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"Penelitian ini membahas mengenai pengukuran likuiditas pada obligasi pemerintah di Indonesia dengan menggunakan hampir 30.000 data harga dan volume per transaksi dari September 2006 sampai Juni 2011. Terdapat tiga pengukuran yang digunakan untuk mengukur likuiditas, yaitu Roll measure untuk mengukur biaya transaksi, Amihud illiquidity measure untuk mengukur price impact of trades, dan Amivest measure untuk mengukur market depth. Hasil penelitian menunjukkan bahwa obligasi yang berjenis fixed rate bonds memiliki tingkat likuiditas paling tinggi dan yang paling rendah ialah Obligasi Ritel Indonesia. Hasil penelitian juga menunjukkan subprime crisis berdampak kecil terhadap penurunan tingkat likuiditas pada pasar obligasi pemerintah di Indonesia.

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This research explain about measurement of liquidity on Indonesian government bonds by using almost 30,000 bonds price and transaction volume data from September 2006 until June 2011. There are three measurements that are used to measure liquidity, the Roll measure to measure transaction costs, Amihud illiquidity measure to measure price impact of trades, and Amivest measure to measure the market depth. The results showed that the fixed rate bonds have the highest liquidity level and the lowest is ORI (Obligasi Ritel Indonesia). The results also showed the subprime crisis had small impact on reducing the level of liquidity on government bonds market in Indonesia."

"Ketepatan kurva imbal hasil pemerintah sangat penting karena menjadi dasar harga semua sekuritas keuangan domestik. Pengukuran kurva imbal hasil membutuhkan data dari himpunan obligasi benchmark. Tetapi, setiap individu obligasi benchmark masih mengandung premi likuiditas individu obligasi dan premi tersebut mempersulit pengukuran tersebut dan perhitungan nilai aset lainnya. Indikator keberadaan premi likuiditas dapat dilihat pada galat-galat harga obligasi benchmark yang idiosinkratik, galat yang heteroskedastik dari hasil estimasi bootstrap dan hasil pengukuran parameter yang overshooting. Untuk membuat kurva imbal hasil yang tepat, peneliti mengembangkan konsep imbal hasil dasar (basic yield) dari Durand (1942), yaitu imbal hasil yang bebas premi likuiditas dan bebas premi risiko likuiditas. Peneliti memperluas definisi dari sebuah titik imbal hasil dasar menjadi kurva imbal hasil dasar. Untuk membuat kurva imbal hasil dasar, peneliti harus terlebih dahulu mengembangkan metode pengukuran kurva imbal hasil nominal dan kemudian metode pengukuran kurva imbal hasil dasar. Pada tahap awal penelitian empiris, peneliti menyusun dua buah estimasi bootstrap hibrid yang terdiri dari algoritma Monte Carlo dan algoritma Newton untuk membentuk kurva imbal hasil spot. Peneliti mengidentifikasi tiga sumber penyebab parameter yang overshooting, yaitu: kurangnya kepadatan sampling algoritma Monte Carlo, titik sadel dan data harga obligasi benchmark yang idiosinkratik. Untuk mengatasi dua sumber pertama masalah parameter yang overshooting tersebut, peneliti mengembangkan metode-metode penentuan jumlah iterasi algoritma Monte Carlo dan memodifikasi algoritma Newton untuk mengatasi titik-titik sadel pada estimasi bootstrap kurva imbal hasil nominal. Untuk mengatasi sumber parameter yang overshooting terakhir, peneliti mengembangkan model premi likuiditas untuk mengompensasi inovasi-inovasi ukuran likuiditas pada estimasi bootstrap kurva imbal hasil dasar. Dengan estimasi bootstrap hibrid dan model premi risiko likuiditas di atas, peneliti telah berhasil membentuk kurva imbal hasil dasar dengan menggunakan data-data obligasi on-the-run dari pemerintah Indonesia dan pemerintah Amerika Serikat dan mewakili pasar yang masih berkembang dan telah maju mulai dari tanggal 17 April 2013 sampai dengan 29 Oktober 2013. Walaupun peneliti memperoleh tingkat kurva imbal hasil yang hampir sama antara dasar dan nominal, tetapi estimasi bootstrap kurva imbal hasil dasar menghasilkan galat hasil estimasi yang lebih homoskedastik dari pada galat metode estimasi nominal. Estimasi bootstrap kurva imbal hasil dasar dapat mengontrol galat sehingga memperoleh galat harga yang homoskedastik sepanjang tenor.

