Analisis Pengaruh Ekspor, Impor Dan Utang Luar Negeri Terhadap Cadangan Devisa Indonesia Tahun 1994-2019

Foreign exchange reserves or commonly known as foreign exchange reserves are external assets that can be directly available and are under the control of the Central Bank as a monetary authority. Foreign exchange reserves are an important indicator that shows the extent of the country's ability to conduct international trade. This study aims to estimate the influence of exports, imports, and foreign debt on Indonesia's foreign exchange reserves in 1994-2019 using the Error Correction Model (ECM) method. The results of the effect validity test (test t) show that in the short term exports and foreign debt have a positive effect on foreign exchange reserves, while imports have a negative effect on foreign exchange reserves. In the long run, exports and imports have a positive effect on foreign exchange reserves, while foreign debt has no effect on Indonesia's foreign exchange reserves during the period 1994-2019. The government is expected to review foreign debt policy and in the use of loan funds must be closely monitored in order to accelerate development and ultimately it is expected to spur economic growth and increase foreign exchange reserves