This study aims to analyse the influence of factors that affect foreign exchange reserves in ASEAN-5 countries. The data in this study uses secondary data in the form of annual data from 1960 to 2020 obtained from the World Bank and FRED. The type of data used in this research is panel data, which is a combination of Time Series and Cross Section data. Where the Time Series data used are annual data from 1960-2020 and Cross Section data are ASEAN-5 countries. The ASEAN-5 countries used in this study are Indonesia, Malysia, Philippines, Singapore, and Thailand. The conclusion of this study is that the exchange rate, short-term debt and FDI have a significant and positive effect on foreign exchange reserves in ASEAN-5 countries. Meanwhile, inflation is concluded to have a significant and negatif effect on foreign exchange reserves in ASEAN-5 countries.
Keywords : Foreign Exchange Reserves, Time Series, Cross Section, ASEAN-5 Countries