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Abstrak :
Skripsi ini bertujuan untuk mengukur pengaruh financial innovation yang diproksikan dengan jumlah terminal ATM, pendapatan riil, inflasi, dan financial development terhadap uang primer di ASEAN 5, Jepang, dan Korea dari tahun 2004 sampai 2010. Dengan menggunakan metode Generalized Least Square untuk data panel, penelitian ini menunjukkan bahwa jumlah terminal ATM sebagai proksi dari financial innovation secara signifikan berpengaruh positif terhadap uang primer. Variabel independen lainnya, seperti PDB riil dan inflasi juga secara signifikan berpengaruh positif terhadap uang primer. Penelitian ini juga menunjukkan bahwa negara dengan financial development yang lebih baik akan memiliki uang primer yang lebih rendah. ......This thesis measures the influence of financial innovation which proxied by ATM terminals, real income, inflation, and financial development to base money in ASEAN 5, Japan, and Korea from 2004 until 2010. Using Generalized Least Square method for panel data, this thesis shows that ATM terminals positively affect base money. Other independen variabels, such as real GDP and inflation also shows positive impact to base money. Other finding shows that countries with good financial development have lower money base.

Abstrak :
Thesis ini mengkaji interaksi dinamis antara pengembangan inovasi keuangan dalam sistem pembayaran terhadap fungsi permintaan uang khususnya currency, permintaan uang dalam arti sempit (M1) dan permintaan uang dalam arti luas (M2) dari tahun 2007-2017 menggunakan data bulanan di Indonesia. Penelitian ini menggunakan teori Baumol (1952) dan Tobin (1956) serta teori dari Lippi dan Sechi (2009) yang menyatakan bahwa teknologi sistem pembayaran dapat menurunkan permintaan uang (currency dan M1). Kemudian untuk permintaan uang dalam arti luas (M2), berdasarkan teori mengenai adanya substitusi dari narrow money ke broad money dikarenakan adanya penurunan brokerage cost yang menyebabkan individu memilih saving deposits yang memberikan return daripada demand deposits. Dari hasil estimasi dengan menggunakan metode VECM, disimpulkan bahwa perkembangan pada sistem pembayaran dalam sebelas tahun terakhir yaitu Real Time Gross Settlement, Kliring, ATM /Kartu Debit, Kartu Kredit dan uang elektronik dengan menggunakan beberapa proxy yaitu antara lain menggunakan nilai transaksi (dengan dan tanpa kliring), total nilai transaksi, volume transaksi, rasio inovasi finansial terhadap GDP, rasio M2 terhadap M1, rasio inovasi finansial terhadap M1, rasio inovasi finansial terhadap M2 dan nilai di atas nilai trend, akan mengurangi permintaan currency dan permintaan uang dalam arti sempit (M1). Di samping itu, dari hasil estimasi juga disimpulkan bahwa perkembangan inovasi finansial sistem pembayaran meningkatkan permintaan uang dalam arti luas (M2). Analisis mengenai pengaruh inovasi finansial sistem pembayaran terhadap permintaan uang (currency dan narrow money) sangat penting agar money demand function tidak misspesificied dan agar dalam penetapan kebijakan moneter telah mempertimbangkan perkembangan teknologi sistem pembayaran.

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This paper examines the dynamic interaction between financial innovation development in the payment system to money demand function especially for currency and narrow money, from 2007-2017 using Indonesia monthly data. This research based on Baumol (1952) and Tobin (1956) and Lippi Sechi (2009) theory which stated that improvemet of technology in the payment system will lead to a decrease in demand for money (currency and M1). And for broad money, based on the theory that there is substitution from narrow money to broad money, due to a decrease in brokerage cost that triggered individuals to choose saving deposits that give returns than demand deposits. From estimation result, study reveals that tremendous development in the payment system on the last eleven years i.e Real Time Gross Settlement, Clearing, ATM/Debit Card, Credit Card and electronic money using several proxies, will decrease currency and narrow money (M1). On the other hand, result showed that payment system increase broad money (M2). Analysis of the role of financial innovation in the payment system in affecting money demand is very important so that money demand function is not misspesificied and in determining monetary policy has considered the development of payment system technology.

