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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 84 Documents
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DIGITAL ECONOMY CHALLENGE: HIDDEN EXPLOITATION OF CHILD LABOUR THROUGH THE USE OF DIGITAL DEVICES Sukma, Weni Lidya; Ruslan, Kadir
Journal of Central Banking Law and Institutions Vol. 4 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i2.252

Abstract

This study focuses on child labour working hours for children aged 5-14, utilising National Labor Force Survey (Sakernas) data collected in August 2023. Specifically, it examines the impact ofthe use of digital devices on the working hours for child labourers. Applying ordinary least squares (OLS) regression to the data, our findings indicate that digital tools increase working hours by 1.12 per week, even after controlling for various explanatory variables. This effect is particularly pronounced for child workers aged 12-14. Factors such as low levels of education and employment in the service sector were identified as contributors to extended working hours for child labour. However, digital tools and the internet have become essential for everyone, including children. Therefore, reducing child labour and working hours requires a multifaceted approach involving strengthening regulations, restoring disrupted children’s education, and enhancing overall well-being.
FINTECH REGULATION IN SCHOLARLY DEBATE: A BIBLIOMETRIC ANALYSIS Hudaefi, Fahmi Ali
Journal of Central Banking Law and Institutions Vol. 4 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i2.259

Abstract

This study used bibliometric analysis to assess 688 scientific publications on fintech regulation, which were published across 436 academic publishing outlets and authored by 1,395 scholars. Research questions were developed through the lens of bibliometric theories, e.g., performance evaluation, citation and co-citation analysis, keywords analytics, and bibliographic coupling, to investigate the most influential papers, scientific publication outlets, authors, emerging trends, and affiliated institutions related to fintech regulation. This work primarily employed R Studio and VOSviewer to analyse bibliographic data from the Scopus database. Of the findings, the most influential source for fintech regulation was Sustainability (Switzerland), the most influential author was Douglas W. Arner (Professor at the University of Hong Kong), and the foremost institution was the University of Cambridge. Furthermore, qualitative inductive analysis was performed to address timely issues from the bibliometric findings. The issues identified were fintech and banking regulation, the implications of money laundering for financial regulators, the impact of central bank digital currency (CBDC) on financial inclusion and stability, and the challenges posed by cloud technology for fintech firms. Employing quantitative bibliometric analysis and qualitative inductive reasoning offers critical novelty in evaluating academic debates on fintech regulation, providing practical implications for the regulators, academia, and industry professionals.
INDEPENDENCE OF BANK INDONESIA POST LAW NO. 4 OF 2023 ON DEVELOPMENT AND STRENGTHENING OF THE FINANCIAL SECTOR Indrawati, Yuli
Journal of Central Banking Law and Institutions Vol. 4 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i2.280

Abstract

Economic conditions following the COVID-19 pandemic have impacted the financial sector’s condition. Considering how vital the financial sector is for both the economy and people’s lives, the government has enacted the Law on Development and the Strengthening of the Financial Sector (Law on P2SK), which amended and/or repealed several regulations related to the financial sector, including changes affecting Bank Indonesia. The Law on P2SK stipulates that Bank Indonesia is an independent state institution with the authority to carry out its mandate, free from interference from the government and/or other parties, except for some issues expressly regulated by this law. The phrase “except for certain matters which are expressly regulated by this law” means there is a potential threat to BI’s independence. For this reason, it is necessary to study further the implications of the regulations in the P2SK Law on BI’s independence. The benchmarks are institutional, organisational, political, and financial independence. The research method that was used was doctrinal. The results show that under the Law on P2SK, there is a change in the level of autonomy from the institutional, functional, and organisational standpoints. These changes will indeed affect BI’s ability to achieve its goals.
THE IMPACT OF FINANCIAL DEVELOPMENT AND THE INFORMAL ECONOMY ON SUSTAINABLE DEVELOPMENT IN ASEAN Muhammed, Ismail; Musa, Sulaiman
Journal of Central Banking Law and Institutions Vol. 4 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i2.285

