Hasil Pencarian  ::  Simpan CSV :: Kembali

Abstrak :
ABSTRACT
Skripsi ini membahas tiga hal yaitu perbandingan pengelolaan surat utang negara di Indonesia, Amerika Serikat dan Italia, pengaturan hukum mengenai sovereign bond default dan signifikansi pengaturan mengenai sovereign bond default. Perbandingan dikhususkan pada proses penerbitan dan ada atau tidaknya sinking fund khusus untuk surat utang Negara. Berdasarkan Undang Undang No. 24 Tahun 2002 tentang Surat Utang Negara, Negara menjamin pembayaran pokok dan bunga surat utang negara dengan menganggarkan dananya dalam Anggaran Pendapatan dan Belanja Negara setiap tahun. Undang-Undang No. 24 Tahun 2002, Undang Undang Amerika Serikat dan Undang Undang Italia terkait surat utang negaranya tidak memiliki ketentuan mengenai sovereign bond default. Penyelesaian sovereign bond default adalah dengan mengaktifkan satu klausula yang dikenal dengan collective action clause dalam terms and conditions surat utang Negara. Penulisan ini juga membandingkan praktek dan peraturan perundang-undangan Indonesia, Amerika Serikat dan Italia dalam penggunaan collective action clause pada surat utang Negara.

---

ABSTRACT
This undergraduate thesis reviews three matters inter alia the comparative study on the management of sovereign bond under Indonesian Law, United States Law and Italian Law, the regulations to resolve sovereign bond default, and the significance to establish regulations pertaining sovereign bond default. The comparative study is confined to the issuance process and the existence of sinking fund designated for sovereign bond purposes. Pursuant to Indonesian Law No. 24 of 2002 regarding sovereign bond, the state guarantees the payment of principal and interest of sovereign bond by allocating the fund in the state’s annual budget. However, Law No. 24 of 2002, United States and Italian laws do not contain any provisions to resolve sovereign bond default. Sovereign bond default is resolved by activating the collective action clause within the terms and conditions of sovereign bond. This research seeks to review the practice, the laws and regulations of Indonesia, United States and Italy of using the collective action clause in the sovereign bond.

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.