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INDONESIA
Journal of Central Banking Law and Institutions
Published by Bank Indonesia Institute
ISSN : 28277775     EISSN : 28099885     DOI : https://doi.org/10.21098/jcli.v2i1
Core Subject : Economy, Humanities, Science, Social,
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences
Journal of Central Banking Law and Institutions (JCLI) is an international peer-reviewed journal. ​​JCLI publishes triannually. JCLI focuses on a range of topics examining the intersection of central banking law and institutions on the monetary, financial system, and payment systems that include regulations, governance (including transparency & accountability), credibility, institutional politics, institutional arrangements, and institutional communication. The JCLI’s scope is global, and the journal endeavours to publish high-quality research that contributes to the literature and/or impacts macro-economic policy aimed at enhancing social & economic welfare. Research papers are welcome from central and non-central bank practitioners, academics, and policymakers, regardless of their institutional affiliation and geographic location.
Arjuna Subject : Ilmu Sosial - Hukum
Articles 7 Documents
 1 
Search results for , issue "Vol. 2 No. 2 (2023)" : 7 Documents clear
COMPARATIVE LEGAL ANALYSIS ON THE COMPETENCE OF THE INDONESIA’S FINANCIAL SERVICES AUTHORITY AND MONETARY AUTHORITY OF SINGAPORE ON THE ENFORCEMENT OF INSIDER TRADING LAWS Fabian Jonathan; Fajar Sugianto; Tomy Michael
Journal of Central Banking Law and Institutions Vol. 2 No. 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i2.24

Abstract

This article investigates the competencies of both Indonesian and Singaporean capital market supervisory and regulatory bodies, namely Otoritas Jasa Keuangan and the Monetary Authority of Singapore. It further assesses the effectiveness of each body in enforcing laws prohibiting insider trading specifically. It shall further evaluate the passiveness portrayed by the Indonesian counterpart when it comes to the eradication of day trading activities in the market as well as variables that are weighed in its implementation. A normative-empirical method is used for this article as it considers legal principles and legal systems, following a comparative approach. The materials relied on for this article include an interview with a capital market lawyer, an analysis of the law and other supporting documents, and a comparative study. The nature of competence for Indonesia and Singapore’s capital market supervisory and regulatory bodies is quite similar which adopt integrated approaches towards regulation and supervision of the capital market and with adequate authority to enforce their mandates. Since 2012, OJK has replaces the role of Bapepam-LK to administer the Capital Market Law as an independent body. OJK is responsible for enacting rules and other oversight of the sector.
GREEN BONDS IN INDONESIA: SYNERGY BETWEEN BANK INDONESIA AND OTORITAS JASA KEUANGAN’S COMMITMENT orima davey; Ria Wierma Putri; Tristiyanto; Yunita Maya Putri; Febryani Sabatira
Journal of Central Banking Law and Institutions Vol. 2 No. 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i2.37

Abstract

Climate change's impact on environmental quality has always been an interesting topic on the international platform, especially for developing countries. As a form of prevention and preparation, the World Bank green bonds by the World Bank have supported developing countries in participating in resilience to climate change. This article uses normative legal analysis with secondary data resources from books and other relevant scientific publications. The study result shows that the World Bank provided numerous recommendations and guidance for developing countries in implementing green bonds in their national regulations. Indonesia is one of the countries that applied green bonds through Bank Indonesia and Otoritas Jasa Keuangan (OJK). Bank Indonesia and OJK are now focusing on developing a Sustainable Finance Instrument (SFI) to stimulate the growth of a green and sustainable economy. A collaboration between the government and the authorities is essential to continuously build and preserve SFI in the market in the long term.
CENTRAL BANK DIGITAL CURRENCIES IN THE INDONESIAN SETTING: QUESTIONS & CHOICES David K Linnan
Journal of Central Banking Law and Institutions Vol. 2 No. 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i2.45

Abstract

Central Bank Digital Currencies or CBDC have attracted increasing attention worldwide. Discussions take place chiefly at the institutional central bank level, and among financial and monetary economists, but now are moving into legal and political spaces. Meanwhile, Bank Indonesia or BI, the Indonesian central bank, has been an active proponent of a digital Rupiah for several years, seemingly focused on payment system improvements, problematic to the extent on-going digitalisation of the economy is not purely a payment system exercise.The Indonesian Parliament or DPR recently authorised in Law No. 4/2023 BI’s creation and management of a digital Rupiah, but open issues remain: (1) the DPR’s emphasis in its guidelines for the digital Rupiah contemplates currently only a domestic rather than crossborder digital Rupiah; (2) the DPR seemingly contemplated broader financial inclusion and more equitable development as a practical matter, while BI’s prior proposals seemed more focused on efficiency and banking sector; and (3) domestic CBDC’s introduction probably constitutes a dress rehearsal for an eventual international CBDC, so a planning function lies hidden. Digital Rupiah’s implementation presumably lies 12 to 24 months ahead, taking place under a new Indonesian President to be elected in 2024, implying new senior financial sector regulators as well. The best legal approach would be for BI to manage the digital Rupiah through external clearing and settlement institutions, and there are numerous international economic law complications in the hidden planning exercise if domestic is to become international digital Rupiah over time. Developing versus developed country CBDC concerns are simply different.
REGULATING THE CONVERSION OF CONVENTIONAL BANKS TO ISLAMIC: THE 4 QUADRANTS CONVERSION (4-QC) FRAMEWORK Suleiman Sani; Ashurov Sharofiddin; Mustapha Abubakar
Journal of Central Banking Law and Institutions Vol. 2 No. 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i2.158

