簡易檢索 / 詳目顯示

回結果列表
研究生： 李琴意
Corasonia Djafarli
論文名稱： The Evolution of Mortgage Market in Indonesia
印尼住宅抵押貸款市場的演變
指導教授： 林哲群
Lin, Che-Chun
口試委員: 林哲群
張焯然
楊屯山
學位類別： 碩士
Master
系所名稱： 科技管理學院 - 國際專業管理碩士班
International Master of Business Administration(IMBA)
論文出版年： 2012
畢業學年度： 100
語文別： 英文
論文頁數： 59
中文關鍵詞： 印尼住宅抵押貸款市場
外文關鍵詞： Indonesian housing finance, Secondary mortgage market, Mortgage securitization, CIC-ABS
相關次數： 點閱：1  下載：0 
分享至:
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報

    • Indonesia is struggling to promote decent home-ownership to its people. Rapid urbanization and over population has increased the urgency to tackle the home-ownership problem. Housing backlog keeps on increasing while housing supply is stagnant due to the inefficiencies of the housing finance market. This sector is dominated by banks which use short-term financing to fund long-term mortgage loans, resulting in the maturity mismatch problem.

    The Indonesian government has recognized this problem for a long time, yet unfavorable economic situation has been an obstacle to create a solution. After the Indonesian economy fully recovered from the effect of the Asian financial crisis in 1997-98, the government finally sanctioned the nation’s first secondary mortgage corporation. This company was formed in 2005 and has been actively providing liquidity facility to the primary market and also engaged in mortgage securitization. Despite the absence of securitization law, the company has successfully issued Mortgage-Backed Securities (MBS) through an alternative securitization mechanism.

    Indonesian secondary mortgage market is still in infant stage, since the government has not been fully proactive in developing the infrastructure it needed to grow. Legal issues are the biggest obstacle in its development. Therefore, the government has the final word on the fate of the secondary mortgage market.

    Abstract ....................................................................................................................................... i Acknowledgement ..................................................................................................................... ii List of Figures ............................................................................................................................ v List of Tables ............................................................................................................................ vi Chapter 1. INTRODUCTION .................................................................................................... 1 1.1 Background ...................................................................................................................... 1 1.2 Objectives ......................................................................................................................... 2 1.3 Data collection .................................................................................................................. 3 1.4 Limitations ....................................................................................................................... 3 Chapter 2. PRIMARY MORTGAGE MARKETS IN INDONESIA ........................................ 4 2.1 Indonesia: Brief Introduction ........................................................................................... 4 2.2 Economic Growth ............................................................................................................ 5 2.3 Housing Demand and Supply ........................................................................................... 7 2.4 Housing Price ................................................................................................................... 9 2.5 Primary Mortgage Market .............................................................................................. 10 2.5.1 Size of Primary Mortgage Market .......................................................................... 11 2.5.2 Mortgage Lenders ................................................................................................... 13 2.5.3 Characteristics of Mortgage Loans ......................................................................... 13 2.5.4 Mortgage Borrowers ............................................................................................... 14 Chapter 3. SECONDARY MORTGAGE FACILITY IN INDONESIA ................................. 16 3.1 Profile of PT. Sarana Multigriya Finansial (SMF) ......................................................... 17 3.2 SMF: Services ................................................................................................................ 18 3.2.1 Liquidity Facility or Refinancing Program ............................................................. 18 3.2.2 Securitization Program ............................................................................................ 20 3.2.3 Supporting Program ................................................................................................ 28 3.2.4 Guarantee Program ................................................................................................. 29 3.3 The Performance of SMF ............................................................................................... 29 3.4 Contribution of SMF to the Housing Sector .................................................................. 31 Chapter 4. SECONDARY MORTGAGE MARKETS IN OTHER COUNTRIES ................. 32 4.1 United States .................................................................................................................. 32 4.2 Comparison of Secondary Mortgage Markets: Indonesia and the U. S. ........................ 33 4.3 Secondary Mortgage Market in Asia ............................................................................. 35 4.3.1 Malaysia .................................................................................................................. 35 4.3.2 Hong Kong .............................................................................................................. 37 Chapter 5. THE FUTURE OF SECONDARY MORTGAGE MARKET IN INDONESIA ... 40 5.1 Vision ............................................................................................................................. 40 5.2 Barriers and Problems .................................................................................................... 41 5.2.1 Issues in the Primary Mortgage Market .................................................................. 41 5.2.2 Issues in the Secondary Mortgage Market .............................................................. 44 5.3 Government Perspective ................................................................................................. 45 Chapter 6. POLICY SUGGESTION AND CONCLUSION ................................................... 47 6.1 Policy Suggestion ........................................................................................................... 47 6.2 Conclusion ...................................................................................................................... 48 References ................................................................................................................................ 49 Appendix 1 ............................................................................................................................... 55 Appendix 2 ............................................................................................................................... 56 Appendix 3 ............................................................................................................................... 57 Appendix 4 ............................................................................................................................... 58 Appendix 5 ............................................................................................................................... 59