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A proper sovereign term structure is a central to price all domestic financial securities. Term structure measurement requires a set ofbenchmark bonds. However, each benchmark bond contains liquidity premium and the premium flaws the measurement and other asset valuations. Idiosyncratic bond price errors indicate the existence of liquidity premium. The errors make further heteroscedastic estimation errors and overshooting parameters.

To construct a proper term structure, researcher develops the concept of basic yield of Durand (1942) which it is a liquidity premium free and liquidity-riskpremium free yield-to maturity (YTM). The researcher extends the term of basic yield from a point ofYTM to basic term structure. To measure a basic term structure, researcher sequentially has to develop a measurement methodology of nominal term structure and then that of basic term structure.

At the beginning, researcher applies two hybrid bootstrap estimations consisting of Monte Carlo and Newton algorithms to generate spot term structures. Researcher has identified three sources of overshooting parameter errors, i.e.: inadequate sampling density of Monte Carlo algorithm, saddle points and idiosyncratic price data. To overcome the first and the second problems, researcher develops some methods to set iteration numbers of Monte Carlo algorithm and modifies Newton algorithm to handle saddle points in nominal term structure estimation. Researcher also develops liquidity premium model to compensate liquidity-measure innovations in basic term structure estimation.

Using the hybrid bootstrap estimation and measuring the basic term structure, researcher has successfully developed and implemented the methodology to estimate the data of on-the-run Indonesian domestic government and the US Treasuries bonds and to represent developing and developed markets from April 2013 to October 2013. Even researcher gets similar term structures of both nominal and basic, however, the basic bootstrap estimation generates more homoscedastic error than that of the nominal method. The modified bootstrap estimation can control price errors so that the errors are homoscedastic over the course of time-to-maturity."

"[ABSTRAKPenelitian ini bertujuan untuk melihat profil risk dan return dari portofolio investasi dan memilih alternatif portofolio investasi yang paling efisien dan optimal berdasarkan rate of return dan expected return dikarenakan masih rendahnya minat investor kepada sukuk khususnya dilihat dari perbedaan risk dan return antara sukuk dan obligasi yang berpotensi mempengaruhi pemilihan investasi surat berharga oleh investor. Penelitian ini menggunakan financial modelling dengan teori risk dan return untuk menghitung kurva efficient portfolio frontier. Hasil penelitian ini menyimpulkan bahwa risk dan return antara obligasi pemerintah dan sukuk negara baik dianalisa secara individual maupun gabungan dua instrumen memperlihatkan bahwa kinerja sukuk negara lebih optimal dibandingkan obligasi pemerintah berdasarkan expected return dan variance dari masing-masing instrumen investasi. Berdasarkan analisa dari efficient portfolio frontier diketahui bahwa portofolio yang paling efisien dan optimal adalah surat berharga syariah negara IFR0001 dan IFR0003 yang memiliki return dan risiko yang lebih tinggi dari obligasi pemerintah FR0027 dan FR0030 sesuai dengan prinsip syariah yaitu Al Ghunmu bi Al Ghumi atau high risk, high return di mana keuntungan yang didapatkan selalui disertai dengan risiko dan dengan tingkat return yang lebih tinggi maka sukuk negara seharusnya dapat menarik minat investor untuk memasuki pasar modal syariah khususnya berinvestasi pada sukuk.

