INDONESIAN BOND YIELDS: INFLATION, FED RATES, AND EXCHANGE RATE EFFECTS

Authors

  • Sany Petra Christian University
  • Saarce Elsye Hatane Petra Christian University
  • Zefanya Metanoya Angelique Petra Christian University
  • Alan Darmasaputra Petra Christian University
  • Rosalia Taub Gabronino College of Business Education

DOI:

https://doi.org/10.29303/jaa.v10i1.695

Keywords:

Government Bond Yield, Inflation, US Fed Rate, Exchange Rate, Indonesia US

Abstract

This research aims to analyze the effects of Indonesian inflation, the rise of the US Fed rate, and the exchange rate on the yield of Indonesian government bonds. This study employs a quantitative approach using secondary data obtained from reliable sources, such as the Bloomberg database, the official website of Bank Indonesia, and the official website of the Federal Reserve. The sample comprises 132 months of macroeconomic rates and prices, covering 10 years from 2012 to 2022. Data analysis included descriptive statistics, classical assumption tests, and stationarity testing. While previous studies have analysed the effects of these factors on government bond prices, this study investigates explicitly their impact on government bond yield in Indonesia. The results show that inflation and the exchange rate positively affect the Indonesian government bond yield. However, the rise in the US Federal Reserve rate does not significantly drive changes in the Indonesian government bond yield.

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Published

2025-09-05

How to Cite

Sany, S., Hatane, S. E., Angelique, Z. M., Darmasaputra, A., & Gabronino, R. T. (2025). INDONESIAN BOND YIELDS: INFLATION, FED RATES, AND EXCHANGE RATE EFFECTS. Jurnal Aplikasi Akuntansi, 10(1), 187–204. https://doi.org/10.29303/jaa.v10i1.695