Hasil Pencarian  ::  Simpan CSV :: Kembali

"Penelitian yang dilakukan dalam menyusun tesis ini menggunakan metode pendekatan yuridis normatif, yakni mengkaji ketentuan-ketentuan pada peraturan perundang-undangan yang berkaitan dengan rencana penerbitan Obligasi Daerah Pemerintah Provinsi Jawa Barat. Tujuan dari penelitian ini adalah untuk mengetahui prosedur penerbitan, kendala dan alternatif penyelesaiannya dalam rencana penerbitan Obligasi Daerah Pemerintah Provinsi Jawa Barat. Peraturan-Peraturan untuk Penerbitan Obligasi Daerah dibuat beradasarkan peraturan pasar modal, dengan berbagai penyesuaian yang diperlukan. Penerbitan Obligasi Daerah Pemerintah Provinsi Jawa Barat adalah untuk memenuhi sasaran misi keempat Pemerintah Provinsi Jawa Barat, yaitu mewujudkan Jawa Barat yang nyaman dengan pembangunan infrastruktur strategis yang berkelanjutan. Rencana penerbitan Obligasi Daerah Pemerintah Provinsi Jawa Barat terkendala mengenai laporan keuangan dan alokasi dana cadangan yang belum ada peraturannya, sehingga diperlukan peraturan tambahan untuk menjadi dasar yang pasti dalam pelaksanaan penerbitan Obligasi Daerah selanjutnya.

---

This thesis using legal normative approach research, which examines the provisions of the legislation relating to the issuance of the Regional Bond West Java Provincial Government. The purpose of this study was to determine the procedures for issuing, constraints and alternative settlement in the Regional Bond issuance West Java Provincial Government. Rules for the Issuance of Municipal Bonds made beradasarkan capital market regulation, with the necessary adjustments. Municipal Bond Issuance West Java Provincial Government is to meet the target of the fourth mission of West Java Provincial Government, namely West Java realize comfortable with the sustainable development of strategic infrastructure. Bond issuance plan of West Java Provincial Government is constrained on the financial statements and the allocation of the reserve fund has been no rules, so that additional regulations are needed to be a sure foundation in the implementation of the Regional Bond next."

"Penelitian ini menganalisis kelayakan dari penerbitan obligasi daerah pada Pemda Provinsi DKI Jakarta dengan melakukan analisis SWOT dan Debt Service Coverage Ratio (DSCR) dan membandingkan antara penerbitan obligasi daerah dan mekanisme pembiayaan internal sebagai alternatif sumber pembiayaan infrastruktur daerah dengan adanya keterbatasan anggaran. Analisis yang digunakan dalam penelitian ini adalah analisis SWOT, yaitu dengan mengkaji peluang, ancaman, kelebihan, dan kekurangan dari penerbitan obligasi daerah sebagai sumber dana pembangunan infrastruktur daerah dan analisis Debt Servive Coverage Ratio (DSCR), yaitu perbandingan antara penjumlahan pendapatan asli daerah, bagian daerah dari pajak bumi dan bangunan, penerimaan sumber daya alam dan bagian daerah lainnya serta dana alokasi umum setelah dikurangi belanja wajib, dengan penjumlahan angsuran pokok, bunga dan biaya pinjaman lainnya yang jatuh tempo. Hasil dari penelitian ini adalah penerbitan obligasi daarah mempunyai potensi yang menarik untuk digunakan sebagai alternatif atau bahkan solusi untuk mengatasi permasalahan akan kurangnya dana pembiayaan pemerintah untuk proyek pembangunan infrastruktur daerah dan hasil dari penelitian ini adalah dan juga Pemda DKI Jakarta dari segi kemampuan keuangan dalam rangka pelunasan kembali pinjaman daerah yang diukur dengan DSCR, dinyatakan mampu memenuhi nilai DSCR yang disyaratkan dengan melebihi batas minimal yang disyaratkan oleh Menkeu.