Abstract

This research paper proposes a framework for converting conventional banks to full-fledged Islamic banks as a catalyst for propelling the Islamic finance industry to Islamic Finance 2.0 by addressing the paucity of a regulatory framework for Central Banks to regulate this conversion. To address this, the paper proposes the “4Quadrants Conversion (4-QC) Framework” as a model framework for Central Banks to regulate the conversion process, consisting of twentyfour components classified into four quadrants. The proposed conversion involves leaving Shari’ah non-compliant activities and adopting Shari’ah permissible alternatives. This paper adopts a qualitative research method based on content analysis. The research findings suggest that the proposed regulatory framework can facilitate the successful conversion, resulting in a dual result of creating new Shari’ah-compliant entities and eliminating non-compliant entities. The proposed regulatory framework can also guide banks to plan, implement, and self-assess their progress to ensure a timely and less cumbersome conversion.
THE POSITION OF BRIDGE BANKS AS INSTRUMENTS FOR RESOLVING BANK FAILURES IN INDONESIA Zulfikar Hasan; Kamiluddin
Journal of Central Banking Law and Institutions Vol. 2 No. 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i2.162

Abstract

We analysed the capacity for banks to fail in Indonesia. A “failed bank” can be decoded as a bank facing financial difficulties and possibility of collapse. It is no longer feasible for the LPP (Banking Supervisory Agency) to address bank failures under its current authority. In Indonesia, bank failures are managed by the Deposit Insurance Corporation (IDIC), helped by rules from Bank Indonesia and the Financial Services Authority (OJK). Under Article 5 of Law no. 24 of 2004 regarding the Deposit Insurance Corporation, one of the jobs of IDIC is to develop, specify and enforce a procedure for the liquidation of failing banks that do not have a systemic effect and address failing banks that do have a systemic effect. The definition of systemic effect is when a bank’s failure will have an extraordinary impact on the availability of funds and the smoothness and sustainability of the economy. While a non-systemic effect is bank’s failure that does not meet the standards noted above. The implication of our research is to provide an understanding that assistance for failing banks in Indonesia is taken over by the IDIC which will form an entity called a bridge bank.
GREEN CENTRAL BANKING: A NEW ROLE FOR THE CENTRAL BANKS IN THE FINANCIAL SYSTEM Omer Faruk Tekdogan
Journal of Central Banking Law and Institutions Vol. 2 No. 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i2.170

Abstract

The financial sector has a key role to play in the transition to a more sustainable and low-carbon economy. Being major actors in the financial system, central banks can exert influence to encourage the adoption of green finance and reduce risks associated with climate change. A novel idea called "green central banking" aims to give central banks' operations, regulations, and goals more sustainability-related thought. This study explores the concept of "green central banking," which is just starting to gain traction, as well as potential central bank responsibilities and tasks in the field of sustainable finance. This study also emphasizes the difficulties and dangers of implementing green central banking, including the possible conflicts between financial stability and environmental goals. Also, the article provides a comparative examination of the methods used by central banks as it looks at the state of green central banking in various parts of the world. Ultimately, this study promotes central banks to take a proactive stance in the transition to a greener and more resilient financial system and believes that green central banking can be a critical tool for accomplishing sustainable development goals.
CENTRAL BANK DIGITAL CURRENCY (CBDC): A SENTIMENT ANALYSIS AND LEGAL PERSPECTIVE Aisyah As-Salafiyah; Aam Slamet Rusydiana; Ihsanul Ikhwan
Journal of Central Banking Law and Institutions Vol. 2 No. 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v2i2.177

Abstract

Bank Indonesia plans to issue a digital rupiah in the Central Bank Digital Currency (CBDC) development project, the official digital currency issued by the central bank. This study aims to review the perceptions of the scientific literature regarding the CBDC theme from a legal perspective. Its nature is still new and has not been widely implemented by various countries worldwide, making this theme interesting for further study. This study uses a qualitative method with a sentiment analysis approach. The research object is 50 papers published by Scopus-indexed journals until December 12, 2022. The data is then processed using the SentiStrength software, which can be used in conducting sentiment analysis. CBDC is an innovation that is currently being developed by various countries in the world. The results of this study indicate differences in sentiment trends from various pieces of literature, where of the five classifications of sentiment, sentiment showing high positive and high negative amounts to 0%. The positive sentiment is 30%, the negative sentiment is 26%, and the neutral sentiment is 44%. This finding indicates that the dominant sentiment is neutral, where positive and negative levels are equal, followed by positive sentiment and then negative sentiment. The results of this sentiment analysis are an overview that can serve as basic research for regulators, practitioners and academics as valuable insights that can help provide an understanding of the scientific literature's perception of CBDC so that it can be considered in decision making. This research is the first study to conduct sentiment analysis on the scientific literature on the CBDC theme.

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