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"Pandemi COVID-19 telah melemahkan aktivitas dan pertumbuhan ekonomi di Indonesia yang dapat berdampak pada kondisi likuiditas Bank Sistemik. Oleh karenanya melalui UU No. 2 Tahun 2020 salah satunya dilakukan langkah-langkah penanganan ataupun pencegahan risiko sistemik melalui penyempurnaan pinjaman likuiditas serta peran dan koordinasi dari anggota Komite Stabilitas Sistem Keuangan (KSSK). Terdapat dua masalah yang dibahas dalam skripsi ini yaitu mengenai penyesuaian pengaturan dan mekanisme pemberian Pinjaman Likuiditas Jangka Pendek (PLJP) dan Pinjaman Likuiditas Khusus (PLK) serta peran dankoordinasi yang dilakukan KSSK dalam menangani kesulitan likuditas Bank Sistemik setelah berlakunya UU No. 2 Tahun 2020. Metode penelitian yang digunakan adalah yuridis-normatif dan data yang diperoleh dianalisis dengan menggunakan metode deskriptif analitis. PLJP dan PLK menjadi fasilitas yang saat ini dapat diberikan oleh Bank Indonesia dalam menangani kesulitan likuiditas Bank Sistemik setelah berlakunya UU No. 2 Tahun 2020. Pinjaman tersebut diberikan tidak terlepas dari peran Bank Indonesia sebagai Lender of the Last Resort. Pemberian PLJP sepenuhnya merupakan kewenangan Bank Indonesia dengan melakukan koordinasi mengenai persyaratan dengan Otoritas Jasa Keuangan, berbeda dengan PLK yang pemberian keputusannya berdasarkan hasil rapat KSSK namun belum diatur lebih lanjut mengenai mekanisme dan koordinasi lebih lanjut. Saran yang diperoleh yaitu diperlukan segera untuk dibentuk peraturan pelaksana mengenai PLK oleh regulator agar dapat menjadi fasilitas yang dapatdiimplementasikan dengan memperhatikan prinsip kehati-hatian untuk mencegah moral hazard.

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COVID-19 Pandemic has weakened national economic growth and activities in Indonesia which could impact systemic banks liquidity condition. Therefore, by Law Number 2 Year 2020, one of the regulations is to take extraordinary steps to face or prevent systemic risk through both the improvement of liquidity loans facility and the roles and coordination of the Financial Stability System Committee member (KSSK). The problems discussed in this thesis are the adjustment of

regulations and mechanisms to provide short-term liquidity loan and special liquidity loan and also the roles and coordination of KSSK in facing systemic bank liquidity problems after the enactment of Law Number 2 Year 2020. The research method used is normative juridical, and the data obtained were analyzed using analytical descriptive method. Short-term liquidity loan and special liquidity loan

are currently the facilities provided by Bank Indonesia in dealing with systemic bank liquidity problems after the enactment of Law Number 2 Year 2020. These liquidity loans are not apart from Bank Indonesias role as Lender of the Last Resort. In conclusion, The approval of short-term liquidity loan is fully on Bank Indonesia by coordinating the requirements needed with the Financial Services Authority (OJK), different from special liquidity loan that given based on the decision of KSSK meeting however, there is not any regulation regarding the mechanism and coordination of special liquidity loan facility further. Advice obtained is that is necessary for the regulator to create an adequate further legal framework regarding the special liquidity loan, so it can be implemented soon by still focusing on prudential banking principle to prevent the cause of moral hazard."

