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"The restructuring of the Indonesian banking sector that were undertaken to restore the economy after being hit by the financial crisis, have caused changes in capital and asset risk taking attitude of the banking sector. Banks shifted their portfolios away from risky assets to safer assets, while maintaining their capital levels, which in turn affected their profits. The main issue is whether this attitude towards risk impacts banks performances in their role as financial intermediaries. By using pattern and panel data analysis, our findings show relationship between macro economic policy and banks1 capital. However, there is inconclusive evidence between other variables."

"Government needed more income to raise the national budget. They issued instruments to collect income from citizen through debt and foreign currency. Government released Governmental Bonds for domestic market, which sold in retail (ORI) and for international market in foreign currency. Government also presented a law execution regulation to give certainty for the consumers or the taxpayers.Governmental Regulation Number 6 which published in 2002 distinguished the tax procedure for the bonds which imposed only on transactions tradable and reportable to the stock exchange. Income derived or taken from obligation transaction should be based on a global taxation. While, for the international bonds were given the facilities by the government. We would assume that there was an inequality between the bonds for domestic market and for international market. In global taxation, we should not differentiate the income by the source.This research used a quantitative descriptive as the research method. The type and data collection techniques used (1) literature research including on various taxation regulations and another related documents and (2) field research using interviews with such related parties as tax academicians, government as issuer and regulator. They gave several opinion which created differences in equity perspective.Government figured the debt as the best instrument to raise government income. They considered that attracting foreign investor by giving them tax facility was necessary to raise the budget. They named their policy as their budgeting and regulating function. But, we should notice that domestic investor might think the inequality of the tax burden.Therefore, it was suggested to make a comprehensive and equal policy. Based on tax principle, that tax should be fair and equal. It became fair that tax imposed on the income earned from the same source (instrument) equally. If one of them was given the facility, so the other should be given the same facility."

"Pilihan investasi umumnya mengacu kepada pertimbangan risiko dan hasil (risk-return analysist). Untuk itu diperlukan diperlukan pengukuran risiko yang cukup baik guna menentukan batas toleransi risiko dan pertimbangan kinerja atas besaran hasil yang ingin diperoleh.Dalam penelitian ini, penulis mengamati kecenderungan peningkatan perdagangan obligasi sebagai alternatif investasi di saat suku bunga perbankan terus menurun paska krisis. Namum peningkatan perdagangan obligasi tersebut tidak disertai pemahaman atas besarnya risiko yang dihadapi, sehingga pada saat suku bunga mengalami tekanan untuk naik dan harga obligasi mengalami kecenderungan turun, investor menjadi panik yang menyebabkan tekanan penurunan harga obligasi menjadi semakin besar.Penulis melakukan observasi terhadap sembilan seri obligasi negara dan menggunakan pendekatan yang sama dengan RiskMetrics dalam melakukan estimasi risiko dengan metode Value at Risk (VaR), mulai dari Parametrics VaR, Phstorical Simulations VaR, Monte Carlo Simulations VaR dan Heteroskedastics VaR. Perbedaan dari berbagai model VaR yang digunakan adalah estimasi volatilitas berdasarkan karakteristik distribusi pembahan tingkat imbal hasil yang menjadi faktor risiko utama risiko harga obligasi. Tujuannya adalah untuk mendapatkan estimasi risiko yang terbaik sehingga dapat digunakan dalam menentukan batas toleransi risiko yang dihadapi.Hasil penelitian yang didapat menunjukkan perubahan tingkat imbal hasil tidak mengikuti asumsi distribusi normal, sehingga penggunaan VaR dengan asumsi tersebut kurang baik. Hasil backtesting memperlihatkan bahwa Heteroskedastics memberikan hasil terjadinya penyimpangan kemgian melebihi batas ambang proyeksi risiko yang terkecil.......Every investment decision always considers risk and retum analysis. That is why risk estimation is very important in determining the risk tolerance limit and measuring the performance of the yield from investing in one instrument.In this research, the writer sees the increasing trend of bond market, as an alternative for investor when the interest rate of deposits in bank tends to decrease. However, the increase of bond market is not followed by investor knowledge of the risk in those securities. When the interest rate increases, and bonds price tends to decrease, investors panic and push the price deeper. It makes investor need tools to measure risk estimation, therefore that condition cannot happen again.The writer uses RiskMetrics methodology to estimate the risk of the nine sample government bond series observed with Value at Risk (VaR) methods, such as Parametric VaR, Historical Simulations VaR, Monte Carlo Simulations VaR and Heteroskedastics VaR. This paper focuses on the performance of various VaR model in terms of their ability to deliver volatility estimation, based on the characteristics of the yield distribution as risk factor of the bond price risk. The purpose is to conclude the best model to estimate the risk tolerance limit.Based on the result, the sample tests indicate that the yield distribution is not following the normal distribution asstunption; therefore the VaR model based on that assumptions is not good to estimate. By using the backtesting, Heteroskedastics VaR shows that to produce the lowest failure rate than other VaR models as a forecaster of risk tolerance limit."

"Pasar modal merupakan sarana untuk melakukan investasi, baik investasi tunggal maupun dengan membentuk diversifikasi investasi sesuai dengan risiko yang sanggup ditanggung dan return yang diharapkan. Investor perlu memiliki pemahaman yang lebih baik korelasi antara return indek saham dan return indek obligasi serta memahami juga comovement antara aset yang berbeda untuk dapat membuat keputusan diversifikasi, alokasi aset dan manajemen resiko yang efisien. Bagi investor untuk meneliti korelasi antara return indek saham dan return indek obligasi karena hanya dengan diversifikasi antara aset yang memiliki korelasi rendahlah yang dapat mengurangi resiko portofolio. Metodologi yang digunakan dalam penelitian ini adalah Generalized AutoRegressive Conditional Heteroscedasticity (GARCH) yang mampu memperkirakan dengan baik informasi dalam model estimasi dengan melibatkan nilai residual variabel, data sampel merupakan data time series lima negara di Asean periode 2004-2013. Hasil penelitian menunjukkan bahwa pergerakan standar deviasi return indek saham dan standar deviasi obligasi di Indonesia sebelum dan sesudah krisis tahun 2008 memiliki pergerakan yang sama sebelum krisis, pergerakan return indek saham dan obligasi di Malaysia dan Philipine sebelum dan sesudah krisis tahun 2008 memiliki pergerakan yang sama dengan korelasi yang berbeda, dan pergerakan return indek saham dan obligasi di Singapore dan Thailand sebelumdan sesudah krisis tahun 2008 memiliki hubungan pergerakan yang sama. ......The capital market is a means to make investments, either alone or with a form of investment diversification in accordance with the investment risk is borne capable and expected return. Investors need to have a better understanding of the correlation between stock index returns and index returns of bonds and also understand co-movement between different assets to be able to make decisions diversification, asset allocation and risk management are efficient. For investors to examine the correlation between stock index returns and index returns bonds because only the diversification of assets that have a correlation between low, that can reduce the risk of the portfolio. The methodology used in this study is the Generalized Autoregressive Conditional Heteroscedasticity (GARCH) which is able to predict with good information in the estimation model involving the residual value of the variable, the sample data is time series data of five ASEAN countries in the period 2004-2013. The results showed that the movement of stocks and bonds returns index in Indonesia before and after the crisis of 2008 has the same movement before the crisis, the movement of stock index returns and bonds in Malaysia and Philipine before and after the crisis of 2008 has the same movement with different correlation , and movement of stock index returns and bonds in Singapore and Thailand before and after the crisis of 2008 had the movement."