Does Foreign Debt have an Impact on Indonesia's Foreign Exchange Reserves?

Indonesia as one of the emerging market countries’ utilization external resources foreign debt to a boost in increasing economic growth addition international trade that supports accelerated Economy. Using time-series data period 1988-2017 and using simultaneous approach Two-Stage Least Square (TSLS), research results find out showed reserves have two-way relationship. The study findings macroeconomic variables significant investment affect consumption expenditures significantly exchange reserves. It basic contributor monetary policymaking by government reducing utilizing sustainable development improving performance net exports well public thus supporting acceleration