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ABSTRACTThis research aims to look at the risk and return profile of investment portfolio and choose an alternative investment portfolio that have the most efficient and optimum based on actual rate of return and expected return because the Investors who want to invest in sukuk are lower than government bonds investment especially from the difference of risk and return between government sukuk and government bond that could potentially affect the selection of investment securities by investors. The data in this study is secondary data obtained from the Bloomberg data i.e. 5 series SBSN period 2010-2014. This study uses financial modelling with the theory of risk and return to create the curve of the efficient portfolio frontier. The results of this study concluded that the risk and return between government bonds and government sukuk with individually or combined analyzed show that the performance of the Government sukuk is more optimal than sukuk bonds based on expected return and variance of each instrument investments. Based on an analysis of the efficient portfolio frontier shown that the most efficient and optimal portofolio are Government sukuk IFR0001 and IFR0003 which have a higher return and risk compare to government bonds FR0027 and FR0030, in accordance with Sharia principles ”Al Ghunmu bi Al Ghumi” or high risk, high return where the profit obtained was accompanied by risks and the rate of return that is higher than government sukuk, it should be able to pursue investor to invest in the Islamic capital market particularly investing in sukuk., This research aims to look at the risk and return profile of investment portfolio and choose an alternative investment portfolio that have the most efficient and optimum based on actual rate of return and expected return because the Investors who want to invest in sukuk are lower than government bonds investment especially from the difference of risk and return between government sukuk and government bond that could potentially affect the selection of investment securities by investors. The data in this study is secondary data obtained from the Bloomberg data i.e. 5 series SBSN period 2010-2014. This study uses financial modelling with the theory of risk and return to create the curve of the efficient portfolio frontier. The results of this study concluded that the risk and return between government bonds and government sukuk with individually or combined analyzed show that the performance of the Government sukuk is more optimal than sukuk bonds based on expected return and variance of each instrument investments. Based on an analysis of the efficient portfolio frontier shown that the most efficient and optimal portofolio are Government sukuk IFR0001 and IFR0003 which have a higher return and risk compare to government bonds FR0027 and FR0030, in accordance with Sharia principles ”Al Ghunmu bi Al Ghumi” or high risk, high return where the profit obtained was accompanied by risks and the rate of return that is higher than government sukuk, it should be able to pursue investor to invest in the Islamic capital market particularly investing in sukuk.]"

"ABSTRAKDana Alokasi Umum (DAU) merupakan dana perimbangan yang memiliki jumlah paling besar di antara dana perimbangan lain dan juga memiliki proporsi yang cukup besar dalam struktur Anggaran Pendapatan dan Belanja Daerah APBD . Selain itu, DAU bersifat block grant sehingga penggunaannya diserahkan ke daerah. Tingginya simpanan pemerintah daerah di bank membuat pemerintah pusat perlu mengontrol pengelolaan keuangan daerah yakni dengan mengeluarkan kebijakan konversi penyaluran DAU dalam bentuk nontunai melalui Surat Berharga Negara SBN bagi daerah yang memiliki uang kas dan/atau simpanan di bank dalam jumlah tidak wajar. Namun, pada tahap awal perencanaan simpanan pemerintah daerah di bank masih tetap tinggi. Skripsi ini membahas bagaimana formulasi konversi penyaluran DAU dalam bentuk SBN. Penelitian ini menggunakan pendekatan post positivist. Hasil penelitian menunjukkan bahwa proses formulasi kebijakan tersebut sudah melalui beberapa tahapan, akan tetapi tahapan yang dilalui belum sepenuhnya terealisasi. Selain itu, kebijakan yang dibuat tidak sesuai dengan tujuan dari kebijakan.

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ABSTRACTThe General Allocation Fund DAU is the balance fund which has the greatest amount amoung other balancing funds, thus having a substantial proportion in the structure of the Regional Revenue and Expenditure Budget APBD . In addition, The General Allocation Fund is block grant therefore its usage is mandated to the region. The high savings of local government in the bank makes the central government need to control the financial management of the region by issuing a policy of channeling General Allocation Fund conversion in the form of non cash through Government Securities SBN for regions that have cash and or bank deposits in an irrational amount. However, in the early stages of planning local government deposits in banks is still high. This student thesis discuss how the formulation of channeling conversion on General Allocation Fund in the form of Government Securities. This research uses post positivist approach. The results of the research indicate that the policy formulation process has been through several stages, but the stages which is passed are not fully realized. In addition, policies that are made not comply with the policy."

