(Semarang State University, Indonesia)(2) Deky Aji Suseno
(Semarang State University, Indonesia)*corresponding author
AbstractThe purpose of this research is to use panel data regression analysis and path analysis with the Sobel test mode to examine the impact of macroeconomic factors on foreign debt in G7 nations for the 2019–2023 timeframe. The findings of the research indicate that while interest rates and the money supply have a negative impact on saves, taxes and GDP have a favorable impact. Foreign debt is negatively impacted by the variables of taxes, money supply, interest rates, and savings. Meanwhile, foreign debt is positively impacted by GDP. In addition, interest rates and money supply have a positive impact on foreign debt through savings, whereas GDP and taxes have a negative impact. KeywordsDebt, Macroeconomic Variables, G7 Countries
|
DOIhttps://doi.org/10.47679/jrssh.v5i2.368 |
Article metrics10.47679/jrssh.v5i2.368 Abstract views : 228 | PDF views : 57 |
Cite |
Full Text Download
|
References
References
Abidin, R. N., Syahnur, S., & Suriani, S. (2022). Pengaruh Variabel Makroekonomi terhadap Utang Luar Negeri di Negara ASEAN-7. Jurnal Samudra Ekonomi Dan Bisnis, 13(2), 136–150. https://doi.org/10.33059/jseb.v13i2.3984
Afandi, M. F. (2022). Pengaruh Nilai Tukar, Suku Bunga dan Inflasi Terhadap Utang Luar Negeri Indonesia Tahun 2001-2020. Jurnal Ilmu Ekonomi JIE, 6(3), 513–524. https://doi.org/10.22219/jie.v6i3.22297
Basri, M. C. (2020). Kebijakan Fiskal dan Moneter Pasca Pandemi. CSIS Indonesia.
Brueckner, M., Kikuchi, T., & Vachadze, G. (2021). Transitional Dynamics of the Savings Rate and Economic Growth *. 1–38.
Cahyaningrum, H., Nadzeva, G., Ramadhani, N. T., & Nurdiansyah, D. H. (2022). Analisis Faktor – Faktor yang Mempengaruhi Utang Luar Negeri di Indonesia Tahun 2015-2019. WACANA EKONOMI (Jurnal Ekonomi, Bisnis Dan Akuntansi), 21(1), 39–54. https://doi.org/10.22225/we.21.1.2022.39-54
Feldstein, M., & Horioka, C. (1980). Domestic saving and international capital flows. Economic Journal, 90(358), 314–329. https://doi.org/10.2307/2231790
Felici, M., Kenny, G., & Friz, R. (2023). Consumer savings behaviour at low and negative interest rates. European Economic Review, 157.
Friedman, M. (1957). A Theory of the Consumption Function. Princeton University Press.
Heider, F., Saidi, F., & Schepens, G. (2021). Working Paper Series Banks and negative interest rates. ECB Working Paper Series, No 2549.
Ichi, A., et al. (2022). (2022). Understanding Government Saving: The Role of Economic Cycles. IMF Working Paper, 22/72.
IMF. (2025). World Economic Outlook. https://www.imf.org/en/publications/weo
Istinganah, A. (2021). Pengaruh Inflasi, Suku Bunga, Nilai Tukar Rupiah, Produk Domestik Bruto Dan Jumlah Uang Beredar Terhadap Indeks Harga Saham Gabungan (Ihsg) Di Bursa Efek Indonesia (Bei) Periode 2010 Sampai 2019. Journal of Economic, Business and Engineering (JEBE), 2(2).
Keynes, J. M. (1936). The General Theory of Employment, Interest, and Money. Palgrave Macmillan.
Kose, M. A., et al. (2024). Debt Accumulation and Growth: A Global Perspective. Brookings Papers on Economic Activity.
Kudaisi, B. V. (2020). The Effects of Global Interest Rates on External Debt in Sub-Saharan Africa. African Development Review, 32(1), 1–1.
Kuncoro, M. (2022). Tabungan Nasional dan Kemandirian Fiskal. Buletin Ekonomi Moneter Dan Perbankan Bank Indonesia.
