Positioning Southeast Asia in the Globalized World : The Legal Politics of Finance in Indonesia


The legal politics of state finance as reflected in APBN (National Budget) is intended to implement development in order to realize people prosperity as mandated in paragraph IV of the Preamble of the 1945 Constitution of Indonesia. In practice, Indonesia embraces a deficit model, that is, a model that allows national expenditures/outlays that are more than national income. The deficits are covered by any of three options, namely, privatization of state owned corporations (BUMNs), foreign loans, and Issuance of State Obligation/Promissory Note (SUN). In the era of current government (reformation era), the government prefers the last option. Obligation is really a contractual agreement (verbintenis), or a written evidence of a loan/promissory note that is tradable, or an evidence of being co-investor in a loan issued by either Government or private corporation, at a floating or fixed interest rate that can produce
a gain or incurs a loss for the issuer (government). Therefore, there occurs a shift in the function of APBN from being a political instrument of prospering people to be an instrument of government‘s business. From year to year, the number of state obligations the government issued has been steadily larger in value that of course increases the burden of APBN. Based on the data from Ministry of Finance, total state promissory notes per December 2010 was Rp 1,676 trillion (US$ 186.43 trillion?), consisting of promissory notes of US$ 118.39 trillion?? and loan of US$ 68.04 trillion?. From the numbers, Rp 674.91 trillion is tradable. In 2011, Government intends to add SUN by Rp 200 trillion. Therefore, Government should be careful in managing it so that Indonesia would not fall into bankruptcy.


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Detail Information

Bagian Informasi
Pernyataan Tanggungjawab
Pengarang BAHAR, Ujang - Personal Name (Pengarang)
Edisi Print
No. Panggil
Subyek People Prosperity
Legal Politics of Finance
Budget Deficit
State Obligation
Klasifikasi
Judul Seri
GMD Text
Bahasa English
Penerbit University of Malaya
Tahun Terbit 2011
Tempat Terbit Malaysia
Deskripsi Fisik xxiii+586 (118) hlm, 21x29.7
Info Detil Spesifik Proceedings of the 4 th International Conference on Southeast Asia


Citation

BAHAR, Ujang. (2011).Positioning Southeast Asia in the Globalized World : The Legal Politics of Finance in Indonesia(Print).Malaysia:University of Malaya

BAHAR, Ujang.Positioning Southeast Asia in the Globalized World : The Legal Politics of Finance in Indonesia(Print).Malaysia:University of Malaya,2011.Text

BAHAR, Ujang.Positioning Southeast Asia in the Globalized World : The Legal Politics of Finance in Indonesia(Print).Malaysia:University of Malaya,2011.Text

BAHAR, Ujang.Positioning Southeast Asia in the Globalized World : The Legal Politics of Finance in Indonesia(Print).Malaysia:University of Malaya,2011.Text

 



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