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Indonesian Bond Market: Redemption In August – December 2005

Author

Listed:
  • Rifki Ismal

    (Bank Indonesia)

Abstract

Pasar obligasi dan reksadana relatif masih baru di pasar keuangan Indonesia. Namun demikian, perkembangan kedua pasar tersebut cukup menjanjikan baik dari sisi jenis instrumen yang ditawarkan, jumlah investor maupun nilai investasi yang ditanamkan. Pada periode Agustus – Desember 2005 lalu, kedua pasar tersebut mendapat tekanan yang cukup berat dan hampir menumbangkan perusahaan-perusahaan sekuritas besar karena besarnya jumlah likuiditas yang ditarik investor (redemption). Paper ini mencoba menganalisa kejadian yang menimpa pasar obligasi dan reksadana tersebut baik sumber tekanan yang utamanya adalah berasal dari faktor makroekonomi dan faktor pasar, besarnya dampak redemption sampai ke langkah-langkah penyelamatan yang ditempuh pemerintah (Bank Indonesia, Bapepam, dll). Ke depannya, para pelaku pasar termasuk para investor harus lebih mendapat edukasi yang benar dan positif mengenai investasi di pasar obligasi maupun reksadana. Selain itu, regulator juga diharapkan dapat mematangkan perkembangan kedua pasar melalui peraturan-peraturan yang mendukung termasuk proses komunikasi peraturan-peraturan tersebut kepada seluruh pihak terkait di pasar obligasi maupun reksadana.

Suggested Citation

  • Rifki Ismal, 2006. "Indonesian Bond Market: Redemption In August – December 2005," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 9(1), pages 27-74, July.
  • Handle: RePEc:idn:journl:v:9:y:2006:i:1b:p:27-74
    DOI: https://doi.org/10.21098/bemp.v9i1.151
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    More about this item

    Keywords

    ITF; BI rate; hedge bond; guaranteed deposit; NAV; core inflation;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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