---

This study analyzed the feasibility of issuing bonds in the region of Jakarta Provincial Government to conduct a SWOT analysis and a Debt Service Coverage Ratio (DSCR) and comparing the issuance of local bonds and internal financing mechanisms as an alternative source of financing local infrastructure with a limited budget. The analysis used in this study is a SWOT analysis, which is to assess the opportunities, threats, strengths, and weaknesses of the issuance of municipal bonds as a source of funding regional infrastructure development and analysis Debt Servive Coverage Ratio (DSCR), which is the ratio between the sum of revenue, the area of land and property taxes, natural resource revenues and other parts of the region as well as the general allocation fund net mandatory spending, the sum of principal, interest and other borrowing costs are due. The results of this study are daarah bonds have interesting potential for use as an alternative or even a solution to overcome the problem of the lack of funds for government financing regional infrastructure development projects and the results of this study are the Jakarta Government and also in terms of financial capacity in order repayment loan areas measured by DSCR, DSCR otherwise be able to meet the required value by exceeding the minimum required by the Minister."

"ABSTRAKPenelitian ini membahas Faktor-Faktor Yang Mempengaruhi Persiapan Penerbitan Obligasi Daerah baik dalam maupun sekitar organisasi sebagai alternatif pembiayaan pembangunan infrastruktur. Penelitian ini menggunakan pendekatan post positivist, dengan menggunakan teknik pengumpulan data secara kualitatif melalui wawancara mendalam dan studi literatur. Rencana penerbitan obligasi daerah di Provinsi Jawa Barat sudah dikaji sejak tahun 2012. Hasil penelitian dari rencana penerbitan obligasi daerah pada Provinsi Jawa Barat adalah sudah siap jika ditinjau dari penilaian keuangan. Namun, secara penilaian administratif masih ada beberapa hal yang harus diperhatikan. Diketahui pula hal tersebut dipengaruhi oleh kurangnya komitmen pemerintah dalam hal peraturan dasar obligasi daerah yang kurang memadai untuk menerbitkan obligasi daerah, belum adanya sinergi antar lembaga yang terlibat, dan tingginya pajak yang dikenakan atas tingkat bunga dan/atau diskonto obligasi daerah yang dapat menyebabkan kurangnya minat investor serta sulitnya obligasi daerah untuk dapat berkompetisi baik di tingkat lokal, nasional, maupun global.

---

ABSTRACTThis study discusses Factors Affecting the Preparation of Bond Issuance in both within and around the organization as an alternative financing infrastructure development. This research uses post positivist approach, using qualitative data collection technique through in depth interview and literature study. The plan to issue local bonds in West Java Province has been studied since 2012. The research results of the planned issuance of regional bonds in West Java Province is ready when viewed from the financial valuation. However, in administrative assessment there are still some things to be considered. It is also influenced by the lack of government commitment in terms of inadequate local bond regulations to issue local bonds, the absence of synergies between the agencies involved, and the high taxes imposed on the interest rate and or discounted regional bonds that may lead to a lack of interest Investors and the difficulties of local bonds to compete at the local, national, and global levels."

"Penelitian ini bertujuan untuk menganalisis premi risiko likuiditas obligasi pemerintah Indonesia pada periode tahun 2005 hingga tahun 2019 dan faktor-faktor determinan yang memengaruhinya. Premi risiko likuiditas dihitung dari selisih antara yield to maturity dan theoretical yield serta rata-rata bid-ask spread dari obligasi tersebut. Penelitian ini menggunakan analisis regresi data panel dengan model Random Effect untuk menentukan faktor-faktor determinan dari premi risiko tersebut. Berdasarkan penelitian ini diperoleh hasil bahwa premi risiko likuiditas obligasi pemerintah Indonesia relatif kecil dan dipengaruhi oleh karakteristik obligasi dan kondisi pasar keuangan Indonesia. Jumlah obligasi yang diterbitkan dan besar kupon berpengaruh signifikan negatif terhadap premi risiko obligasi, sedangkan sisa umur obligasi dan umur obligasi berpengaruh signifikan positif terhadap premi risiko obligasi. Obligasi sukuk memiliki premi risiko likuiditas yang lebih besar dibandingkan obligasi konvensional. Dalam keadaan krisis atau pada saat volatilitas pasar keuangan meningkat, premi risiko likuiditas meningkat. Hasil dari penelitian ini diharapkan dapat memperkaya pemahaman tentang risiko likuiditas pada obligasi pemerintah Indonesia yang dapat bermanfaat bagi otoritas fiskal dan moneter dalam mengambil kebijakan dan bagi investor dalam mengambil keputusan investasi.

