Analysis of the Effect of Interest Rates and Bonds on Economic Growth with the Exchange Rate as a Moderating Variable in Indonesia
Keywords:
Interest Rates, Bonds, Economic Growth, Exchange RateAbstract
This study was designed to examine and analyze the extent to which interest rates and bonds affect economic growth in Indonesia, by positioning the exchange rate as a moderating variable. The population coverage in this study includes all Indonesian macroeconomic data, and 26 observations were selected as the sample through the application of purposive sampling. The estimation approach used in this study is multiple regression analysis. All data used are secondary data covering the variables of interest rates, bonds, exchange rates, and Indonesia’s economic growth during the period from 2002 to 2025. The results show that, based on partial testing (t-test), both the interest rate and bond variables individually have a significant effect on economic growth in Indonesia. Likewise, through simultaneous testing (F-test), the two variables jointly have a significant effect on economic growth. However, the exchange rate variable is not proven to moderate the relationship between interest rates and bonds and Indonesia’s economic growth during the observation period.
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