ANALISIS PENGARUH NILAI EKSPOR, BI-RATE, PENANAMAN MODAL ASING DAN UTANG LUAR NEGERI PEMERINTAH TERHAADAP CADANGAN DEVISA MELALUI TINGKAT KURS DI INDONESIA PERIODE 2016:Q1-2023:Q4
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Foreign exchange reserves are an asset owned by a country's central bank and can be used to maintain the country's economic stability and overcome financial crises and international trade. The purpose of this study is to examine the effect of Export Value, BI-Rate, Foreign Investment, and Government Foreign Debt on Foreign Exchange Reserves through the Exchange Rate in Indonesia for the Period 2016:Q1-2023:Q4. The analysis method used is Path Analysis and processed with the Eviews-13 program. The results showed that in the direct effect, the substructure I equation of Export Value, BI-Rate, and Government Foreign Debt had a positive effect on the Exchange Rate, Foreign Investment had a negative effect on the Exchange Rate. In the substructure II equation, Export Value, Foreign Investment and Government Foreign Debt have a positive effect on Foreign Exchange Reserves, BI-Rate and Exchange Rate have a negative effect on Foreign Exchange Reserves. While the indirect effect of Export Value, BI-Rate, and Government Foreign Debt has a negative effect on Foreign Reserves through the Exchange Rate, Foreign Investment has a positive effect on Foreign Reserves through the Exchange Rate.
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