Legacy of Early Crisis and Incomplete Institutional Reforms on the Financial Sector in Indonesia: A Discussion

Perry Warjiyo

Chapter 21 in Macro-financial Stability Policy in a Globalised World: Lessons from International Experience:Selected Papers from the Asian Monetary Policy Forum 2021 Special Edition and MAS-BIS Conference, 2023, pp 431-434 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This chapter is very well-written, addressing a critical issue in the institutional setting between monetary authority, financial system regulatory and supervisory authority and fiscal authority. It is important to define the precise role and responsibility of each institution: the fiscal policy by the Ministry of Finance, the monetary and macroprudential policies by the Central Bank (Bank Indonesia) and the individual (microprudential) supervision by the Financial Supervisory Authority (Otoritas Jasa Keuangan [OJK]) as well as the Deposit Insurance Corporation (Lembaga Penjamin Simpanan [LPS]). The key is to have independent institutions in the context of interdependence and policy coordination among the aforementioned institutions…

Keywords: Macro-financial Policy; Policy Framework; Macroprudential Policy; Monetary Policy; Fiscal Policy; Capital Flow Management Measure; Capital Control; Foreign Exchange Intervention; Integrated Policies; Multiple Policies; Policy Trade-off; Policy Substitute; Policy Complement; Policy Interaction; Policy Space; Central Bank; International Spillovers; Spillbacks; Sending Country; Receiving Country; Financial Channel; Financial Regulation; Financial Stability; External Stability; Advanced Economy; Emerging Market Economy; Capital Flow; Portfolio Flow; Banking Flow; Exchange Rate; Banking System; Non-bank Financial Institution; United Kingdom; Sweden; China; Hong Kong Sar; India; Indonesia; Korea; Singapore; Latin America; Croatia (search for similar items in EconPapers)
JEL-codes: E E52 E58 E6 F F01 F3 F38 (search for similar items in EconPapers)
Date: 2023
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