    A.M. Best. (2011). AMB Country Risk Report: Indonesia. www.ambest.com: A.M. Best
    Company, Inc.
    Adisusanto, R. (2012). Housing Finance in Indonesia. Asia Pacific Union of Housing Finance
    International Conference. New Delhi: APUHF.
    Ahmed, A. A. (1998). Introducing Asset Securitization To Indonesia: A Method in Madness.
    Journal of International Economic Law, 823-859.
    Asian Development Bank. (2005). Republic of Indonesia: Secondary Mortgage Facility.
    ADB.
    Badan Pusat Statistik. (2011). Retrieved from Statistics Indonesia: http://www.bps.go.id
    Bank Indonesia. (2011). Retrieved from Bank Indonesia: www.bi.go.id
    Bank Indonesia. (2011). Residential Property Price Survey Quarter IV-2011. Jakarta: Bank
    Indonesia.
    Bapepam-LK. (2010). Kajian Pengembangan Produk Syariah di Pasar Modal: Sekuritisasi
    Syariah. Jakarta: Indonesian Ministry of Finance.
    Bastian, R. (2005). Structured Finance. Retrieved from BT Partnership Law Firm:
    www.btplawfirm.com/download/STRUCTURED%20FINANCE.pdf
    Berita Pajak. (2011, September 24). Jumlah Keluarga Pemilik Rumah Makin Menurun.
    Retrieved from Beritapajak.com: http://beritapajak.com/tax/berita/3/1853/Jumlah-
    Keluarga-Pemilik-Rumah-Makin-Menurun
    Brueggeman, W. B., & Fisher, J. D. (2010). Real Estate Finance and Investments 14th edn.
    Mcgraw Hill Higher Education.
    Cagamas Berhad. (2012). Retrieved from Cagamas: http://www.cagamas.com.my
    Central Intelligence Agency. (2012). The World Factbook. Retrieved from CIA - The World
    Factbook: https://www.cia.gov/library/publications/the-world-factbook/geos/id.html
    Chiquier, L. (2006). Housing Finance in East Asia. The World Bank.
    Choy, S. (2009). Case Study of Secondary Mortgage Liquidity Facilities: Cagamas Berhad.
    Workshop on Housing Finance in South Asia. Jakarta: APUHF.
    Economy Watch. (2010, October 27). Mortgage Market in Hong Kong. Retrieved from
    Economy Watch: http://www.economywatch.com/mortgage/hong-kong.html
    Fajar. (2011, September 7). Harga Rumah di Indonesia Urutan 14 Dunia . Retrieved from
    Fajar Online: http://www.fajar.co.id/read-20110907003007-harga-rumah-diindonesia-
    urutan-14-dunia
    Fannie Mae. (2012). Structured Transactions and Megas. Retrieved from Fannie Mae:
    http://www.fanniemae.com/portal/funding-the-market/mbs/structuredtransactions/
    index.html?
    Giddy, I. H. (2000). The Market for Asset-Backed Securities. Retrieved from Stern School of
    Business, New York University: http://people.stern.nyu.edu/igiddy/ABS/absasiaintro.
    pdf
    Harianto, F. (1997). The Mortgage-Backed Securities Market in Indonesia. Retrieved from
    The Pennsylvania State University: http://citeseerx.ist.psu.edu
    Hayuning, H. (2010). Pembiayaan Sekunder Perumahan Melalui Sekuritisasi Aset Kredit
    Kepemilikan Rumah. Jakarta: Fakultas Hukum Universitas Indonesia.
    HDFC. (2009). Retrieved from Housing Development Finance Corporation Ltd.:
