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"[ABSTRAKTesis ini menganalisis hubungan antara perubahan nilai tukar Indonesia terhadap perbedaan tingkat suku bunga antara Indonesia sebagai negara tujuan investasi mata uang dengan negara negara penyandang dana investasi mata uang dan tingkat risk averse dari investor yang tercermin dalam indeks volatility VIX Tesis ini juga menganalisis ambang batas runtuhnya strategi Carry Trade dengan menggunakan model threshold Penelitian ini fokus pada strategy Carry Trade YEN IDR USD IDR and EUR IDR untuk period 01 Agustus 2005 hingga 18 September 2015 Hasil penelitian ini mengindikasikan bahwa ambang batas VIX pada saat runtuhnya strategi USD IDR dan EUR IDR Carry Trade lebih rendah dibandingkan strategi YEN IDR Carry Trade Pada periode krisis finansial tahun 2008 Carry Trade YEN IDR menjadi lebih sensitif Hal ini tercermin lewat menurunnya ambang batas VIX Penemuan lain dalam penelitian ini adalah perbedaan tingkat suku bunga dan indeks VIX merupakan faktor faktor penting bagi investor Semakin tinggi suku bunga Indonsia dibandingkan negara penyandang dana akan menciptakan positif profit pada strategi Carry Trade Selain itu tingginya ketidakpastian di pasar finansial yang dicerminkan lewat meningkatnya nilai indeks VIX mengakibatkan adanya kemungkinan para investor menarik investasinya

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ABSTRACTThis study analyzes the relationship between changes in Indonesia rsquo s exchange rate to interest rate differential between Indonesia as an investment currency country and funding currencies countries and the level of international investor risk aversion using the volatility index VIX threshold model for carry trade collapse The focus study is on carry trades based on the YEN IDR USD IDR and EUR IDR currency pairs over the period 01 August 2005 to 18 September 2015 The results indicate that the VIX threshold of carry trades unwinding for USD IDR and EUR IDR is lower than YEN IDR However during the financial crisis in 2008 YEN IDR carry trades become more sensitive showed by the decreasing VIX threshold value Another finding is the interest rate differential and volatility index which reflects the market uncertainty are important factors for investors This implies that the higher gap between Indonesia rsquo s interest rates and funding currencies interest rates will give the positive return in carry trade activities In addition the higher degree of market uncertainty leads the investors to unwind the carry trade ;This study analyzes the relationship between changes in Indonesia rsquo s exchange rate to interest rate differential between Indonesia as an investment currency country and funding currencies countries and the level of international investor risk aversion using the volatility index VIX threshold model for carry trade collapse The focus study is on carry trades based on the YEN IDR USD IDR and EUR IDR currency pairs over the period 01 August 2005 to 18 September 2015 The results indicate that the VIX threshold of carry trades unwinding for USD IDR and EUR IDR is lower than YEN IDR However during the financial crisis in 2008 YEN IDR carry trades become more sensitive showed by the decreasing VIX threshold value Another finding is the interest rate differential and volatility index which reflects the market uncertainty are important factors for investors This implies that the higher gap between Indonesia rsquo s interest rates and funding currencies interest rates will give the positive return in carry trade activities In addition the higher degree of market uncertainty leads the investors to unwind the carry trade ;This study analyzes the relationship between changes in Indonesia rsquo s exchange rate to interest rate differential between Indonesia as an investment currency country and funding currencies countries and the level of international investor risk aversion using the volatility index VIX threshold model for carry trade collapse The focus study is on carry trades based on the YEN IDR USD IDR and EUR IDR currency pairs over the period 01 August 2005 to 18 September 2015 The results indicate that the VIX threshold of carry trades unwinding for USD IDR and EUR IDR is lower than YEN IDR However during the financial crisis in 2008 YEN IDR carry trades become more sensitive showed by the decreasing VIX threshold value Another finding is the interest rate differential and volatility index which reflects the market uncertainty are important factors for investors This implies that the higher gap between Indonesia rsquo s interest rates and funding currencies interest rates will give the positive return in carry trade activities In addition the higher degree of market uncertainty leads the investors to unwind the carry trade ;This study analyzes the relationship between changes in Indonesia rsquo s exchange rate to interest rate differential between Indonesia as an investment currency country and funding currencies countries and the level of international investor risk aversion using the volatility index VIX threshold model for carry trade collapse The focus study is on carry trades based on the YEN IDR USD IDR and EUR IDR currency pairs over the period 01 August 2005 to 18 September 2015 The results indicate that the VIX threshold of carry trades unwinding for USD IDR and EUR IDR is lower than YEN IDR However during the financial crisis in 2008 YEN IDR carry trades become more sensitive showed by the decreasing VIX threshold value Another finding is the interest rate differential and volatility index which reflects the market uncertainty are important factors for investors This implies that the higher gap between Indonesia rsquo s interest rates and funding currencies interest rates will give the positive return in carry trade activities In addition the higher degree of market uncertainty leads the investors to unwind the carry trade , This study analyzes the relationship between changes in Indonesia rsquo s exchange rate to interest rate differential between Indonesia as an investment currency country and funding currencies countries and the level of international investor risk aversion using the volatility index VIX threshold model for carry trade collapse The focus study is on carry trades based on the YEN IDR USD IDR and EUR IDR currency pairs over the period 01 August 2005 to 18 September 2015 The results indicate that the VIX threshold of carry trades unwinding for USD IDR and EUR IDR is lower than YEN IDR However during the financial crisis in 2008 YEN IDR carry trades become more sensitive showed by the decreasing VIX threshold value Another finding is the interest rate differential and volatility index which reflects the market uncertainty are important factors for investors This implies that the higher gap between Indonesia rsquo s interest rates and funding currencies interest rates will give the positive return in carry trade activities In addition the higher degree of market uncertainty leads the investors to unwind the carry trade ]"