"Surat Berharga Negara (SBN) merupakan salah satu instrumen yang mendominasi dalam pembiayaan defisit Anggaran Pendapatan dan Belanja Negara (APBN) di Indonesia. Hal ini sejalan dengan upaya pemerintah untuk terus meningkatkan kemandirian pembiayaan, penelitian ini bertujuan untuk menganalisis pengaruh SBN dan faktor lainnya terhadap pertumbuhan ekonomi melalui belanja pemerintah serta kondisi keberlanjutan utang di Indonesia dengan menggunakan data pada periode 2004-2019. Metode analisis model persamaan simultan digunakan dalam penelitian ini. Kenaikan SBN berpengaruh positif signifikan dalam meningkatkan jenis belanja modal dan belanja TKDD. SBN tidak meningkatkan belanja subsidi dan pegawai. Belanja modal berpengaruh signifikan terhadap pertumbuhan ekonomi dengan elastisitas yang paling tinggi diantara belanja pemerintah lainnya yang signifikan. Kondisi utang Indonesia cenderung menunjukkan kondisi utang yang berkelanjutan, karena peningkatan SBN diikuti dengan peningkatan keseimbangan primer, melalui belanja modal yang produktif sehingga meningkatkan pertumbuhan dan penerimaan negara."

"[ABSTRAK Tesis ini membahas mengenai penempatan Calon TKI nurse dancareworker di Jepang yang merupakan salah satu kebijakan pemerintah Indonesiadan Jepang dalam program Government to Government/antarpemerintah dalamkerangka IJEPA. Penelitian ini adalah penelitian deskriptif dengan metode studipustaka, kualitatif dan wawancara kepada narasumber yang bertujuan untukmengetahui masalah-masalah dan dampak yang terjadi dalam kebijakan programpenempatan ini.Hasil penelitian menyarankan bahwa pemerintah Indonesia dan Jepang perlumenjalankan komitmen masing-masing agar pelaksanaan penempatan calon TKIdi Jepang dapat berjalan sesuai dengan harapan kedua negara dan calon TKI itusendiri. Kualitas calon TKI harus ditingkatkan khususnya keterampilan berbahasaJepang guna menjadi registered nurse dan certified careworker di Jepang.Pemerintahan kedua negara juga harus memberikan penjelasan yang sebenarbenarnyaterkait pra, masa dan purna penempatan yang antara lain meliputipenjelasan upah kerja, tugas calon TKI dan jenjang karir.

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ABSTRACTThe focus of this study is the placement of Indonesian nurse and careworkercandidate in Japan which is one of Indonesia and Japan?s policy in the program ofGovernment to Government on the frame of Indonesia Japan EconomicPartnership Agreement (IJEPA). This research is descriptive research usingliterature and interview to the informant that aims to identify the issues andimpacts that occur in this placement program policies.The researcher suggests that the government of Indonesia and Japan need toperform their commitment for the implementation of the placement so it can workin accordance with the expectation of both countries and the Indonesian candidatethemselves. The quality of the candidate should be improved, especially forJapanese language so they can be able to be a registered nurse and certifiedcareworker in Japan. Governments of both countries should also provideexplanations related pre, period and after placement which includes explanationswages, their duties and career.;The focus of this study is the placement of Indonesian nurse and careworkercandidate in Japan which is one of Indonesia and Japan?s policy in the program ofGovernment to Government on the frame of Indonesia Japan EconomicPartnership Agreement (IJEPA). This research is descriptive research usingliterature and interview to the informant that aims to identify the issues andimpacts that occur in this placement program policies.The researcher suggests that the government of Indonesia and Japan need toperform their commitment for the implementation of the placement so it can workin accordance with the expectation of both countries and the Indonesian candidatethemselves. The quality of the candidate should be improved, especially forJapanese language so they can be able to be a registered nurse and certifiedcareworker in Japan. Governments of both countries should also provideexplanations related pre, period and after placement which includes explanationswages, their duties and career., The focus of this study is the placement of Indonesian nurse and careworkercandidate in Japan which is one of Indonesia and Japan’s policy in the program ofGovernment to Government on the frame of Indonesia Japan EconomicPartnership Agreement (IJEPA). This research is descriptive research usingliterature and interview to the informant that aims to identify the issues andimpacts that occur in this placement program policies.The researcher suggests that the government of Indonesia and Japan need toperform their commitment for the implementation of the placement so it can workin accordance with the expectation of both countries and the Indonesian candidatethemselves. The quality of the candidate should be improved, especially forJapanese language so they can be able to be a registered nurse and certifiedcareworker in Japan. Governments of both countries should also provideexplanations related pre, period and after placement which includes explanationswages, their duties and career.]"