M. Ali Ridho
FakultasEkonomi dan Bisnis (FEB)Universitas Jember (UNEJ), Indonesia
Moh. Adenan
FakultasEkonomi dan Bisnis (FEB)Universitas Jember (UNEJ), Indonesia
Siti Komariyah
FakultasEkonomi dan Bisnis (FEB)Universitas Jember (UNEJ), Indonesia
ABSTRACT
This study aims to examine the effect of Foreign Direct Investment, Portfolio Investment, Interest Rates on the exchange rate in Indonesia. Empirically this study uses secondary data in the form of time series (time series) with the research year between the period 2000Q1 -2016Q4. The method used is the Vector Error Correction Model (VECM) to see the long-term and short-term relationships. Based on the results of the VECM analysis, it shows that in the long run the variable FDI in the long run has no significant effect on the exchange rate. The portfolio investment variable has a significant effect on the exchange rate. Interest rate variable has a significant negative effect on the exchange rate. Whereas in the short term, FDI and interest rates have a significant positive effect on the exchange rate. However, the Portfolio Investment variable has no significant effect on the exchange rate
Keywords: Foreign Direct Investment, Portfolio Investment, Suku Bunga, Nilai Tukar, VECM.
ABSTRAK
Penelitian ini bertujuan untuk menguji pengaruh Foreign Direct Investment, Portfolio Investment, Suku Bunga terhadap nilai tukar di Indonesia. Secara empiris penelitian ini menggunakan data sekunder berupa time series (runtut waktu) dengan tahun penelitian antara periode2000Q1 –2016Q4. Metode yang digunakan adalah Vector Error Correction Model (VECM) untuk melihat hubungan jangka panjang dan jangka pendek. Berdasarkan hasil analisis VECM, menunjukkan bahwa dalam jangka panjang variabel FDI dalam jangka panjang tidak berpengaruh signifikan terhadap nilai tukar. Variabel investasi portofolio berpengaruh signifikan terhadap nilai tukar. Variabel suku bunga berpengaruh negatif signifikan terhadap nilai tukar. Sedangkan dalam jangka pendek, FDI dan suku bunga berpengaruh positif signifikan terhadap nilai tukar. Namun, variabel Investasi Portofolio tidak berpengaruh signifikan terhadap nilai tukar.
Keywords: Investasi luar negeri, portofolio investasi, suku bunga, nilai tukar, VECM
