Pengaruh Economy Policy Uncertainty Terhadap Foreign Direct Investment Negara-Negara G20

Abstract

Foreign Direct Investment atau FDI diakui sebagai sumber kemajuan ekonomi melalui penyebaran ide-ide baru, keterampilan, teknologi, dan manajemen di negara tuan rumah. Berbagai keuntungan tersebut tidak terlepas dari risiko terlebih jika ketidakpastian seperti Economy Policy Uncertainty (EPU) diperhitungkan. Penelitian ini bertujuan untuk menganalisis pengaruh EPU terhadap FDI di negara G20. Melalui panel statis dengan pendekatan Random Effect Model, penelitian dilakukan pada 13 negara G20 dengan rentang tahun 2004-2022. Hasil regresi menunjukkan bahwa variabel EPU domestik berpengaruh negatif dan signifikan terhadap FDI. Sedangkan EPU global memiliki dampak positif terhadap FDI. Variabel makroekonomi lainnya meliputi PDB per kapita, inflasi, rasio tenaga kerja, dan populasi berpengaruh positif dan signifikan terhadap FDI. Hasil penelitian memberikan bukti empiris bagi pemerintah masing-masing negara untuk mempertimbangkan ketidakpastian yang dicerminkan dengan indikator EPU sebagai peringatan yang berdampak terhadap FDI.

Foreign Direct Investment or FDI is recognized as a source of economic progress through the spread of new ideas, skills, technology, and management in host countries. These various benefits cannot be separated from risks, especially if uncertainties such as Economic Policy Uncertainty (EPU) are considered. This research aims to analyze the influence of EPU on FDI in G20 countries. Using a static panel with a Random Effect Model approach, research was conducted on 13 G20 countries in the period 2004-2022. The regression results show that the domestic EPU variable has a negative and significant effect on FDI. Meanwhile, global EPU has a positive impact on FDI. Other macroeconomic variables including GDP per capita, inflation, labor ratio, and population have a positive and significant effect on FDI. The research results provide empirical evidence for the governments of each country to consider the uncertainty reflected by the EPU indicator as a warning that has an impact on FDI.

Foreign Direct Investment or FDI is recognized as a source of economic progress through the spread of new ideas, skills, technology, and management in host countries. These various benefits cannot be separated from risks, especially if uncertainties such as Economic Policy Uncertainty (EPU) are considered. This research aims to analyze the influence of EPU on FDI in G20 countries. Using a static panel with a Random Effect Model approach, research was conducted on 13 G20 countries in the period 2004-2022. The regression results show that the domestic EPU variable has a negative and significant effect on FDI. Meanwhile, global EPU has a positive impact on FDI. Other macroeconomic variables including GDP per capita, inflation, labor ratio, and population have a positive and significant effect on FDI. The research results provide empirical evidence for the governments of each country to consider the uncertainty reflected by the EPU indicator as a warning that has an impact on FDI