Kerugian dari implementasi investasi portofolio melalui perbandingan studi kasus krisis finansial antara Amerika dan Indonesia (2008-2013) = The downside of portfolio investments through comparative case study of financial crisis between the United States and Indonesia (2008-2013)

Margaretha, Virginia (2016) Kerugian dari implementasi investasi portofolio melalui perbandingan studi kasus krisis finansial antara Amerika dan Indonesia (2008-2013) = The downside of portfolio investments through comparative case study of financial crisis between the United States and Indonesia (2008-2013). Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Setelah implementasi Kode Hammurabi, kegiatan investasi bergema di seluruh penjuru dunia, termasuk di Amerika dan Indonesia. Ekonomi didefinisikan sebagai poliitk yang baru, ditandai dengan globalisasi. Namun, keuntungan hanya bersifat sementara sampai Amerika menang Perang Dunia pertama dan memperluas ekonominya sebagai titik aksi awal kemenangan. Hal ini juga diikuti dengan dorongan bagi negara Asia untuk membuka ekonomi, yang pada akhirnya hanya berakibat pada ketidakstabilan ekonomi dari negaranegara Asia yang kompetensinya tidak sepadan dengan negara-negara maju. Hal ini membuktikan bahwa pengembangan ekonomi pun membawa kerugian, salah satunya adalah terjadinya fenomena krisis finansial di tahun 2008 yang mengguncangkan ekonomi Amerika yang selama ini dipandang stabil, yang ternyata juga berbanding lurus dengan apa yang terjadi di Indonesia. Hal yang paling menarik adalah statistik portfolio yang ternyata memiliki fluktuasi yang paling berkesan, di kedua negara tersebut, yang ternyata turut memiliki korelasi terhadap krisis finansial. Tujuan skripsi ini adalah untuk mencari faktor-faktor pencegahan krisis yang sama di masa depan. Oleh karena itu, dengan bantuan dari seluruh sumber referensi, thesis ini menganalisa tiga elemen dalam perbandingan antara Amerika dan Indonesia, yaitu: dampak dari krisis finansial tersebut, dinamika investasi portofolio sebelum, selama, dan setelah krisis, dan yang terakhir dan paling penting, respon dari kedua pemerintah, termasuk kebijakan, tentang pemulihan ekonomi setelah krisis. Hasil dari skripsi ini adalah berupa silogisme. Pertama, investasi portofolio yang keluar terjadi dalam jumlah besar di kedua negara, yang sebenarnya berbahaya karena hal ini melemahkan ekonomi. Ditambah lagi, Indonesia yang memiliki gap yang lebih besar, mengakibatkan proses pemulihan ekonomi yang lebih lama dari Amerika, padahal Indonesia mengalami dampak yang tidak lebih besar daripada Amerika. Menurut analisa respon pemerintah pada kedua negara, kebijakan untuk menaikkan jumlah investasi jangka panjang telah dilakukan Amerika pada saat krisis, namun tidak dilakukan Indonesia. Oleh karena itu, penulis berargumen bahwa investasi jangka panjang, termasuk foreign direct investment, yang lebih stabil dibandingkan dengan investasi portofolio, dapat menjadi salah satu solusi untuk mencegah krisis. / After the implementation of Code of Hammurabi, investment activities go fortissimo in all countries, including the United States and Indonesia. Economy is the new politics after the emerging interdependence force—globalization—start to exist. However, this has brought benefit alone until the United States won WWI. The United States celebrate their winning by expanding their economy and encouraging, especially but not limited to, Asian countries, that resulted in their instability due to incapability to keep up with the fast pace of develop countries. This has proven that economic enhancement bring also downside, including the phenomenal financial crisis in 2008 that for the first time, the so-called-stable America balance started to collapse at the time, which comparatively, Indonesia too has impacted largely in worse. Interestingly, the most interesting fluctuations happening at the moment is portfolio investment happening in both countries that apparently relates to the crisis. We share the common goal is to analyze the financial crisis with the hope of finding qualifications to prevent similar crisis to happen again in the future. Therefore, with the help of all referenced sources, this paper analyzed three elements comparatively between the United States and Indonesia: the impact of the crisis to both countries, the dynamics of portfolio investment pre-, during, and post-crisis, and lastly and most importantly, the response of both government, including their policies, in complying to the recovery this crisis. This study resulted in a very interesting syllogism. The foremost was that there were excessive outflow happen during and post-crisis in both countries, which such fragile volatility are very dangerous as it weaken the economy. Further, due to the gap of investment activity, Indonesia, which has greater of it, were seen to have longer recovery time than the United States, even though it is proven that the damages was harder on the latter country than to the prior. Analyzing from both government policies, the United States enhancing long-term securities purchases, while none of it done by Indonesia. This different policy approach was arguably by the author, could be one highlighted solution as prevention to the crisis. This paper argue that foreign direct investment, which has a more stable volatility than portfolio, can be served as substitute to replace the percentage of portfolio investment in the country, for its balance are hoped to reduce risks and damages of future similar financial crisis.

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