Abstrak :
Penelitian ini membandingkan kerangka hukum earned wage access sebagai layanan Fintech non-pinjaman di Indonesia terhadap Peraturan Senat Nevada No. 290. Penelitian ini disusun dengan metode penelitian doktrinal untuk menganalisis perbandingan kerangka kepatuhan hukum earned wage access antara Indonesia dan Nevada, dan wawancara dengan penyedia layanan earned wage access di Indonesia. Earned wage access adalah sebuah layanan Fintech non-pinjaman untuk menarik gaji yang telah menjadi hak karyawan namun belum dibayarkan. Earned wage access di Indonesia belum diatur dengan peraturannya sendiri. Atas hal ini, layanan earned wage access di Indonesia hanya diberikan melalui model business-to-business. Kerangka hukum earned wage access di Indonesia bergantung pada kepatuhan hukumnya sebagai bisnis yang melakukan aktivitas sistem dan transaksi elektronik, penyelenggara sistem elektronik lingkup privat, aktivitas pemrosesan data, dan pemberian jasa kepada penggunanya. Sebagai perbandingan, kerangka hukum earned wage access di Nevada bergantung pada aspek kepatuhan hukum sebagaimana diatur pada Peraturan Senat Nevada No. 290. Earned wage access merupakan layanan Fintech non-pinjaman sebagaimana penarikan gaji di muka dibatasi kurang dari gaji bulanan karyawan dan tidak adanya pengenaan bunga. Peraturan Nevada No. 290 mengatur definisi, subjek, model, struktur biaya, dan dasar earned wage access sebagai layanan Fintech non-pinjaman yang dapat diperhatikan oleh regulator di Indonesia dalam mengatur earned wage access. Untuk memastikan pelayanan yang adil dan aman, layanan earned wage access di Indonesia perlu dianalisis terhadap mekanisme regulatory sandbox Inovasi Keuangan Digital dan/atau Inovasi Teknologi Sektor Keuangan dan diatur sebagai layanan Fintech non-pinjamannya sendiri sesuai dengan elemen-elemen yang unik terhadap layanan earned wage access. ...... This research compared the regulatory framework of earned wage access as a non-lending Fintech service in Indonesia to Nevada Senate Bill No. 290. This research was done with the doctrinal research approach to analyze the comparison of the regulatory compliance aspects of earned wage access between Indonesia and Nevada, and interviews with earned wage access providers in Indonesia. Earned wage access is a non-lending Fintech service to deliver earned yet unpaid income to employees. Earned wage access is currently unregulated as its own non-lending Fintech service in Indonesia despite the emergence of earned wage access providers. Due to this, provision of earned wage access in Indonesia is limited to the business-to-business model. The regulatory framework of earned wage access in Indonesia relies on its regulatory compliance as a business conducting electronic transaction and systems activity, electronic system operator in the private sector, data processing activity, and provision of services to its users. In comparison, the regulatory framework of earned wage access in Nevada relies on the regulatory compliance aspects stipulated in Nevada Senate Bill No. 290. Earned wage access shall be deemed as a non-lending Fintech service as it restricts the amount of advance wages employees may withdraw to less than their monthly wages and incur no interest. The Nevada Senate Bill No. 290 provides defining elements of earned wage access including its definition, subjects, models, fee structures, and grounds for its status as a non-lending Fintech service which Indonesian regulators may refer to in regulating earned wage access. To ensure a fair and safe provision, earned wage access in Indonesia needs to be analyze to the regulatory sandbox mechanism provided through the Inovasi Keuangan Digital and/or Inovasi Teknologi Sektor Keuangan and be regulated as its own non-lending Fintech service in accordance to its unique elements.

Abstrak :
This article provides a roadmap for sustainable recovery that can aid policymakers in implementing sustainable recovery and improving the well-being of people. The roadmap will prioritize three areas of action: sustainability, digitalization, and inclusivity. This article emphasizes the involvement of the private sector and innovative financing solutions (including Islamic finance) in meeting the financing gap for investment in relevant infrastructure for all three pillars. This articles demonstrates that financial innovation, investment in green and social projects, market awareness, and synergies among the various sustainable finance segments will form the foundation for long-term recovery and create a vibrant and resilient economy.