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"Sejak awal sejarah Indonesia modern, federalisme sering dianggap sebagai warisan penjajah Belanda untuk melanggengkan kekuasaan kolonial di Indonesia. Banyak kalangan menilai federalisme adalah agenda politik tersembunyi Belanda untuk mempertahankan pengaruhnya. Oleh karenanya, usaha untuk membendung hal itu adalah dengan membentuk dan mempertahankan sistem negara kesatuan sebagaimana diterapkan hingga hari ini. Sebaliknya, jatuhnya rezim Soeharto menjadikan isu federalisme mengemuka kembali sebagai sebuah formula untuk keluar dari krisis multi dimensi yang ditimbulkan Orde Baru. Terlepas dari diskursus federalisme yang masih menjadi jalan panjang untuk diadopsi di Indonesia, paper ini mengulas mengenai federalism, sebagai sebuah sistem pemerintah, yang patut menjadi sistem politik yang tepat untuk Indonesia khususnya dalam mengatur keberagaman dan menyelesaikan krisis multi dimensi."

"ABSTRAKThis research examines Chief Executive Officer (CEO) turnover and market reaction in Indonesia. The sample of this research consists of 213 CEO turnover announcements for Indonesia Stock Exchange during 2000?2010 period. T-tests were used to investigate the effect of CEO turnover announcement on abnormal stock return during the event windows periods. The results of this research show that there is positive reaction on the CEO turnover announcements. This research considers both routine and non routine CEO turnover processes. This research finds that both turnover processes have information content to investor. This research also finds positive reaction on the announcements of outsider incoming CEO, while investors do not react on the announcement of insider incoming CEO. Thus, this research provides evidence that CEO turnover announcement have informationcontent."

"Kewenangan pengujian konstitusionalitas Mahkamah Konstitusi Republik Indonesia bersumber dari atribusi Pasal 24C ayat (1) UUD NRI Tahun 1945. Pengaturan dalam Konstitusi tersebut hanya menyebutkan Mahkamah Konstitusi berwenang mengadili pada tingkat pertama dan terakhir yang putusannya bersifat final untuk menguji undang-undang terhadap Undang-undang Dasar. Menurut teori hukum administrasi negara, penerima atribusi dapat menciptakan wewenang baru atau memperluas wewenang yang sudah ada. Pada praktiknya Mahkamah Konstitusi menafsirkan sendiri jangkauan kewenangannya dalam pengujian konstitusionalitas melalui setiap Putusannya. Selain kewenangan sebagai negative legislator, Mahkamah Konstitusi juga berwenang sebagai positive legislator, bahkan memperluas obyek pengujiannya. Pengaturan dalam Undang-undang Mahkamah Konstitusi sebagai peraturan pelaksana dari Pasal 24 C ayat (1) UUD NRI Tahun 1945 yang membatasi kewenangan Mahkamah Konstitusi sebatas negative legislator dan membatasi obyek pengujian konstitusionalitas menjadi tidak serta merta mengikat bagi Mahkamah Konstitusi. Dalam praktik pengujian konstitusionalitas dewasa ini, perluasan kewenangan peradilan konstitusi dari sebatas negative legislator menjadi positive legislator dan perluasan obyek pengujian menjadi kecenderungan yang umum terjadi diberbagai negara. Perluasan kewenangan peradilan konstitusi memiliki kecenderungan dapat mengambil alih fungsi legislatif dari pembentuk undang-undang. Keadaan ini disebut pathology pengujian konstitusional. Oleh karena itu dilakukan penelitian secara yuridis normatif untuk mengetahui bagaimanakah pengujian konstitusionalitas yang masih menjadi kewenangan peradilan konstitusi. Hasil penelitian berupa konsep pengujian konstitusional yang masih menjadi kewenangan peradilan konstitusi, akan digunakan untuk menganalisa praktik pengujian konstitusional yang dilakukan oleh Mahkamah Konstitusi di Indonesia. Pengujian konstitusionalitas yang dilaksanakan oleh Peradilan konstitusi dinyatakan masih dalam lingkup kewenangannya apabila memenuhi empat kriteria yaitu: 1).Melalui Proses Peradilan; 2). Secara Umum Berperan Sebagai Negative Legislator; 3). Dalam Keadaan Tertentu dan Batasan Materi Tertentu Sebagai Positive Legislator; dan 4). Materi muatan norma yang termasuk dalam kategori doktrin political question bukan Obyek Pengujian Konstitusionalitas. Praktik pengujian konstitusionalitas yang dilakukan Mahkamah Konstitusi Republik Indonesia ada yang memenuhi empat kriteria tersebut sehingga masih berada dalam lingkup kewenangan peradilan konstitusi. Namun ada pula putusan Mahkamah Konstitusi yang tidak memenuhi empat kriteria kewenangan pengujian konstitusionalitas peradilan konstitusi. Putusan yang demikian memposisikan Mahkamah Konstitusi melampaui kewenangan peradilan konstitusi, sehingga memiliki kecenderungan untuk menjadi pathology karena mengambil alih fungsi legislatif dari pembentuk undang-undang.