"Tesis ini menganalisis pengaruh risiko kredit dan risiko likuiditas terhadap risiko sistemik pada perbankan di ASEAN-4. Penelitian ini menggunakan dua ukuran risiko sistemik, yakni dCoVaR (Girardi dan Ergun, 2013) dan MES (Acharya, 2010) agar dapat melihat perbedaan pengaruh risiko kredit dan risiko likuiditas terhadap risiko sistemik dengan dua ukuran yang berbeda. Hasilnya, diketahui bahwa risiko kredit dan risiko likuiditas memengaruhi risiko sistemik pada saat distres pasar, akan tetapi risiko kredit dan risiko likuiditas tidak memengaruhi risiko sistemik individual bank. Adapun persamaan temuan pada kedua regresi tersebut adalah bahwa risiko sistemik dipengaruhi oleh kondisi krisis. Temuan ini menarik mengingat pada saat dilakukan analisis untuk setiap negara, hanya risiko sistemik di Filipina dan Thailand saja yang dipengaruhi oleh krisis, sedangkan Indonesia dan Malaysia tidak. Akan tetapi, jika analisis dilakukan serempak ternyata krisis memberi dampak positif signifikan terhadap risiko sistemik individual bank. Kemudian, pada analisis terhadap risiko sistemik saat pasar dalam kondisi distres, risiko kredit dan risiko likuiditas hanya memengaruhi risiko sistemik di Filipina saja. Akan tetapi, jika analisis dilakukan secara serempak, maka risiko kredit dan risiko likuiditas memengaruhi risiko sistemik secara positif signifikan di ASEAN-4.

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This study examines the effect of credit risk dan liquidity risk on the potential increases in systemic risk of the banking sector in ASEAN-4. Two systemic risk measures, namely dCoVaR (Girardi and Ergun, 2013) and MES (Acharya, 2010) are used in order to evaluate the effect of credit risk and liquidity risk on systemic risk of individual bank and systemic risk when the market is in distress. Result from the regressions show that credit risk and liquidity risk affect systemic risk at the market distress, meanwhile, credit risk and liquidity risk do not affect systemic risk individual bank. That crisis affects systemic risk is found by the two regressions in ASEAN-4.

The result is interesting because when the regression analysis between credit risk and liquidity risk against systemic risk for each country is conducted, only banks in the Philippines and Thailand show the influence of credit risk on systemic risk, but not in Indonesia and Malaysia. However, when the analysis is conducted for all the countries, there is a positive and significant effect of crisis on systemic risk in ASEAN-4. The second analysis is conducted to examine the effect of credit risk and liquidity risk against on systemic risk when the market is in distress. The results show that credit risk and liquidity risk are significantly effects systemic risk at the market distress. However, we do not find this effect in the regression for each country, except in the Philippines."

"In 2020, the Covid-19 pandemic brought down the economies of countries around the world, including Indonesia. To overcome this crisis, President Joko Widodo enacted Government Regulation in lieu of Laws No.1 of 2020, which currently has become Law No. 2/2020 concerning State Financial Policies and FinancialSystem Stability for Handling the Covid-19 Pandemic and/or in the context of facing threats that endanger the national economy and/or financial systemstability. This Law was designed to deal with the financial system crisis caused byCovid-19. However, some views that this Law contained issues that influences the independence of Bank Indonesia. One aspect that touches the independence of Bank Indonesia in this regulation is related to the purchase of long-term Government Bonds on the Primary Market by Bank Indonesia for the Governmentto conduct the fiscal policies and the PEN Program. Bank Indonesia also funds the state budget deficit through printing money for the Government. The Financial System Stability Committee, which includes the Minister of Finance as coordinator and Bank Indonesia as a member, has a substantial role in Law No. 2 Year 2020. In this regard, economists and experts believe that there has been intervention by the Government against Bank Indonesia’s independence in thispandemic. At the same time, it can also be said that this policy aims to stabilizethe financial system due to the Covid-19 pandemic. The normative juridicalresearch method was used in this thesis to analyze how does Law No. 2 Year 2020 influences Bank Indonesia’s independence."

