2 MANAJEMEN SUMBER PENDAPATAN PEREKONOMIAN DAPAT DIATUR OLEH NEGARANEGERA MENYEDIAKAN BARANG PUBLIKSUMBER PENDAPATAN KONSISTEN: PAJAK & HUTANG
3 MANAJEMEN HUTANG: KEBIJAKAN FISKAL DAN MONETER PENGELOLAAN VOLATILITAS BIAYA PENYEDIAAN HUTANG MELAUI MANAJEMEN HUTANG YANG BENAR MEMILIKI IMPLIKASI MENJAGA HUTANG JANGKA PENDEK DAN MANAJEMEN RESIKO JANGKA PENJANGKEBIJAKAN MONETER SEBAGAI MANAJEMEN ATAS KOMPOSISI ASET YANG TERSEDIA UNTUK PUBLIK: UANG DAN KERTAS KERJA PEMERINTAH.
4 VOLATILITASPENGUKURAN ATAS VARIASI HARGA DARI INSTRUMEN FINANSIAL UNTUK SELANG WAKTU TERTENTU.HISTORIC VOLATILITY/ VOLATILITAS SEJARAH ADALAH TURUNAN DARI HARGA PASAR YANG LALUAN IMPLIED VOLATILITY/ VOLATILITAS BERLAKU ADALAH TURUNAN DARI HARGA PASAR SAAT DIPERDAGANGKAN.
5 DEBT MANAGEMENT: DESENTRALISASI TENDENSI SAAT INI, MENJADIKAN MANAJEMEN HUTANG SEBAGAI KEBIJAKAN TERPISAH DARI KEBIJAKAN FISKAL DAN MONETER.NEW ZEALAND (1980S),KESADARAN BAHWA TANPA KEBIJAKAN YANG JELAS DAN FRAMEWORK AKUNTABILITAS UNTUK MANAJEMEN HUTANG, RESIKO TARGET FISKAL TIDAK DAPAT TERCAPAI
6 DEBT MANAGEMENT: DESENTRALISASI DALAM JANGKA PENDEKMENINGKATKAN KREDIBILITAS DAN EFEKTIFITAS IMPLEMENTASI KEBIJAKANCONTOH: PENURUNAN BIAYA YANG BERKAITAN DENGAN PENGADAAN HUTANG UNTUK MENCIPTAKAN KELONGGARAN FISKAL.KELEMAHANMENINGKATKAN VOLATILITAS HUTANG DI MASA DATANGPEMERINTAH PERLU MEMOTONG PENGELUARAN ATAU MENINGKATKAN PAJAKJANGKA PANJANGTEKANAN (AGENDA) POLITIK BAGI PEMILIHAN BERIKUTNYA
7 DEBT MANAGEMENT: DESENTRALISASI MENGHINDARI KONFLIK KEPENTINGAN dan MENINGKATKAN KREDIBILITASOTORITAS PEMBUAT KEBIJAKAN MONETER YANG SEKALIGUS BERTANGGUNG JAWAB UNTUK MENGELOLA HUTANG AKAN BERTABRAKAN DENGAN KEWAJIBAN MENGONTROL INFLASIContoh: Otoritas moneter membuat kebijakan menurunkan tingkat suku bunga. Kebijakan ini menurunkan biaya hutang tetapi beresiko peningkatan infalsi di masa datang.
8 DEBT MANAGEMENT: TUJUAN DESENTRALISASI Jangka pendek: menjamin pengadaan kebutuhan modal pemerintah dan pembayaran kewajibannya dipenuhi dengan biaya yang paling rendahJangka menengah: sejalan dengan prinsip kehati-hatian dalam mengambil resikoJangka panjang: benchmark strategiContoh: target dalam komposisi saham(pengeluaran hutang baru; tingkat suku bunga; tukar tambah hutang dan pembelian kembali saham).
9 'Debt/Equity Swap'A transaction in which the obligations (debts) of a company or individual are exchanged for something of value (equity).A debt/equity swap is a refinancing deal in which a debtholder gets an equity position in exchange for cancellation of the debt. The swap is generally done to help a struggling company continue to operate (after all, an insolvent company can't pay its debts or improve its equity standing). However, sometimes a company may simply wish to take advantage of favorable market conditions.
