DETERMINANTS OF THE BALANCE OF PAYMENTS IN INDONESIA: A SHARIA ECONOMIC PERSPECTIVE
Main Article Content
Abstract
This study aims to analyze the influence of foreign direct investment, inflation, and the difference between exports and imports on Indonesia's balance of payments, specifically for the period 2015-2024, both partially and simultaneously, using a sharia economic perspective. This study employed descriptive quantitative research. The data analysis method used was multiple regression analysis. The results of this study indicate that foreign direct investment (FDI) has a partial effect on Indonesia's balance of payments. Increasing FDI flows into Indonesia can make a positive contribution through additional foreign capital, increased production capacity, and job creation, which supports international trade performance. Exports have a partial effect on Indonesia's balance of payments. High export values can provide a positive signal regarding the fundamental condition of the Indonesian economy. Imports have a partial effect on Indonesia's balance of payments. Increased imports contribute positively, especially if the imports are in the form of capital goods, technology, or raw materials. The inflation rate affects Indonesia's balance of payments. Increased inflation has a significant effect on the balance of payments.
Article Details
I-Finance by http://jurnal.radenfatah.ac.id/index.php/I-Finance is lincensed under a Creative Commons Attribution-ShareAlike 4.0 International Lisence.
How to Cite
References
Aimon, Hasdi, Anggi Putri Kurniadi, and Sri Ulfa Sentosa. 2020. “Determinants and Causality of Current Account Balance and Foreign Direct Investment: Lower Middle Income Countries in ASEAN.” KnE Social Sciences 2020:10–22. doi:10.18502/kss.v4i7.6839.
Ali, Moh. Mudassir, Fiansi Fiansi, and Marlina Marlina. 2024. “Pengaruh Variabel Ekonomi Terhadap Neraca Pembayaran Indonesia (NPI).” Paraduta : Jurnal Ekonomi Dan Ilmu-Ilmu Sosial 2(3):102–9. doi:10.56630/paraduta.v2i3.701.
Ascarya, A. 2021. “The Role of Islamic Social Finance during Covid-19 Pandemic in Indonesia’s Economic Recovery.” International Journal of Islamic and Middle Eastern Finance and Management 15(2):386–405.
Fadlan, M. 2022. “International Trade in Islamic Perspective: Ethics and Implementation in Modern Economy.” Iqtishadia: Jurnal Ekonomi Dan Perbankan Syariah 9(1):33–47. doi:DOI: https://doi.org/10.19105/iqtishadia.v9i1.
Falianty, Telisa. 2018. “Balance of Payment Dynamic in Indonesia and the Structure of Economy.” Economics and Finance in Indonesia 63(1):53. doi:10.7454/efi.v63i1.568.
Fauzi, R., and B. Santoso. 2024. “Post-Pandemic Analysis: The Insignificance of Inflation on Balance of Payments in Developing Countries.” Bulletin of Monetary Economics and Banking 27(1):45–62. doi:https://doi.org/10.21098/bmeb.v27i1.2024.
Hasanah, U., and A. Ghafar. 2021. “International Trade and Economic Growth in Islamic Countries: Evidence from OIC.” Journal of Islamic Monetary Economics and Finance 7(2):289–310. doi:DOI: https://doi.org/10.21098/jimf.v7i2.1356.
Hidayat, A., and S. Mulatsih. 2023. “Analysis of the Determinants of Indonesia’s Balance of Payments: A Dynamic Approach.” Jurnal Ekonomi Pembangunan 24(2):145–58. doi:DOI: https://doi.org/10.23917/jep.v24i2.21543.
Huda, N., and B. Santoso. 2022. “The Role of Foreign Direct Investment in Islamic Perspective: A Literature Review.” Indonesian Journal of Islamic Economics Research 4(1):25–36. doi:DOI: https://doi.org/10.18326/ijier.v4i1.7011.