---

This paper aims to analyze the liquidity risk premium on the Indonesian government bonds. There are two liquidity risk premium proxies to be used, they are the difference between the yield to maturity and the theoretical yield of the obligation and the average bid-ask spread of the obligation. The research uses a regression analysis on the Random Effect panel data model to define the determinant factors of the liquidity risk premium. The result of this research shows that the liquidity risk premium of Indonesian government bonds is relatively small, affected by the bond's characteristics and the financial market condition. The determinant factors are bond's age, coupon rate, remaining life, issued amount, type (Sukuk or conventional), and the Indonesian stock market volatility. The researcher expects that the result of this research will enrich the understanding of the liquidity risk on Indonesian government bonds so that it can be used by the fiscal and monetary authorities and also investors in making decisions."

"Tujuan dari penelitian ini adalah untuk mengeksplorasi kointegrasi dan interdependensi dari yield obligasi pemerintah 10 tahun pada negara-negara ASEAN 4 (Indonesia, Malaysia, Filipina dan Thailand), India, dan Cina dengan yield obligasi pemerintah AS, Jerman, dan Jepang. Penelitian ini mengaplikasikan model estimasi Vector Autoregression (VAR), Impulse Response Function (IRF), Variance Decomposition (VD) dan Granger Causality Test untuk mengobservasi hubungan dua arah antara variabel-variabel penelitian, dan menggunakan data mingguan dari yield obligasi pemerintah 10 tahun dari setiap negara selama periode penelitian Jan 2007 – Des 2022.Hubungan jangka panjang di estimasi dengan Johansen Cointegration Test. Hasil dari analisis menunjukkan bahwa tidak terdapat kointegrasi antara yield obligasi pemerintah 10 tahun untuk negara-negara ASEAN 4, India, dan Cina dengan yield obligasi pemerintah AS, Jerman, dan Jepang. Sementara hubungan jangka pendek di estimasi dengan model VAR. Uji kausalitas dengan Granger Causality menunjukkan pola hubungan satu arah antara negara-negara maju terhadap negara-negara berkembang. Melalui uji IRF dan VD dapat dilihat pengaruh yield obligasi negara AS yang cukup kuat terhadap negara-negara berkembang. Temuan pada penelitian ini diharapkan memperkaya penelitian yang fokus dalam meneliti hubungan antar negara, secara khusus penelitian yang berkonsentrasi pada obligasi pemerintah jangka panjang pada negara-ASEAN dan negara maju. Dan memberikan wawasan untuk strategi investasi bagi investor, serta bagi pemerintah dalam penentuan nilai kupon yield sebagai bagian dari kebijakan strategis.

---

The purpose of the study is to explore cointegration and interdependency of 10 years government bond yield of ASEAN 4 countries (Indonesia, Malaysia, Philippines, and Thailand), India, and China with global government bond yield of USA, Germany, and Japan. The research applied estimating model of Vector Autoregression (VAR), Impulse Response Function (IRF), Variance Decomposition (VD) and Granger Causality Test to observe two-way relationship between variables and employed weekly data of 10 years government bond current yield of each country during period of Jan 2007 – Dec 2022.

