Sistem dan Lembaga Keuangan. Budi Purwanto

Sistem dan Lembaga Keuangan Budi Purwanto

Bank-based Economy Consequences When a country’s financial system relies heavily on banks, systematic vulnerabilities increase “ This leads one to wonder how severe East Asia’s problems would have been during the past eighteen months had those economies not relied so heavily on banks as their means of financial intermediation. Had a functioning capital market existed, the outcome might well have been far more benign. “ Alan Greenspan, “ Lessons from the Global Crisis “, 1999

Arus Dana Tanpa Lembaga Keuangan (LK)

Pengakuan ekuitas dan utang Perusahaan (Peminjam)

Rumah Tangga (Penabung)

tunai

Pentingnya LK  Without FIs: Low level of fund flows.  Costly for individuals to monitor borrowers  Role of bond covenants in partially alleviating monitoring costs

 Less liquidity  Substantial price risk

Arus Dana Melalui LK Konvensional Pengakuan ekuitas dan utang

Sertifikaat dan Polis

Lembaga Lembaga Keuangan Keuangan

Perusahaan (Peminjam)

tunai

Rumah Tangga (Penabung)

tunai

Arus Dana Melalui Lembaga Keuangan Syariah Pengakuan ekuitas dan utang Perusahaan (Peminjam)

Sertifikat dan Polis

Rumah Tangga (Penabung)

Lembaga Lembaga Keuangan Keuangan tunai

tunai

Arus Dana melalui Lembaga dan Pasar Keuangan Dana disediakan melalui pinjaman, penempatan, dsb

Pengguna Dana Perorangan Perusahaan Pemerintah

Dana disediakan malalui penawaran umum, dsb

Lembaga Keuangan Bank Komersial Perusahaan Asuransi dan Dana Pensiun PerusahaanInvestasi dll Investasi dibuat atas nama pemasok

Pasar Keuangan Pasar Uang Pasar Modal Bursa Outer the Counter

Dana dipasokkan melalui tabungan atau investasi lain

Pemasok Dana Perorangan Perusahaan Pemerintah

Dana dipasokkan melalui investasi langsung

Fungsi LK  Brokerage function  Acting as an agent for investors:  e.g. Merrill Lynch, Charles Schwab, Lehman&Brothers  Reduce costs through economies of scale  Encourages higher rate of savings

 Asset transformer:  Purchase primary securities by selling financial claims to households  These secondary securities often more marketable

Fungsi LK  Information costs:  Investors exposed to Agency Costs  Role of FI as Delegated Monitor (Diamond, 1984)  Shorter term debt contracts easier to monitor than bonds  FI likely to have informational advantage

Fungsi LK  Liquidity and Price Risk  Secondary claims issued by FIs have less price risk  FIs have advantage in diversifying risks  S&L debacle of 1980s linked to inadequate diversification of S&Ls

Fungsi Lain       

Reduced transaction costs Maturity intermediation Transmission of monetary policy. Credit allocation (Areas of special need such as home mortgages). Intergenerational transfers or time intermediation. Payment services (FedWire and CHIPS). Denomination intermediation.

Fungsi-fungsi Lembaga Keuangan Tabungan

Penyimpan Kekayaan

Kebijakan

SISTEM KEUANGAN Manajemen Risiko

Likuiditas

Pembayar an

Kredit

Industri Keuangan INDUSTRI KEUANGAN

PEGADAIAN

PERUSAHAAN PEMBIAYAAN

PERUSAHAAN MODAL VENTURA

PERUSAHAAN EFEK

ASURANSI

BANK

Sistem Keuangan Indonesia SISTEM KEUANGAN INDONESIA

Perbankan

Bukan Bank

Bank Indonesia UU No. 23/1999

Bank Umum

Bank Perkreditan Rakyat

Dep. Keuangan

Lembaga Pembiayaan Kepres 61/98

Asuransi UU No. 2/1992

Perusahaan Modal Ventura

Dana Pensiun UU 11/92

Pasar Modal UU 8/95

Pegadaian PP 10/90

Perusahaan Penjaminan

Landasan Hukum Sistem Keuangan Indonesia SISTEM KEUANGAN INDONESIA UU No. 23 Tahun 1999 Tentang Bank Indonesia UU No. 7 Tahun 1992  UU No. 10 Tahun 1998 Tentang Perbankan

UU No. 2 Tahun 1992 Tentang Asuransi UU No. 11 Tahun 1992 Tentang Dana Pensiun UU No. 8 Tahun 1995 Tentang Pasar Modal

Regulasi LK  FIs receive special regulatory attention.  Reasons:  Special services provided by FIs in general.  Institution-specific functions such as money supply transmission (banks), credit allocation (thrifts, farm banks), payment services (banks,thrifts), etc.

 Negative externalities arise if these services are not provided.

Regulasi LK  Important features of regulatory policy:  Protect ultimate sources and users of savings.  Including prevention of unfair practices such as redlining and other discriminatory actions.

 Ensure soundness of the system as a whole.

 Regulation is not costless  Net regulatory burden.

Regulasi LK  Safety and soundness regulation:  Regulations to increase diversification  Minimum capital requirements  Guaranty funds:  FDIC: Bank Insurance Fund (BIF), Savings Association Insurance Fund (SAIF)  Securities Investors Protection Fund (SIPC)

 Monitoring and surveillance.

Pokok-pokok Bahasan Pokok Bahasan

Sub-Pokok Bahasan

1.

Sistem dan Lembaga Keuangan

Lembaga, Sistem dan Pasar Keuangan

2.

Industri Jasa Keuangan

Bank, Asuransi, Perusahaan Sekuritas, Perusahaan Pembiayaan, Peusahaan Modal Ventura, Pegadaian

3.

Produk dan Instrumen Keuangan

Produk Dana, Kredit dan Pembiayaan, Valas, Efek, Kartu Plastik, Reksa dana

4.

Laporan dan Kinerja Lembaga Keuangan

Laporan Keuangan, Rasio keuangan dan Kinerja Lembaga Keauangan

5.

Manajemen Risiko Lembaga Keuangan

Gap Suku Sunga, Posisi Devisa, Risiko-2 Kredit, Pasar, Operasional, dan Likuiditas

6.

Diversifikasi

Diversifikasi Produk, Diversifikasi Geografik

7.

Lindung Nilai

Kontrak Forward, Berjangka, Opsi, Swap, Sekuritisasi Aset

Kepustakaan 

Siamat, Dahlan. 2004. Manajemen Lembaga Keuangan. Lembaga Penerbit Fakultas Ekonomi Universitas Indonesia.



Saunders, A., Cornett M.M. 2006. Financial Institution Management. McGraw-Hill International.



Kasmir. 2002. Manajemen Perbankan. Jakarta: Divisi Buku Perguruan Tinggi PT RajaGrafindo Persada.



Kuncoro, M & Suhardjono. 2002. Manajemen Perbankan: Teori dan Aplikasi. BPFE Yogyakarta.



Riyadi, S. 2004. Banking Assets Liability Management. Penerbitan FE-UI



Gandapradja, P. 2004. Dasar dan Prinsip Pengawasan Bank. Penerbit PT Gramedia Utama.