"Tesis ini membahas tentang Penerapan Sertifikasi Halal Berbasis Elektronik (OSS-RBA) Pada Sektor Usaha Mikro dan Kecil (UMK) Setelah Berlakunya Undang-Undang Cipta Kerja (UU No 11 Tahun 2020). Sejak Undang Undang Nomor 33 Tahun 2014 tentang Jaminan Produk Halal telah digalakkan untuk sertifikasi halal di Indonesia. Kemudian terbit Undang Undang Cipta Kerja dan terbit peraturan pelaksananya yaitu Peraturan Pemerintah No 39 Tahun 2021 maka sertifikasi halal ini wajib dilaksanakan oleh UMK, namun kesiapan dari UMK dan Pemerintah dalam ketersediaan penyelia halal serta pengaturan berkaitan dengan penyelia halal pada sektor UMK (Usaha Mikro dan Kecil) setelah berlakunya Undang-Undang Nomor 11 Tahun 2020 tentang Cipta Kerja serta penerapan sertifikasi halal dikaitkan dengan sistim Online Single Submission Risk Based Approach (OSS-RBA) untuk UMK (Usaha Mikro dan Kecil) setelah berlakunya Undang-Undang Nomor 11 Tahun 2020 tentang Cipta Kerja perlu diteliti lebih lanjut. Penelitian ini menggunakan metode yuridis normatif dengan pendekatan kualitatif. Usaha Mikro dan Kecil (UMK) wajib untuk melakukan sertifikasi halal terhadap produk yang dihasilkannya tetapi saat ini penyelia halal masih terbatas jumlahnya dan pengetahuan terkait sertifiksi halal pada UMK masih belum terinformasikan dengan baik. Oleh karenanya Peneliti melakukan wawancara langsung kepada 3 UMK di Kebumen, Halal mCenter Universitas Indonesia dan UKM Center Fakultas Ekonomi dan Bisnis Universitas Indonesia. Penerapan teori maqashid asy-Syariah dan Efektifitas Hukum Hans Kelsen untuk menganalisis penerapan sertifikasi halal pada UMK, agar jangan sampai penerapan sertifikasi halal ini wajib tetapi UMK belum siap sehingga dapat merugikan UMK dan masyarakat pada umumnya.

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This thesis discusses the Application of Electronic-Based Halal Certification (OSS-RBA) in the Micro and Small Business Sector (UMK) after the Enforcement of the Job Creation Law (UU No 11 of 2020). Since Law Number 33 of 2014 concerning Guaranteed Halal Products has been promoted for halal certification in Indonesia. Then the Employment Creation Law was issued and the implementing regulation was issued, namely Government Regulation No. 39 of 2021, this halal certification must be carried out by MSEs, but the readiness of MSEs and the Government in the availability of halal supervisors and regulations relating to halal supervisors in the MSE sector (Micro and Small Enterprises) ) after the enactment of Law Number 11 of 2020 concerning Job Creation and the application of halal certification associated with the Online Single Submission Risk Based Approach (OSS-RBA) system for MSEs (Micro and Small Enterprises) after the enactment of Law Number 11 of 2020 concerning Copyright The work needs to be investigated further. This study uses a normative juridical method with a qualitative approach. Micro and Small Enterprises (UMK) are required to carry out halal certification for their products but currently there are limited number of halal supervisors and knowledge related to halal certification in MSEs is still not well informed. Therefore, the researcher conducted direct interviews with 3 MSEs in Kebumen, the University of Indonesia's Halal Center and the SME Center of the Faculty of Economics and Business, University of Indonesia. The application of maqashid ash-Sharia theory and Hans Kelsen's Legal Effectiveness to analyze the application of halal certification to MSEs, so that the application of halal certification is not mandatory but MSEs are not ready so that it can harm MSEs and society in general."

"Keberhasilan kebijakan moneter bergantung terhadap penciptaan likuiditas bank. Namun, penelitian yang ada tidak menemukan bukti yang jelas bahwa kebijakan moneter memengaruhi penciptaan likuiditas bank agregat. Penelitian ini menunjukan bukti bahwa ilikuiditas pasar obligasi yang memicu terjadinya pengaturan portofolio memberikan pengaruh terhadap penciptaan likuiditas bank. Ditemukan bahwa: 1 kebijakan moneter kontraktif memberikan dampak negatif terhadap ilikuiditas pasar obligasi melalui jalur perubahan tingkat suku bunga 2 ilikuiditas pasar obligasi memberikan dampak positif terhadap penciptaan likuiditas bank akibat perubahan komposisi portofolio bank 3 Kebijakan moneter kontraktif memberikan dampak negatif terhadap penciptaan likuiditas akibat terserapnya dana yang tersedia pada bank ke pasar obligasi.

