Description
Title: The Effect of the Volatile Rupiah Exchange Rate on Major Goods Exports to OIC Member States
Abstract: This study examined the effects of rupiah exchange rate volatility on four major commodities exported from Indonesia to six Organization of Islamic Cooperation (OIC) member countries (Saudi Arabia, Malaysia, Pakistan, United Arab Emirates, Turkey, and Bangladesh). The ARDL method was used to model the short- and long-term effects of exchange rate and its volatility on exports. The study used monthly data spanning from January 2007 to December 2019 and the EGARCH method to obtain exchange rate volatility. Findings showed that five major commodity exports to OIC countries are negatively impacted by exchange rate volatility over the short term, while twelve major commodity exports to OIC countries are negatively impacted over the long term. Our findings also suggest that the majority of Indonesian exporters to the six OIC Member nations are risk-averse.
Keywords: rupiah exchange rate volatility; main export commodities; EGARCH; ARDL model; Indonesia; OIC member countries
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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