PEMANFAATAN SEKURITISASI ASET DALAM MENDORONG SEKTOR RIIL: ALTERNATIF PEMBIAYAAN UMKM
Keywords:
asset securitization, SME's, banking
Abstract
This paper analyzes the asset securitization as a source of financing for small and medium scale enterprise. We use field survey and focus group discussion in Jabodetabek, Bandung, Yogyakarta, Denpasar, Medan, and Banjarmasin, covering 149 samples in total. This paper found the banks generally are in excess liquidity condition, therefore face difficulty on obtaining the minimum of Loan to Deposit Ratio (LDR). For this reason, those banks are not interested to sell the SME’s loan though they are quite interested on the asset securitization concept. For the banks, the major motive to invest in asset securitization program is a high yield. In addition, they expect this portfolio to increase the LDR. Prior the implementation of this program, this paper underlines the necessity to overcome some obstacles including non-bankable SME’s, liquidity and human resource of the banks, and limited information of the asset securitazion program (EBA-UMKM).Downloads
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References
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Cagamas, (2007) Cagamas Launches Securitisation of SME Loans.
Cousseran, O. & Rahmouni, I (2005). The CDO Market Functioning and Implications in Terms of Financial Stability, Banque de France.
Departemen Keuangan RI dan Badan Pengawas Pasar Modal (2003). Studi Tentang Perdagangan Efek Beragun Aset, Tim Studi Perdagangan Efek Beragun Aset Departemen Keuangan dan Bapepam..
Gan, Yingjin Hila dan Christopher Mayer (2006), Agency Conflicts, Asset Subtitution, and Securitization, National Bureau of Economic Research, Cambridge.
Gaon,Stav (2007). Essays in Securitization. Columbia University.
Hirata, H., & Shimizu, T, (2004). Purchase of SME-related ABS by the Bank of Japan (Updated): Monetary Policy and SME Fianancing in Japan. Bank of Japan Working Paper.
Isnawangsih, Agnes, (1998/99). Sekuritisasi Aset di Indonesia, Bank Indonesia.
Jae-Ha Park, et al, (2008). Developing the Capital Market to Widen and Diversity SME Financing: The Korean Experience. Korea Institute of Finance.
Kimborough, Robert T, (1996). Summary of American Law. Lederman Jass
European Commission, (2007). SME Securitisation: Final Report, Roundtable between Bankers and SMEs, Enterprise Publication.
Ketkar, Sushas dan Ratha, Dilip (2004-2005). Recent Advances in Future-Flow Securitization , The Financier Vol. 11/12.
Reserve Bank of India (1999). Securitizations in China- Characteristics and Difficulties dalam Report of the In-house Working Group On Asset Securitisation.
Santoso, Wijoyo et.al (2011). Pemanfaatan Sekuritisasi Aset dalam Rangka Mendorong Sektor Riil: Alternatif Pembiayaan UMKM, Working Paper PRES, Bank Indonesia.
Acharya, Viral V., et al., (2010). Securitization without Risk Transfer, National Bureau of Economic Research.
Chlupacek, Philip, (2009). European SME Financing and Structured Finance, University of Wien.
Norton, Joseph J, et al., (1993). International Finance in the 1990s. USA: Blackwell Publisher.
Published
2015-01-29
How to Cite
Santoso, W., Soekro, S. R., Darmansyah, D., & Sihaloho, H. D. (2015). PEMANFAATAN SEKURITISASI ASET DALAM MENDORONG SEKTOR RIIL: ALTERNATIF PEMBIAYAAN UMKM. Buletin Ekonomi Moneter Dan Perbankan, 17(2), 221-239. https://doi.org/10.21098/bemp.v17i2.50
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Buletin Ekonomi Moneter dan Perbankan / Bulletin of Monetary Economics and Banking is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