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The success of monetary policy depends on bank liquidity creation. However, existing research found no clear evidence that monetary policy affects aggregate bank liquidity creation. This study shows evidence that bond market liquidity stimulates portfolio switching that affects aggregate bank liquidity creation. And find that 1 Tight monetary policy negatively impacts bond market illiquidity through interest rate change 2 Bond market illiquidity positively impacts bank liquidity creation through the bank portfolio switching 3 Tight monetary policy negatively impacts bank liquidity creation due to the absorption of loanable fund to the bond market."

"Perkembangan sektor perbankan Indonesia dalam 11 tahun terakhir mengalami pertumbuhan yang agresif, tetapi juga mempertahankan likuiditas yang memadai berdasarkan risiko sesuai dengan ketentuan otoritas. Bank-bank milik Pemerintah Indonesia mengendalikan ±42% dari total aset di sektor perbankan dan menghadapi tantangan dalam mempertahankan kondisi yang optimal antara regulasi, risiko, dan profitabilitas. Tujuan dari penelitian ini adalah untuk mengetahui risiko likuiditas dan faktor-faktor yang mempengaruhi bank BUMN setelah krisis ekonomi 2008 dan implementasi Basel III di Indonesia. Penelitian ini menggunakan data spesifik perbankan dan data ekonomi makro yang diproses menggunakan Common Effect Model yang dibandingkan dengan Fixed Effect Model dan juga dengan Random Effect Model. Berdasarkan analisis data menunjukkan bahwa faktor-faktor spesifik perbankan terutama LDR, NPL, CAR, dan ROA mempengaruhi risiko likuiditas bank-bank BUMN di Indonesia sementara faktor pertumbuhan deposito dan faktor makroekonomi tidak berpengaruh secara signifikan.

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Growth of the Indonesian banking sector in 11 years be through aggressive growth, but also maintained adequate liquidity based on risk in accordance with the provisions of the authorities. Indonesia state-owned banks control ±42% of total assets in the banking sector and face challenges in maintaining optimal conditions between regulation, risk and profitability. The purpose of this study is to determine the liquidity risk and the factors that influence SOE (state owned) banks after the 2008 economic crisis and the implementation of Basel III in Indonesia. This study uses specific banking data and macroeconomic data which are processed using the Common Effect Model which is compared with the Fixed Effect Model and also with the Random Effect Model. Based on data analysis indicated that banking-specific factors especially LDR, NPL, CAR, and ROA affect the liquidity risk of state-owned banks in Indonesia while deposit growth and macroeconomics factors do not significantly influence."

"Diundangkannya Undang-undang Nomor 11 Tahun 2020 tentang Cipta Kerja denganskema omnibus law salah satunya dilandasi oleh semangat untuk meningkatkanekosistem investasi di Indonesia. Pengundangan ini dilatarbelakangi oleh kondisipengaturan investasi saat ini yang tidak harmonis antar sektor dan wilayah. Pengaturaninvestasi asing seringkali tumpang tindih bahkan bertentangan satu dengan yanglainnya. Berdasarkan hal tersebut, terdapat dua pokok permasalahan, yaitu: (1)Bagaimana pengaturan investasi asing di Indonesia sebelum diundangkannya Undang-undang Nomor 11 Tahun 2020 tentang Cipta Kerja?; dan (2) Bagaimana pengaturaninvestasi asing dalam Undang-undang Nomor 11 Tahun 2020 tentang Cipta Kerjasebagai upaya meningkatkan aliran modal asing ke Indonesia?. Adapun penelitian inibersifat yuridis normatif dengan mengkaji regulasi terkait dengan Investasi Asing. Padaakhirnya, telah diperoleh kesimpulan bahwa saat ini pengaturan Investasi Asing diIndonesia diatur dalam UU No. 25 Tahun 2007 Tentang Penanaman Modal sebagaimanabeberapa pasalnya telah diubah dalam UU No. 11 Tahun 2020 Tentang Cipta Kerja.Beberapa perubahan krusial dalam UU Cipta Kerja sebagai upaya meningkatkan ikliminvestasi asing di Indonesia antara lain dilakukan dengan penyederhanaan perizinan danpersyaratan investasi, serta perubahan beberapa ketentuan pajak, tanah, imigrasi,ketenagakerjaan, perseroan terbatas, dan kawasan ekonomi khusus.

