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Abstrak :
Pembangunan ekonomi sebuah Negara pada dasarnya bertujuan untuk mencapai kemakmuran masyarakat melalui pertumbuhan ekonomi yang tinggi dan distribusi pendapatan yang merata. Salah satu lembaga keuangan yang memegang peran sentral dalam mendukung pertumbuhan ekonomi adalah lembaga yang disebut bank. Bank memiliki fungsi intermediasi. Fungsi ini adalah upaya maksimal Bank untuk menyalurkan dana yang dikumpulkannya dari masyarakat guna menggerakkan sektor ekonomi riil. Lembaga Bank dalam menjalankan fungsi intermediasi, tidak akan lepas dari apa yang disebut sistem perbankan. Sistem perbankan merupakan suatu sistem yang menyangkut tentang bank, mencakup kelembagaan, kegiatan usaha, serta cara dan proses melaksanakan kegiatan usahanya secara keseluruhan. Dalam menjalankan usahanya lembaga bank dapat menjadi bank gagal (failure bank). Kegagalan ini disebabkan disebabkan tata kelola usaha perbankan yang buruk, lemahnya aspek pengawasan serta adanya manipulasi (fraud) data baik keuangan maupun non keuangan. Kelahiran bank gagal ini dapat memberi dampak sistemik atau tidak berdampak sistemik pada sistem keuangan dan sistem ekonomi suatu Negara. Untuk menangani Bank gagal dalam sistem perbankan, dibutuhkan suatu sistem hukum yang kuat. Menurut Lawrence M. Friedman terdapat tiga pilar yang sangat penting dalam sistem hukum yang harus bersinergi, yaitu struktur hukum (structure), substansi hukum (substance) dan kultur/budaya hukum (culture). Selain memperhatikan apakah sistem hukum dalam menyelesaian masalah suatu bank gagal dalam sistem perbankan, sepatutnya kita pun harus memperhatikan aspek-aspek yang berhubungan dengan ekonomi makro dan ekonomi mikro. Aspek tersebut adalah aspek institusi keuangan, aspek pasar keuangan, aspek sistem pembayaran, aspek sektor riil dan aspek psikologi pasar.

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The main purpose of economic development in any country is surely to achieve and maintain societal prosperity through considerable economic growth and equitable income distribution. One particular financial institution holding a central role in supporting such economic growth is the institution referred as Bank. Banks hold the function of intermediation, to which refers to it's maximum effort and capacity to channel funds collected from a larger society to advance real economic sectors. In conducting this intermediation function, Banks are integrated from what is called the banking system. Banking system is a system that concerns everything relating to banks, including institutional aspects, business activities, as well as the manner and process of conducting its business activities as a whole. In conducting its business banking institution may face the threat of bank failure. This failure is caused due to the lack of good governance of the banking sector, poor supervision and manipulation (fraud) of data both financial and non financial. Bank failures can result systemic or non systemic impact upon the financial system and economic system of a country. To handle bank failures in the banking system, a strong and comprehensive legal system is imperative. According to Lawrence M. Friedman, there are three very important pillars in the legal system that must be synergistic, ie the legal structure, the substance of the law and legal culture. In addition to having a great consideration about the legal system in solving the problems of bank failures in the banking system, we should also pay close attention to the interrelated macroeconomic and microeconomic aspects that includes aspects of financial institution, financial markets, payment system, real sector and market psychology.