Long-run relationship is assessed with Johansen Cointegration test. The outcome showed that there are no cointegration (long-run relationship) between 10 years government bond yield for ASEAN 4 countries, India, and China with global government bond yield of USA, Germany, and Japan. Short-run relationship estimated with VAR model. Causality test utilizing Granger Causality portrays one way relationship pattern from developed countries to emerging countries. And trough IRF and VD test strong influence of US bond yield toward emerging market countries is discovered.

The finding on this study enriched research that focused on observing relationship between countries, especially research that concentrated on long term government bond for ASEAN countries and developed countries. And the research unlocked insights for investor on their investment strategy as well as for regulator in determining yield coupon as part of strategic policy."

"[ABSTRAKTingginya porsi kepemilikan asing pada Obligasi Negara (ON) domestikdapat meningkatkan likuiditas dan mengurangi biaya pinjaman pemerintah.Namun demikian, hal ini juga menyimpan risiko dalam hal sudden reversal.Penelitian ini mengamati perilaku investor asing di pasar ON domestik denganmempergunakan model vektor auto regresi (VAR). Dua faktor yangmempengaruhi perilaku asing di pasar ON domestik yaitu pull factor atau faktorinternal dan push factor atau faktor eksternal. Hasil temuan dari estimasi VARmenunjukkan bahwa harga minyak, sebagai faktor eksternal, secara positifmenggerakkan arus dana asing.Analisa dari hasil estimasi Impulse Response Function (IRF) menunjukkanbahwa gejolak dari arus dana asing secara negatif saling mempengaruhi yield ON,leading indicator, dan volatilitas nilai tukar, tetapi berpengaruh positif terhadaptingkat suku bunga. Berdasarkan analisa diatas, penelitian ini memiliki implikasikebijakan antara lain perlunya intervensi pemerintah di pasar sekunder melaluibuyback dan debt switch, pemberlakuan minimum holding period, memperkuatfungsi pengawasan dan supervisi, menembangkan kerangka Bond StabilizationFund (BSF), dan mempromosikan obligasi pembiayaan proyek.