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The promulgation of Law Number 11 of 2020 concerning Job Creation with theomnibus law scheme is aim to improve foreign direct investment ecosystem inIndonesia. This legislation is motivated by the current condition of foreign directinvestment regulation that are not harmonious between sectors and regions. foreigndirect investment regulation often overlap and even conflict with one another. Based onthis, there are two main problems, namely: (1) How was the foreign direct investmentregulations in Indonesia before the enactment of Law Number 11 of 2020 concerningJob Creation?; and (2) How are the foreign direct investment regulations in LawNumber 11 of 2020 concerning Job Creation as an effort to increase the flow of foreigncapital to Indonesia? This research is normative juridical by examining regulationsrelated to foreign direct investment. In the end, it has been concluded that currently theregulation of foreign direct investment in Indonesia is regulated in Law no 25 of 2007concerning Investment as several articles have been amended in Law no. 11 of 2020concerning Job Creation. Some of the crucial changes in the Job Creation Law as aneffort to improve the foreign investment climate in Indonesia include simplifyinglicensing and investment requirements, as well as amending several provisions on taxes,land, immigration, labor, limited liability companies, and special economic zones"

"Tesis ini bertujuan untuk meneliti pengaruh risiko kredit yang ditunjukkan oleh pinjaman berisiko, yaitu pinjaman diberikan oleh pihak bank yang tidak dapat dibayarkan kembali oleh pihak peminjam, terhadap profitabilitas dan likuiditas bank yang ditunjukkan oleh nilai-nilai rasio kinerja pada bank, yaitu Net Interest Margin, Return on Assets, Return on Equity, dan Cash Flow to Total Assets. Risiko kredit menjadi salah satu masalah utama yang terjadi yang pada krisis keuangan, sehingga perlu diteliti lebih lanjut pengaruh risiko kredit terhadap kinerja perbankan dalam menghadapi krisis keuangan di masa mendatang. Data yang digunakan pada penelitian ini adalah data pada laporan keuangan dari perusahaan perbankan konvensional yang terdapat di Indonesia pada tahun 2010 hingga 2014. Pada penelitian ini digunakan metode analisis regresi data panel model Fixed Effect. Hasil penelitian ini menunjukkan bahwa terdapat pengaruh negatif dari pinjaman berisiko yang diberikan oleh perusahaan perbankan terhadap profitabilitas dan likuiditas perusahaan tersebut.

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This study aims to investigate the effect of credit risk indicated by risky loans, the loans granted by the bank which cannot be repaid by the borrower, on the profitability and liquidity of banks indicated by the performance ratio on banks, which are Net Interest Margin, Return on Assets, Return on Equity, and Cash Flow to Total Assets. Credit risk becomes one of the main problems that occurred were in a financial crisis, so it needs to be further investigated the effect of credit risk on bank performance to face the financial crisis in the future. The data used in this study is data on the financial statements of the conventional banking firm located in Indonesia in 2010 to 2014. In this study used regression analysis of panel data models Fixed Effect. Results of this study indicate that there are negative effects of risky loans granted by the banking company to profitability and liquidity."