Abstrak :
Penelitian ini menggunakan Component Expected Shortfall (CES) sebagai ukuran risiko sistemik yang berbasis data pasar dan termasuk dalam kategori ukuran distribusi probabilitas. CES menangkap risiko tail dari sistem keuangan secara agregat dan dapat mendekomposisi volatilitas, korelasi, ekspektasi tail, dan bobot dari institusi keuangan. CES mengkuantifikasi kontibusi absolut risiko sebuah bank terhadap sistem keuangan secara umum. Semakin besar kontribusi CES(%) maka semakin berdampak sistemik bank tersebut. Dengan demikian CES menjadi ukuran hibrida yang mengkombinasikan paradigma Too Big To Fail dan Too Interconnected Too Fail. Unit analisis dalam penelitian ini adalah sistem perbankan Indonesia, dimana Indonesia merupakan salah satu emerging economy dengan sistem keuangan multi bank. Bank sebagai sebagai sebuah sistem yang fragile terekspos terhadap risiko bank run secara natural yang kemudian dapat berevolusi menjadi bank panics yang pada akhirnya memicu efek contagion. Atas hal tersebut regulator seharusnya memiliki klasifikasi yang jelas mengenai Systemically Important Financial institutions (SIFI) untuk pengaturan dan pengawasan secara intensif. Berdasarkan aplikasi empiris CES menghasilkan kluster SIFI yang relatif stabil dengan ranking yang berubah-ubah. Pada period krisis persentase CES cenderung meningkat. Selain itu ditemukan bahwa risiko sistemik pada sistem perbankan Indonesia sangat terkonsentrasi dan didominasi oleh 5 (lima) bank besar yang berkontribusi pada lebih dari 80% (delapan puluh persen) total risiko sistem perbankan. Konsentrasi risiko juga meningkat sepanjang krisis keuangan global pada September 2008. Sebagai uji robustness penelitian ini menggunakan variasi bobot dengan total aset, total ekuitas, dan total loan. Hasilnya adalah kluster SIFI yang relatif signifikan dibandingkan dengan pengukuran dengan bobot kapitalisasi pasar.

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This research proposes Component Expected Shortfall (CES) as a market based systemic risk measurement in probability distribution measures class. CES captures tail risk of the aggregate financial system and decomposes its volatility, correlation, tail expectations, and weight of the bank. CES quantifies absolute, not marginal, contribution of a bank to the risk of financial system. The larger contribution (CES%) the more systemically important the institution. Thus CES becomes a hybrid measure which combine Too Big To Fail and Too Interconnected Too Fail paradigms. Research subject is Indonesian Banking System, as one of the emerging economy with multi-bank financial system. Bank as a fragile system have inherent natural "bank run" risk which can evolve into bank panics triggered by contagion effect. Accordingly regulator should have obvious classification of Systemically Important Financial institutions (SIFI) in order to intensively regulate and monitor financial system. Based on empirical application, CES measure produces relatively stable SIFI cluster with changing ranking within the SIFI cluster. In crisis period CES percentage tend to incline. Furthermore systemic risk in Indonesian Banking System is very concentrated, dominated by five big banks which contributes to more than 80% (eighty percent) of total risk of the banking system. Concentration ratio also increase as the financial turmoil waive the whole banking system in September 2008. As robustness test, this research use various weighting scheme using total assets, total equities, and total loans as weights of the firm. The result show relatively consistent SIFI cluster compared to market capitalisation weight.

Abstrak :
Perbankan syariah di Indonesia tumbuh cukup signifikan secara global namun masih dinilai relatif kecil jika dibandingkan dengan pertumbuhan perbankan dalam skala nasional. Adapun sejak tahun 2004, pertumbuhan perbankan syariah secara nasional tidak mencapai target tahunan yang diprediksi dalam Masterplan Arsitektur Keuangan Syariah (AKSI) tahun 2016. Adapun hal tersebut terjadi karena dampak sistemik, utamanya adalah karena struktur sistem, modal yang terbatas, produk syariah yang kurang kompetitif dari produk perbankan konvensional. Adanya kompleksitas atas risiko sistemik tersebut, dibutuhkan analisis mendalam yang dapat menggambarkan konektivitas dari kendala- kendala yang secara dinamis berdampak pada keluaran sistem. Penelitian ini menghasilkan model sistem dinamis yang menggambarkan operasional perbankan syariah sebagai perantara keuangan (Financial Intermediary). Model yang telah dibangun telah dapat menggambarkan struktur perbankan syariah, dengan perbedaan nilai asset rata- rata sebesar 0.6%. Adapun model dapat pula digunakan sebagai alat bantu pembelajaran untuk dapat memahami dampak implementasi strategi kebijakan pendorong pertumbuhan pasar. ...... Islamic banking in Indonesia has grown quite significantly globally yet is still considered relatively small compared to the growth of banks on a national scale. Furthermore since 2004, the growth of national Islamic banking has not reached the annual target predicted in the 2016 Islamic Financial Architecture Master Plan. This situation occurs due to systemic impacts, mainly due to the structure of the system, limited bank's capital, and sharia products that are less competitive than conventional banking products. Due to its complexion of the systemic risks requires an in- depth analysis that can describe the connectivity of the constraints that dynamically impact the system output. This research produces a dynamic system model that portray the operation of Islamic banking as a financial intermediary. As a result, model has been able to describe the structure of Islamic banking, with differences in asset values averaging 0.6%. The models can be used as learning aids to be able to understand the impact of implementing policy strategies that drive market growth.

