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Abstract
The objective of this research was to investigate and analyze the Effect of Economic Risks on Foreign Investment in ASEAN countries (A Comparative Case Study among the Countries of Indonesia, Malaysia, Singapore, Thailand, the Philippines, Brunei and Myanmar). The method of analysis used in this study was the fixed-effect method. The research result showed that individually real GDP and foreign exchange reserves had a statistically significant positive influence on foreign investment in ASEAN countries in 2004-2013. The result of the same calculation process also showed that individually inflation and exchange rates did not have a statitiscally significant effect on foreign invesment in ASEAN countries in 2004-2013.
Keywords: Foreign Investment, Real GDP, Inflation, Exchange Rates, Foreign Exchange Reserves
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References
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- Beams, Floyd A. dan Amir Abadi Jusuf. 2000. Akuntansi Keuangan Lanjutan di Indonesia. Salemba Empat, Jakarta
- Benassy-Quere, A., Fontagne, L. & Lahreche-Revil, A. 2001. "Exchange-rate Strategies in the Competition for Attracting Foreign Direct Investment”. Journal of the Japanese and International Economies, 15, 178-198
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- Click, Reid W. 2005. "Financial and political risks in US direct foreign investment”. Journal of International Business Studies (2005).
- Devi, Sofia. 2014. "Determinants of Foreign Direct Investment: Empirical Evidence From India”. Journal of Global Economy, Vol. 10 No.1 (March 2014)
- Guris, Selahattin., et al. 2015. "Determining the Effects of Factors on FDI in Global Crisis Period”. International Journal of Economics and Financial Issues, Vol. 5 No. 1 (2015).
- Jaumotte, Florence. 2004. "Foreign Direct Investment and Regional Trade Agreements: The Market Size Effect Revisited”. IMF Working Paper (2004).
- Jhingan, M.L. 2012. Ekonomi Pembangunan dan Perencanaan. Cetakan 14. Jakarta : PT Raja Grafindo Persada.
- Krugman, Paul (1998). "Firesale FDI”, Working Paper, Massachusets Institute Technology.
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- Mankiw, N. Gregory. 2006. Principles of Economics (Pengantar Ekonomi Makro). Edisi Ketiga. Penerbit: Salemba Empat, Jakarta.
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- Moosa Imad. A. 2002. Foreign Direct Investment: Theory, Evidence and Practices. Chippenham, Wiltshire, UK, Antony Rowe Ltd (p.1-62, 267-272)
- Morris Doldstein, 1991. Determinants and Systematic Consequences of International Capital Flows. Washington D.C. 20431, U.S.A, International Monetary Fund Publication services (p.68-69)
- Septifany, Amida. 2015. "Analisis Pengaruh Inflasi, Tingkat Suku Bunga, Nilai Tukar Rupiah dan Cadangan Devisa Terhadap Penanaman Modal Asing di Indonesia”. Jurnal Administrasi Bisnis, Vol. 25 No. 2 (Agustus 2015)
- Shahzad, Arfan., dan Al-Swidi, Abdullah. 2013. "Effect of Macroeconomics Variables on the FDI inflows: The Moderating Role of Political Stability: An Evidence from Pakistan”. Asian Social Science, Vol. 9 No.9 (2013).
- Stankeviciene, Jelena ., et al. 2013. "Relationship between Economic Security and Country Risk Indicators in EU Baltic Sea Region Countries”. Entrepreneurial Business and Economics Review, Vol.1 No.3 (2013).
- Tambunan, Tulus. 2000. Perdagangan Internasional dan Neraca Pembayaran. Jakarta: Pustaka LP3ES
- Tarigan, Robinson. 2006. Ekonomi Regional: Teori dan Aplikasi. Edisi Revisi. Jakarta: Bumi Aksara
- Todaro, Michael P. 2011. Pembangunan Ekonomi. Edisi Kesebelas Jilid Satu. Jakarta: Erlangga
- Umaru, Animu. 2012. "Effect of Inflation on The Growth and Development of The Nigerian Economy (An Empirical Analysis)”. International Journal of Business and Social Science, Vol. 3 No.10 (May 2012).
