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Abstrak :
Penelitian ini menganalisis hubungan diversifikasi pendapatan dan tingkat profitabilitas terhadap stabilitas keuangan bank. Penelitian juga melihat bagaimana tingkat profitabilitas mempengaruhi efek diversifikasi pendapatan terhadap stabilitas keuangan bank. Hasil penelitian menunjukkan bahwa diversifikasi pendapatan berpengaruh negatif dan signifikan terhadap stabilitas keuangan bank. Tingkat profitabilitas berpengaruh positif dan signifikan terhadap stabilitas keuangan bank. Selain itu, tingkat profitabilitas berpengaruh negatif dan signifikan dalam mempengaruhi hubungan diversifikasi pendapatan terhadap stabilitas keuangan bank......This paper analyzes the relationship between income diversification, profitability, and bank financial stability. The study also examines how bank’s profitability level affects the relationship between income diversification and bank financial stability. Using the fixed effect model as an estimator method, the results show that income diversification does not affect bank financial stability. Profitability has a positive and significant impact on bank financial stability. The results also indicate that profitability level has a negative and significant impact in affecting income diversification and bank financial stability relationship.

Abstrak :
Stabilitas sistem keuangan memiliki peran krusial untuk mewujudkan ketahanan perekonomian nasional. Salah satu elemen penting dalam stabilitas sistem keuangan adalah kebijakan makroprudensial, yaitu bidang ilmu yang fokus pada upaya mengantisipasi risiko sistemik yang dapat menimbulkan gangguan terhadap sistem keuangan. Penelitian ini menganalisis mengenai pelaksanaan kewenangan Bank Indonesia sebagai otoritas makroprudensial serta penguatan kewenangan berdasarkan best practices kewenangan bank sentral di negara lain dan tantangan sistem keuangan di era digital. Penelitian ini disusun dengan menggunakan metode penelitian doktrinal, yakni mendasarkan pada hasil analisis terhadap peraturan perundang-undangan yang berlaku dan relevan terhadap topik penelitian. Berdasarkan hasil penelitian, pelaksanaan tugas dan kewenangan Bank Indonesia sebagai otoritas makroprudensial dilakukan melalui pengaturan instrumen kebijakan makroprudensial yang wajib dipatuhi oleh bank serta pengawasan atas pemenuhan kewajiban bank dimaksud. Selain itu, Bank Indonesia sebagai anggota KSSK, memiliki tugas untuk melakukan pemantauan dan pemeliharaan stabilitas sistem keuangan salah satunya di bidang makroprudensial jasa keuangan. Selanjutnya untuk mewujudkan sistem keuangan yang lebih resilient, diperlukan penguatan kewenangan Bank Indonesia dengan menambahkan lembaga jasa keuangan non bank serta industri fintech dan aset kripto sebagai objek pengaturan dan pengawasan makroprudensial. ......Financial system stability plays a critical role in achieving national economic resilience. One of the important elements of financial system stability is macroprudential, which focuses on efforts to anticipate systemic risks that can cause disruptions in the financial system. This research analyzes the implementation of Bank Indonesia's authority as a macroprudential authority and the strengthening of authority based on the best practices of central bank in other countries, and the challenges of the financial system in the digital era. This research is using the doctrinal research method. Based on the results of the research, the implementation of the duties and powers of Bank Indonesia as a macroprudential authority is carried out through the regulation of macroprudential policy instruments that must be complied with by banks. In addition, Bank Indonesia as a member of KSSK has the duty to monitor and maintain the stability of the financial system, one of which is in the area of macroprudential financial services. Furthermore, in order to achieve a more resilient financial system, it is necessary to strengthen the authority of Bank Indonesia by adding non-bank financial services institutions, as well as the fintech industry and crypto assets, as subjects of macroprudential regulation and supervision.