Abstrak :
Sistem perbankan memiliki peran sentral dan strategis dalam perekonomian negara. Perihal pengawasan bank yang belum efektif merupakan salah satu bagian permasalahan yang dihadapi oleh perbankan saat ini. Sebagaimana diketahui, lebih dari 87% (delapan puluh tujuh persen) aset industri jasa keuangan di Indonesia merupakan aset industri perbankan. Peran Bank Indonesia dalam menjalankan fungsinya sebagai otoritas perbankan dan moneter dikhawatirkan akan muncul adanya potensi conflict of interest sebagai akibat pelaksanaan kedua fungsi yang masing-masing memiliki kepentingan berbeda oleh lembaga tersebut, oleh karena itu dibutuhkan suatu lembaga yang fokus mengawasi sektor perbankan dan agar Bank Indonesia dapat memfokuskan diri sebagai otoritas moneter di Indonesia. Adapun 2 (dua) permasalahan dalam penelitian ini, yaitu: Pertama, bagaimana Basel Core Bank Principles (BCBS) sebagai standar internasional dalam pembentukan pengawasan perbankan melihat pemisahan fungsi pengaturan dan pengawasan perbankan oleh suatu lembaga. Kedua, apakah yang menjadi pertimbangan hukum dalam pembentukan otoritas jasa keuangan di Indonesia. Di dalam menjawab permasalahan dalam penulisan tesis ini, maka penulis akan menggunakan metode pendekatan hukum normatif yang dapat diartikan sebagai penelitian hukum kepustakaan yang dilakukan berdasarkan pada kepustakaan atau data-data sekunder. Berdasarkan pemaparan dan pembahasan dalam penelitian ini, maka penulis menyimpulkan bentuk pemisahan fungsi pengaturan dan pengawasan perbankan sangat tidak lazim di lingkungan prudential sektor keuangan. Di dalam BCBS tersebut disebutkan bahwa lembaga pengawasan memiliki kebijakan pengawasan yang tepat untuk melakukan tindakan perbaikan, selain itu pertimbangan-pertimbangan di dalam pembentukan otoritas jasa keuangan dikarenakan lemahnya pengaturan dan pengawasan yang dilakukan oleh Bank Indonesia guna menghindari terjadinya conflict of interest. ......Banking system has a central and strategic role in the economy of the country. About that have not been effective bank supervision is one of the problems faced by banks today. As is known, more than 87% (eighty seven percent) of assets financial services industry in Indonesia is an asset of the banking industry. The role of Bank Indonesia in carrying out its function as a banking and monetary authorities fear it would appear there is potential conflict of interest as a result of the implementation of the two functions that each have different interests by the agency, and therefore needed an agency that focuses supervise the banking sector and for Bank Indonesia to focus as the monetary authority in Indonesia. As for 2 (two) problem in this research, namely: First, how the Bank's Basel Core Principles (BCBS) as the international standard in the establishment of banking supervision and regulation function to see the separation of banking supervision by an agency. Second, what are the legal considerations in the establishment of the financial services authority in Indonesia. In the answer the problem in writing this thesis, the author will use a method of normative legal approaches that can be construed as legal research library that is based on literature or secondary data. Based on the exposure and discussion in this study, the authors conclude the separation of banking regulation and supervision function is not common in the financial sector prudential environment. In the BCBS mentioned that oversight agencies have policies that control right to take remedial action, in addition to these considerations in the formation of financial services authority due to a weak regulatory and oversight conducted by Bank Indonesia in order to avoid any conflict of interest.

