This study is based on the long debate that occurs among economists about the effectiveness of fiscal and monetary policy on the output of a country. Some economists argue that fiscal policy is more effective against the output of a country while others argue that monetary policy is more effective. However, the economist's debate only sees the effectiveness of fiscal and monetary policy on output. No such economist sees the effectiveness of fiscal and monetary policy on other macroeconomic variables such as balance of payment. Therefore, this study contributes to analyzing the most effective policies on balance of payment in Indonesia.