---

ABSTRACTHigh foreign ownership of domestic government bonds (GB) could generateliquidity and reduce governments? cost of borrowing. However, they also containrisk in the case of sudden reversal. This study investigates the behavior of theforeign investors in the domestic Indonesian GB market by applying the vectorauto regression (VAR) model. There are two factors that could determine foreignbehavior in the domestic GB market, namely pull (or internal) factors and push (orexternal) factors. The finding from the VAR estimation provides evidence that oilprice, as a push factor, positively drives foreign capital flows.Dynamic analysis from the Impulse Response Function (IRF) shows that theshock of foreign capital flows negatively respond to GB yield, leading indicator,and exchange rate volatility, and vice versa. However, it has a positive impact oninterest rates and vice versa. Based on its results, this study has important policyimplications, such as government intervention in the secondary market throughbuyback and debt switch, application of a minimum holding period, strengtheningthe control and supervision body, construction of a Bond Stabilization Fundframework, and promotion of project-financing bonds.;High foreign ownership of domestic government bonds (GB) could generateliquidity and reduce governments? cost of borrowing. However, they also containrisk in the case of sudden reversal. This study investigates the behavior of theforeign investors in the domestic Indonesian GB market by applying the vectorauto regression (VAR) model. There are two factors that could determine foreignbehavior in the domestic GB market, namely pull (or internal) factors and push (orexternal) factors. The finding from the VAR estimation provides evidence that oilprice, as a push factor, positively drives foreign capital flows.Dynamic analysis from the Impulse Response Function (IRF) shows that theshock of foreign capital flows negatively respond to GB yield, leading indicator,and exchange rate volatility, and vice versa. However, it has a positive impact oninterest rates and vice versa. Based on its results, this study has important policyimplications, such as government intervention in the secondary market throughbuyback and debt switch, application of a minimum holding period, strengtheningthe control and supervision body, construction of a Bond Stabilization Fundframework, and promotion of project-financing bonds.;High foreign ownership of domestic government bonds (GB) could generateliquidity and reduce governments? cost of borrowing. However, they also containrisk in the case of sudden reversal. This study investigates the behavior of theforeign investors in the domestic Indonesian GB market by applying the vectorauto regression (VAR) model. There are two factors that could determine foreignbehavior in the domestic GB market, namely pull (or internal) factors and push (orexternal) factors. The finding from the VAR estimation provides evidence that oilprice, as a push factor, positively drives foreign capital flows.Dynamic analysis from the Impulse Response Function (IRF) shows that theshock of foreign capital flows negatively respond to GB yield, leading indicator,and exchange rate volatility, and vice versa. However, it has a positive impact oninterest rates and vice versa. Based on its results, this study has important policyimplications, such as government intervention in the secondary market throughbuyback and debt switch, application of a minimum holding period, strengtheningthe control and supervision body, construction of a Bond Stabilization Fundframework, and promotion of project-financing bonds.;High foreign ownership of domestic government bonds (GB) could generateliquidity and reduce governments? cost of borrowing. However, they also containrisk in the case of sudden reversal. This study investigates the behavior of theforeign investors in the domestic Indonesian GB market by applying the vectorauto regression (VAR) model. There are two factors that could determine foreignbehavior in the domestic GB market, namely pull (or internal) factors and push (orexternal) factors. The finding from the VAR estimation provides evidence that oilprice, as a push factor, positively drives foreign capital flows.Dynamic analysis from the Impulse Response Function (IRF) shows that theshock of foreign capital flows negatively respond to GB yield, leading indicator,and exchange rate volatility, and vice versa. However, it has a positive impact oninterest rates and vice versa. Based on its results, this study has important policyimplications, such as government intervention in the secondary market throughbuyback and debt switch, application of a minimum holding period, strengtheningthe control and supervision body, construction of a Bond Stabilization Fundframework, and promotion of project-financing bonds.;High foreign ownership of domestic government bonds (GB) could generateliquidity and reduce governments? cost of borrowing. However, they also containrisk in the case of sudden reversal. This study investigates the behavior of theforeign investors in the domestic Indonesian GB market by applying the vectorauto regression (VAR) model. There are two factors that could determine foreignbehavior in the domestic GB market, namely pull (or internal) factors and push (orexternal) factors. The finding from the VAR estimation provides evidence that oilprice, as a push factor, positively drives foreign capital flows.Dynamic analysis from the Impulse Response Function (IRF) shows that theshock of foreign capital flows negatively respond to GB yield, leading indicator,and exchange rate volatility, and vice versa. However, it has a positive impact oninterest rates and vice versa. Based on its results, this study has important policyimplications, such as government intervention in the secondary market throughbuyback and debt switch, application of a minimum holding period, strengtheningthe control and supervision body, construction of a Bond Stabilization Fundframework, and promotion of project-financing bonds.;High foreign ownership of domestic government bonds (GB) could generateliquidity and reduce governments? cost of borrowing. However, they also containrisk in the case of sudden reversal. This study investigates the behavior of theforeign investors in the domestic Indonesian GB market by applying the vectorauto regression (VAR) model. There are two factors that could determine foreignbehavior in the domestic GB market, namely pull (or internal) factors and push (orexternal) factors. The finding from the VAR estimation provides evidence that oilprice, as a push factor, positively drives foreign capital flows.Dynamic analysis from the Impulse Response Function (IRF) shows that theshock of foreign capital flows negatively respond to GB yield, leading indicator,and exchange rate volatility, and vice versa. However, it has a positive impact oninterest rates and vice versa. Based on its results, this study has important policyimplications, such as government intervention in the secondary market throughbuyback and debt switch, application of a minimum holding period, strengtheningthe control and supervision body, construction of a Bond Stabilization Fundframework, and promotion of project-financing bonds.;High foreign ownership of domestic government bonds (GB) could generateliquidity and reduce governments? cost of borrowing. However, they also containrisk in the case of sudden reversal. This study investigates the behavior of theforeign investors in the domestic Indonesian GB market by applying the vectorauto regression (VAR) model. There are two factors that could determine foreignbehavior in the domestic GB market, namely pull (or internal) factors and push (orexternal) factors. The finding from the VAR estimation provides evidence that oilprice, as a push factor, positively drives foreign capital flows.Dynamic analysis from the Impulse Response Function (IRF) shows that theshock of foreign capital flows negatively respond to GB yield, leading indicator,and exchange rate volatility, and vice versa. However, it has a positive impact oninterest rates and vice versa. Based on its results, this study has important policyimplications, such as government intervention in the secondary market throughbuyback and debt switch, application of a minimum holding period, strengtheningthe control and supervision body, construction of a Bond Stabilization Fundframework, and promotion of project-financing bonds., High foreign ownership of domestic government bonds (GB) could generateliquidity and reduce governments’ cost of borrowing. However, they also containrisk in the case of sudden reversal. This study investigates the behavior of theforeign investors in the domestic Indonesian GB market by applying the vectorauto regression (VAR) model. There are two factors that could determine foreignbehavior in the domestic GB market, namely pull (or internal) factors and push (orexternal) factors. The finding from the VAR estimation provides evidence that oilprice, as a push factor, positively drives foreign capital flows.Dynamic analysis from the Impulse Response Function (IRF) shows that theshock of foreign capital flows negatively respond to GB yield, leading indicator,and exchange rate volatility, and vice versa. However, it has a positive impact oninterest rates and vice versa. Based on its results, this study has important policyimplications, such as government intervention in the secondary market throughbuyback and debt switch, application of a minimum holding period, strengtheningthe control and supervision body, construction of a Bond Stabilization Fundframework, and promotion of project-financing bonds.]"