Abstrak :
Dibukanya perbankan Indonesia kepada asing selepas Krisis Finansial 1998 berujung pada berbagai akuisisi dan merger bank-bank domestik dengan/oleh institusi-institusi asing. Mengikuti Taboada (2011), studi ini melihat apakah perubahan kepemilikan asing dalam sistem perbankan mempengaruhi efisiensi alokasi modal, yaitu pemberian lebih banyak kredit ke industri-industri nilai tambah tinggi dan lebih sedikit kredit ke industri nilai tambah rendah. Studi ini juga melihat karakteristik industri-industri yang mendapatkan lebih banyak kredit seiring bertambahnya kepemilikan asing di industri perbankan. Selain itu, studi ini juga mempelajari apakah meningkatnya kepemilikan asing berakibat pada berfokusnya industri perbankan kepada sektor konsumtif. Dengan metode panel pertumbuhan kredit ke sembilan sektor industri dari 2004Q1-2010Q4, studi ini menemukan bahwa penetrasi asing di perbankan Indonesia berakibat pada: a) efisiensi alokasi modal yang lebih baik; b) lebih banyak kredit kepada sektor-sektor pertumbuhan tinggi-porsi PDB rendah dan lebih sedikit kredit kepada sektor-sektor pertumbuhan rendah-porsi PDB tinggi; c) tidak ada perbedaan pertumbuhan kredit yang signifikan antara sektor konsumsi dan sektor produktif. ......The opening of the Indonesian banking system to foreign penetration following the 1998 financial crisis have led to a series of takeovers and mergers of domestic banks by/with foreign institutions. Following Taboada (2011), we study attempts to find if changes in foreign ownership in the Indonesian banking system affects the efficiency of capital allocation, that is increasing the loans the banking system makes to higher value added industries and decreasing them to lower value added industries. We also look for the characteristics of the industries that foreign penetration on the banking system leads more credit growth towards, and also whether of not it leads to more consumer credit. This study uses panel estimation of credit growth towards industries towards nine economic sectors plus consumer loans from 2004Q1-2010Q4. We find that foreign bank penetration in Indonesia leads to: a) better capital allocation; b) more credit growth towards high-growth-low-share industries and less credit growth towards low-growthhigh share industries; c) no significant difference on consumer credit growth compared to other industries.

Abstrak :
Penelitian ini menganalisis tentang tingkat persaingan sistem perbankan di Indonesia dengan menggunakan pendekatan New Empirical Industrial Organization. Dalam mengukur tingkat persaingan sistem perbankan Indonesia penulis menggunakan Boone Indicator dan Model Panzar-Rosse. Sebagai robustness test penulis juga mengestimasi tingkat persaingan sistem perbankan Indonesia menggunakan Lerner Index. Data yang digunakan dalam penelitian ini adalah 109 bank umum dengan periode pengamatan tahun 2006-2011. Hasil penelitian ini menunjukkan bahwa persaingan yang terjadi pada sistem perbankan Indonesia adalah persaingan monopolistik. ......This study analyzes the level of competition in the Indonesian banking system by using the New Empirical Industrial Organization approach. Boone Indicator and Panzar-Rosse Model employed to estimate level of competition in Indonesian banking system. As a robustness test, authors also estimate the Indonesian banking system competition using Lerner Index. The data used in this study is a 109 commercial bank with the observation period from 2006-2011. The results of this study show that the Indonesian banking system is in the monopolistic competition.

