State Financial System in Indonesia: Some Recent Developments
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Abstract
The history of the development of the Indonesian financial system, the system of financial institutions underwent a very fundamental change, especially after entering the era of deregulation, the policy package October 27, 1988 which then continued with the enactment of several laws in the field of finance and banking since 1992, starting from the Banking Act, Act Insurance Act, Pension Fund Act, Capital Market Law, until the Bank Indonesia Law. The consequence of the issuance of this law is the change in the structure of the financial institutions in Indonesia. In addition, from the aspect of regulation and fostering, financial institutions are becoming increasingly clear and strong because they already have legal power, especially in the field of insurance and pension funds, which were previously legally regulated only on financial ministerial decisions. This paper analyzes the latest developments in the country's financial system in Indonesia. This paper aims to provide an overview, study, and compare about the developing financial system in Indonesia with several cases of existing financial systems both domestically and abroad. This paper also uses a comparative model of laws, where these laws relate directly or indirectly to the country's financial system.
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The copyrights of the article in Indonesian J. Int'l Clinical Leg. Educ. is on the Author(s), however, before publishing, it is required to obtain written confirmation from Author(s) in order to ensure the originality (Author Statement of Originality). The statement is to be signed by at least one of the authors who have obtained the assent of the co-author(s) where applicable. This work licensed under a Creative Commons Attribution-ShareAlike 4.0 International (CC BY-SA 4.0). All writings published in this journal are personal views of the authors and do not represent the views of this journal and the author's affiliated institutions.
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