Abstract

This study examines the interplay among the ASEAN region’s financial development, informal economy, and sustainable development. While financial development is expected to support economic growth, its relationship to sustainability remains ambiguous, particularly in economies with significant informal sectors. Using a panel dataset from 1991 to 2020 across 10 ASEAN countries, the study employs robust econometric techniques, including fixed effects, feasible general least squares methodology, and quantile regression, to assess the direct and indirect effects of financial development and informality on sustainability. Findings reveal that the informal economy positively contributes to sustainable development, likely by providing employment and economic opportunities. However, financial development, measured by a broad money supply and private sector credit, has a negative impact, suggesting that financial resources are not effectively allocated to sustainability-driven sectors. The interaction between financial development and informality further exacerbates sustainability challenges, indicating a misalignment between formal financial mechanisms and informal economic activities. These results highlight the need for policy strategies integrating informal sector dynamics into financial systems, ensuring financial growth translates into broader sustainable development outcomes. Strengthening financial inclusion and directing capital to sustainability-focused initiatives could help bridge the gap between formal finance and the informal economy in ASEAN nations.
SUSTAINING BATIK LASEM: GOVERNMENT POLICIES, WOMEN’S EMPOWERMENT, AND CENTRAL BANK SUPPORT Nursanti, Tinjung Desy; Wiyarti, Evy Steelyana
Journal of Central Banking Law and Institutions Vol. 4 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i2.286

Abstract

This paper adopts a multifaceted approach to explore the interplay between government policies, the education system, women’s empowerment, and central bank intervention in the preservation of the Batik Lasem industry in Central Java, Indonesia. Utilising qualitative methodologies with content analysis techniques, the study addresses four key research questions: (1) protective measures for the industry; (2) educational contributions to sustainability and MSME support; (3) women’s empowerment within Batik Lasem MSMEs; and (4) the central bank’s role in market promotion and financial access. Findings reveal a complex landscape shaped by policies, the education system, entrepreneurial dynamics, and financial intervention. The study underscores the importance of collaborative efforts and strategic initiatives for fostering industry growth, cultural preservation, and gender equality. It recommends enhancing collaboration among all stakeholders, educational opportunities, gender-equitable policies, and continued support for the Batik Lasem industry. It highlights the potential for synergistic partnerships to further elevate the industry and empower its participants.
RISK MANAGEMENT IN THE BANKING SECTOR OF MAURITIUS Sunecher, Yuvraj; Dookhy, Nitisha Saiswari
Journal of Central Banking Law and Institutions Vol. 4 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i2.311

Abstract

This study examines the factors contributing to fraud in banks, which has gained mainstream attention recently from high-value fraud events. It revolves around themes of different factors contributing to this issue, especially fraud within the banks that have gained mainstream attention in recent major value fraud events. The factors mentioned in this study are pressure, opportunity, and rationalisation, which are elements of the fraud triangle theory. For this study extension, internal management factors have also been included, including internal audit activities, top management support, and risk management. Data was collected from 160 bank officers from the top 10 banks in Mauritius, and the results were analysed. The main outcome suggests that bank officers are not tempted or willing to commit fraud if their remunerations are satisfactory, and internal management factors play an important role in detecting and preventing banking embezzlement. This study provides insight and awareness of internal banking threats and how to enhance the banking system.
STRATEGIC FACTORS OF BANK SUSTAINABILITY: INSIGHTS FOR DEVELOPING COUNTRIES Yanti, Mal Isnaini Sri Mey; Setyo, Riyanto; Indra, Siswanti; sugiyono
Journal of Central Banking Law and Institutions Vol. 4 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i2.420

Abstract

The banking sector is vital to sustainable development, yet integrating sustainability into banking strategies remains challenging, particularly in developing countries with limited resources. This study systematically reviews key strategic factors driving banking sustainability and the challenges and opportunities specific to emerging markets. The PRISMA protocol collected articles from Scopus and Web of Science (1990–2024), providing 98 content-analysis articles. The findings reveal an increasing focus on banking sustainability after adopting the UN Responsible Banking Principles in 2019. Content analysis identified six main strategic factors: organisational capital, bank specialisation capability, innovative technology capability, market capability, institutional capability, and ESG capability. These insights offer valuable guidance for bankers, policymakers, and researchers in shaping sustainable banking strategies. While limited to literature-based data, this study provides a foundation for future empirical research and context-specific applications.
MEASURING THE URGENCY OF A DIGITAL RUPIAH: A SOCIO-LEGAL REVIEW Firdaus, Sendy Pratama
Journal of Central Banking Law and Institutions Vol. 4 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i3.283

