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All Journal JDE (Journal of Developing Economies) Economic and Finance in Indonesia The International Journal of Financial Systems
Prabowosunu, Mohammad Alvin
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Economics, Econometrics & Finance Education

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Did The Crisis Strengthen Bank Competition in Indonesia?: Market Structure Analysis Pre and Post The 2008 Financial Crisis Khoirunurrofik, Khoirunurrofik; Prabowosunu, Mohammad Alvin; Fansuri, Mohammad Ikhsan
Journal of Developing Economies Vol. 5 No. 2 (2020)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jde.v5i2.19660

Abstract

The banking industry has become a substantial part of the economy. This paper traces the change in market structure and assess the level of competition among the top 10 banks of Indonesia for the period 2005-2014. Then also distinguishing between before and after the Global Financial Crisis. Utilizing the Panzar-Rosse method and panel data, we discovered that the results show an increase in the H-value from 2005-2009 to 2010-2014 and a movement towards an almost perfectly competitive environment. Interest rates drove the short response of post-crisis on the competition. Therefore governmental supervision is required to prevent liquidity issues due to the imposition of high-interest rates. Keywords: Banking, Competition, Global Financial Crisis, Panzar-Rosse Model JEL: D40, D41, G21, L11
Revisiting the Influence of Lending Rate to Indonesia’s Credit Market Luviyanto, Afif Narawangsa; Prabowosunu, Mohammad Alvin; Pavayosa, Erin Glory
The International Journal of Financial Systems Vol. 3 No. 2 (2025)
Publisher : Otoritas Jasa Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61459/ijfs.v3i2.91

Abstract

This paper investigates the responsiveness of credit volumes to changes in lending rates in Indonesia and reexamines the strength of the monetary transmission mechanism through the credit channel. Using a vector autoregression framework applied to disaggregated bank credit data by sector, loan type, and firm size, we analyse how policy-driven interest rate movements propagate into actual lending outcomes. The results reveal a markedly uneven transmission: credit to micro, small, and medium enterprises (MSMEs) shows negligible sensitivity to interest rate changes, whereas lending to large firms responds more appreciably. In particular, bank credit to large corporates declines significantly when policy rates rise, consistent with conventional theory, while credit to smaller firms remains largely unaltered. These findings suggest that the traditional interest rate pass-through is fragmented and weak in key segments of the economy, undermining the efficacy of pricebased monetary policy. The analysis points to structural factors, including heterogeneous bank behaviour, borrower constraints, and a propensity of banks to shift toward safer assets in uncertain times as underlying causes. The findings imply the need for a more nuanced policy approach that complements interest rate adjustments with targeted interventions to achieve broad-based credit stimulus and effective monetary control.  
Identifying Risk-Taking Behavior and Prudent Asset Allocation in Pension Funds in Indonesia Prabowosunu, Mohammad Alvin; Siregar, Reza Yamora; Melati, Rosi; Hadrian, Devan; Ronaldo, Rizky Rizaldi
Economics and Finance in Indonesia Vol. 70, No. 1
Publisher : UI Scholars Hub

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Abstract

This research aims to investigate asset allocation strategies in the pension fund industry in Indonesia in relation to liability profiles and risk-taking behavior. Utilizing data on market returns for each asset class and several financial indicators of pension funds, we applied the risk-taking behavior model proposed by Andonov & Rauh (2022) and a modified model to observe the Liability-Driven Investment (LDI) strategies of pension funds in Indonesia. We discovered that private defined contribution pension fund schemes (PPIP) tend to exhibit higher risk-taking behavior, primarily through investment allocation in equities. On the other hand, private defined benefit pension funds (PPMP) demonstrate a less aggressive risk-taking approach, allocating investments in bonds and cap/blue-chip stocks. PPMP also indicates relatively better implementation of the LDI strategies by considering the sensitivity of long-term bonds concerning return on investment (ROI).
Co-Authors Fansuri, Mohammad Ikhsan Hadrian, Devan Khoirunurrofik, Khoirunurrofik Luviyanto, Afif Narawangsa Melati, Rosi Pavayosa, Erin Glory Ronaldo, Rizky Rizaldi Siregar, Reza Yamora