Research Problem of “KETANGGUHAN APBN DALAM PEMBAYARAN UTANG - Haryo

Kuncoro” is:

This paper has provided empirical facts about fiscal toughness with case studies in Indonesia. The
study of quarterly data gives different results from previous theme studies based on annual data. The main
finding is that Indonesia's fiscal resilience is not / has not been achieved despite having a solution to the
payment of domestic debt and foreign debt. The source of this discontent is that the domestic debt burden is
increasing much more rapidly than increasing foreign debt.

This study implies that the issuance of Sovereign Debt Instruments needs to be carried out with due care
by considering the burden of SUN payments due. The maturity date of the SUN should be adjusted
according to the APBN capability in the year concerned. In this connection, a careful review of the burden
of other APBN needs to be calculated more mature. For this reason, fiscal risk exposure should be the
guideline in every SUN issuance.

In terms of foreign debt, shifting the debt burden can be done through reprofiling, rescheduling and debt
restructuring so that the burden can be spread according to maturity maturity. The burden needs to be
harmonized with the domestic debt maturity burden. The government's foreign debt ratio does show a
downward trend. This momentum needs to be utilized as well as possible to minimize the risk of remaining
debt. For this purpose, coordination of sectoral, regional, fiscal, monetary and foreign policies needs to be
optimally synergized.

The fall in the ratio of government debt to GDP does not mean an increase in the government's financial
position. This is due to the possibility of sales of state companies, depletion of sources of public ownership,
and a decrease in government fixed capital. Another possibility to watch out for is looking for new debt,
especially those off-budget to cover the same amount of old debt.

In addition to fiscal sustainability, the government also needs to think about other possible fiscal
burdens if the economy experiences internal disruptions. Bank Indonesia, BUMN, and BUMD semi-fiscal
(quasi fiscal) activities can be contingent liabilities if they are not managed properly. Bank Indonesia's
internal finances, BUMNs, and BUMDs are separate from state finances, but their debt and business
activities are also public and publicly guaranteed and semi-guaranteed because the government is the
shareholder and the reason for big to fail

Further studies on Indonesia's fiscal toughness are still open. A more in-depth study can be conducted to
examine sources of fiscal fragility. The study of fiscal sustainability by considering the assumptions used in
each APBN preparation, such as oil prices and oil production (oil lifting) is certainly interesting to observe.
The weaknesses that remain in this study can be closed by including factors from the monetary side.
Research Problem of “KETANGGUHAN APBN DALAM PEMBAYARAN UTANG” is: “ANALISIS
PENGARUH UTANG LUAR NEGERI, PENANAMAN MODAL ASING DAN EKSPOR
TERHADAP PRODUK DOMESTIK BRUTO DI INDONESIA PERIODE 2005-2014 - Annisa Ilmi
Faried Lubis, S.Sos, M.SP dan M. Rivan Riva’i, SE “ is :

Exports from year to year tend to fluctuate. In 2005 Indonesian exports amounted to 86,225 million US $.
in 2006 Indonesian exports again experienced an increase. However, the increase was not as high as in 2005,
an increase of only 96,778 million US $. In 2007 Indonesian exports increased by 118,014 million US $ with
a growth of 22 percent, and in 2008 increased by 139,291 million US dollars with growth. However, in 2009
Indonesia's exports experienced a significant decline, and became the highest decline in the last eight years,
which amounted to 119,513 million US $. This decline was caused by the global financial crisis that hit the
country that is Indonesia's trading partner. The description above gives an explanation that the three indicators
tend to be contradictory in which foreign investment fluctuates and often decreases, while macroeconomic
indicators are getting better. Meanwhile the amount of foreign debt also shows a tidal figure where foreign
debt rose sharply in 2008-2009 but economic growth actually declined. This fact raises fundamental questions
that whether the improvement in Indonesia's macroeconomic performance that has been achieved so far does
not affect the investment climate in Indonesia.

Based on the results of research on the Analysis of the Effects of Foreign Debt, Foreign Investment and
Exports on Indonesia's Gross Domestic Product for the period 2005 - 2014, the authors draw the following
conclusions: The results of data analysis revealed that foreign debt had a positive and insignificant effect on
Indonesia's gross domestic product period 2005-2014.

The results of data analysis revealed that foreign investment had a positive and insignificant effect on
Indonesia's gross domestic product for the period 2005-2014. The results of data analysis revealed that exports
had a positive and significant effect on Indonesia's gross domestic product for the period 2005-2014.
Simultaneous results of foreign debt, foreign investment and exports together have a positive and significant
impact on gross domestic product. Based on the table the R-square value or determination coefficient of 0.761
shows that the variation of foreign debt, foreign investment and exports is able to explain gross domestic
product by 76.1% while the remaining 23.9% is influenced by other variables (government expenditure,
expenditure household and import) which were not included in this study.