"Bank Sentral Eropa (ECB) sedang dihadapkan dengan inflasi yang tinggi setelah beberapa dekade inflasi di Zona Euro mencapai tingkat yang sangat rendah. Hal ini mengharuskan ECB mengambil tindakan moneter, yaitu dengan melakukan pengetatan perekonomian yang menyebabkan ECB menaikkan suku bunganya untuk pertama kalinya setelah 11 tahun. Sebuah studi peristiwa (event study) digunakan untuk mempelajari dampak pengetatan moneter terhadap harga obligasi pemerintah di zona euro. Hasil analisis menunjukkan bahwa pengetatan moneter menyebabkan peningkatan imbal hasil (yield) obligasi pemerintah. Dua regresi digunakan untuk menganalisis faktor pendorong abnormal return imbal hasil obligasi selama pengetatan moneter.

---

The European Central Bank (ECB) is being faced by a high inflation after decades of low inflation. This led the ECB to take monetary measures by tightening the economy which induced the ECB to increase its interest rates for the first time after 11 years. An event study was conducted to examine the effects this monetary tightening has on the Eurozone government bond prices. The results of the analyses indicated that the monetary tightening lead to increase in government bond yields. Finally, two regressions were run to analyse the drivers of the abnormal returns of bond yields during the monetary tightening. "

"ABSTRACTMusyawarah Perencanaan Pembangunan Musrenbang adalah forum antarpelaku untuk menyusun rencana pembangunan di tingkat nasional maupun daerah. Pelaksanaan musrenbang juga dimaksudkan untuk menampung aspirasi masyarakat terkait dengan pembangunan di wilayahnya. Penelitian ini bertujuan untuk melihat efektivitas pelaksanaan musrenbang dalam penyusunan dokumen Rencana Kerja Pemerintah Daerah RKPD Kota Bekasi, Provinsi Jawa Barat. Untuk melihat efektivitas pelaksanaan musrenbangnya, penelitian ini menggunakan teori perencanaan yang baik dari Nugroho dan Wrihatnolo 2011 yang terbagi atas sistematis, terpadu, transparan, dan akuntabel. Penelitian ini menggunakan pendekatan post positivist dengan teknik pengumpulan data berupa wawancara mendalam dan studi literatur. Hasil penelitian ini menunjukkan bahwa pelaksanaan musrenbang RKPD di Kota Bekasi tahun 2018 sudah cukup efektif, dapat dilihat dari terpenuhinya sebagian besar indikator pada keempat dimensi yang ada walaupun terdapat beberapa hambatan. Indikator pada dimensi transparan belum terpenuhi dengan baik yaitu terkait menampung setiap usulan yang masuk tanpa ada yang disembunyikan. Hal ini disebabkan karena adanya keterbatasan dalam hal sistem yang dipakai yaitu sistem e-planning. Hambatan pelaksanaan musrenbang lainnya adalah terkait dengan keterbatasan keuangan daerah yang membuat tidak semua usulan dapat diakomodir.