Abstrak :
Negara-negara yang bergantung dengan komoditas atau negara dengan export komoditasnya lebih dari 60% total export, terdiri dari lebih dari setengah negara-negara di dunia (102 dari 189) dan dua per tiga negara-negara berkembang adalah negara yang bergnatung dengan komoditas. Fokus dari penelitian ini adalah untuk melihat apakah adanya efek dari penurunan harga komoditas, terhadap stabilutas finansial untuk negaranegara bergantung terhadap komoditas dan negara-negara exportir komoditas. Penelitian ini menggunakan dua sampel dari negara berkembang exportir komoditas dan negaranegara bergantung terhadap komoditas dari periode 2010-2018. Menggunakan model fixed-effects, penelitian ini menunjukkan bahwa penurunan harga komoditas memiliki efek negatif terhadap indikator stabilitas finansial untuk kedua kategori negara. Penurunan harga komoditas memiliki efek negatif secara umum untuk neraca sistem finansial negara eksportir komoditas. Efek negatif ini menunjukkan seberapa besar kerentanan negara yang menjadi exportir komoditas dan yang bergantung terhadap komoditas terhadap penurunan harga komoditas. Berdasarkan hasil penelitian ini, bisa direkomendasikan untuk negara-negara fokus untuk menyangga kapital dan meningkatkan kualitas aset dari insititusi finansial karena kedua komponen tersebut dapat meredam efek kehilangan dari penurunan harga komoditas.

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Commodity dependent countries, defined as countries of which commodities account for more than 60% of their total merchandise exports, made up more than half of the countries in the world (102 of 189). And two-thirds of developing countries worldwide are also dependent on commodities. This study, therefore, aims to determine whether commodity price downswing (a negative price shock) has an impact on the financial stability of the countries. This research uses two samples of emerging and developing countries and commodity dependence countries for 2010-2018 and employed a fixed-effects model in assessing the impact. The findings of this study indicate that negative commodity price shock has a negative effect on the financial stability composite index indicator for both sets of countries. Negative price shock negatively affects the financial system' balance sheet for commodity-exporting countries in general and has a significant negative effect on the financial stability indicator index. This adverse effect shows the extent of vulnerability for commodity-dependent countries and commodity-exporting countries to a commodity price downturn Based on the results, it is recommended that countries should focus on capital buffer and asset quality of financial institutions since those two components dampen the effect of loss after a commodity price downturn.

Abstrak :
Makalah ini membahas dua hipotesis dalam persaingan perbankan, Competition-Stability dan Competition-Fragility di lima negara Asia Tenggara periode 2011-2018. dengan menggunakan Merton Distance to Default dan Z-score sebagai pengukuran stabilitas keuangan dan menggunakan Indeks Lerner kompetisi untuk pinjaman dan deposit bank untuk mengukur persaingan industri perbankan. Kami menemukan bahwa kedua hipotesis terjadi di industri perbankan Asia Tenggara, market power dapat mempromosikan stabilitas perbankan sementara tidak stabil volatilitas incomenya dan kompetisi perbankan dapat membuat volatilitas income menjadi stabil namun rentan terhadap resiko Default ......This paper examines two hypotheses in banking competition, the competition-stability and competition-fragility in five southeast asian countries in the period of 2011-2018. by using Merton Distance to Default and Z-score as financial stability measurement and using the Lerner index competition for bank loans and deposits market to evaluate competition in the banking industry We found that both hypothesis occur in Southeast Asian banking industry, market power can promote banking stability while not stable in bank income volatility and banking competition can make stable in income from banking operations but prone to default risk.

