Pengaruh Nilai Tukar Dan Cadangan Devisa Terhadap Utang Luar Negeri Indonesia Tahun 2010-2024
DOI:
https://doi.org/10.61722/jemba.v3i1.1870Keywords:
Utang Luar Negeri, Nilai Tukar, Cadangan Devisa, Ekonomi Makro, Stabilitas EkonomiAbstract
Foreign debt plays a crucial role in supporting development financing and economic growth in Indonesia. However, its increase can pose risks to economic stability, particularly due to fluctuations in exchange rates and changes in foreign exchange reserves. This study aims to analyze the influence of exchange rates and foreign exchange reserves on Indonesia's foreign debt during the period 2010–2024. This research is a quantitative study employing multiple linear regression analysis. The results indicate that exchange rates and foreign exchange reserves have a positive and significant effect on foreign debt. This finding underscores the importance of maintaining exchange rate stability and optimal management of foreign exchange reserves to support the sustainability of external financing and national economic stability.
References
Afandi, M. F. (2022). Pengaruh Nilai Tukar, Suku Bunga dan Inflasi Terhadap Utang Luar Negeri Indonesia Tahun 2001-2020. Jurnal Ilmu Ekonomi JIE, 6(3), 513–524. https://doi.org/10.22219/jie.v6i3.22297
Bilatula, D. Y. Y., Olilingo, F. Z., Payu, B. R., & Arham, M. A. (2023). Faktor-Faktor Yang Mempengaruhi Utang Luar Negeri Di Indonesia. Jurnal Studi Ekonomi Dan Pembangunan, 1(2), 120–129. https://doi.org/10.37905/jsep.v1i2.22173
Cahyaningrum, H., Nadzeva, G., Ramadhani, N. T., & Nurdiansyah, D. H. (2022). Analisis Faktor – Faktor yang Mempengaruhi Utang Luar Negeri di Indonesia Tahun 2015-2019. WACANA EKONOMI (Jurnal Ekonomi, Bisnis Dan Akuntansi), 21(1), 39–54. https://doi.org/10.22225/we.21.1.2022.39-54
Fadli, F., Devia Sagita, V. S., & Oktaviana, Y. (2024). Unpacking the Forces Behind Indonesia’s Foreign Debt: What Drives Long-Term and Short-Term Borrowing? Jurnal Ilmu Ekonomi, 13(2), 383–398.
Feriyanto, N., Prabowo, D. A., Wardhono, A., & Qori’ah, C. G. (2025). External Debt: Indonesia Is in a Debt Trap? EKUITAS (Jurnal Ekonomi Dan Keuangan), 8(4), 594–612. https://doi.org/10.24034/j25485024.y2024.v8.i4.6477
Guslaw, H., & Septriani, S. (2024). Macroeconomic Influences and Policy Impacts on Indonesia’s Foreign Debt Accumulation. EcceS (Economics Social and Development Studies), 11(1), 98–117. https://doi.org/10.24252/ecc.v11i1.48029
Hasyim, A. I. (2016). Ekonomi Makro: Edisi Pertama (1st ed.). Jakarta: Prenadamedia Group.
Ibrahim, S., Hidayat, W., & Nuraini, I. (2019). Pengaruh Nilai Tukar Rupiah, Inflasi Dan Pertumbuhan Ekonomi Terhadap Utang Luar Negeri Indonesia Tahun 2000- 2017. Jurnal Ilmu Ekonomi JIE, 3(2), 234–246. https://doi.org/10.22219/jie.v3i2.8255
Jannah, H., & Shidiqi, K. (2017). Faktor-Faktor yang Mempengaruhi Utang Luar Negeri di Indonesia Periode 1985-2015. Journal of Economics Research and Social Sciences, 1, 120–129.
Kaligis, P., Oldy Rotinsulu, T., & Niode, A. (2009). Analisis Kausalitas Nilai Tukar Rupiahdan Cadangan Devisa di Indonesia Periode 2009.1-2016.12. Jurnal Berkala Ilmiah Efisiensi, 17(2), 88.
Kasmianti, Fitriyani, & Miksalmina. (2022). The Effect of Foreign Exchange Reserves, Exchange Rates and Libor Interest Rate on Foreign Debt. Jurnal Ekonomi Dan Kebijakan Publik Indonesia, 9(1), 89–103.
Ningsih, S., & Dukalang, H. H. (2019). Penerapan Metode Suksesif Interval pada Analsis Regresi Linier Berganda. Jambura Journal of Mathematics, 1(1), 43–53. https://doi.org/10.34312/jjom.v1i1.1742
Patria, R. P., & Nur, S. (2015). Analysis of Factors Affecting Foreign Debt in Indonesia.
Jurnal Indonesia Sosial Sains, 3(1), 57–68.
Satrianto, A. (2015). Analysis of Determinants of Budget Deficit and External Debt in
Indonesia. Jurnal Kajian Ekonomi, 4(7), 103736.
Sayuti, M. R., Ichsan, I., & Anwar, K. (2021). Analysis of Foreign Debt in Indonesia. Journal of Malikussaleh Public Economics, 4(2), 32–38. https://doi.org/10.29103/jmpe.v4i2.6044
Sugiyanto, Subagyo, E., Nugroho, W. C. A., Jacob, J., Berry, Y., Nuraini, A., … Syah,
S. (2022). Konsep dan Praktik Ekonometrika Menggunakan Eviews. Academia Publication, 179.
Sukirno, S. (2004). Makroekonomi Teori Pengantar (Ketiga).
Syarifuddin, F. (2015). Respon Kebijakan Nilai Tukar. Bank Indonesia, 24(24), 1–101. Ubaedillah, & Royani, A. muhammad. (2025). The Influence of Foreign Exchange
Reserves and Trade Balance on Indonesia’s Foreign Debt. Islamic Economics, Business Management, And Accounting, 1(1).
Widharma, I. W. G., Budhi, I. M. K. S. B., & Marhaeni A A I N Marhaeni. (2012). Utang Luar Negeri Pemerintah Indonesia Terhadap Faktor-Faktor Yang Berpengaruh. E-Journal Pascasarjana Univ Udayana, 2(1), 1–20.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 JURNAL ILMIAH EKONOMI, MANAJEMEN, BISNIS DAN AKUNTANSI
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
