apupm sistem keuangan

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Pasar Keuangan

Meeting Point 1Analisis Pasar Uang dan Pasar Modal

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POP UP QUESTION?

NERACA PEMBAYARAN

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INDONESIA INSIGHT2013 -2014

NERACA PEMBAYARAN 2013 2014

1. Transaksi Berjalan

Transakasi Berjalan/ PDB (%) -3.2 -3.0

2. Transaksi Modal dan Finansial USD 22,101 Mio USD 43,586 Mio

Transaksi Finansial

a. Investasi Langsung USD 23,047 Mio USD 25,686 Mio

b. Investasi Portofolio USD 12,148 Mio USD 23,393 Mio

c. Derivatif Financial USD -679 Mio USD -372 Mio

d. Investasi Lainnya USD 2,566 Mio USD 6,891 Mio

Sumber: Bank Indonesia

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Investasi Langsung Nonresiden menurut Negara Investor Utama

Sumber: Bank Indonesia

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Investasi Langsung Nonresiden menurut Sektor Ekonomi

Sumber: Bank Indonesia

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Return On Equity (ROE)

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Investasi Portofolio

Obligasi

SUN (Rp) Saham

Geopolitik Eropa Timur dan Timur Tengah

Perlambatan Ekonomi Cina/Tiongkok

Pelaksanaan Pemilu Legislatif

Ekspektasi Inflasi yang meningkat paska

kenaikan BBM bersubsidi

Percepatan Kebijakan The Fed

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KEPERCAYAANINVESTOR

Menjaga Stabilitas Perekonomian

Berkurangnya Defisit Transaksi

Berjalan

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Pop Up Question

Why are financial markets important to the health of the economy?

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Sistem Keuangan

Financial Markets

Financial Institutions

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Lender-Savers:1. Household2. Business

Firms3. Government4. Foreigners

Lender-Savers:1. Household2. Business

Firms3. Government4. Foreigners

FinancialMarkets

FinancialIntermediaries

FUNDS

FUNDS

FUNDS FUNDS

INDIRECT FINANCE

DIRECT FINANCE

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Structure of Financial Markets

• Berdasarkan cara memperoleh dana: Pasar Obligasi dan Pasar Saham

• Berdasarkan penerbitan instrumen investasi: Pasar Primer dan Pasar Sekunder

• Berdasarkan jatuh tempo instrumen investasi:• Pasar Uang dan Pasar Modal

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Function of Financial Intermediaries: Indirect Finance

• Biaya transaksi • Membagi risiko• Asimetri informasi: Adverse Selection dan

Moral Hazard

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The Money Market Instruments

• Treasury Bills • Negotiable Certificates of Deposit• Commercial Paper• Federal Funds

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The Capital Market Instruments

• Common stock• Corporate bonds• Municipal bonds• Mortgages

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Types of Financial Intermediaries

• Deposit-type Institutions• Contractual Savings Institutions• Investment Funds

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The Risks Financial Institutions Manage

• Credit Risk• Interest Rate Risk• Liquidity Risk• Foreign Exchange Risk• Political Risk

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Pop Up Quiz

What is interest rate?

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The Rate of Interest

• Asumsi:• Positive time preference

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Determinants of the Real Interest RateReal

Interest

Rate

Quantity of Lending and Borrowing

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Demand Factors

• Perubahan teknologi• Penurunan/Pengurangan pajak• Peningkatan produktivitas dari modal yang

dimiliki• Peningkatan permintaan produk • Perubahan demografis

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Supply Factors

• Penurunan pajak individu• Kebijakan bank sentral tentang jumlah uang

beredar• Perubahan perilaku nasabah penyimpan

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Pop Up Quiz

• Jika tingkat suku bunga riil 4% sedangkan tingkat inflasi 3%, maka berapakah tingkat suku bunga nominal?

• Jika nilai inflasi aktual lebih rendah dari nilai inflasi yang diekspektasi, apakah Anda akan menjadi kreditur atau debitur?