Kerangka Kerja Kebijakan Moneter dengan Sasaran Akhir Kestabilan Harga - PowerPoint PPT Presentation

About This Presentation
Title:

Kerangka Kerja Kebijakan Moneter dengan Sasaran Akhir Kestabilan Harga

Description:

... the exchange rate policy dialogue and information exchange among East Asia ... The regional economic cooperation and coordination becomes more relevant than ... – PowerPoint PPT presentation

Number of Views:154
Avg rating:3.0/5.0
Slides: 21
Provided by: priyanto
Category:

less

Transcript and Presenter's Notes

Title: Kerangka Kerja Kebijakan Moneter dengan Sasaran Akhir Kestabilan Harga


1
Asia-Pacific Finance and Development Center
Biennial Forum Shanghai, 22 September, 2006
Regional Cooperation and Innovation Development
Dr. Aslim Tadjuddin Deputy Governor Bank
Indonesia
2
Outline
  1. Introduction
  2. Financial Cooperation
  3. Initiatives and Suggestions to Foster the Asian
    Financial Integration
  4. Sustainable Development and Innovation
  5. Conclusion

3
  • Introduction

4
Economic Integration
  • Economic and financial regional integration are
    vehicles to achieve the ultimate goal of economic
    cooperation which is the stable and prosperous
    region.
  • Geographical proximity and strong economic
    relations among countries have been the main
    driving force behind the establishment of
    regional economic integration.

5
  • Financial Cooperation

6
Driving factors for integration
  • Politic
  • Market
  • Asian financial integration should mainly be
    driven by market force.

7
Economic Integration is no panacea
  • Economic and financial integration will increase
    the flow of capital within the region.
  • The increasing financial integration also
    contains risks that relate to the possibility of
    sudden and huge capital reversal.

8
Financial integration among Asian economies is
still limited
  • Financial market integration in Asia has lagged
    substantially behind the trade integration.
    Therefore, surpluses of saving are largely
    intermediated through financial markets outside
    Asia.
  • Major foreign lenders in Asian banking industry
    are mainly American, European, and Japanese
    Institutions.
  • Major foreign investors in Asian capital market
    are still from non-Asian economies.

9
Approaches for financial integration
  • Through establishment of Regional Financial
    Arrangement, or
  • By establishment of currency union as in Europe
  • Due to the large differences in the structure and
    economic performance of Asian countries remain,
    the launching of the RFA is more appropriate for
    the first stage that latter on could be followed
    by other measures, including the adoption of a
    common currency.

10
Three types of RFA
  • RFA with single currency basket
  • RFA without a uniformed of fixed exchange rate
    system
  • RFA that focuses only on strengthen the financial
    system
  • Adopting the RFA with the support of a single
    currency basket (Asian Basket Currency/ABC) as a
    reference for each local currency would promote
    intra-regional exchange rate stability and that
    in turn would promote intra-regional economic
    growth.

11
  • Initiatives and Suggestions to Foster the Asian
    Financial Integration

12
Initiatives to establish resource
pooling
  • The Asian Money Fund (AMF)
  • Chiang Mai Initiative (CMI)
  • Bilateral Swap Agreement (BSA)

13
Capital market development
  • EMEAP countries launched the Asian Bond Fund
    program
  • ABF1
  • ABF2

14
Suggestions to improve
monetary policy coordination in the region
  • Creating a forum to formally the exchange rate
    policy dialogue and information exchange among
    East Asia economies.
  • Strengthening cooperation and coordination among
    central banks in maintaining exchange rate and
    financial market stability by looking possibility
    of conducting coordinated and concerted
    intervention in the foreign exchange market.

15
  • Sustainable Development and Innovation

16
Innovation and the role of government
  • With innovation, an effective and efficient
    technique or method would be continually created.
  • Government and private sector must create a good
    climate for growing innovation.
  • In Indonesia, the central bank obligate banks to
    spend certain amount of fund to enhance human
    development.
  • Sharing knowledge among countries in the region
    plays a key role as well in propping up
    innovation.

17
The Importance of Intellectual Property Right
System
  • A good system will provide confidence to
    innovators that their rights will be respected.
  • A balance must be pursued between intellectual
    property protection and sharing innovation
    benefit.
  • Adoption of Anti-Counterfeiting and Piracy
    Initiatives by APEC economies will reduce trade
    of counterfeit goods, protect against
    unauthorized copies, and prevent the sale of
    counterfeit goods.

18
Indonesias measures in establishing and
improving the intellectual property right system
  • Member of the World Intellectual Property
    Organization (WIPO) and in 1997 became full party
    to the Paris Convention for the Protection of
    Intellectual Property.
  • Signing
  • The Trade Related Aspect of Intellectual Property
    Right (TRIPS Agreement).
  • The Nice Agreement for the International
    Classification of Unclassified Goods and
    Services, the Strasbourg Agreement Concerning the
    International Patent Classification.
  • The Budapest Treaty on the International
    Recognition of the Deposit of Microorganisms.

19
Conclusions
  • The regional economic cooperation and
    coordination becomes more relevant than before,
    because Asian economies are facing new external
    risks like global imbalances, US dollar
    depreciation, and raising volatility in capital
    markets.
  • Securing of world wide intellectual property
    protection is an important element to foster
    innovation development that in turn will bring
    considerable economic benefits to the region.
  • The APEC member economies to work hand in hand to
    promote public awareness through education and
    sharing of knowledge.

20
Thank you
Write a Comment
User Comments (0)
About PowerShow.com