2017年-IMF国际货币组织全球_Indonesia_Financial_System_Stability_Assessment_59页_1mb

报告摘要

IMF Financial System Stability Assessment for Indonesia (2017)

Core Content

The IMF conducted a Financial System Stability Assessment (FSSA) for Indonesia in 2017, evaluating the country's financial system stability, oversight, and crisis management frameworks. The assessment was based on a Joint IMF/WB FSAP mission that visited Indonesia in February 2017 and September–October 2016. The findings and recommendations were discussed by the IMF Executive Board on May 24, 2017.

Main Findings

Financial System Stability: Indonesia's financial system has remained stable since the 2010 FSAP, despite a simultaneous economic and credit slowdown. Systemic risk is considered low, and the banking system is generally resilient to severe shocks.
Banking System: Banks have strong capitalization, well above regulatory minima, and high profitability. However, problem loans have increased as economic growth slowed. Liquidity stress tests indicate manageable shortfalls, especially in foreign currency.
Corporate Sector: Corporate vulnerabilities remain broadly in check, but some sectors have elevated debt-at-risk and external refinancing risks.
Financial Conglomerates: These dominate the financial system, accounting for 70% of financial institution assets. Their complex structures and weak governance pose challenges for effective oversight.
Capital Markets: Relatively shallow, with limited domestic investor base. External financing plays a key role in long-term funding.

Key Recommendations

Category	Recommendations	Timeframe
Institutional and Legal Arrangements	Revise OJK Law to prioritize financial stability; include a macroprudential mandate for BI; align LPS Law with financial stability objectives.	Medium term (MT)
Systemic Risk Monitoring and Prudential Policy	Strengthen BI's capacity for systemic risk analysis and macroprudential stress tests; OJK should conduct bottom-up stress tests for D-SIBs.	Near term (NT)
Financial Sector Oversight	Reduce OJK's silo structure; enhance supervisory practices for financial conglomerates; improve enforcement of credit and risk management regulations.	Medium term (MT)
Governance of Financial Conglomerates	Strengthen corporate governance practices; introduce legal provisions for licensed non-operating financial holding companies.	Medium term (MT)
Crisis Management and Resolution	Clarify the role of the Financial System Stability Committee (KSSK) as a coordination body; limit the President's role to public funding approval.	Medium term (MT)
Financial Integrity	Integrate money laundering and terrorist financing (ML/TF) risks into oversight priorities; finalize and implement risk-based AML/CFT tools.	Near term (NT)
Financial Deepening and Inclusion	Develop an integrated roadmap for financial deepening and inclusion; enhance bond yield curve by consolidating debt issuance and improving secondary markets.	Medium term (MT)

Executive Board Assessment

The Executive Board endorsed the FSSA findings and recommendations, highlighting Indonesia's progress in financial oversight and crisis management since the 2010 FSAP.
Key achievements include the implementation of Basel III, the establishment of the Financial Services Authority (OJK) in 2011, and the 2016 Prevention and Resolution of Financial System Crisis Law (PPKSK Law).
Directors emphasized the need to continue strengthening the financial system, particularly in the areas of systemic risk monitoring, crisis management, and financial inclusion.

Challenges Identified

Oversight: The mandates of OJK and BI do not clearly prioritize financial stability over development objectives, potentially causing inaction bias. OJK's internal silos and limited supervisory capacity over financial conglomerates are also challenges.
Crisis Management: The KSSK should not have direct authority over member agencies, and the new framework rules out public funding in resolution, which could be overly restrictive. The President's central role in crisis management needs to be clarified to avoid diluting the responsibility of LPS and KSSK.
Financial Deepening: Despite efforts, financial markets remain shallow, and financial inclusion is a challenge due to limited domestic investor base and underdeveloped capital markets.

Conclusion

The FSSA concludes that Indonesia's financial system is stable and resilient, but further improvements are needed to enhance oversight, crisis management, and financial inclusion. The authorities are encouraged to implement the key recommendations, particularly those related to clarifying institutional mandates, strengthening supervision, and improving the crisis resolution framework. The goal is to ensure a more robust and inclusive financial system that supports economic growth without compromising stability.

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