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"This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy?An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book."

"ABSTRAKTulisan ini bertujuan untuk menganalisis peran Bank Dunia dalam perkembangan sektor perlindungan sosial di Indonesia dengan menggunakan kerangka berpikir neo-gramscianism yang dikemukakan oleh Robert Cox. Tulisan ini mengkategorikan perkembangan sistem perlindungan sosial di Indonesia ke dalam lima periode, yaitu i periode sebelum Krisis Finansial Asia 1997, ii periode diperkenalkannya program Jaring Pengaman Sosial JPS tahun 1997-2001, iii periode transisi program temporer menjadi program reguler terinstitusionalisasi tahun 2002-2004, iv periode pembentukan sistem jaminan sosial nasional tahun 2005-2011, dan v periode pengintegrasian institusi jaminan sosial tahun 2012 hingga saat ini. Dari hasil analisis yang dilakukan, tulisan ini berkesimpulan bahwa terdapat peranan Bank Dunia yang penting di dalam proses perkembangan program perlindungan sosial di Indonesia ditinjau dari sisi perencanaan, pelaksanaan, pengawasan, dan pendanaan. Tulisan ini berargumen bahwa keterlibatan aktif Bank Dunia tersebut merupakan manifestasi dari fungsi Bank Dunia sebagai organisasi internasional untuk melanggengkan hegemoni norma neoliberalisme. Pada akhirnya, tulisan ini menyimpulkan bahwa agenda untuk mengembangkan sistem perlindungan sosial merupakan suatu langkah yang harus ditempuh Bank Dunia untuk melanggengkan sistem hegemoni neoliberalisme yang ada.

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ABSTRAKThis paper aims to analyze the role of the World Bank in the development of social protection policy in Indonesia using the neo gramscianism framework proposed by Robert Cox. This paper categorized the development of social protection system in Indonesia into five periods, namely i i the period before the 1997 Asian Financial Crisis, ii the introduction period of the Social Safety Net SSN 1997 2001, iii temporary transitional program period into an institutionalized program 2002 2004, iv the period of establishment of the national social security system in 2005 2011, v the period of integration of social security institutions in 2012 to the present. The result of the analysis concludes that, there is an important role of the Bank in the development process of social protection programmes in Indonesia, in terms of planning, implementation, supervision, and funding. This research argues that the World Bank rsquo s active involvement is a form of manifestation of the World Bank rsquo s function as an international organization to perpetuate the hegemony of neoliberalism values. Ultimately, this research concludes that the World Bank as the manifestation of the existing system of neoliberal hegemony in which the agenda to develop social protection system is an essential step to take to perpetuate the current system."

"Penelitian ini mengidentifikasi pengaruh keterbukaan sektor keuangan dan faktor lainnya seperti makroekonomi, fundamental perusahaan, dan indikator pasar terhadap likuiditas pasar saham di Indonesia. Penelitian ini mengggunakan sampel 149 perusahaan yang tercatat di Bursa Efek Indonesia dengan periode observasi sejak tahun 2005 hingga 2013. Metode estimasi yang digunakan adalah data panel dinamis Arellano-Bond GMM. Hasil penelitian ini menunjukkan bahwa secara statistik keterbukaan sektor keuangan berpengaruh positif terhadap likuiditas pasar saham di Indonesia. Faktor makroekonomi, fundamental perusahaan, dan indikator pasar secara statistik juga terbukti memiliki pengaruh terhadap likuiditas pasar saham di Indonesia. Variabel dummy Krisis AS 2008 secara statistik terbukti menunjukkan adanya perbedaan likuiditas sebelum dan setelah Krisis AS 2008. Implikasi kebijakan dalam upaya peningkatan likuiditas adalah otoritas sektor keuangan dan pemerintah dapat mendorong keterbukaan sektor keuangan melalui peningkatan insentif bersifat agresif dalam meningkatkan jumlah perusahaan tercatat dan investor di Bursa Efek Indonesia, memperkuat fungsi pengawasan pasar saham dan mempertajam fungsi CMP (Crisis Management Protocol), sementara itu, Bank Indonesia diharapkan pula dapat meningkatkan peran serta dalam menjaga stabilitas makroekonomi dalam upaya peningkatan likuiditas pasar saham.

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This study investigate the impact of financial openness, macroeconomic variables, company fundamentals, and market indicators on stock market liquidity in Indonesia by using a sample of 149 companies listed on the Indonesia Stock Exchange, with the observation period from 2005 to 2013. Using the Arellano-Bond GMM estimator for the dynamic panel data model, I find that the financial openness has positive impact on stock market liquidity while the macroeconomic variables, the company fundamentals and the market indicators have impact on stock market liquidity as well. Dummy variable of U.S Crisis 2008 shows the differences in liquidity before and after the crisis. The results of this paper could be relevant to the ongoing policy discussion regarding to increase liquidity. The Financial Services Authority and The Government are expected to encourage financial openness, accompanied by considering more incentives for potential companies to be listed on the Indonesia Stock Exchange and more incentives for potential investor, strengthening market supervision as well as enhancing Crisis Management Protocol function. Meanwhile, Bank Indonesia is also expected to improve macroeconomic stability to achieve higher stock market liquidity."