment (FDI), foreign debt, and interest rates. This research uses the Error Correction Model (ECM) method with data from 1986 to 2021. The research results show that exports and foreign debt positively and significantly impact foreign exchange reserves in the short and long term. Foreign Direct Investment (FDI) has a negative and significant impact on foreign exchange reserves in the short term, but it does not have an effect in the long term. Meanwhile, interest rates do not influence foreign exchange reserves in the short and long term. Overall, these variables contribute to controlling foreign exchange reserves.
Downloads
References
Abidin, Z., & Harahap, E. F. (2021). Analisis Faktor-Faktor Yang Mempengaruhi Cadangan Devisa di Indonesia. Abstract of Undergraduate Research, Faculty of Economics, Bung Hatta University, 19(3), 1–4.
Agustina, & Reny. (2014). Pengaruh Impor Nilai Tukar Rupiah Dan Tingkat Inflasi Terhadap Cadangan Devisa. Jurnal Wira Ekonomi Mikroskil, 4(2), 61–70. https:// mikroskil.ac.id/ ejurnal/ index.php/ jwem/ article/ view/ 214/ 137
Ardianti, D. A. M. ., & Swara, W. . (2018). Pengaruh Ekspor Neto, Kurs, Pdb Dan Utang Luar Negeri Terhadap Cadangan Devisa Indonesia 1997-2016. Jurnal Ekonomi Pembangunan Unud, 7(6), 1199–1227. https://ojs.unud.ac.id/index.php/eep/article/view/38747
Benny, J. (2013). Ekspor Dan Impor Pengaruhnya Terhadap Posisi Cadangan Devisa Di Indonesia. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 1(4), 1406–1415. https:// doi.org/ 10.35794/ emba .1.4.2013.2920
Deki, Marwoto, P. B., & Marheni. (2017). Analisis Pengaruh Investasi Portofolio, Kurs USD/IDR, Utang Luar Negeri, Dan Neraca Perdagangan Terhadap Posisi Cadangan Devisa Di Indonesia. Jurnal Ilmiah Progresif Manajemen Bisnis, 16(November), 1–8. https://e-jurnal.stie-ibek.ac.id/index.php/JIPMB/article/download/222/pdf/
Dianita S., D., & Zuhroh, I. (2018). Analisa Cadangan Devisa Indonesia Tahun 1990-2016. Jurnal Ilmu Ekonomi, 2(1), 119–131. https://ejournal.umm.ac.id/index.php/jie/article/view/6972
Febriyenti, M., Aimon, H., & Azhar, Z. (2013). Faktor-faktor yang mempengaruhi cadangan devisa dan net ekspor di indonesia. Jurnal Kajian Ekonomi, 2(3), 156–171. http:// ejournal.unp.ac.id/ index.php/ ekonomi/ article/ download/2743/2340
Fitri, N., Santosa, Sri Ulfa, & Adry, M. R. (2019). Pengaruh Investasi dan Utang Luar Negeri Terhadap Cadangan Devisa Indonesia. Jurnal Ecosains, 8(1), 35–48. http:// ejournal.unp.ac.id/ index.php/ ekosains/ article/ download/ 115194/105637
Hafizal, I., & Rizki, C. Z. (2018). Pengaruh Suku Bunga, Kurs dan Inflasi Terhadap Cadangan Devisa Indonesia. Jurnal Ilmiah Mahasiswa (JIM, 3(1), 1–10. http://jim.unsyiah.ac.id/EKP/article/view/6875
Hardi, B., & Pangidoan, E. (2022). Pengaruh Kurs, Suku Bunga dan Ekspor Terhadap Cadangan Devisa Indonesia Periode 2010-2020. 189–197.
Haryono, E. (2023). Cadangan Devisa September 2022 Tetap Tinggi. Departemen Komunikasi, Bank Indonesia.
Jalunggono, G., Cahyani, Y. T., & Juliprijanto, W. (2020). Pengaruh Ekspor, Impor Dan Kurs Terhadap Cadangan Devisa Indonesia Periode Tahun 2004 – 2018. Jurnal Ekonomi, Bisnis, Dan Akuntansi, 22(2), 171–181. https://doi.org/10.32424/jeba.v22i2.1593
Jefriando, M. (2022). Suku Bunga AS Naik, Awas Cadangan Devisa RI Makin Ambles. CNBC Indonesia.
Juliansyah, H., Moulida, P., & Apridar, A. (2020). Analisis Faktor-faktor Yang Mempengaruhui Cadangan Devisa Indonesia Bukti (Kointegrasi dan Kausalitas). Jurnal Ekonomi Regional Unimal, 3(2), 32. https://doi.org/10.29103/jeru.v3i2.3204
Khusnatun, L. L., & Hutajulu, D. M. (2021). Analisis Faktor-Faktor Yang Mempengaruhi Cadangan Devisa Indonesia. Ekono Insentif, 15(2), 79–92. https://doi.org/10.36787/jei.v15i2.583
Kramer, L. (2023). How Importing and Exporting Impacts the Economy. In Investopedia.
Lestari, L. M. T. M. M., & Swara, I. W. Y. (2016). Pengaruh Penanaman Modal Asing terhadap Cadangan Devisa di Indonesia Studi Sebelum dan Sesudah Krisis Global. E-Jurnal Ekonomi Pembangunan Universitas Udayana, 5(5), 631–651. https:// ojs.unud.ac.id/ index.php/ eep/ article/view /20502/13804
Limanseto, H. (2022). Kinerja Ekspor dan Impor Indonesia Tembus Rekor Tertinggi Sepanjang Sejarah. Biro Komunikasi, Layanan Informasi, Dan Persidangan Kementerian Koordinator Bidang Perekonomian.
