Ardyansah (The Jakarta Post)
Mon, May 30, 2022
Public policy can be generally defined as “a set of laws, guidelines and actions decided, taken and promulgated by the governmental entity or its representatives in favor of the public.”
The banking industry has become one of the significant determinants of economic dynamics in each country. It not only provides funds for production and consumption, but the industry also serves as a medium for the public to save. With its essential role, the banking industry’s performance contributes considerably to economic activities in every jurisdiction, including Indonesia.
A widespread bank panic in 1997/1998 underlined the potential role of banks in destabilizing the entire financial system in Indonesia. The public-policy implications of banking got reiterated and heavily underscored as sovereigns had to bail out banks experiencing liquidity problems. Financial stability has become a paramount objective of banking regulation in addition to depositor and consumer protection.
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