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Developing Policy Solutions for Four High Policy Priority Areas of the Indonesian Government April 2010 Tel Developing PolicySolutionsforFourHighPriority AreasoftheIndonesianGovernment Knowledge Sharing Program Developing Policy Solutions for Four High Policy Priority Areas of the Indonesian Government Ministry of Strategy and Finance, Republic of Korea April 2010 Government Complex 2, Gwacheon, 427-725, Korea Tel. 82-2-2150-7712 www.mosf.go.kr Korea Development Institute 130-740, P.O. Box 113 Hoegiro 49 Dongdaemun-gu Seoul, Tel. 82-2-958-4114 www.kdi.re.kr Knowledge Sharing Program April 2010 Center for International Development, KDI P.O. Box 113 Hoegiro 49 Dongdaemun-gu Seoul, 130-740 MINISTRY OF STRATEGY Tel. 02-958-4224 Korea Development Institute www.ksp.go.kr AND FINANCE Developing Policy Solutions for Four High Policy Priority Areas of the Indonesian Government Developing Policy Solutions for Four High Policy Priority Areas of the Indonesian Government Project Title Developing Policy Solutions for Four High Policy Priority Areas of the Indonesian Government Prepared by Korea Development Institute(KDI) Supported by Ministry of Strategy and Finance(MOSF), Republic of Korea Prepared for The Government of Indonesia In cooperation with Center for International Cooperation (CICP), Ministry of Finance, Republic of Indonesia Program Director Wonhyuk Lim, Director, Policy Research Division, Center for International Development (CID), KDI Taihee Lee, Director, Policy Consultation Division, CID, KDI Project Coordinator Eun Hae Kim, Research Associate, Policy Consultation Division, CID, KDI Project Manager Okyu Kwon, Professor, Graduate School of Finance, KAIST (Former Deputy Prime Minister & Minister of Finance and Economy) Authors Chapter 1: Okyu Kwon, Professor, Graduate School of Finance, KAIST & Mudrajad Kuncoro, Professor, Gadjah Mada University, Indonesia Chapter 2: Kwangshik Shin, Senior Advisor, Kim & Chang Law Firm Chapter 3: Joonhyuk Song, Associate Research Fellow, Korea Development Institute Mudrajad Kuncoro, Professor, Gadjah Mada University, Indonesia Chapter 4: Pil-Kyu Kim, Head of Project Coordination Office, Korea Capital Market Institut Chapter 5: Nowook Park, Director of Center for Performance Evaluation and Management, Korea Institute of Public Finance Local Consultants Mudrajad Kuncoro, Professor, Gadjah Mada University, Indonesia Eduardus Tandelilin, Professor, Gadjah Mada University, Indonesia Artidiatum Adji, Professor, Gadjah Mada University, Indonesia English Editor Eun Hae Kim, Research Associate, Policy Consultation Division, CID, KDI Government Publications Registration Number 11-1051000-000084-01 ISBN 978-89-8063-436-1 Copyright by Ministry of Strategy and Finance, the Republic of Korea Government Publications Registration Number 11-1051000-000084-01 Knowledge Sharing Program Developing Policy Solutions for Four High Policy Priority Areas of the Indonesian Government April 2010 MINISTRY OF Korea Development STRATEGY AND FINANCE Institute Preface In the 21st century, knowledge is one of the key factors in determining a country’s level of socio-economic development. From this recognition, Knowledge Sharing Program(KSP) was launched in 2004 by the Ministry of Strategy and Finance of the Republic of Korea and the Korea Development Institute(KDI) in an effort to contribute to the socio-economic development in the development partner countries by sharing Korea’s unique development experiences. The most distinguishing characteristic of the KSP is that it is a demand-driven, participation-oriented consultation project aiming to tackle development issues from the partner country’s perspective and provide policy implications that are not far-reaching but can be practically implemented in the environment of the partner country. For Indonesia, the Knowledge Sharing Program was initially launched when the Ministry of Finance of Indonesia sent a written Demand Survey Form concerning its areas of interests for the KSP in January, 2009. Through an extensive survey of the Indonesian Government and agencies, the Ministry of Strategy and Finance of the Republic of Korea, KDI and the Ministry of Finance of the Republic of Indonesia, the counterpart organization, decided to tackle the issues of developing policy solutions for high policy areas of the Indonesian Government. These are: 1) Competition Policy, 2) Capital Market Development, 3) Financial Supervision, and 4) Medium-term Fiscal Expenditure Management. I would like to take this opportunity to express my gratitude to the project consultants including the Project Manager, Dr. Okyu Kwon, Dr. Kwangshik Shin, Dr. Pil-Kyu Kim, Dr. Nowook Park and Dr. Joonhyuk Song for all their work in successfully navigating the KSP for Indonesia. I also thank Program Directors Dr. Wonhyuk Lim and Mr. Taihee Lee and Project