References
Bandekar, Bipin N. 2014. "Factor Determinants of FDI Inflows Into India”. Radix International Journal of Research In Social Science, Vol. 3 Issue 5 (May 2004).
Beams, Floyd A. dan Amir Abadi Jusuf. 2000. Akuntansi Keuangan Lanjutan di Indonesia. Salemba Empat, Jakarta
Benassy-Quere, A., Fontagne, L. & Lahreche-Revil, A. 2001. "Exchange-rate Strategies in the Competition for Attracting Foreign Direct Investment”. Journal of the Japanese and International Economies, 15, 178-198
Bick, Alexandre. 2010. "Threshold Effects of Inflation on Economic Growth in Developing Countries”, Economics Letters (August 2010).
Click, Reid W. 2005. "Financial and political risks in US direct foreign investment”. Journal of International Business Studies (2005).
Devi, Sofia. 2014. "Determinants of Foreign Direct Investment: Empirical Evidence From India”. Journal of Global Economy, Vol. 10 No.1 (March 2014)
Guris, Selahattin., et al. 2015. "Determining the Effects of Factors on FDI in Global Crisis Period”. International Journal of Economics and Financial Issues, Vol. 5 No. 1 (2015).
Jaumotte, Florence. 2004. "Foreign Direct Investment and Regional Trade Agreements: The Market Size Effect Revisited”. IMF Working Paper (2004).
Jhingan, M.L. 2012. Ekonomi Pembangunan dan Perencanaan. Cetakan 14. Jakarta : PT Raja Grafindo Persada.
Krugman, Paul (1998). "Firesale FDI”, Working Paper, Massachusets Institute Technology.
Majeed, Muhammad T., dan Ahmad, Eatzaz. 2009. "An Analysis of Host Country Characteristics that Determine FDI in Developing Countries: Recent Panel Data Evidence”. The Labore Journal of Economics (2009).
Mankiw, N. Gregory. 2006. Principles of Economics (Pengantar Ekonomi Makro). Edisi Ketiga. Penerbit: Salemba Empat, Jakarta.
Mody, Razin, Sadka. 2002. "The Role of Information in Driving FDI: Theory and Evidence”. NBER Working Paper No.9255 (2002).
Moosa Imad. A. 2002. Foreign Direct Investment: Theory, Evidence and Practices. Chippenham, Wiltshire, UK, Antony Rowe Ltd (p.1-62, 267-272)
Morris Doldstein, 1991. Determinants and Systematic Consequences of International Capital Flows. Washington D.C. 20431, U.S.A, International Monetary Fund Publication services (p.68-69)
Septifany, Amida. 2015. "Analisis Pengaruh Inflasi, Tingkat Suku Bunga, Nilai Tukar Rupiah dan Cadangan Devisa Terhadap Penanaman Modal Asing di Indonesia”. Jurnal Administrasi Bisnis, Vol. 25 No. 2 (Agustus 2015)
Shahzad, Arfan., dan Al-Swidi, Abdullah. 2013. "Effect of Macroeconomics Variables on the FDI inflows: The Moderating Role of Political Stability: An Evidence from Pakistan”. Asian Social Science, Vol. 9 No.9 (2013).
Stankeviciene, Jelena ., et al. 2013. "Relationship between Economic Security and Country Risk Indicators in EU Baltic Sea Region Countries”. Entrepreneurial Business and Economics Review, Vol.1 No.3 (2013).
Tambunan, Tulus. 2000. Perdagangan Internasional dan Neraca Pembayaran. Jakarta: Pustaka LP3ES
Tarigan, Robinson. 2006. Ekonomi Regional: Teori dan Aplikasi. Edisi Revisi. Jakarta: Bumi Aksara
Todaro, Michael P. 2011. Pembangunan Ekonomi. Edisi Kesebelas Jilid Satu. Jakarta: Erlangga
Umaru, Animu. 2012. "Effect of Inflation on The Growth and Development of The Nigerian Economy (An Empirical Analysis)”. International Journal of Business and Social Science, Vol. 3 No.10 (May 2012).