Justin, Annisa. 2024. “Analysis of the Determinants of Indonesia’s Balance of Payments ECM Model Approach 2003-2022.” Jurnal Ekonomi 13(1):2278–90. doi:10.54209/ekonomi.v13i01.
Kurniawan, R. 2022. “Export, Import, and Economic Growth: Evidence from Indonesia.” Economies 10(9):2–13. doi:DOI: https://doi.org/10.3390/economies10090213.
Kusuma, K. A., and M. G. Wibowo. 2023. “Macroeconomic Variables and Their Impact on the Balance of Payments in OIC Countries: An Islamic Perspective.” Jurnal Ekonomi Syariah Teori Dan Terapan 10(3):221–33. doi:DOI: https://doi.org/10.20473/vol10iss20233pp221-233.
Lubis, D., and Y. Hidayat. 2022. “Inflation Dynamics in OIC Countries: An Islamic Perspective Analysis.” Jurnal Ekonomi Syariah Teori Dan Terapan 9(4):345–58. doi:DOI: https://doi.org/10.20473/vol9iss20224pp345-358.
Mankiw, N. G. 2021. Macroeconomics. 11th ed. New York: Worth Publishers.
Meera, A. K. M., and M. Larbani. 2021. “Seigniorage of Fiat Money and the Maqasid Al-Shari’ah: The Unresolved Issue.” Journal of King Abdulaziz University: Islamic Economics 34(1):3–20. doi:DOI: https://doi.org/10.4197/Islec.34-1.1.
Permana, Dinda AB, and Sitti Retno Faridatussalam. 2022. “Analisa Pengaruh Ekspor , Impor , Nilai Tukar Dan Inflasi Terhadap Cadangan Devisa Indonesia 1990-2019 Analysis of the Effects of Exports , Imports , Exchange Rates and Inflation on Indonesia ’ s Foreign Exchange Reserves 1990-2019.” Jurnal Ilmu Ekonomi Dan Studi Pembangunan 22(1):317–33.
Pratama, Y., and W. Hidayat. 2023. “The Effect of Inflation and Exchange Rate Volatility on Indonesia’s Balance of Payments.” Urnal Ekonomi & Studi Pembangunan 24(1):12–25. doi:https://doi.org/10.18196/jesp.v24i1.1456.
Pratiwi, A., and M. G. Wibowo. 2021. “Analisis Neraca Perdagangan Negara-Negara OIC: Pendekatan Gravity Model.” Jurnal Ekonomi Syariah Teori Dan Terapan 8(2):145–56. doi:DOI: https://doi.org/10.20473/vol8iss20212pp145-156.
Rahmawati, L., N. D. Setyaningsih, and H. Ihsan. 2022. “Analisis Determinan Neraca Pembayaran Di Negara Anggota OKI: Pendekatan Panel Data.” Urnal Ekonomi Dan Keuangan Islam 11(1):55–68.
Rusydiana, A. S., Y. D. Sanrego, and S. S. Rahayu. 2021. “Modeling Islamic Economic Growth: Evidence from OIC Countries.” Journal of Islamic Monetary Economics and Finance 7(1):165–88. doi:DOI: https://doi.org/10.21098/jimf.v7i1.1245.
Sari, D. P., and M. Yusuf. 2021. “The Impact of Macroeconomic Indicators on Balance of Payments in Emerging Markets.” International Journal of Economics and Financial Issues 11(4):22–29. doi:DOI: https://doi.org/10.32479/ijefi.11422.
Wibowo, A. R., and S. Zuhri. 2022. “Analisis Faktor-Faktor Yang Mempengaruhi Neraca Perdagangan Di Indonesia Periode 2010-2020.” Jurnal Ilmiah Ekonomi Pembangunan 1(2):15–28. doi:https://doi.org/10.51836/jep.v1i2.345.
Zahra, F., and A. Anwar. 2020. “Islamic Perspective on International Trade and Economic Growth in OIC Countries.” Journal of Islamic Monetary Economics and Finance 6(3):555–78. doi:DOI: https://doi.org/10.21098/jimf.v6i3.1234.