Coordinator Ms. Eun Hae Kim, all of whom are members of the Center for International Development at KDI, for their dedication and contribution to the project. Lastly my sincere thanks also go to the Ministry of Finance and all Indonesian officials and counterpart experts who actively supported the project. Upon this occasion of publishing the findings of the KSP with Indonesia, I have a strong belief that the program results will be of great value for both Korea and Indonesia and I sincerely hope that through this Knowledge Sharing Program the Indonesian Government and relevant line ministry personnel could benefit from the Korea’s experience. I also hope that our final report, which sets out policy strategies for the Indonesia’s development from various perspectives, could be used as a catalyst in supporting Indonesia’s leap to an advanced economy. The policy recommendations in this report, however, are based on the Korean experiences and are solely the opinions and recommendations of the authors. Oh-Seok Hyun President Korea Development Institute Contents Chapter 01 Introduction 1. Summary of the Research Findings: 19 1.1. Developing Capacity for Effective Competition Policy of Indonesia 19 1.2. Enhancing Financial Supervisory System in Indonesia 20 1.3. Ways to Establish Securitization and Derivatives Market in Indonesia 23 1.4. Developing Medium-term Expenditure Framework and Performance Budgeting System 24 2. Concluding Remarks 26 Chapter 02 Developing Capacity for Effective Competition Policy of Indonesia: Lessons from Korea’s Experience 1. Purpose of the Study 28 2. Korea’s Competition Law and Policy: History and Analysis 30 2.1. Goals of the MRFTA 30 2.2. Preventing Concentration of Economic Power 31 2.3. Competition Advocacy 32 2.4. The Coverage of the MRFTA 33 2.5. Prohibition of Undue Collaborative Acts 33 2.6. Prohibition of Abuse of Dominance 35 2.7. Merger Control 37 2.8. Prohibition of Unfair Trade Practices 39 2.9. International Contracts 41 2.10. Capacity for Economic Analysis 41 3. Developing Indonesia’s Competition Law and Policy 42 3.1. Pursuing Economic Efficiency 42 3.2. Strengthening Capacity for Economic Analysis 44 3.3. Strengthening Competition Advocacy 46 3.4. Reducing Exemptions 47 3.5. Adopting Leniency Policy 48 3.6. Expanding the Rule of Reason and Providing Enforcement Guidelines 49 References 51 Chapter 03 Enhancing Financial Supervisory System in Indonesia 1. Introduction 54 2. Financial Supervisory System in Indonesia 55 2.1. History of Financial Supervision in Indonesia 55 2.2. Key Regulation of Interest 64 2.3. Current Issues on Financial Supervision 73 3. Current Financial Supervisory Structure in Korea 87 3.1. Overview of Financial Supervision 87 3.2. Financial Supervision Organizations 89 4. Regulatory Measures to Enhance Financial Stability in Korea 94 4.1. Changes in Regulatory Measures after the Crisis in Korea 94 4.2. Prompt Corrective Action 94 4.3. Forward-looking Criteria 97 5. The Korean Experience of Integrated Financial Supervision 99 5.1. Constructing the Integrated Supervisory Agency 99 5.2. Issues Related with Integration 101 6. Functional Independence and Horizontal Checks and Balances between Supervisory Agencies: a Case Study 107 6.1. The Development of Credit Card Crisis 108 6.2. Assessment 112 Contents 7. Recommendations Based on Korean Experiences 113 References 117 Chapter 04 Ways to Establish Securitization and Derivatives Market in Indonesia 1. Necessity of Securitization and Derivatives Market 122 2. Current State of Securitization Market in Korea 123 2.1. Basic Concepts in Asset Securitization 123 2.2. Securitization Structure 124 2.3. Current State of Securitization Market in Korea 127 2.4. Factors for Success of ABS Market in Korea 139 3. Current State of Derivatives Market in Korea 141 3.1. Basic Concepts of Derivatives 141 3.2. Current State of Derivatives Market 142 3.3. Trading Structure of Derivatives Market in Korea 146 3.3. Factors Invigorating Derivatives Market in Korea 153 4. Ways to Establish Securitization Market in Indonesia 155 4.1. Current State of Capital Markets in Indonesia 155 4.2. Current State of Securitization Market in Indonesia 157 4.3. Ways to Stimulate Securitization Market in Indonesia 160 5. Ways to Stimulate Derivatives Market in Indonesia 162 5.1. Necessity of Derivatives Market Condition 162 5.2. Constraints to Introduction of Derivative Product in Indonesia 164 5.3. Ways to Vitalize Derivatives Market in Indonesia 166 6. Ways to Build Infrastructure for Capital Markets 168 6.1. Establishment of Institutional Framework 168 6.2. Establishment of Infrastructure for Capital Markets 168 6.3. Expansion of Market Participants 169 References 171 Chapter 05 Developing Medium-term Expenditure Framework and Performance Budgeting System: Lessons from Korea and Their Application
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