Abstrak :
Merespon krisis keuangan 2007 hingga 2009 serta berbagai kasus kegagalan manajemen risiko yang menimpa institusi keuangan, regulator dan perusahaan semakin menyadari peran instrumental budaya risiko dalam mendorong efektivitas manajemen risiko di perusahaan. Dalam beberapa tahun terakhir Bank XYZ mengalami peningkatan kerugian signifikan akibat kejadian operasional berkaitan erat dengan aspek budaya risiko. Penelitian ini bertujuan untuk menilai seberapa kuat budaya risiko pada Bank XYZ menggunakan kerangka Sound Risk Culture Indicators FSB. Data diperoleh melalui kuesioner terhadap 44 responden, wawancara terhadap dua pimpinan, serta tinjauan dokumen. Hasil penelitian menunjukkan bahwa secara umum Bank XYZ telah memiliki indikator budaya risiko yang kuat dengan area perbaikan terdapat pada penetapan aspirasi budaya risiko pimpinan, penyediaan saluran pelaporan produk dan praktik, pemrosesan kejadian signifikan masa lalu secara sistematis sebagai pembelajaran, pelaksanaan penilaian sistematis aspek-aspek budaya risiko, dan penguatan peran dan wewenang fungsi pengendalian dalam keputusan bisnis. ......Responding to the 2007 to 2009 financial crisis and various cases of risk management failure, affecting financial institutions, regulators and companies are increasingly aware of the instrumental role of risk culture in encouraging the effectiveness of risk management in financial companies. In recent years, Bank XYZ experienced a significant increase in losses due to operational events which closely related with risk culture aspects. This research uses the FSB’s Sound Risk Culture Indicators framework to assess strength of the risk culture at Bank XYZ. Data was obtained through questionnaires with 44 respondents, interviews with two leaders, as well as document review. The research results show that generally Bank has strong risk culture indicators with improvement areas regarding expression of leadership risk culture aspirations, provision of product and practice reporting channel, processing of significant past event as lesson learnt, risk culture aspects systematic assessment, and enhancement of control function roles and authority in making business decisions.

Abstrak :
ABSTRAK
Penelitian ini ditujukan untuk melihat pengaruh diversifikasi pendapatan dan kepemilikan asing bank terhadap financial stability bank di wilayah Asia-Pasifik dengan sampel 82 bank yang terdaftar pada bursa erfek di delapan negara Asia Pasifik sepanjang periode 2005 hingga 2015. Model penelitian diestimasi dengan menggunakan model data panel dengan metode random effect dan fixed effect. Hasil penelitian menemukan bahwa diversifikasi pendapatan dan kepemilikan asing memengaruhi financial stability bank. Namun, konsentrasi kepemilikan tidak signifikan memengaruhi financial stability bank.

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ABSTRACT
This research aims to investigate the impact of income diversification and foreign ownership on the financial stability of banks. The observation includes 82 listed banks from 8 Asia Pacific countries annual data period of 2005 2015. By employing panel regression technique with random effect and fixed effect models, the findings suggest that income diversification and foreign ownership influenced the financial stability of banks. However, ownership concentration is insignificantly affect the bank rsquo s financial stability.

Abstrak :
ABSTRACT
The relationship between Monetary Stability and Financial Stability is still ambiguous of whether they are complementing or competing against each other. As financial system develops and comes greater concern for financial stress, this research is aimed to analyze the impact of monetary policy instruments on financial system stability by using world countries samples in the long run. The panel data regression result shows that monetary instability does increase financial instability and the use of Inflation Targeting Framework has the most significant role in reducing financial stress.

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ABSTRAK
Hubungan antara stabilitas moneter dan stabilitas sistem keuangan masih kerap didebatkan apakah bersifat komplementer atau saling berlawanan. Seiring dengan berkembangnya sistem keuangan dan muncul perhatian yang lebih besar terhadap tekanan di sistem keuangan, penelitian ini ditujukan untuk menganalisa dampak dari instrumen-instrumen kebijakan stabilitas monetar terhadap stabilitas sistem keuangan dengan menggunakan sampel negara-negara di seluruh dunia secara jangka panjang. Hasil dari regresi panel data menunjukkan bahwa instabilitas moneter bersifat meningkatkan instabilitas sistem keuangan dan bahwa penggunaan Inflation Targeting Framework memiliki peran tertinggi dalam mengurangi tekanan pada sistem keuangan.

Abstrak :
This paper studies the manner in which central bank transparency has been implemented in Indonesia, and the impact of transparency on the central banks performance in achieving its goals. First, a normative analysis is conducted to seek the regulatory framework for central bank transparency. Secondly, a performance analysis is carried out to observe the extent to which central bank transparency has been implemented in Indonesia, and the impact it brings on the central banks performance in conducting monetary policy. Finally, an international practice analysis is performed to set a benchmark based on the manner in which transparency has been implemented by other central banks.

