KEBIJAKAN KEUANGAN
PUBLIK DAN HUTANG
MANAJEMEN SUMBER PENDAPATAN
• PEREKONOMIAN DAPAT DIATUR OLEH NEGARA
• NEGERA MENYEDIAKAN BARANG PUBLIK
• SUMBER PENDAPATAN KONSISTEN: PAJAK & HUTANG
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
PENJANG
• KEBIJAKAN MONETER SEBAGAI MANAJEMEN ATAS KOMPOSISI ASET
YANG TERSEDIA UNTUK PUBLIK: UANG DAN KERTAS KERJA
PEMERINTAH.
VOLATILITAS
• PENGUKURAN ATAS VARIASI HARGA DARI INSTRUMEN FINANSIAL
UNTUK SELANG WAKTU TERTENTU.
• HISTORIC VOLATILITY/ VOLATILITAS SEJARAH ADALAH TURUNAN DARI
HARGA PASAR YANG LALU
• AN IMPLIED VOLATILITY/ VOLATILITAS BERLAKU ADALAH TURUNAN
DARI HARGA PASAR SAAT DIPERDAGANGKAN.
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
DEBT MANAGEMENT: DESENTRALISASI
DALAM JANGKA PENDEK
• MENINGKATKAN KREDIBILITAS DAN EFEKTIFITAS IMPLEMENTASI KEBIJAKAN
CONTOH: PENURUNAN BIAYA YANG BERKAITAN DENGAN PENGADAAN
HUTANG UNTUK MENCIPTAKAN KELONGGARAN FISKAL.
• KELEMAHAN
1. MENINGKATKAN VOLATILITAS HUTANG DI MASA DATANG
2. PEMERINTAH PERLU MEMOTONG PENGELUARAN ATAU MENINGKATKAN
PAJAK
JANGKA PANJANG
• TEKANAN (AGENDA) POLITIK BAGI PEMILIHAN BERIKUTNYA
DEBT MANAGEMENT: DESENTRALISASI
MENGHINDARI KONFLIK KEPENTINGAN dan MENINGKATKAN
KREDIBILITAS
• OTORITAS PEMBUAT KEBIJAKAN MONETER YANG SEKALIGUS
BERTANGGUNG JAWAB UNTUK MENGELOLA HUTANG AKAN
BERTABRAKAN DENGAN KEWAJIBAN MENGONTROL INFLASI
• Contoh: Otoritas moneter membuat kebijakan menurunkan tingkat
suku bunga. Kebijakan ini menurunkan biaya hutang tetapi beresiko
peningkatan infalsi di masa datang.
DEBT MANAGEMENT: TUJUAN DESENTRALISASI
• Jangka pendek: menjamin pengadaan kebutuhan modal pemerintah
dan pembayaran kewajibannya dipenuhi dengan biaya yang paling
rendah
• Jangka menengah: sejalan dengan prinsip kehati-hatian dalam
mengambil resiko
• Jangka panjang: benchmark strategi
• Contoh: target dalam komposisi saham(pengeluaran hutang baru;
tingkat suku bunga; tukar tambah hutang dan pembelian kembali
saham).
'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.
DEBT SWAP
• a 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
DEBT EXCHANGE
• Debt 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.
DEBT EXCHANGE
A 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; and
• it helps the debtor to make his/her debt a new one without paying
cash except for the professional fees and transaction costs.
DEBT EXCHANGE
• it 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.
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.
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:
1. through the arrangement of voluntary exchanges between
members;
2. 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.
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.
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.
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).
POLICY COORDINATION
• some 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:
1. the desired economic outcome, (ranking of preferences must be
made)
2. determine the policy mix through policy coordination that most
effectively achieves this outcome.
SOLUTION
• benign 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.
FINANCING BY DEBT ISSUE
• real GDP
• public consumption
• public fixed capital investment
• real public spending on goods
and services
• real transfer payments
• real gross tax revenue
• real net tax revenue
• debt-income ratio
• the monetary base (currency
and bank reserves in the central
bank)
• price level (in money) for goods
and services (the GDP deflator)
• nominal net public debt
• real net public debt
• nominal short-term interest rate
• inflation rate
• real short-term interest