Analisis Error Correction Model Terhadap Utang Luar Negeri Indonesia Tahun 1992-2016

This study aimed to analyze the effect of foreign exchange reserves, deficit budgets, inflation, exchange rates or exchange rates, and export credit interest rates on foreign debts in Indonesia in 1992-2016. The type of data used in this study is the secondary time series data from 1992-2016. The data used is obtained from the official website of Central Bureau of Statistics, Bank Indonesia and World Bank. The analytical method used is the regression analysis of Error Correction Model (ECM). The results of the analysis show that partially in short-term foreign exchange reserves, the exchange rate has a positive and significant effect on Indonesia's external debt, variable budget deficit, inflation has a positive and insignificant effect on foreign debt, exports have a negative and significant effect on foreign debt. In the long run foreign exchange reserves, budget deficits, inflation, exchange rates, lending rates, and exports have a significant effect on Indonesia's foreign debt