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The jurisdiction of the constitutional judicial review of the Constitutional Court of the Republic of Indonesia came from the attribution of Article 24C paragraph (1) NRI Constitution of 1945. The setting in the Constitution mentions only Constitutional Court jurisdiction to hear at the first and last decision is final, the laws against the Constitution. According to the theory of administrative law, the beneficiary attribution can create new or expand existing jurisdiction. In practice the Constitutional Court to interpret its own range of jurisdiction over the constitutionality through each Decision. In addition to the jurisdiction as negative legislator, the Constitutional Court also authorized as a positive legislator, even extending the test object. The settings in the Law of the Constitutional Court as the implementing regulations of Article 24 C of paragraph (1) NRI Constitution of 1945 which limits the jurisdiction of the Constitutional Court and limiting the extent of negative legislator constitutionality object becomes not necessarily binding on the Constitutional Court. In the practice of the constitutional judicial review of today, the expansion of the jurisdiction of the constitutional court be limited from a negative legislator to be a positive legislator and expansion of test objects become a trend that is common in many countries. The expansion of the jurisdiction of a constitutional court may have a tendency to take over the legislative functions of the legislators. This condition is called constitutional pathology testing. Therefore normative juridical research to determine how the constitutional judicial review of which is still under the jurisdiction of a constitutional court.

The results of research in the form of concept constitutional judicial review is still the constitutional jurisdiction of the constitutional court, will be used to analyze the practice of constitutional judicial review carried out by the Constitutional Court in Indonesia. Judicial review carried out by the Constitution Court declared still within the scope of its jurisdiction if it meets four criteria: 1) Through the Judicial Proceedings; 2). In General Role In Negative Legislator; 3). In Specific Circumstances and Limitation of Certain Material For Positive Legislators; and 4). The substance of the norms included in the category of the political question doctrine is not Object Testing Constitutionality. Practice constitutional judicial review conducted Indonesian Constitutional Court there that meet these four criteria so that they are within the scope of jurisdiction of the constitutional court. But there is also a Constitutional Court ruling does not satisfy the four criteria of the jurisdiction of the constitutionality of the constitutional court. The verdict thus positioning the Constitutional Court exceeded the jurisdiction of the constitutional court, so it has a tendency to be a pathology due to take over the legislative functions of the legislators."

"ABSTRAKTo give Indonesian debtors and foreign creditors a way out of the crisis, in early July1998 government launched INDRA (Indonesian Debt Restructuring Agency). This scheme isnot quite success as Ficorca, the similar Mexican scheme. INDRA is a contract that allowsIndonesian debtors to enter into a foreign-exchange rate insurance scheme with the governmentDollar-denominated rescheduled debts are paid by the government after a grace period, whileIndonesian debtors service their debts to INDRA, in domestic cuirency at an agreed-uponexchange rate at the time of the contract. If the real exchange rate appreciates during the period of servicing of the foreign debts,these firms bave the option to leave INDRA and purchase dollars at more agreeable market rate.Thus, firms are insured against losses due to rupiah depreciation, while they have an opportunityor option to take advantage of &vorable developments. In short, INDRA performs a service to Indonesia debtor firms, in the form of offering aforeign exchange ?insurance scheme? with the option to leave that normally is not offered infinancial markets for such time horizons. Unlike such market-priced option packages, theINDRA pm gram does not require the dollar up-front payment. Instead, 1NDRA participants payup-fmnt monthly rupiah installments on both interest and principle. Survey reveals, Indonesia debtors don?t pay much attention to this alternative solution offoreign debt The reasons are the scheme of INDRA doesn?t match company?s cash flow, fòreigncreditors don?t agree to such a long period of installment, it needs socialization, tack ofcommitment from the company?s owner, INDRA?s exchange rate stilt high and finallydifficulties to enforce the right of ofl?hore creditor make debtors more reluctant to æstnjcture thedebt. Lower INDRA?s exchange rate than market exchange rate, is obviously a veiled subsidyby government but it ¡s not enough to attract indebted Indonesian companies. We could notblame on economic crisis on and on. The bottom line of INDRA is about the governmentestablishing credibility. On the other hand, INDRA is about expectations. JNDRA is about givingassurance to Indonesian debtors which are protected from any instability of foreign exchangerate volatility. Many said, even mpiäh-doijar exchange rate back to normal rate, still difficult to repaythe loan as being scheduled. Thus, the problem is not on the bad or good INDRA scheme but onthe company?s fùndamentai activitites. Instability os exchange rate means a back fire to thegovernment as more exchange rate subsidy to be performed in INDRA mechanism."