---

ABSTRACTDevelopment Planning Discussion Musrenbang is an inter government forum to develop national and regional development plans. The implementation of musrenbang is also intended to accommodate community aspirations related to development in the region. This study aims to see the effectiveness of the implementation of musrenbang in the preparation of Local Government Work Plan Document RKPD in Bekasi City, West Java Province. To see the effectiveness, this research used theory of a good planning from Nugroho and Wrihatnolo 2011 which is divided into systematic, integrated, transparent and accountable. This research uses post positivist approach with in depth interview and literature study for data collection techniques. The results of this study indicate that the implementation of musrenbang for RKPD document 2018 in Bekasi is quite effective, can be seen from the fulfillment of most indicators on the four dimensions that exist although there are some obstacles. Indicators on transparent dimensions have not met well that is related to accommodate every proposal that comes in without any hidden. This is due to the limitations in the system used is the e planning system. The other obstacles on the implementation of this musrenbang are related to the regional financial constraints that make not all proposals accommodable."

"Obligasi daerah merupakan salah satu altematif pembiayaan pembangunan di daerah. UU 33/2004 tentang Perimbangan Keuangan antara Pemerintah Pusat dan Pemenntah Daerah memberi peluang bagi daerah untuk menerbitkan obligasi daerah, dan untuk memfasilitasi penerbitannya, telah diterbitkan PP 54/2004 tentang Pinjaman Daerah dan PP 58/2004 tentang Pengelolaan Keuangan Daerah. Saat ini Departemen Keuangan tengah mempersiapkan rancangan keputusan menteri terkait dengan pengaturan teknis penerbitan obligasi daerah. Datam UU 33/2004, PP 54/2005 dan PP 58/2005 dijelaskan bahwa Obligasi daerah hanya dapat dilakukan untuk membiayai investasi sektor publik yang menghasilkan peneriman dan memberikan manfaat bagi masyarakat. Kemudian dalam peraturan di atas juga diatur bahwa Obligasi daerah yang diterbitkan hanya jenis obligasi pendapatan (Revenue Bonds).Investasi sektor publik erat kaitannya dengan infrastruktur, oleh karenanya obligasi daerah juga dapat digunakan untuk membiayai pembangunan infrastruktur. Penyediaan infrastruktur untuk kepentingan umum merupakan kewajiban Pemerintah dan pemerintah daerah, namun karena kekuatan pembiayaan Pemerintah dan pemerintah daerah sangat terbatas dibandingkan dengan kebutuhan, diperlukan adanya partisipasi sektor swasta dalam penyelenggaraan infrastruktur (Private Sector Participation atau PSP; Public Private Partnership atau PPP). Terkait dengan dipromosikannya PPP atau PSP dalam penyediaan infrastruktur di daerah, maka perlu dikaji apakah proyek infrastruktur yang dikerjasamakan dengan badan usaha (BUMN, BUMD, swasta) dapat juga didanai dengan obligasi daerah, dan apabila jawabannya ya, bagaimanakah mekanisme pembiayaannya. Permasalahan pembiayaan yang bersumber dari obligasi daerah bagi penyediaan infrastruktur yang dikerjasamakan dengan badan usaha tersebut menjadi fokus penelitn dalam tesis ini."

