PENGARUH MAKRO EKONOMI TERHADAP CADANGAN DEVISA DI ASEAN-5

Abstract

I n supporting economic development in ASEAN-5 , f oreign exchange reserves have a large role. M acroeconomic changes will have a large and rapid impact on foreign exchange reserves at globalization era. . Aims of this study is to determine the effect of macroeconomics on foreign exchange reserves in ASEAN-5, using panel data regression method.  Data is taken from world banks and Banks Indonesia q uarterly from 2010-2018 , with d ependent variables on foreign exchange reserves and independent variables in the form of exchange rates, inflation, exports and imports. R esults shown that  exchange rates and exports have a positive and significant effect on foreign exchange reserves, while inflation has a negative and significant effect on foreign exchange reserves ,  but imports do not affect at foreign exchange reserves in ASEAN-5. G overnment needs maintain exchange rate stability, inflation, and increase foreign investors and domestic commodities by using local content. E ntrepreneurs must strive to continue to innovate by using digital technology and society to increase the use of domestic products.