    http://www.hdfc.com/
    HKMC. (2011). Annual Report. Retrieved from The Hong Kong Mortgage Corporation Ltd.:
    http://www.hkmc.com.hk/
    Hoek-Smit, M. (2007). The Housing Finance Sector in Indonesia. Indonesia Seminar on
    Housing Finance. Jakarta: Wharton School - University of Pennsylvania.
    IBPA. (2012). IDR Corporate Bonds & Sukuk. Retrieved from Indonesia Bond Pricing
    Agency: http://www.ibpa.co.id/BondMarketData/BondMaster/IDRCorpBondsSukuks
    /tabid/80/language/en-US/Default.aspx
    IMF. (2012). World Economic Outlook Database. International Monetary Fund.
    Kokularupan, N. (2011). Evaluation of the Malaysian Mortgage Corporation - Cagamas.
    Workshop on Housing Finance. Mongolia: APUHF.
    KSEI. (2009). KIK-EBA, Produk Teranyar. Forum Kustodian Sentral Efek Indonesia, 2nd
    edn., pp. 1-3.
    Latief, M. (2012, May 3). Tiga Faktor Paling Mempengaruhi Kredit Properti. Retrieved
    from Kompas: http://properti.kompas.com/read/2012/05/03/12381165/Tiga.Faktor.
    Paling.Mempengaruhi.Kredit.Properti
    Lea, M. J. (1993). Indonesian Secondary Mortgage Market Study. Washington, D.C.:
    USAID.
    Lea, M. J. (1994). The Applicability of Secondary Mortgage Markets to Developing
    Countries. Housing Finance International, 3-10.
    Lea, M. J., Pollock, A. J., & Rosengard, J. K. (1997). The Creation of a Secondary Mortgage
    Facility In Indonesia. Housing Finance International Vol. XII, No. 1, 24-29.
    Lee, M. (1996). The Evolution of Housing Finance in Indonesia. Habitat International, Vol.
    20, No. 4, 583-594.
    LGS. (2005, February 25). Presidential Regulation No. 19 of 2005 on Secondary Mortgage
    Facilities. Retrieved from LGS Online: http://www.lgsonline.com/pages/g/lgsimp485
    /node/lgs4a1d783104616
    Manurung, N., & Moestafa, B. (2012, January 19). Indonesia Regains Investment Grade At
    Moody’s After 14 Years. Retrieved from Bloomberg: http://www.bloomberg.com/
    news/2012-01-18/indonesia-sovereign-debt-rating-is-raised-to-investment-grade-bymoody-
    s.html
    Media Indonesia. (2012, March 2). BTN Dapatkan Repo KPR Rp500 Miliar. Retrieved from
    Media Indonesia.com: http://m.mediaindonesia.com/index.php/read/2012/03/02/302
    650/20/2/BTN_Dapatkan_Repo_KPR_Rp500_Miliar
    Ministry of Housing. (2009). Indonesia's Housing Policies and Programs. Workshop on
    Housing Finance in South Asia. APUHF.
    Neraca. (2012, March 24). Gara-gara Menpera dan DPR Tidak Realistis, Rakyat Kesulitan
    Miliki Rumah. Retrieved from Neraca: http://www.neraca.co.id/2012/03/24/gara-garamenpera-
    dan-dpr-tidak-realistis-rakyat-kesulitan-miliki-rumah/
    PRMIA. (2008). Fannie Mae & Freddie Mac. Retrieved from The Professional Risk
    Managers’ International Association: http://prmia.org/pdf/Case_Studies/Fannie_Mae_
    and_Freddie_Mac_090911_v2.pdf
    Property Report. (2010, June 8). Indonesia sees surge in outstanding housing credit.
    Retrieved from Property Report Asia: http://www.property-report.com/indonesiasees-
