ANALISIS FAKTOR KETERBUKAAN EKONOMI DALAM MENDORONG CADANGAN DEVISA DI NEGARA ASEAN 5

Foreign exchange reserves themselves are important assets owned in a country that are used as a significant source of profit and ensure economic stability. This study aims to determine the influence of economic openness on Foreign Exchange Reserves in the long and short term. The object of research was in 5 ASEAN countries (Thailand, Indonesia, Malaysia, Vietnam, Cambodia) in 24 periods from 2000 to 2023. The analysis model used in this study is the Vector Autoregressive (VAR) Vector Error Correction Model (VECM) panel analysis. The results obtained from the study include that FDI has a significant positive effect in the long term and remittances have a significant negative effect in the long term, but the net exports has no effect on foreign exchange reserves in the long term. In the short term, FDI and remittances have no effect, while net exports have a significant positive effect in the short term on foreign exchange reserves.