Lusia, U. B. (2018). Analisis Cadangan Devisa Indonesia Tahun 1994-2015. Jurnal Perspektif Pembiayaan Dan Pembangunan Daerah, 4(1), 15–24. https://media.neliti.com/media/publications/125764-ID-analisis-cadangan-devisa-indonesia.pdf
Masitha, I. P., & Pangidoan, E. (2020). Pengaruh Suku Bunga, Nilai Tukar Rupiah, Inflasi, Ekspor dan Impor Terhadap Cadangan Devisa di Indonesia. Jurnal Sains Ekonomi, 1(1). http://jurnal.una.ac.id /index.php /jse/article/view/1320
Mustaqim, S., & Widanta, A. A. B. P. (2021). Pengaruh Ekspor, Kurs, & Foreign Direct Investment (FDI) Terhadap Cadangan Devisa Indonesia Periode Tahun 1980-2017. E-Jurnal Ekonomi Pembangunan Universitas Udayana, 10(4), 1566–1595. https://ojs.unud.ac.id /index.php/eep /article /download/52799/39260/
Natasha, V., & Aminda, R. S. (2021). Analisis Determinasi Cadangan Devisa di Indonesia. Prosiding Seminar Nasional & Call for Paper STIE AAS, 4(1), 189–200.
Pamungkas, P. A., Indrawati, L. R., & Jalunggono, G. (2020). Instrumen Pengaruh Cadangan Devisa 1999 – 2018. DINAMIC: Directory Journal of Economic, 2(3), 659–674. https:// doi.org/ 10.31002 /dinamic.v 2i3.1416
Pratiwi, D. S., Busairi, A., & Junaidi, A. (2018). Pengaruh Ekspor Dan Nilai Tukar Rupiah Serta Tingkat Inflasi Terhadap Cadangan Devisa Indonesia. Jurnal Ilmu Ekonomi Mulawarman (JIEM), 3(4), 1–12.
Rahmawati, I., & Soesilowati, E. (2022). Efek Suku Bunga, Nilai Tukar dan Ekspor Terhadap Cadangan Devisa Indonesia Pada Masa Pandemi Covid-19. Jurnal Pendidikan Ekonomi (JURKAMI), 7(2).
Restu, I. (2023). Kisah Sedih RI: Ekspornya Selangit, Tapi Devisa Dari Utang! CNBC Indonesia.
Ridho, M. (2015). Pengaruh ekspor , hutang luar negeri dan kurs terhadap cadangan devisa Indonesia. E-Jurnal Perdagangan, Industri, Dan Moneter, 3(1), 1–9. https://doi.org/10.22437/pim.v3i1.3987
Safitri, Y., & Putri, D. Z. (2021). Analisis Determinan Cadangan Devisa di Indonesia. Jurnal Kajian Ekonomi Dan Pembangunan, 3(4), 1–12. http://dx.doi.org/10.24036/jkep.v3i4.12383
Saleha, A., Abrianto, H., & Nasution, M. (2021). Pengaruh Ekspor, Nilai Tukar, Foreign Direct Investment Dan Utang Luar Negeri Terhadap Cadangan Devisa Indonesia Tahun 2014-2019. Account, 8(1), 1446–1454. https://doi.org/10.32722/acc.v8i1.3877
Salvatore, D. (2014). Ekonomi Internasional. Edisi 9. Jakarta: Salemba Empat.
Sayoga, P., & Tan, S. (2017). Analisis cadangan devisa Indonesia dan faktor-faktor yang mempengaruhinya. Jurnal Paradigma Ekonomika, 12(1), 25–30. https://doi.org/10.22437/paradigma.v12i1.3931
Suwarno, I., Putra, I. M. W., & Sutapa, I. N. (2021). Pengaruh Inflasi , Nilai Tukar Rupiah ( USD ), Suku Bunga Dan Ekspor Terhadap Cadangan Devisa Negara Indonesia Tahun 2009-2019. Jurnal Riset Akuntansi Warmadewa, 2(1), 48–53.
Tyas, H. P. (2022). Analisis Ekspor Indonesia Tahun 1990-2019. Transekonomika: Akuntansi, Bisnis Dan Keuangan, 2(2), 37–52. https://doi.org/10.55047/transekonomika.v2i2.114
Ussa’diyah, N., & Nofrian, F. (2023). Jurnal of Development Economic and Digitalization. Jurnal Of Development Economic And Digitalization, 2(1), 56–76.
Wahongan, G. F., Kumaat, R., & Mandeij, D. (2022). Jurnal Berkala Ilmiah Efisiensi Volume 22 No . 4 Bulan Mei 2022 Analisis Ekspor Migas , Ekspor Non-Migas dan Penanaman Modal Asing Terhadap Cadangan Devisa di Indonesia Periode 2001-2020 Jurusan Ekonomi Pembangunan , Fakultas Ekonomi dan Bisnis Universita. Jurnal Berkala Ilmiah Efisiensi, 22(4), 100–111.
Wiguna, ida bagus wira satrya, & Suresmiathi, anak agung ayu. (2014). PENGARUH DEVISA, KURS DOLLAR AS, PDB DAN INFLASI TERHADAP IMPOR MESIN KOMPRESsOR DARI CHINA. E-Jurnal EP Unud, 3(5), 173–181. https:// ojs.unud.ac.id/ index.php/ eep/article /download/ 8035/6591
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Wardani Umi Maesyaroh, Eranus Yoga Kundhani
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- For all articles published in the JIE (Jurnal Ilmu Ekonomi), copyright is retained by the authors. Authors give permission to the publisher to announce the work with conditions. When the manuscript is accepted for publication, the authors agree to the automatic transfer of non-exclusive publishing rights to the publisher.
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
This is an open access article and licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License