Dampak krisis subprime mortgage di Amerika Serikat terhadap perkembangan perekonomian global = Impacts of the Subprime Mortgage Crisis in the United States on the Global Economic Development

Bambangwirawan, Tirta (2022) Dampak krisis subprime mortgage di Amerika Serikat terhadap perkembangan perekonomian global = Impacts of the Subprime Mortgage Crisis in the United States on the Global Economic Development. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Inisiatif pemerintah AS untuk memperkuat ekonomi dan memperbanyak perputaran uang setelah dot.com crisis adalah dengan Quantitative Easing yaitu penurunan suku bunga bank. Melihat harga property yang seiring waktu naik, para spekulan dan rakyat biasapun ikutan meminjam kredit perumahaan. Rakyat biasa ini tau bahwa mereka tidak sanggup memiliki rumah mewah, tetapi suara hati berkata lain yaitu untuk memiliki properti tersebut. Dikarenakan skandal Credit Rating Agencies yang membuat derivative dengan penilaian buruk dan dijual dengan peringkat terbaik membuat pasar terutama dalam obligasi/sekuritas seperti (Collateralized Debt Obligation, Credit Default Swaps dan Mortgage-Backed Securities), membuat fundamental dan algortimanya rapuh. Pada satu saat di 2008, banyak dari peminjam kredit rumah tersebut gagal bayar yang membuat banyak “Non-Performing Loans”, di mana membuat banyak aset properti yang disita. Harga rumah yang mendadak terjun bebas disebut dengan istilah “Property Bubble”. Hal ini berimplikasi buruk terhadap perkembangan perkonomian global karena properti tersebut dijual dalam bentuk obligasi dan sekuritas di atas. Penulisan skripsi ini dimaksut untuk membongkar peristiwa Subprime Mortgage, yang dianalisa mengunakan perspektif kapitalis dan perkembangannya terhadap perekonomian global dengan melihat dampak jangka pendek dan panjang. Skripsi ini juga membahas hubungan antara Market, State and Civil Society agar diharapkan dapat membongkar apa sebenarnya permasalah Krisis Subprime Mortgage tidak hanya dalam aspek pure economics melaikan juga global political economy yang merupakan bagian dari studi Hubungan Internasional. Ketiganya saling berinteraksi, dimana disini Society dan Market kehilangan kendali. Maka regulasi atau dalam kasus ini intervensi dari pemerintah dibutuhkan, untuk kepentingan perlindungan bagi Civil Society dalam kasus ini Bailout. Pengumpulan data dilakukan dengan mengunakan metodologi pendekatan kualitatif. Data diperoleh dengan menggunakan analisis validitas dengan mengunakaan metode membandingkan data secara rinci dengan mengunakan literatur akademis dan kebijakan yang kredibel (Discourse Analisis & Patern Analisis). Dalam penulisan Skripsi ini penulis menemukan hubungan dan faktor yang mempengaruhi antara Subprime Mortgage, Property Bubble dengan Global Financial Crisis. / The US government's initiative to strengthen the economy and increase the circulation of money after the dot.com crisis is Quantitative Easing, namely reducing bank interest rates. Seeing property prices rising over time, speculators and ordinary people also borrowed from housing loans. These ordinary people know that they can't afford to own a luxurious house, but their conscience tells them otherwise to own the property. Due to the Credit Rating Agencies scandal that made derivatives with poor ratings and sold with the best ratings, the market, especially in bonds/securities such as (Collateralized Debt Bonds, Credit Default Swaps and Mortgage-Backed Securities), made the fundamentals and algorithms fragile. At some point in 2008, many of these home loan borrowers defaulted resulting in numerous “Non-Performing Loans”, which resulted in many property assets being confiscated. House prices that suddenly plummeted are called the "Property Bubble". This has bad implications for the development of the global economy because the property is sold in the form of bonds and securities above. The purpose of writing this thesis is to uncover the Subprime Mortgage incident, which was analyzed using a capitalist perspective and its development on the global economy by looking at the short and long-term impacts. This thesis also discusses the relationship between Market, State, and Civil Society so that it is hoped that it will reveal what the real problem of the Subprime Mortgage Crisis is not only in the pure economics aspect but also in the global political economy which is part of the study of International Relations. The three interact with each other, where society and the market lose control here. So regulation or in this case intervention from the government is needed, for the sake of protection for civil society in this case Bailout. Data collection was carried out using a qualitative approach methodology. The data were obtained by using validity analysis by using the method of comparing the data in detail using credible academic literature and policies (Discourse Analysis & Pattern Analysis). In writing this thesis, the writer finds the relationship and influencing factors between Subprime Mortgage, Property Bubble, and Global Financial Crisis.

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