Analysis of the Influence of Political Stability, Corruption, Financial Development, and International Trade Barriers on International Trade with Foreign Exchange Reserves as a Moderating Variable in Indonesia

This study aims to analyze the influence of political stability, corruption, financial development, and international trade barriers on international trade in Indonesia, as well as the role of foreign exchange reserves as a moderating variable in these relationships. The data used are annual data from Indonesia for the period 2008–2023, analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results indicate that political stability and financial development have a positive and significant impact on international trade, while corruption and trade barriers exert a negative influence. Foreign exchange reserves are proven to moderate the impact of several variables on international trade. These findings have important implications for fiscal and monetary policies aimed at supporting macroeconomic stability.