印尼金融市場現況及發展之探討

Abstract

近年來，印尼金融市場發展非常好。印尼經濟在過去幾年來呈現穩定成長，讓越多投資人看好印尼未來的發展潛力。根據世界銀行2022年統計數據，依購買力平均（PPP）的標準來計算，印尼成為全球第十大經濟體。本論文使用總市值與GDP比率、流動性等指標的分析，來探討印尼金融市場現況及發展。我們發現印尼貨幣市場流動性相當低，且由於某些貨幣市場工具缺乏二級市場交易導致評價困難。此外，印尼金融體系以銀行為主，佔整個金融機構總資產的76%以上。我們也發現印尼銀行業集中度高，最大六家銀行持有整個銀行業總資產的61%，表示銀行業的市場結構偏向寡占。

Over the years, Indonesia’s banks and financial markets have shown remarkable performance, notwithstanding the devastating economic contraction that occurred during the 1997-1998 Asian financial crisis. The solid pace of growth of the Indonesia financial sector has attracted global investors . Today, Indonesia is the fourth most populous nation and 10th largest economy in terms of purchasing power parity (World Bank 2022). Latest evidence shows that Indonesia’s financial market conditions have experienced significant development. This paper explores the recent state of Indonesia's financial system as a whole by examining most recent data. It shows that Indonesia's money market have low liquidity and lack of pricing information due to the absent of secondary market for some money market instruments. Moreover, the Indonesian financial system is dominated by banks, owning slightly over 76% of the total assets of financial institutions. The banking industry is fairly concentrated, with six largest banks holding 61% of the total banking assets.