Mankiw, N. G. (2019). Makroekonomi. Edisi Kesepuluh.
Marliana, N. W. S., & Yasa, I. N. M. (2024). Pengaruh Pdb, Defisit Anggaran, Cadangan Devisa, Suku Bunga Luar Negeri Terhadap Utang Luar Negeri Indonesia. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 13(04), 718. https://doi.org/10.24843/eeb.2024.v13.i04.p07
Mishkin, F. (2019). The Economics of Money, Banking and Financial Markets.
Mohamed, A. H., & Salisu, A. A. (2022). No Title. Journal of Economic Studies, 49(6), 112.
Nguyen, T. H. & Vo, D. H. (2022). Domestic Savings and External Debt in ASEAN Countries. Asian Economic Journal.
Nur, H., Jannah, A., & Shidiqi, A. (2017). Faktor-Faktor yang Mempengaruhi Utang Luar Negeri di Indonesia Periode 1985-2015. Jurnal of Economics Research and Social Sciences, 1(2), 120–129.
Nuraini, A., & Roup, A. (2020). Kenaikan Utang Luar Negeri Dalam Sistem Ekonomi Makro Modern. Jurnal Ilmiah Manajemen Kesatuan, 8(3), 377–384. https://doi.org/10.37641/jimkes.v8i3.409
Obstfeld, M., & Rogoff, K. (1996). Foundations of International Macroeconomics. MIT Press.
OECD. (2025). OECD Data Explorer. https://www.oecd.org/en/data/insights.html?orderBy=mostRelevant&page=0
Prasetyo, F. A. S., & Kurnia, A. S. (2021). Foreign Debt and Economic Growth : A Case Study of 9 Selected Countries 2000-2017. Journal of Economic Development and Social Research, 1(1), 1–10. https://doi.org/10.14710/jedsr.v1i1.12545
Putri, A., & Aimon, H. (2024). Analisis Pertumbuhan Ekonomi dan Utang Luar Negeri : Kelompok Negara Middle Income di ASEAN waktu tertentu . Maka keberhasilan suatu negara dalam meningkatkan kesejahteraan ekonomi masyarakatnya ( Novela & Aimon , 2019 ). Pertumbuhan ekonomi dapat APBN , .
Rahman, M. M., & Salahuddin, M. (2021). Domestic saving and external debt: Evidence from developing countries. Economic Change and Restructuring, 54(3), 655.
Romer, P. M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), S71–S102. https://doi.org/10.3386/w3210
Smith, J. & Jones, A. (2021). The Impact of Progressive Income Taxation on Household Savings in OECD Countries: Evidence from Panel Data. Journal of Public Economics, 195, 10437.
Staal, K. (2023). Household Savings and Negative Interest Rates. International Advances in Economic Research, 29(1–2), 1–13. https://doi.org/10.1007/s11294-023-09870-1
Sukirno S. (2006). Makroekonomi Teori Pengantar (Edisi Ketiga). PT Raja Grafindo Persada.
Syamsuri, H., Sumarlin, A., Yusuf, M., & Mujahid, A. (2024). Economics and Digital Business Review Etos Kerja Dalam Al-Qur ’ an. 5(1), 284–299.
Todaro, M. P., & Smith, S. C. (2020). Economic Development. Thirteenth Edition. In Pearson (Issue 13th Edition). https://www.mkm.ee/en/objectives-activities/economic-development
Widodo, B. & Susanti, R. (2023). Dampak Kebijakan Moneter terhadap Inflasi dan Alokasi Portofolio Rumah Tangga di Negara Berkembang. Jurnal Ekonomi Dan Keuangan, 15(2), 123.
World Bank. (2025). Open Data. https://www.worldbank.org/ext/en/home
Refbacks
- There are currently no refbacks.
Copyright (c) 2025 Ayung Bintari Sakti
This work is licensed under a Creative Commons Attribution 4.0 International License.
______________________________________________________________________________________________
Journal of Research in Social Science And Humanities
Published by Utan Kayu Publishing
Email: jurnal.jrssh@gmail.com