Muhammad Refo Sayuti, Ichsan Ichsan, Khairil Anwar
Abstract
This study aims to determine the short run and long-run effects of foreign exchange reserves, exports, and the dollar exchange rate on the foreign debts of Indonesia. This study uses time-series data during 1994-2020. The study employs the Autoregressive Distributed Lag (ARDL) approach with the help of Eviews 9. The results in the short-run equation model showed that the foreign exchange reserve had a positive and significant effect on the foreign debts of Indonesia, while exports and the exchange rate dollar has a positive but insignificant effect on the foreign debts of Indonesia. In the long run, the foreign exchange reserves and exports has a negative and insignificant effect on the foreign debts of Indonesia, while the dollar exchange rate has a positive but insignificant effect on Indonesia's foreign debt.
Keywords
Foreign Debt, Foreign Exchange Reserves, Export, Dollar Exchange, ARDL Approach
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