Abstract

This study evaluates the necessity of a Digital Rupiah, Indonesia’s central bank digital currency (CBDC), by addressing issues in the cryptocurrency system, including tracking, third-party involvement, and instability. The socio-legal methodology employed in this study examines the impact of CBDC policies on the social spheres associated with the widespread implementation of a Digital Rupiah through its approaches, including normative, contextualised, independent critical analysis, and comparative analysis. By examining the potential legal and social implications of a Digital Rupiah in Indonesia, this study assesses the potential legal shifts in normative habits that may result from its implementation. It investigates the social needs that could be met through the widespread adoption of a Digital Rupiah. The findings were evaluated using bounded rationality to determine whether there is an urgent need for a Digital Rupiah in Indonesia. The author argues that studies on CBDCs in Indonesia have mainly focused on systems and policy development. In contrast, this study extends this discussion by examining the pressing need for CBDCs, as outlined in the Digital Rupiah White Paper. This study argues that the socio-legal perspective adopted is distinct from prior studies, which have primarily focused on the design of systems and policies. It emphasises the importance of the legal aspects of CBDCs in general.
ASSESSING THE ROLE OF ISLAMIC BANKING IN DRIVING INDONESIA’S ECONOMIC GROWTH DURING COVID-19 Anisa, Vera Novia; Indri Supriani; Yunice Karina Tumewang
Journal of Central Banking Law and Institutions Vol. 4 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i3.290

Abstract

This study examines the role of  Islamic banking in supporting Indonesia’s economic growth during the unprecedented disruption caused by the COVID-19 pandemic from March 2020 to May 2023. The study employs the Autoregressive Distributed Lag (ARDL) model to investigate the relationship between key Islamic banking indicators and economic performance, as proxied by the Industrial Production Index (IPI), in both the short and long term. The empirical findings suggest that Islamic bank financing, as measured by the financing-to-deposit ratio (FDR), gross fixed capital formation (GFCF), and total assets, has a significantly positive impact on long-term economic growth. However, its short-term effects were relatively limited. These results underscore the importance of  strengthening regulatory frameworks and promoting profit-and-loss-sharing mechanisms to enhance the resilience and developmental impact of  Islamic banking, particularly in supporting economic recovery following financial shocks. By focusing on a crisis, this study offers novel empirical insights into the stabilizing role of  Islamic banking during periods of  economic turbulence and contributes to promoting economic resilience.
ANALYSIS OF ARTIFICIAL INTELLIGENCE IN FINANCIAL REGULATION IN MALAYSIA, INDONESIA, AND THE UNITED STATES Ooi, Kok Loang
Journal of Central Banking Law and Institutions Vol. 4 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i3.417

Abstract

This study examines the regulatory frameworks governing artificial intelligence (AI) in financial markets in the United States, Malaysia, and Indonesia using a doctrinal method and a structured questionnaire with 403 respondents. Grounded in institutional theory, this study examines the regulatory, normative, and cultural-cognitive pillars that influence AI adoption, systemic risk management, and consumer trust. The findings revealed significant disparities across jurisdictions. In the United States, robust doctrines, such as the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, and FTC Guidance on Algorithms and AI (2020), ensure transparency, accountability, and systemic risk mitigation, fostering higher operational efficiency and consumer trust. In contrast, Malaysia’s 2020 Risk Management in Technology (RMiT) Guidelines and 2021 Capital Markets Master Plan 3 demonstrate partial effectiveness due to limited enforcement. Indonesia’s framework, including the 2108 Digital Finance Innovation Roadmap and the 2020 National AI Strategy, remains underdeveloped to address AI-related biases and systemic risks. The results from the structured questionnaire highlight a strong relationship among transparency, accountability, and consumer trust in the U.S., while Malaysia and Indonesia exhibit weaker impacts due to regulatory ambiguity. This study advocates harmonised AI governance that integrates doctrinal principles with enforceable mechanisms to ensure ethical AI deployment, systemic resilience, and investor confidence.

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