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Volume 2, Nomor 1, Maret 2009

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Volume 2, Nomor 1, Maret 2009

 

EDITORIAL
UFO (UNIDENTIFIED FINANCIAL OBLIGATION)

MBS (Mortgage Backed Securities) are special type of ABS (Asset Backed Securities). Essentially the current status of the securities is the result of derivation process constructed by financial engineers. At its earliest stage the quality of the underlying is easily recognized.
However, once derivation process begins, there is no guarantee the second derivative would not be engineered in the hands of financial engineers. There is no equally guarantee to stop the higher degree derivatives would not be engineered. Therefore, when morally hazardous financial engineers wish to conceal poor quality underlying such as subprime mortgage, there is no way of identifying them. For many innocent unsophisticated players those MBS are MBO containing untrackable obligation.

For them, those are UFO (unidentified financial obligation). Therefore, the decision of the monetary authority to impose restriction on the derivative is responded with deep relief from many corners. Derivative market is for the
sophisticated market players and not for regular household wives. Since the 1997 financial crisis, sharia financing got a new momentum as better alternative financing in terms of risk. This alternative should have gotten a second curve
by the recently enacted sharia acceleration policy by the Central Bank. In this issue you will find two articles on sharia presented by Endri on the application of Altman’s Z-score model on three sharia banks and a more broader perspective article by co-authorship of Susilo Prabowo and Hidajat Sofjan. For PQR readers the names Cyrillus Harinowo and Adler Manurung are quite familiar whose literary works are something worth waiting for. As
usual Harinowo is on current macroeconomic development and Adler is on investment. The road to become a reputable journal is still a long way to go, but let us start now with a dream.

Jakarta Maret 2009
Sudarsono

Recent Submissions

  • Lampiran 
    Unknown author (Perbanas Quarterly Review, Perbanas Institute, 2009-03)
  • Prabowo, Hayu Susilo; Sofjan, Hidajat (Perbanas Quarterly Review, Perbanas Institute, 2009-03)
    The bursting of the housing bubble forced banks to write down several hundred billion dollars in bad loans caused by mortgage delinquencies. Two trends in the banking industry contributed significantly to the lending ...
  • Endri, Endri (Perbanas Quarterly Review, Perbanas Institute, 2009-03)
    The purpose of the present study is to predict bank bankruptcy using three samples of Islamic bank, that is Bank Muamalat Indonesia, Bank Syariah Mandiri and Bank Mega Syariah Indonesia. This study applies Altman’s Z-Score ...
  • Manurung, Adler Haymans (Perbanas Quarterly Review, Perbanas Institute, 2009-03)
    This paper discusses three areas, namely investment, investors’ characteristics, and a place of investment, which is stock market. In investing in stock market, investors need to utilize funds which are not currently ...
  • Harinowo, Cyrillus (Perbanas Quarterly Review, Perbanas Institute, 2009-03)
    The growth of Indonesia GDP in the first quarter of 2009 has reached 4.4 percent, an achievement compared to other countries such as Singapore, Malaysia and Thailand which contracted. GDP also grows to IDR1,300.3 trillion, ...

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