摘要：Indonesia, which is included in a small open economy, will be easily affected by the turmoil in a large country such as the United States. Any form of pressure, either appreciation or depreciation of the exchange rate, is necessary because it could lead to a crisis that has a negative impact on the economy. This study analyzes the Exchange Market Pressure (EMP) based on the condition of foreign exchange reserves, the rupiah exchange rate, inflation and the consumer price index using the Vector Autoregressive (VAR) approach. The data used is quarterly secondary data in the first quarter of 2010 to the fourth quarter of 2020. The results show that there is a long-term effect on the variables of foreign exchange reserves, rupiah exchange rate, inflation and the consumer price index on the value of EMP. In the causality analysis, it is known that there is no two-way relationship between all these variables. What happens is only a one-way relationship between foreign exchange reserves and EMP, rupiah exchange rate with EMP, foreign exchange reserves with rupiah exchange rate, and EMP with consumer price index.
