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"Studi ini bertujuan untuk mengetahui apakah terdapat indikasi awal terhadap potensi terjadinya kolusi dalam penentuan Jakarta Interbank Offered Rate (JIBOR). Selain itu, studi ini juga bertujuan untuk mengidentifikasi faktor-faktor yang mendukung munculnya sebuah kolusi dalam penentuan JIBOR. Dengan menggunakan metode analisis Benford’s Law terhadap distribusi digit kedua, ditemukan bahwa distribusi digit kedua dalam data JIBOR dengan tenor overnight memiliki perbedaan yang signfikan dengan distribusi milik Benford sepanjang tahun 2009 hingga 2018 dan deviasi yang tertinggi terjadi pada periode Desember 2012 – Mei 2013. Pada periode yang sama terjadi perubahan pola pergerakan serta peningkatan marjin antara rata-rata JIBOR dengan tenor yang pendek dengan tenor yang panjang. Motif terjadinya kolusi dalam penentuan JIBOR diduga untuk menegaskan perbedaan antara JIBOR jangka pendek dan jangka panjang, serta mengurangi biaya pinjaman antarbank akibat rendahnya JIBOR overnight dalam rangka peningkatan keuntungan dalam pemberian kredit. Sementara untuk faktor pendukung kolusi, berdasarkan hasil regresi ditemukan bahwa tingkat konsentrasi, kondisi profitabilitas, rasio likuidasi, dan volume transaksi dari Fasilitas Simpanan Bank Indonesia (FASBI) signifikan berpengaruh terhadap penentuan JIBOR, khususnya tenor overnight. Faktor lain seperti regulasi yang menjadi batasan masuk dan kemudahan dalam memperoleh data kuotasi individual JIBOR turut mendukung jalannya kolusi dalam penentuan JIBOR.

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This study aims to find preliminary indications of collusion allegation in Jakarta Interbank Offered Rate (JIBOR) fixing. Also, this study aims to identify the factors that facilitate collusion in JIBOR fixing. Using an analysis based on Benford’s Law for Second Digit distribution, this study found that the second digit distribution of JIBOR with overnight maturity from 2009 to 2018, differ from Benford’s and the highest deviation occurred in December 2012 – May 2013. Moreover, a shift in pattern and an increase of margins between averaged JIBOR with short-term maturity and long-term maturity occurred in the same period.  The assumed motives for collusion in JIBOR fixing are to differentiate JIBOR with short-term maturity and long-term maturity, also to reduce the cost of interbank borrowing, to increase the profit from consumer credit lending. As for the factors that facilitate collusion: concentration ratio, profitability, liquidity ratio, and reserves facilitation from Bank Indonesia (FASBI) significantly affect the JIBOR fixing, especially the overnight maturity. Other factors such as regulation as a barrier to entry and easy access of JIBOR daily individual quotations help ease the collusion in JIBOR fixing."

"Tesis ini membahas tentang kedudukan Kreditor dalam perjanjian interbank call money dimana perjanjian ini dilaksanakan melalui perdagangan surat berharga. Sumber dana melalui Interbank Call Money merupakan sumber dana paling cepat bagi bank. Mekanisme Call money ini sering digunakan oleh bank-bank yang sedang mengalami kekurangan likuiditas harian. Penerbitan Surat Berharga berupa Promes ini pada dasarnya adalah sebuah perikatan hutang piutang antara Debitor dan Kreditor, sehingga seharusnya Debitorlah yang bertanggungjawab sepenuhnya atas penerbitan Promes dimaksud, karena pada Debitorlah hutang asli atau pokok itu terletak. Namun, kedudukan Kreditor pemegang surat berharga lemah, karena penerbitan surat berharga tidak dijamin dengan asset Debitor. Hal ini berbeda dan fasilitas Pinjaman Likuiditas Jangka Pendek (PLJP) Bank Indonesia telah menerima informasi bahwa bank terlibat dalam masalah likuiditas jangka pendek, memiliki agunan yang cukup dan dilakukan penyelidikan lebih lanjut dari bank jika diperlukan. Kedudukan bank sebagai kreditor dalam perjanjian interbank call money adalah bersifat sebagai kreditor konkuren yang tidak mempunyai hak istimewa untuk melakukan eksekusi terhadap asset debitor jika dalam perjanjian interbank call money terjadi wanprestasi atau gagal bayar. Tesis ini menggunakan penelitian yuridis normatif karena menitikberatkan pada penelitian kepustakaan yang intinya meneliti asas dan teori hukum, sistematis hukum, dan sinkronisasi hukum dengan cara menganalisanya. Data yang diperoleh dianalisis dengan menggunakan metode deskriptif analisis dan metode kualitatif. Selanjutnya, permasalahan yang dibahas dalam tesis ini adalah mengenai kedudukan bank sebagai kreditor dalam perjanjian interbank call money dan menjabarkan upaya yang harus dilaksanakan dalam memitigasi risiko gagal bayar pinjaman likuditas tersebut.