"Tulisan ini menganalisis bagaimana proses penerbitan serta bentuk tanggung jawab dari akuntabilitas hasil investasi Blue Bond yang diterbitkan oleh Indonesia di Pasar Obligasi Jepang. Tulisan ini disusun dengan menggunakan metode penelitian doktrinal. Blue Bond merupakan suatu obligasi yang berkelanjutan yang menggunakan konsep ekonomi biru, yang termasuk dalam 17 Sustainable Development Goals. Indonesia menerbitkan Blue Bond di Pasar Obligasi Jepang pada tahun 2023 untuk mendukung proyek-proyek yang memperhatikan kelestarian laut dan sumber daya air bersih, sesuai dengan kerangka kerja Republic of Indonesia SDGs Government Securities Framework dan panduan Blue Finance yang diterbitkan oleh ICMA. Penerbitan Blue Bond oleh Indonesia ini dapat menegaskan dukungan Indonesia terhadap sustainable financing mengingat Indonesia sudah pernah menerbitkan green sukuk dalam mata uang USD dan SDGs bond dalam mata uang Euro. Namun, karena Blue Bond diterbitkan di Pasar Obligasi Jepang, penting untuk memastikan bahwa proses penerbitannya sesuai dengan peraturan yang berlaku, seperti Peraturan Menteri Keuangan No. 215/PMK.08/2019 tentang Penjualan dan Pembelian Kembali Surat Utang Negara dalam Valuta Asing di Pasar Internasional. Selain itu, penting juga untuk diketahui mengenai bagaimana bentuk tanggung jawab dari akuntabilitas hasil investasi Blue Bond terhadap para investor. Hal ini penting dilakukan untuk menjaga integritas Indonesia di pasar sustainable financing dunia. Untuk mencapai tujuan ini, Indonesia harus memperkuat akuntabilitas dan menegaskan komitmennya melalui langkah-langkah konkret. Langkah-langkah konkret tersebut antara lain dengan menggunakan framework yang diterima oleh investor, menyusun laporan tahunan, serta melakukan external review. Dengan demikian, memiliki pemahaman mendalam mengenai bagaimana proses penerbitan serta bentuk tanggung jawab dari akuntabilitas hasil investasi Blue Bond yang diterbitkan oleh Indonesia dapat membangun reputasi yang kuat bagi Indonesia dalam komunitas keuangan global sebagai negara yang bertanggung jawab secara ekologis dan berkomitmen terhadap pembangunan berkelanjutan.

---

This paper analyzes how the issuance process and the form of responsibility for the accountability of Blue Bond investment returns issued by Indonesia in the Japanese Bond Market. This work was created using doctrinal research approaches. Blue Bond is a sustainable bond based on the blue economy idea, which is incorporated in the 17 Sustainable Development Goals. Indonesia issued a Blue Bond in the Japanese Bond Market in 2023 to support projects that pay attention to marine sustainability and clean water resources, in compliance with the Republic of Indonesia SDGs Government Securities Framework and Blue Finance guidelines issued by ICMA. The issuance of Blue Bond by Indonesia can emphasize Indonesia's support for sustainable financing considering that Indonesia has already issued green sukuk denominated in USD and SDGs bond denominated in Euro. However, since the Blue Bond is issued in the Japanese Bond Market, it is important to ensure that the issuance process is in accordance with applicable regulations, such as the Minister of Finance Regulation No. 215/PMK.08/2019 on the Sale and Repurchase of Foreign Exchange Government Securities in the International Market. In addition, it is also important to know how the responsibility of the accountability of Blue Bond investment returns to investors. This is very important to maintain Indonesia's integrity in the global sustainable financing market. To achieve this goal, Indonesia must strengthen accountability and emphasize its commitment through concrete actions. These concrete actions include following an investor-accepted framework, compiling annual reports, and performing external evaluations. Thus, having an in-depth understanding of how the issuance process as well as the form of accountability for Blue Bond investment returns issued by Indonesia can help Indonesia establish a strong reputation in the global financial community as an environmentally responsible country committed to sustainable development."