ANALISIS PENGARUH FUNDAMENTAL MAKROEKONOMI TERHADAP STABILITAS FOREIGN EXCHANGE RESERVES DI NEGARA ASEAN

Abstract

This study aims to analyse the effect of macroeconomic fundamentals on the stability of
foreign exchange reserves. The method used is panel data regression. Panel data is a
combination of time series and cross-section data. The time series data in this study is the
period 2015-2023, while the cross-section data in this study consists of 11 ASEAN countries,
namely Brunei Darussalam, Indonesia, Cambodia, Laos, Myanmar, Malaysia, Philippines,
Singapore, Thailand, Timor-Leste, and Vietnam. This model is used to see the effect of
exchange rate, interest rate, GDP and FDI on Foreign Exchange Reserves (FER) in 11 ASEAN
countries. The data used is secondary data obtained from the World Bank. The results of the
selected Fixed Effect Model show that Exchange Rates are positively and significantly related
to Foreign Exchange Reserves in 11 ASEAN countries, Interest Rates are negatively and
significantly related to Foreign Exchange Reserves in 11 ASEAN countries, GDP is positively
and significantly related to Foreign Exchange Reserves in 11 ASEAN countries, and FDI is
positively and insignificantly related to Foreign Exchange Reserves in 11 ASEAN countries.