THE CENTRAL BANK

1.FUNGSI DAN PERANAN BANK

SENTRAL
2.BANK SENTRAL DI US (THE FEDERAL
RESERVE BANK)
3.BANK SENTRAL DI BERBAGAI
NEGARA
4.BANK SENTRAL DI INDONESIA (BANK
INDONESIA)

Bank Sentral: Fiscal

Agent
Tempat menyimpan sementara dana pemerintah

dari penerimaan pajak, sehingga dana tersebut

tidak menganggur sebelum digunakan untuk
membayar pengeluaran pemerintah.
Pemerintah butuh lembaga terpusat untuk
menerbitkan instrumen utang, seperti T-bills atau
T-bonds di pasar uang.

Bank Sentral: The Bankers Bank

Externalitas dan Keterlibatan Pemerintah.
Transaksi di perbankan dapat menimbulkan
eksternalitas negatif (rush, bank panic, dll) &
positip butuh keterlibatan pemerintah dalam
menyelesaikannya.
Eksternalitas dan Kebutuhan Adanya Bank

Sentral.

Perlu ada aturan(regulasi)yang jelas untuk

melindungi semua pihak (masyarakat)yang
melakukan transaksi perbankan

Contoh: Neraca Keuangan Bank Sentral

Neraca Keuangan Bank Sentral AS
(juta $, Pada Bulan januari 1992)
Assets
Account

Treasury Securities
Loans to Depository
Instituion

Liabilities
Jumlah

Account

266,148 79.9 Fed reserves Notes

Jumlah

280,117 84.1

112

0.1

Reserve deposits of
Depository Institutions

29,195

8.8

Fed Agency Obligations

6,095

1.8

U.S. Treasury deposits

10,828

3.3

Gold Certificate Account

11,058

3,3

Foreign Official deposits

321

0.1

SDR

10,018

3,0

Deferred Credit items

4,788

1.4

Asset denominated in
Foreign Currencies

26,928

8,1

Other Liabilities

2,808

0.8

items in process of
Collection

5,034

1,5

Capital

5,072

1.5

Other Assets

7,736

2,3

Total Assets

333,129 100

Sumber : Miller & Van Hoose, 1993, hal.385

Total Liablities

333,129 100

Komponen Asset Dalam Neraca

Bank Sentral
1. Treasury Securities (T-Bills, T-Bonds)
2. Loans to Depository Institution (Pinjaman ke Bank
Umum, KLBI/BLBI)
3. Fed Agency Obligations (Pinjaman ke Pemerintah
Daerah/ Negara Bagian)
4. Gold Certificate Account (Cadangan emas)
5. SDR (cadangan uang di IMF)
6. Asset denominated in Foreign Currencies
(Cadangan Devisa dalam mata uang Lain)
7. items in process of Collection (dana yang disimpan
di Bank Umum sebagai pemberian kredit cepat)

Komponen Liabilitas Dalam Neraca Bank

Sentral:
1. Fed reserves Notes (Jumlah Uang beredar)
2. Reserve deposits of Depository Institutions
(Reserve Requirement /GWM dari Bank)
3. U.S. Treasury deposits (Dana Pemerintah di BS)
4. Foreign Official deposits (Cadangan dana
pemerintah luar negeri)
5. Deferred Credit items (Pembayaran Pemerintah
kpd partai tapi sdh dijanjikan)
6. Other Liabilities
7. Capital (Modal yang dimiliki Bank Sentral,
seperti Tanah, Bangunan, Inventaris, dll)

Sumber Resiko Dalam

Sistem Pembayaran
1. Resiko Likuiditas (resiko yang muncul dari
Bank karena kekurangan dana yang harus
dibayarkan kpd nasabahnya)
2. Resiko Kredit (Resiko yang dihadapi Bank
karena adanya moral hazard dari pihak
debitur)
3. Systemic Risk (Resiko yang dihadapi oleh
semua bank karena kondisi perekonomian
makro yang lesu)