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This thesis discusses the position of Creditors in the interbank call money agreement where this agreement is implemented through securities trading. Source of funds through Interbank Call Money is the fastest source of funds for banks. Call money mechanism is often used by banks that are experiencing daily liquidity shortages. Issuance of Securities in the form of Promissory Notes is basically a debt agreement between the Debtor and Creditor, so that the Debtor should be fully responsible for the issuance of the Promissory note, because it is on the Debtor that the original or principal debt lies. However, the position of creditors holding securities is weak, because the issuance of securities is not guaranteed by the debtor's assets. This is different and Bank Indonesia's Short-Term Liquidity Loan (PLJP) facility has received information that the bank is involved in short-term liquidity problems, has sufficient collateral and is subject to further investigation from the bank if necessary. The position of the bank as a creditor in the interbank call money agreement is as a concurrent creditor who does not have the privilege to execute the debtor's assets if the interbank call money agreement is in default or default. This thesis uses normative juridical research because it focuses on library research which essentially examines legal principles and theories, legal systems, and legal synchronization by analyzing them. The data obtained were analyzed using descriptive analysis methods and qualitative methods. Furthermore, the problem discussed in this thesis is regarding the position of the bank as a creditor in the interbank call money agreement and describes the efforts that must be carried out in mitigating the risk of default on the liquidity loan."

"ABSTRAKTesis ini menganalisis interconnectedness pasar uang antar bank PUAB pada perbankan sebagai salah satu indikator kerentanan sistem keuangan dalam rangka mitigasi risiko sistemik. Penelitian ini menggunakan pendekatan kuantitatif dengan metode analisis regresi linear berganda. Data yang digunakan adalah time series transaksi pasar uang antar bank yang telah diolah menggunakan aplikasi GEPHI sehingga menghasilkan dua variabel dependen yaitu Graph Density dan Average Path Length yang menunjukkan kerapatan dan rata-rata jumlah koneksitas transaksi di pasar uang antar bank yang berpotensi menimbulkan efek contagion. Penelitian membuktikan bahwa rasio likuiditas AL/NCD dan LDR berpengaruh signifikan terhadap density kerapatan transaksi pasar uang antar bank, sementara variabel GWM Primer growth tidak secara signifikan mempengaruhi tingkat density transaksi pasar uang antar bank. Kesimpulan selanjutnya adalah variabel LDR dan GWM Primer berpengaruh signifikan terhadap rata-rata koneksi yang dibutuhkan oleh setiap bank dalam pasar uang antar bank, sementara rasio AL/NCD tidak secara signifikan mempengaruhi average path length. Likuiditas perbankan menjadi salah satu faktor penentu koneksitas antar bank. Hasil analisis tersebut telah dikonfirmasi positif dengan rasio transaksi dalam sistem pembayaran.

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ABSTRACTThis research analyzes interconnectedness of interbank money market in banking as one indicator of financial system vulnerability in order to mitigate systemic risk. This research uses quantitative approach with multiple regression analysis method. The data used are time series of interbank money market transactions that have been processed using GEPHI application to produce two dependent variables namely Graph Density GD and Average Path Length APL indicating the density and number of transaction interbank money market which has potential to cause contagion effect. Research can be concluded that the liquidity ratio AL NCD and LDR has a significant effect on the density of interbank money market, while the Primary GWM variable does not significantly affect the density level of interbank money market transactions. The next conclusion is that the LDR and Primary GWM variables significantly affect the APL in the interbank money market, while the AL NCD ratio does not significantly affect the APL. Bank liquidity becomes one of the determinants of inter bank connectivity. The results of these analyzes have been confirmed positively by the ratio of transactions in the payment system."

