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All Journal JURNAL BISNIS STRATEGI Diponegoro Journal of Management Diponegoro Journal of Accounting KEK (Kajian Ekonomi dan Keuangan) Jendela Pendidikan Equivalent: Jurnal Ilmiah Sosial Teknik Journal of Digital Marketing and Search Engine Optimization
Mohamad Nasir
Jurusan Akuntansi Fakultas Ekonomika Dan Bisnis Universitas Diponegoro
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Journal : KEK (Kajian Ekonomi dan Keuangan)

 1 
Solvency Analysis on Indonesia's External Debt Nasir, Mohamad
Jurnal Kajian Ekonomi dan Keuangan Vol 18, No 2 (2014)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v18i2.149

Abstract

During Periods 2010-2013, Indonesia had economic growth. However, external debt had also inreased an reached USD265 billion in 2013, Indeed, this achievement raises a question, what the solvency level of indonesia's external debt is. By using Debt Sustainable Framework (DSF) method developed by Bretton Woods Institution (BWI), it can be known. Based on sample data in 2012 and calculation result, it can be known that form 6 DSF indicators Indonesia had 2 red indicators. They are debt service to export ratio and debt service to budget revenue ratio. The two indicators showed that Indonesia's solvency has risk regarding liquidity capability, and a limited fiscal support in the case Government do an intervention for external debt condition. Some main recommendations are proposed in this paper. Some o them are: 1) to improve liquidity or availability of foreign currency (USD), 2) to manage external debt of nonfinancial enterprises and no SOSEs, and 3) to increase export and decrease import.
Analysis of the Performance of SMEs Credit Program in the Stakeholders' Perspectives Nasir, Mohamad
Jurnal Kajian Ekonomi dan Keuangan Vol 17, No 1 (2013)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v17i1.36

Abstract

SMEs have siginifcant role for Indonesian economic, such as employing many labors and significant contribution to GDP. To support them more productive, Government launched a KUR in 2007, a credit program for SMEs that is feasible but not bankable, and has credit guarantee facility. Government has cooporated with some Banks for credit and with PT Askrindo and Perum Jamkrindo for credit guarantee. Since 2007, KUR has been run over 5 years. The question is how the performance of KUR viewed by Government, Banks, and Credit Guarantee Enterprises perspectives. Bu using descriptive analysis methode, the research shows that for Government perspective, KUR has distributed credit around Rp.97.6 triliun for around 7.6 million debitors during 2007-2013. For perspective of Banks, KUR has given profit because its interest rate (13% for retail and 22% for mikro] above basic lending rate of banks. Credit guarantee facility also has supported banks to penetrate new market or new debiturs. For credit guarantee enterprises, KUR has been able to increase their income.
ANALISA DAYA TARIKINVESTASI INDONESIA DIANTARA NEGARA TETANGGA ASEAN Nasir, Mohamad
Jurnal Kajian Ekonomi dan Keuangan Vol 14, No 2 (2010)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v14i2.61

Abstract

Indonesia as an emerging country needs investment's role to increase economic growth, especially after economic crisis in 1998, because government's financing capacity is very limited, so do private sectors. During 1990-2009, value of investment in Indonesia reached a significant growth, DDl grew 24.17% and FDI grew 30.39% per annum. Indeed, these numbers were great numbers. However, role ofDDI and FDI to Indonesian economic were small if we look at ratios of DDl and FDI to GDP that were around 0.65% and 2.29% per annum.Actually, Indonesia has a potential source to attract investors, especially foreign investors to invest in Indonesia. However, Indonesia has a lower competiveness of investment than neighbor countries. There are some reasons that support this statement. First of all, Indonesia has a higher risk of investment. For example, Indonesian political risk score in medium and long term is 5 (high risk), while Singapore, Malaysia, and Thailand have score 1, 2, and 3 respectively. Secondly, based on GC1, Indonesia is in 54th position, whereas Singapore, Malaysia and Thailand are in 3rd, 24th and 36th position respectively. Lastly, Indonesian tax rate (28%) is still higher than Singapore (18%), Vietnam (25%) and Malaysia (25%). Regarding tax rate thoeritically tax rate is a main reason of investors to invest in particularly country. However World Economic Forum (2009) reported that tax rate is not a main problem if an entity will do business in Indonesia. Tax rate in Indonesia was just a 13rd factor of consideration for taking investment decision.The main problems are bureacracy, infrastructure, policy instability, and corruption. In conclusion, Indonesiaan competitiveness for investment is under neighbor countries especially Singapore, Malaysia, Thailand, and Vietname.
Kelayakan Stimulus Modal Pada Bank Milik Negara Nasir, Mohamad
Jurnal Kajian Ekonomi dan Keuangan Vol 19, No 2 (2015)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v19i2.140

Abstract

Kondisi akses kredit Indonesia kurang optimal dan saat ini membutuhkan dana pembangunan infrastruktur yang sangat besar. Hal ini memunculkan gagasan untuk memberikan stimulus PMN pada bank BUMN (Bank Mandiri, BRI, dan BNI) agar dapat mengumpulkan dana pihak ketiga dalam jumlah yang besar. Ditengah keterbatasan APBN, studi kelayakan perlu dilakukan untuk mengukur ketepatan stimulus tersebut. Dengan menggunakan analisi deskriptif, dan kinerja penyaluran kredit, kinerja keuangan, dan kinerja leverage, paper menunjukan bahwa gagasan PMN pada bank BUMN layak untuk dilakukan, khususnya pada Bank Mandiri dan BRI. Hal ini terlihat dari : 1) pencapaian penyaluran kredit yang besar secara nominal, serta tingkat LDR yang sehat dan kompetitif bila dibandingkan dengan BCA, 2) kinerja keuangan yang baik sebagaimana terlihat dari pencapaian keuntungan yang besar dan dukungan modal yang kuat, dan 3) kinerja leverage lebih baik dibandingkan dengan BCA. Dengan asumsi PMN Rp3 triliun, diperkirakan bank BUMN mampu mengumpulkan dana pihak ketiga sebesar Rp39,45 triliun dalam bentuk kewajiban dan Rp2,09 triliun dalam bentuk ekuitas baru. Selanjutnya, paper ini merekomendasikan 1) implementasi gagasan dengan mengalokasi PMN pada Bank Mandiri dan atau BRI, 2) mendorong bank BUMN untuk memperbaiki kinerja efisiensi, 3) menyusun indikator kinerja utama para manajemen bank BUMN, dan 3) mengarahkan penyaluran dana untuk pembangunan infrastruktur yang berisiko rendah.
Co-Authors Deus, Bonifácio de Fatimah, Ade Fitria Guterres, Antonio Handoyo, Agus Moh. Iskandar Nur Santiko Wicaksono, Santiko