Abstrak :
Aliran modal akibat gejolak harga komoditas dan pasar finansial global bisa berdampak buruk terhadap stabilitas sektor finansial dan makroekonomi negara penghasil komoditas primer. Masuknya modal asing mengakibatkan mis-alokasi sumberdaya finansial dan saat aliran modal keluar bisa menjadi sumber instabilitas finansial dan ketidakpastian dalam perekonomian. Dengan demikian, memahami determinan aliran modal penting untuk menentukan respon kebijakan stabilisasi ekonomi akibat dampak negatif aliran modal. Tujuan dari disertasi ini adalah untuk menganalisis peran penting dari harga komoditas primer internasional terhadap aliran modal dan dampak dari aliran modal tersebut terhadap alokasi kredit perbankan antar sektor ekonomi dan dinamika makroekonomi di Indonesia. Dengan menggunakan metode empiris Struktural Vector Autoregression (SVAR) dan Dynamic Stochastic General Equilibrium (DSGE), disertasi ini menunjukkan bahwa harga komoditas memiliki peran yang lebih penting terhadap aliran modal dibandingkan gejolak pasar finansial global dalam horizon waktu yang lebih panjang. Dari sisi dampaknya terhadap dinamika makroekonomi Indonesia, aliran modal menyebabkan ekspansi sektor finansial dan siklus bisnis. Temuan disertasi ini menunjukkan bahwa tidak seluruh sektor perekonomian mengalami ekspansi akibat aliran modal yang disebabkan kenaikan harga komoditas. Perubahan alokasi sumberdaya finansial menyebabkan perbedaan respon antar sektor ekonomi terhadap masuknya modal asing yang disebabkan oleh harga komoditas primer. Perbedaan respon antar sektor ekonomi terhadap aliran modal masuk disebabkan perbedaan kendala finansial antar sektor ekonomi di Indonesia. Implikasi kebijakan disertasi ini adalah: bauran kebijakan moneter dan makroprudensial perlu (seharusnya) memperhatikan dampak sektoral aliran modal yang bersumber dari kenaikan harga komoditas. ......Both of the commodity price and global financial market induced capital inflow could harm financial and macroeconomic stability in a commodity-dependent economy. Foreign capital inflow would cause the misallocation of the financial resources across economic sectors and become a source of financial instability and economic uncertainty. Therefore, understanding the determinants of capital inflow is a considerable aspect of conducting an economic stabilization policy response to this capital inflow. This dissertation investigates the importance of commodity price roles on capital inflow, and the consequences of this commodity price induced capital inflow to financial resource allocation across sectors and macroeconomic dynamics in the Indonesian economy. Employing a Structural Vector Autoregression (SVAR) and a Dynamic Stochastic General Equilibrium (DSGE) method, this dissertation reveals the importance of the commodity price on foreign capital inflow compared to global financial market fluctuation within a long run time horizon. Also, the effect of this commodity price-induced capital inflow on Indonesian macroeconomic dynamics is expansionary. However, not all of the economic sectors expand due to the commodity price increase. Financial resource allocation changes due to this capital inflow caused a different effect on economic sectors. We found the changes in this financial resource allocation due to the difference in financial friction between economic sectors in the Indonesian economy. The policy relevance of these findings is straightforward. The monetary and macroprudential stabilization policy response on commodity price-induced capital inflows should consider the financial resources allocation effect across the economic sector.

Abstrak :
This paper is motivated by the fact that emerging market assets size has been expanding and trying to use sovereign debt market as part of capital market as main research focus. It is highlighting the distinction between default and non-default determinants and examining their significance in explaining emerging market sovereign bond yield spread. Using Cross-Sectional Fixed-Effect Panel Estimator, we found that both default (as proxied by Credit Rating and Outlook Index) and non-default (as proxied by 3-month Fed Funds Futures) determinants has significant explanatory power to sovereign bond yield spread. Extensively, we also found the significance to add volatility of 3-month Fed Funds Futures and Fed Target Rate basis and volatility of advanced stock markets as variables to stand for non-default determinants in the model. The significance of the latter model is strengthened by higher forecasting as well as indicates the significant role of US market to emerging market sovereign bond market.