Research Problem of “UTANG LUAR NEGERI PEMERINTAH INDONESIA :

PERKEMBANGAN DAN DAMPAKNYA - Adwin Surya Atmadja” is

The economic development is the absolute requirement for the third world countries, including Indonesia.
This matter is necessary to shorten the backwardness of the developing countries in order to catch up with the
developed countries, especially in the economic and people's welfare.
In the third world countries, the government generally organized the efforts of the economic
development. However, there are some problems in this matter caused by the lack of the productive economy
resources, especially the capital resources which are mostly play the important role on the development matter.
In order to cover the capital shortage, the government of the concerning country try to obtain the capital
resources from other countries through many kinds of external debts.For the short term, the external debt will
be very helpful in helping the Indonesian government to cover the deficit of the APBN as the effect of the
routine expences and the huge development expenses.
Therefore, the progress of economic development can be fastened according to the former planned target.
However, in the long term, it happens to be that the external debt can trigger many monetary problems in
Indonesia. In monetary crisis, the Indonesian's external debt, including the government's external debt has
rapidly increased in rupiah measurement. Therefore, it makes the Indonesian government has to add the new
external debt to pay the previous external debt which has been expired.
The accumulation of the external debt and its interest will be paid through the Indonesian APBN by
paying in step by step every year. This matter causes the lack of the Indonesian people's welfare in the future.
It is obvious that this matter will also add the burden of the Indonesian people, especially for those who
responsible to pay taxes regularly.
The development of Indonesia's foreign debt from year to year tends to beincreased. This of course causes
various consequences for Indonesian people, both in the short and long term periods.In the short term period,
foreign debt must be recognized as having provided significant contribution to financing national economic
development So that with the implementation of economic development, the level of income per capita society
grew for three decades before the crisis economy.
The occurrence of an economic crisis in Indonesia, which was preceded by a monetary crisis in Asia
Southeast, has greatly damaged the joints of the country's economy built during PJP I and the beginning of PJP
II. The main cause of the economic crisis in Indonesia, as well as some countries in ASEAN, are balance
sheets international payments. The current account deficit is closed with a capital surplus account, especially
with short-term capital (investment portfolio), which is relatively volatile. So, if a rush occurs it will threaten
the reserve position state foreign exchange, will eventually lead to a currency exchange crisisnational to
foreign exchange. This is what causes the foreign debt burdet Indonesia, including government foreign debt,
gets heavier when calculated based on the value of the rupiah.
Increasingly the government's foreign debt, also means more burdensome the position of the Indonesian
State Budget, because the foreign debt must be paid along with the interest. Ironically, during the economic
crisis, foreign debt was must be paid using foreign aid funds, which means the same only with new debt,
because when the economic crisis is routine acceptance the government, especially from the tax sector, cannot
be increased in proportion to expenditure needs.
In the long run, the accumulation of government foreign debt remains must be paid through the APBN,
meaning that it is the responsibility of the taxpayers.Thus, in the long term foreign debt payments by the
Indonesian government is tantamount to reducing the level of prosperity and future welfare of the Indonesian
people.
It is a right thing, if foreign debt can help finance economic development in third world countries,
including Indonesia, for increase the prosperity and welfare of its people. But, the use of debt abroad that is not
done wisely and without the precautionary principle, in the long run foreign debt will actually plunge the
debtor country into a prolonged foreign debt crisis, which is very burdensome community because of the huge
amount of foreign debt.
 Research Problem of “PENGARUH PENANAMAN MODAL ASING DAN UTANG LUAR
NEGERI TERHADAP PERTUMBUHAN EKONOMI INDONESIA (Studi pada Bank Indonesia
Periode Kuartal IV 2008 – 2017) - Muhammad Dandy Kartarineka Putra Sri Sulasmiyati “ is