Abstrak :
[ABSTRAK
Mengacu pada studi empiris oleh G.E. Chortareas et al. (2012), penulis mengestimasi perluasan dari model empiris original market power dan efficient structure menggunakan kerangka data panel dinamis tidak seimbang. Penelitian ini bertujuan untuk menganalisis variabilitas NIM sektor perbankan di 16 negara di kawasan Asia-Pasifik (APAC) selama periode 2003-2012 dengan menggunakan 2800 observasi data bank dan lintas negara. Hasil penelitian menunjukkan bahwa persistensi NIM di negara-negara berkembang lebih tinggi dibandingkan dengan NIM di negara-negara maju. Selain itu, tingkat kapitalisasi bank terbukti merupakan determinan yang mempengaruhi NIM di negara-negara berkembang, sedangkan di negara-negara maju NIM paling banyak dipengaruhi oleh risiko likuiditas bank.

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ABSTRACT
Following in the footsteps of G.E. Chortareas et al. (2012) on the impact of competition and efficiency on net interest margin (NIM) in Latin America banking, I estimated the extension of the original market power and efficient structure empirical model using an unbalanced dynamic panel data framework. This study aims to analyze the variability of NIM of 16 banking sectors in the Asia-Pacific (APAC) region during the 2003-2012 period by using 2800 observations of bank level and cross-countries data. The results show that the persistence of NIM in emerging countries is higher than NIM in the developed countries. In addition, the level of bank capitalization is shown to be a dominant determinant of NIM in emerging countries, whereas in developed countries NIM is most affected by the bank?s liquidity risk.;Following in the footsteps of G.E. Chortareas et al. (2012) on the impact of competition and efficiency on net interest margin (NIM) in Latin America banking, I estimated the extension of the original market power and efficient structure empirical model using an unbalanced dynamic panel data framework. This study aims to analyze the variability of NIM of 16 banking sectors in the Asia-Pacific (APAC) region during the 2003-2012 period by using 2800 observations of bank level and cross-countries data. The results show that the persistence of NIM in emerging countries is higher than NIM in the developed countries. In addition, the level of bank capitalization is shown to be a dominant determinant of NIM in emerging countries, whereas in developed countries NIM is most affected by the bank?s liquidity risk.;Following in the footsteps of G.E. Chortareas et al. (2012) on the impact of competition and efficiency on net interest margin (NIM) in Latin America banking, I estimated the extension of the original market power and efficient structure empirical model using an unbalanced dynamic panel data framework. This study aims to analyze the variability of NIM of 16 banking sectors in the Asia-Pacific (APAC) region during the 2003-2012 period by using 2800 observations of bank level and cross-countries data. The results show that the persistence of NIM in emerging countries is higher than NIM in the developed countries. In addition, the level of bank capitalization is shown to be a dominant determinant of NIM in emerging countries, whereas in developed countries NIM is most affected by the bank?s liquidity risk.;Following in the footsteps of G.E. Chortareas et al. (2012) on the impact of competition and efficiency on net interest margin (NIM) in Latin America banking, I estimated the extension of the original market power and efficient structure empirical model using an unbalanced dynamic panel data framework. This study aims to analyze the variability of NIM of 16 banking sectors in the Asia-Pacific (APAC) region during the 2003-2012 period by using 2800 observations of bank level and cross-countries data. The results show that the persistence of NIM in emerging countries is higher than NIM in the developed countries. In addition, the level of bank capitalization is shown to be a dominant determinant of NIM in emerging countries, whereas in developed countries NIM is most affected by the bank’s liquidity risk., Following in the footsteps of G.E. Chortareas et al. (2012) on the impact of competition and efficiency on net interest margin (NIM) in Latin America banking, I estimated the extension of the original market power and efficient structure empirical model using an unbalanced dynamic panel data framework. This study aims to analyze the variability of NIM of 16 banking sectors in the Asia-Pacific (APAC) region during the 2003-2012 period by using 2800 observations of bank level and cross-countries data. The results show that the persistence of NIM in emerging countries is higher than NIM in the developed countries. In addition, the level of bank capitalization is shown to be a dominant determinant of NIM in emerging countries, whereas in developed countries NIM is most affected by the bank’s liquidity risk.]