FLUKTUASI NILAI TUKAR PADA NEGARA EMERGING MARKET AND DEVELOPING COUNTRIES (EMDEs) Di Eropa (2000-2019)

This study aims to investigate the determinants of exchange rate in European Emerging Market and Developing Countries (EMDEs) including Albania, Bulgaria, Hungary, Rep. Moldova, Rep. North Macedonia, Romania, Russia and Ukraine. This study uses secondary data with a time span of 2000-2019 in the form of time series and panel data with a sample of 8 countries sourced from the United Nations Conference on Trade and Development, the International Monetary Fund and the World Bank. Regression panel data used 8 countries together. The panel data regression found results that exchange rate fluctuations in EMDE's European countries, GDP growth and Terms of Trade had a significant positive effect on exchange rates. It means that an increase in GDP and TOT growth affects the depreciation of the exchange in EMDE's European countries. Meanwhile, inflation and interest rates have a significant negative effect on the exchange rate. This means that every increase in inflation and interest rates on loans affects the appreciation of the exchange rate and vice versa in EMDE's European countries