The influence of a country's economic growth can be seen from the development of Gross Domestic
Product (GDP). One of the influences of increasing economic growth in the country is foreign investment and
foreign debt. The increase in foreign investment or foreign investment entering the country can further
advance its economic growth rate, supported by financial assistance in the form of grants or loans from foreign
countries a country can carry out programs to improve community welfare and economic growth in various
sectors. \
This study aims to determine the effect of Foreign Investment and Foreign Debt on Indonesian Economic
Growth. The type of research used is explanatory research with a quantitative approach. The variables in this
study are the value of Indonesian foreign investment and foreign debt as an independent variable and the value
of economic growth which can be seen from the GDP rate as the dependent variable. The data used is time
series secondary data from Bank Indonesia in the fourth quarter of 2008 - 2017. The data analysis method uses
multiple linear regression analysis.
The results of regression analysis show the simultaneous influence between the value of Foreign
Investment (PMA) and Foreign Debt (ULN) on the value of Indonesian Economic Growth (PEI). The result of
the coefficient of determination also shows that the value of Indonesian Economic Growth (PEI) is influenced
by the variable value of Foreign Investment (PMA) and Foreign Debt (ULN) of 79.9%, which means that the
variable value of Foreign Investment (PMA) and Foreign Debt (ED) contributes 79.9% to Indonesian
Economic Growth (PEI), while the remaining 20.1% is explained by factors or other variables not mentioned
in this study. The results of this study indicate that Hypothesis 1 which states that there is a simultaneous
influence between independent variables on the dependent variable can be accepted.
There is a significant positive influence on the value of Foreign Investment (PMA) on Economic Growth
(PEI). Based on the t test that has been done, the hypothesis 2 which states that there is a significant partial
influence between Foreign Investment (PMA) on Indonesian Economic Growth (PEI) can be accepted. When
the value of Foreign Investment (PMA) increases, Indonesian Economic Growth also increases. The negative
impact is when foreign investment (PMA) decreases, it will also reduce the value of Indonesia's Economic
Growth. This will make foreign investors increasingly competitive to enter the Indonesian market because
they see an increase in FDI which also helps Indonesia's economic growth itself.
Foreign Debt Value (ULN) in this study shows a significant positive result on Indonesian Economic
Growth (PEI) partially. The results of this study prove that hypothesis 3 which states that there is a significant
partial influence on Indonesian Economic Growth (PEI) can be accepted. Through the Gross Domestic
Product (GDP) value can describe the state of Indonesia's economic growth. If the value of GDP is high, it
indicates that economic activity in Indonesia is going well. Circumstances
a good economy can encourage companies to produce effective and efficient production output. This situation
makes creditor countries dare to conduct external debt in Indonesia, because they will benefit from this, and
Indonesia is never late in paying foreign debt before maturity.
Research Problem of “STATE DEBT MANAGEMENT ANALYSIS: GOVERNMENT DEBT
MANAGEMENT AND ITS PROBLEMS - Venti Eka Satya “ is

Debt is part of fiscal policy which is part of the management policy overall economy. Debt is expected
can be a leverage factor or leverage for the national economy. In other words, Debt policy is a conscious
policy indeed held in order to achieve the goal economic management.
Debt is also stated as a consequence of the APBN posturedesigned deficit, where more state revenue
smaller than state spending. The total Indonesian government debt amounts to Rp. 2,422.87 trillion, of
which 71.6 percent is
SBN. Loans (other than SBN) are dominated by loans overseas, namely 28.4 percent, loans in the country is
only 0.1 percent. In general, debt position Indonesia can still be said to be safe. Where government debt
ratios that refer to standard Maastricht Treaty (debt to GDP ratio and the ratio of total debt to population)
considered to be able to keep government debt within limits which can still be managed well (managable)
and guarantee fiscal sustainability.
Even though the government's debt position is saidsafe, there are some weaknesses in management
debt that needs to be addressed and become a concern government. Among them related to design and
implementation of the economic framework macro and state debt management strategies. The existing
legislation does not yet comprehensive enough to organize various factors in debt management.
This has the potentiallead to incompetence in management debt and risk of uncontrolled amount of
debt. In terms of the timeliness of debt issuance as well need to be calculated more carefully. Volatility
currencies also have a significant influence towards increasing the value of the country's debt. In allocate
debt, the government cannot ascertain whether the debt is allocated in productive projects that return higher
than debt costs. Because of the debt obtained can not be traced, this results in the effectiveness of debt
cannot determined and debt function as a leverage factor cannot be proven.

The budget deficit policy is intended to trigger national economic growth.However, this policy can be
turned threatening
national economy if not controlled Venti Eka Satya National Debt Management Policy Analysis 73 well.
Don't let this policy make our country is stuck in a debt burden prolonged and disrupted sustainability fiscal
Before the government issues the necessary debt comprehensive study on risk and benefits carefully. Debt
withdraw must have benefits that are higher than
cost incurred. In other words, growth the economy generated from debt issuance must greater than the
interest cost of the debt.
Given the weak position of the rupiah, the government need to design mechanisms to protect value debt
from the depreciation of the rupiah against foreign currency. The government needs to design hedge strategy
as part of reliable risk management for prevent swelling of the value of government debt uncontrolled.