"Tugas Karya Akhir ini melihat bahwa mata uang kripto dapat dimanfaatkan sebagai komoditas investasi dan dapat dimanfaatkan oleh masyarakat. Namun investasi mata uang kripto telah memunculkan peluang terjadinya kejahatan seperti penipuan High-Yield Investment Program (HYIP). Tulisan ini akan memuat salah satu kasus penipuan High- Yield Investment Program (HYIP) yang terjadi di Indonesia yaitu penipuan investasi mata uang kripto EDCCash yang dilakukan oleh AY selaku CEO dari PT CPS. Data yang digunakan dalam tulisan ini merupakan data sekunder berupa surat putusan pengadilan yang dikeluarkan oleh Mahkamah Agung dan artikel berita online. Data yang telah dikumpulkan kemudian dianalisa secara kualitatif dan dikaitkan dengan konsep white collar crime, occupational crime, penipuan, dan high-yield investment program. Selain itu, data juga akan dianalisa dengan salah satu teori white collar crime yaitu convenience theory. Berdasarkan analisa tersebut, diketahui bahwa investasi mata uang kripto EDCCash merupakan penipuan High-Yield Investment Program (HYIP) karena keuntungan investor hanya didapatkan dari uang pendaftaran yang diberikan oleh investor baru. Selanjutnya, penipuan ini termasuk white collar crime dan occupational crime karena penipuan dilakukan oleh AY yang memanfaatkan jabatannya sebagai CEO dari PT CPS untuk mendapatkan kepercayaan dari para investor. AY juga melakukan penipuan ini untuk keuntungan pribadi yang dibuktikan dengan AY menjadi pihak yang paling diuntungkan dan AY memiliki berbagai barang mewah yang dibeli dari uang para investor. Penipuan yang dilakukan oleh AY dapat ditinjau dengan convenience theory, namun terdapat beberapa komponen yang tidak bisa dijelaskan karena keterbatasan data. Komponen tersebut adalah adanya ancaman dari perusahaan lain, peluang untuk mencapai tujuan perusahaan, pemanfaatan organisation decay dalam menutupi kejahatan, rasionalitas sebagai dasar dari pilihan pelaku untuk melakukan kejahatan, dan pembenaran atas kejahatan sebagai bentuk ketidaktahuan.

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This Final Project sees that cryptocurrencies can be utilized as investment commodities and can be utilized by the public. However, investing in cryptocurrencies has created opportunities for crimes such as High-Yield Investment Program (HYIP) fraud. This article will cover one of the High-Yield Investment Program (HYIP) fraud cases that occurred in Indonesia, namely the EDCCash cryptocurrency investment fraud committed by AY as CEO of PT CPS. The data used in this paper is secondary data in the form of court decisions issued by the Supreme Court and online news articles. The data that has been collected is then qualitatively analyzed and linked to the concepts of white-collar crime, occupational crime, fraud, and high-yield investment programs. In addition, the data will also be analyzed using one of the white collar crime theories, namely the convenience theory. Based on this analysis, it is known that investing in the EDCCash cryptocurrency is a High-Yield Investment Program (HYIP) fraud because investors only benefit from registration money given by new investors. Furthermore, this fraud includes white-collar crimes and occupational crimes due to fraud committed by AY who took advantage of his position as CEO of PT CPS to gain the trust of investors. AY also carried out this fraud for personal gain as evidenced by AY being the party that benefited the most and AY owning various luxury goods purchased from investors' money. Fraud committed by AY can be reviewed using convenience theory, but there are several components that cannot be explained due to limited data. These components are threats from other companies, opportunities to achieve company goals, utilization of organizational decay in protecting crime, rationality as the basis for the choice of perpetrators to commit crimes, and justification for crimes as a form of ignorance.

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