10 DEBT SWAPa transaction in which a foreign exchange debt owed by a developing country is transferred to another organization on the condition that the country use local currency for a designated purpose, usually environmental protection
11 DEBT EXCHANGEDebt for debt exchange means the exchange of an existing debt with a new debt by the debtor. An existing debt can be exchanged even by combining debt and equity securities. A debt for debt exchange procedure benefits both the creditor and the debtor. A debt exchange procedure is a good substitute for refinancing procedure.
12 DEBT EXCHANGEA debt exchange procedure provides the following advantages:it provides the creditor with a lower face amount of debt;it provides the creditor with an opportunity to change the terms and conditions of the outstanding debt;it also provides a long and extended term for maturity of the debt;it helps a creditor, who is facing an uncertainty as to the cash flows, by giving the creditor an opportunity to restructure the balance sheets; andit helps the debtor to make his/her debt a new one without paying cash except for the professional fees and transaction costs.
13 DEBT EXCHANGEit is assumed a debtor has satisfied the old debt with an amount of money equal to the new debt instrument’s issue price.A debtor who makes a debt exchange will get a Cancellation of Debt (COD) income. This COD income is actually the aggregate of the old debt’s issue price and the new debt’s issue price. The issue price of the new and the old debt are calculated according to the Original Issue Discount (ODI) Rules.
14 SOCIAL DRAWING RIGHT (SDR) is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies.
15 SOCIAL DRAWING RIGHT (SDR) is neither a currency, nor a claim on the IMF a potential claim on the freely usable currencies of IMF members.exchange for SDRs in two ways:through the arrangement of voluntary exchanges between members;by the IMF designating members with strong external positions to purchase SDRs from members with weak external positions.In addition to its role as a supplementary reserve asset, the SDR serves as the unit of account of the IMF and some other international organizations.
16 MIX OF FISCAL AND MONETARY POLICY The objective of fiscal policy is to achieve the least distorting budgetary policy that would stabilize output, improve the resource allocation and to manage the distributive effects. Overall target for fiscal policy is typically set for the primary balance. Managing the composition and level of spending and taxes are instruments used to achieve these policy objectives.
17 MIX OF FISCAL AND MONETARY POLICY Finally, the objective for monetary policy is to achieve price stability, while maintaining output stabilization. Targets for inflation, interest rates, monetary aggregates, or the exchange rate are managed through open market operations or through non-market controls such as setting reserve requirements.
18 THE EFFECTIVENESS AND CREDIBILITY OF POLICY DECENTRALIZATION complete policy decentralization is only possible under very restrictive assumptions, such as the availability of policy instruments when there are policy objectives (Tinbergen 1952) and these instruments need to be independent of one another, in the sense that the effects of any one instrument on the objectives are not proportional to those of another, or of any combination of others (Tobin 1993).
19 POLICY COORDINATIONsome form of decision-making process that determines a consistent policy mix that would result in the type of society that citizens want their elected government to implement.A need to figure out:the desired economic outcome, (ranking of preferences must be made)determine the policy mix through policy coordination that most effectively achieves this outcome.
20 SOLUTIONbenign social dictator assign a policy mix, and then each policy maker can pursue its assigned goal though decentralized decision making.A more realistic and democratic decision-making process is for the policy makers to agree to a coordinate policy based on a common vision of society and then to pursue the individual policies in a decentralized way.Coordination should not be difficult if all policy makers embraced the common goal. In practice, coordination involves haggling and negotiating, and/or take the form of some policy rules, but nevertheless these may be arrived at within the parameter of a common goal.
21 FINANCING BY DEBT ISSUE real GDPpublic consumptionpublic fixed capital investmentreal public spending on goods and servicesreal transfer paymentsreal gross tax revenuereal net tax revenuedebt-income ratiothe monetary base (currency and bank reserves in the central bank)price level (in money) for goods and services (the GDP deflator)nominal net public debtreal net public debtnominal short-term interest rateinflation ratereal short-term interest