"Sepeda motor merupakan moda transportasi paling diminati masyarakat Indonesia. Dalam beberapa tahun terakhir, sepeda motor adalah moda transportasi yang paling pesat pertumbuhannya dibanding moda transportasi lainnya. Baru-baru ini Komisi Pengawas Persaingan Usaha KPPU menilai harga satuan sepeda motor di Indonesia terlalu tinggi. KPPU menduga tingginya harga sepeda motor tersebut merupakan akibat adanya praktik kolusi berupa kartel dan penetapan harga dari para pelaku usaha di industri sepeda motor. Saat ini, industri sepeda motor berstruktur duopoli dengan pangsa terbesar dikuasai Honda dan Yamaha. Struktur pasar yang demikian memudahkan dilakukannya koordinasi antar pelaku usaha untuk mengurangi intensitas persaingan coordinated effect . Selain melihat tren struktur pasar, perlu juga dilakukan analisis mengenai performa dari industri dan kemungkinan adanya perilaku yang bertendensi anti persaingan untuk menilai apakah terdapat dugaan awal kolusi dalam industri sepeda motor di Indonesia. Hal-hal yang dipakai dalam menilai dugaan awal kolusi dalam sebuah industri sering disebut dengan faktor-faktor plus plus factors .

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Motorcycle is the type of transportation that attracts most of Indonesian. For several years motorcycle has become fastest growing type of transportation compared with other types. Lately The Commission for the Supervision of Business Competition Komisi Pengawas Persaingan Usaha KPPU rates the unit price of motorcycle in Indonesia as too high. KPPU alleges the exorbitant price of motorcycle unit is resulted from the collusion practices likewise cartel and price fixing which conducted by players in motorcycle industry. The sense of such allegation came from the fact that motorcycle industry is dominated only by two major players, Honda and Yamaha, and lies on duopoly structure. Such market structure facilitates the coordinated effect by undertaking business actors to decrease the intensity of competition. Apart from seeing market structure trends, it is also needed to analyze the industry performance and any conduct that can be deemed as anti competition. Such analyses are needed to find whether there is any preliminary allegation regarding collusion in Indonesian motorcycle industry or not. The analyses which used to find such allegation are usually called plus factors ."

"ABSTRAK Penelitian ini dilakukan dengan tujuan untuk menguji hubungan antara konsentrasi Dana Pihak Ketiga DPK pada Bank ABCD Bank-Bank BUKU IV di Indonesia terhadap besarnya Suku Bunga pada Pasar Uang Antar Bank PUAB di Indonesia pada tenor ON overnight , satu minggu 1Wk , dua minggu 2Wk dan satu bulan 1Mo . Penelitian ini menggunakan data harian dengan periode penelitian 2015 ndash; 2017. Perhitungan konsentrasi DPK menggunakan Hirchman-Herfindahl Index HHI dan Concentration Ratio untuk empat Bank CR4 . Dari hasil penelitian didapatkan bahwa konsentrasi DPK pada Bank ABCD mempengaruhi secara signifikan pembentukan suku bunga PUAB pada tenor 1 bulan 1Mo , sedangkan pada tenor ON dan 1Wk lebih dipengaruhi oleh Proyeksi Likuiditas Harian PLH . Besarnya Suku Bunga pada hari sebelumnya berpengaruh signifikan pada seluruh tenor dalam penelitian ini, yakni tenor ON, 1Wk dan 2Wk serta pada tenor 1Mo.

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This paper aimed to test the relation between Third Party Fund TPF Concentration on Bank ABCD BUKU IV Banks in Indonesia and the level of interest rate in Interbank Money Market in Indonesia for tenor ON overnight , one week 1Wk , two weeks 2Wk and one month 1Mo . This study was used daily data for period 2015 ndash 2017. The concentration calculation employed Hirchman Herfindahl Index and Concentration Ratio for four Banks CR4 . The result showed that there is significant positive relation between the TPF concentration and the formation of interest rate for tenor 1Mo, while for tenor ON and 1Wk more affected significantly by Daily Liquidity Projection PLH . The interest rate that had been transacted on the previous day affects significantly to all tenor in this research, ON, 1Wk, 2Wk and tenor 1Mo."

"Penelitian ini bertujuan untuk mengetahui pengaruh risiko bank terhadap perubahan jumlah pinjaman antar bank, tingkat suku bunga pinjaman antar bank, serta imbal hasil saham bank. Sumber data yang digunakan berasal dari industri perbankan di lima negara di Asia Tenggara yaitu Indonesia, Malaysia, Singapura, Thailand, dan Filipina. Penelitian ini menggunakan metode panel dengan data tahunan selama 10 tahun yaitu pada periode 2008-2019. Metode regresi menggunakan regresi panel dengan random effect dan pooled least squares. Hasil penelitian menunjukkan bahwa risiko bank mempengaruhi tingkat pinjaman antar bank, tingkat suku bunga pinjaman antar bank, dan tingkat imbal hasil saham bank. Hal tersebut menunjukan bahwa pasar uang dan pasar saham dapat berperan dalam membangun sistem perbankan yang sehat melalui efek disiplin pasar.