    surge-in-outstanding-housing-credit-6600
    Purnomo, H. (2012, April 5). Wow! Kredit Rumah & Apartemen Naik 33% Tembus Rp 191
    Triliun . Retrieved from detikFinance: http://finance.detik.com/read/2012/04/ 05/13
    2059/1885930/1016/wow-kredit-rumah-apartemen-naik-33-tembus-rp-191-triliun
    Showering, A., & McBride, P. (2008). Global Securitisation and Structured Finance.
    Australia: Mallesons Stephen Jaques.
    SIFMA. (2012). Statistics. Retrieved from Securities Industry and Financial Markets
    Association: http://www.sifma.org/research/statistics.aspx
    SMF. (2008, October 13). Efek Beragun Aset. Retrieved from Dayamandiri
    Dharmakonsilindo: http://www.dayamandiri.co.id/images/upload/File/OVERVIEW
    %20-%20EBA_120109.pdf
    SMF. (2012). Retrieved from PT Sarana Multigriya Finansial: http://www.smfindonesia.
    co.id
    Soeroto, E. (2009). SMF Role in the Housing Finance Industry. World Bank- IFC Conference
    on Housing Finance. Jakarta: APUHF.
    Suhaedi. (2009). Development of the Primary and Secondary Mortgage Market in Indonesia.
    World Bank- IFC Conference on Housing Finance. Jakarta: APUHF.
    Sutaryono, P. (2010, December 1). Mengenal Fasilitas Likuiditas Pembiayaan Perumahan.
    Retrieved from Ciputra Entrepreneurship: http://www.ciputraentrepreneurship.com/
    edukasi/5198-mengenal-fasilitas-likuiditas-pembiayaan-perumahan.html
    Taff, L. G. (2003). Investing in Mortgage Securities. Boca Raton, USA: St. Lucie Press.
    U.S. Securities and Exchange Commission. (2010, July 23). Mortgage-Backed Securities.
    Retrieved from U.S. Securities and Exchange Commission: http://www.sec.gov/
    answers/mortgagesecurities.htm
    UNDP. (2011). Indonesia Country Profile: Human Development Indicators. Retrieved from
    International Human Development Indicators: http://hdrstats.undp.org/en
    /countries/profiles/IDN.html
    UN-HABITAT. (2008). Housing Finance Mechanisms in Indonesia. Nairobi: United Nations
    Human Settlements Programme.
    US Census Bureau. (2011). Housing Vacancies and Homeownership . Retrieved from US
    Census Bureau: http://www.census.gov/hhes/www/housing/hvs/charts/index.html
    Van Oder, R. (1999). SOME NOTES ON WHAT CAN BE LEARNED BY OTHER
    COUNTRIES FROM AMERICAN SECONDARY MORTGAGE MARKETS. Retrieved
    from OECD: http://www.oecd.org/dataoecd/33/11/1844499.pdf
    Warnock, V. C., & Warnock, F. E. (2008). Markets and housing finance. Journal of Housing
    Economics 17, 239-251.
    Widowati, H. (2011, August 1). PROFILE: Erica Soeroto, President Director of PT Sarana
    Multigriya Finansial. Retrieved from Indonesia Finance Today:
    http://en.indonesiafinancetoday.com/read/8727/PROFILE-Erica-Soeroto-President-
    Director-of-PT-Sarana-Multigriya-Finansial
    Zhu, H. (2006, December). The structure of housing finance markets and house prices in
    Asia. BIS Quarterly Review, pp. 55-69.

    無法下載圖示 全文公開日期 本全文未授權公開 (校內網路)
    全文公開日期 本全文未授權公開 (校外網路)

    QR CODE