Indonesia’s Balance of Payments until the COVID-19 Pandemic Period

  • Gregorius N. Masdjojo
  • Titiek Suwarti
  • Hardiningsih Pancawati
  • Bambang Sudiyatno
Keywords: Foreign Exchange Reserves, Monetary Approach, International Balance of Payments, Error Correction Model, Pandemic, COVID-19


This research uses a monetary approach with an error correction model in analyzing the Balance of Payments (BOP) from 1990 until the COVID-19 pandemic in Indonesia. From the results of data analysis, it is known that all variables of the monetary approach have a strong effect on the change of BOP in Indonesia with the except interest rates and price levels. During the COVID-19 period Indonesian foreign exchange reserves tended to increase at the end of 2020. Its value was above international adequacy standards.

How to Cite
Masdjojo, G. N., Suwarti, T., Pancawati, H., & Sudiyatno, B. (2022). Indonesia’s Balance of Payments until the COVID-19 Pandemic Period. European Journal of Science, Innovation and Technology, 2(4), 46-59. Retrieved from
Research Articles