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The research aims to investigate the impact of bank risk on the rate change in interbank borrowing, interbank borrowing interest rates, and stock return. The data sources that used on this research are come from banking industry in five countries across South East Asia such as Indonesia, Malaysia, Singapore, Thailand, and Philippine. This study uses a panel method with annual data for 10 years, within the period of 2008-2019. This paper employes panel regression technique with random effect modeland pooled least squares model. Researchs finding suggests that bank risk and performance influenced interbank borrowing, interbank borrowing rate and banks stock return. These findings imply that improving both the interbank market and the stock market may play a role in establishing a sound banking system through market discipline effects. "

"ABSTRAK(LIBOR) atau yang dikenal sebagai Penentuan Suku Bunga Antar-Bank London merupakan skandal yang melibatkan bank-bank yang tergabung dalam British Banking Association (BBA). Barclays, salah satu bank anggota dari British Banking Association mengaku bahwa mereka telah memanipulasi Penentuan Suku Bunga Antar-Bank London pada tahun 2005 sampai 2009 dengan tujuan untuk untuk mendapatkan keuntungan atau membatasi kerugian di pasar derivatif dan untuk menggambarkan posisi finansial yang baik kepada investor. Dalam tesis ini, saya akan menjelaskan bagaimana implikasi dari manipulasi Penentuan Suku Bunga Antar-Bank London yang dilakukan oleh Barclays terhadap pasar finansial, siapa-siapa saja yang bertanggung jawab atas skandal ini, juga peran bank-bank lain atau kompetitor dalam mengetahui tindakan yang tidak etis ini, serta bagaimana memperbaiki Penentuan Suku Bunga Antar-Bank London yang telah termanipulasi.

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ABSTRACTBarclays and the London Inter-Bank Offered Rate (LIBOR) scandal is a scandal involving banks that are the members of the British Banking Association (BBA). Barclays, as a member of the British Banking Association, claimed that they had manipulated London Inter-Bank Offered Rate from 2005 to 2009 to gain profit or limit losses in the derivative market and to misrepresent its financial health to investors. In this thesis, I will explain how the implications of Barclays manipulated London Inter-Bank Offered Rate on financial markets, also who are the responsible parties in this scandal, as well as the role of other banks or competitors in knowing these unethical actions, and how to fix the manipulated LIBOR at Barclays."

"This study analyze the influence of non-deliverable forward (NDF) and the spot rate of USD/IDR against Bank Indonesia reference rate, Jakarta Interbank Spot Dollar Rate (JISDOR). NDF which came earlier than JISDOR is used by the market participant as the reference rate. The simple method of NDF determination had a great impact on the volatility of the rupiah currency, pushing the Bank Indonesia to issue its own reference currency. JISDOR is an indication of the rates issued by Bank Indonesia as the reference rate for the foreign exchange market in domestic and overseas. The method of creating the reference rate is by weighting the average rate of real transactions through a monitoring system which is managed by the central bank. However, the question arises: what should be done by the monetary authority when there is a party outside the jurisdiction issued the NDF rate as a benchmark that may affect the domestic exchange rate of rupiah in accordance with the desired agenda of the party. We use OLS and ARCH/GARCH to see if independent variables have an influence on dependent variable. Granger Causality test is also used to observe whether there are any relations among the variables."

"This study aims to analyze the causal relationships between variables of inflation, BI rate, and stock index and the effects of inflation and BI rate on the Indonesia Stock Exchange composite index. Samples taken are data from January 1995 to March 2012. The research data used are secondary data published by Bank Indonesia (BI) and The Capital Market Supervisory Agency and Financial Institution Supervisory Agency (Bapepam-lk) in the form of capital market statistics are then analyzed using Granger casuality tests and multiple regression. The result of this study revealed that the 99% confidence level (a= 0.01); during the period 1995.1-2012.3 causal relationship exist between inflation, BI rate, and the Indonesia Stock Exchange composite index. The test results obtained by regression adjusted R-square value of 52.3%, this suggests that the movement patterns of stock price index in capital markets-related changes in various macroeconomic variables, one of which is a negative coefficient BI rate to Indonesia’s capital market indices. The results also revealed that there was a very close relationship between the variables of inflation and BI rate to the CSPI, as evidenced by the magnitude of the correlation (R) of 72.6%."