"Skripsi ini membahas kewenangan Pemerintah dalam mengelola pertambangan mineral dan batubara setelah ditetapkannya UU No. 3 Tahun 2020 beserta peraturan pelaksananya. Penelitian ini dilakukan secara yuridis-normatif dengan mengkaji dan membandingkan perkembangan peraturan perundang-undangan terkhususnya pada sektor pertambangan mineral dan batubara. Pengelolaan pertambangan mineral dan batubara berdasarkan pada “Hak Menguasai Negara” dan bertujuan untuk mewujudkan manfaat “sebesar-besarnya kemakmuran rakyat” sebagai amanat Pasal 33 ayat (3) UUD 1945. Melalui hasil penelitian ini dapat disimpulkan bahwa disharmonisasi antara UU No. 4 Tahun 2009 dengan UU No. 23 Tahun 2014 telah diselaraskan oleh UU No. 3 Tahun 2020 melalui perubahan konsep kewenangan pengelolaan pertambangan mineral dan batubara menjadi Sentralisasi dengan mengakomodir Dekonsentrasi berdasarkan diskresi Pemerintah Pusat. Meskipun demikian Pemerintah tetap disarankan untuk mempercepat tindak lanjut pembentukan Perangkat Daerah yang mengurus pertambangan mineral dan batubara serta mengawal secara penuh proses pengalihan Izin Usaha Pertambangan.

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The following thesis discusses the Government's authority in managing the mining of mineral and coal after the enactment of Law No. 3 of 2020 and its implementing regulations. The research was conducted in a juridical-normative manner by reviewing and comparing the development of laws and regulations, especially in the mineral and coal mining sector. The management of mineral and coal mining is based on the "State Controlling Right" and aims to realize the benefits of "the greatest prosperity of the people" as mandated by Article 33 paragraph (3) of the 1945 Constitution. Through this research, the disharmonization issue between Law No. 4 of 2009 with Law No. 23 of 2014 has been resolved by Law No. 3 of 2020 by implementing changes in the concept of authority for managing mineral and coal mining to become Centralized by accommodating Deconcentration based on the discretion of the Central Government. However, it is strongly advised that the Government needs to accelerate the formation of Regional Apparatus that manages mineral and coal mining and fully oversees the process of transferring Mining Business Permits."

"Penelitian ini menginvestigasi pengaruh faktor-faktor pendorong utama Manajemen Risiko Likuiditas (MRL), yaitu aset tak ikuid, core deposit, modal ekuitas, dan komitmen pinjaman perbankan di Indonesia terhadap aset likuid, pinjaman, dan credit line yang merupakan proksi untuk mengukur likuiditas perbankan dengan menggunakan kontrol ukuran bank. Penelitian ini mengambil sampel 99 bank umum di Indonesia pada periode 2006 ? 2011 dan menggunakan metode Ordinary Least Square dalam pengestimasiannya. Dengan adanya krisis keuangan global pada akhir tahun 2008 dan awal tahun 2009, penelitian ini menjelaskan dua hasil, yaitu hasil pada kondisi normal dan krisis. Aset tak likuid mempengaruhi aset likuid pada saat normal dan krisis, serta pinjaman bank pada saat normal. Core deposit mempengaruhi aset likuid bank dan pinjaman pada saat normal dan krisis, serta credit line pada saat normal. Modal mempengaruhi aset likuid pada saat normal, pinjaman dan credit line pada saat normal dan krisis. Komitmen pinjaman mempengaruhi pinjaman pada saat krisis dan credit line pada saat normal dan krisis. Bank besar cenderung memiliki aset likuid terbatas dan memberikan pinjaman dan credit line pada saat normal, tetapi cenderung mengurangi pinjaman dan meningkatkan liquid buffer pada saat krisis.

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This research investigates the impact of four key drivers of Liquidity Risk Management, which are illiquid assets, core deposits, equity capital, and loan commitments of banking in Indonesia towards liquid assets, loans, and credit line as proxies for bank liquidity measurement with bank size as control. Using 99 samples of commercial bank in Indonesia within 2006 - 2011 and also using Ordinary Least Square method for estimating, this research results some conclusions. Since there is global financial crisis in the last quarter of 2008 and the first quarter of 2009, this research generates two results, which are in normal and crisis condition. Illiquid asset affects liquid asset in normal and crisis condition and loan in normal condition. Core deposit affects liquid asset and loan in normal and crisis condition, and also credit line only in normal condition. Equity capital affects liquid asset in normal condition, loan and credit line in normal and crisis condition. Loan commitment affects loan in crisis condition and credit line in normal and crisis condition. Large bank tends to hold liquid asset in small amount and gives loan and credit line more relative to other banks in normal condition, but tends to reduce loan and increase liquid buffer in crisis condition."