PERANAN BANK SENTRAL DALAM

SISTEM PEMBAYARAN
1. As a Lender of The Last Resort
CB serve as lender of the last resort to
solvent but illiquid depository institution
2. As a Custodian Of Financial System:
CB monitors and supervises many of the
activities of the nations payment system

3. As a Financial Safety Net

Protection against widespread financial
failures and panics

The 12 Federal Reserve banks

perform the following functions:

Clear checks
Issue new currency
Withdraw damaged currency from circulation
Administer and make discount loans to banks
Evaluate proposed mergers and applications for banks to
expand their activities
Act as liaisons between the business community and the
Federal Reserve System
Examine bank holding companies and state-chartered
member banks
Collect data on local business conditions
Research topics to conduct monetary policy

The 12 Federal Reserve banks are involved

in monetary policy in several ways:
Their directors establish the discount rate.
Decide which banks, member and nonmember
alike, can obtain discount loans
Select one commercial banker from each banks
district to serve on the Federal Advisory Council
Five of the 12 bank presidents each have a vote
in the Federal Open Market Committee, - open
market operations: the purchase and sale of
government securities.

Organisasi Bank Sentral Pada

Umumnya
Bank

sentral dibentuk dan didirikan

berdasarkan undang-undang
Susunan unit dan bentuk koordinasi dari
organisasi bank sentral dipengaruhi oleh
tujuan,tugas, wewenang, hubungan bank
sentral dengan pemerintah dan parlemen.
Faktor-faktor tersebut selanjutnya akan
mempengaruhi tingkat independensi,
transparansi dan akuntabilitas bank sentral

Tujuan bank sentral serta

implikasinya pada organisasi(1)
Kompleksitas organisasi bank sentral dipengaruhi
oleh banyak-sedikitnya tujuan yang diembannya.
Tujuan-tujuan bank sentral(ditetapkan
berdasarkan UU),meliputi (Chandavarkar, 1996):
kestabilan harga,
pertumbuhan ekonomi dan pembangunan,
tingkat pengangguran rendah,
nilai tukar wajar dan
kesejahteraan umum

Tujuan bank sentral serta

implikasinya pada organisasi(2)
Dalam prakteknya, ada bank sentral yang

hanya memiliki satu tujuan, dan adapula

yang memiliki lebih dari satu tujuan.
Pada bank sentral yang memiliki lebih dari
satu tujuan, dimungkinkan terjadi conflict of
interest, sehingga diperlukan sinkronisasi
strategi pencapaian tujuan kompleksitas
organisasi lebih tinggi

Tugas Bank Sentral:

Secara umum, tugas bank sentral meliputi:
1.
2.
3.
4.

Bidang moneter(monetery)
Bidang pengawasan(supervisory)
Bidang sistem pembayaran(payment)
Bidang operasi internal(internal
operations)

Contoh:
Reserve Bank of Australia mpy tugas 1 & 4
Bank Negara Malaysia mpy tugas 1,2 & 3
Bank Indonesia (?)

Bank Sentral dan Tugasnya

Negara

Otoritas
Moneter

Pengatur
Bank

Sistem
Pembayaran

Brunei

Ya

Tidak

Tidak

Hongkong

Ya

Tidak

Tidak

Inggris

Ya

Tidak

Tidak

Australia

Ya

Tidak

Ya

Jepang

Ya

Tidak

Ya

Amerika

Ya

Sebagian

Sebagian

Perancis

Ya

Sebagian

Sebagian

Belanda

Ya

Sebagian

Ya

Italia

Ya

Sebagian

Ya

Jerman

Ya

Sebagian

Ya

Afrika
Selatan

Ya

Ya

Tidak

Brasil

Ya

Ya

Sebagian

India

Ya

Ya

Sebagian

Singapura

Ya

Ya

Sebagian

Indonesia

Ya

Ya

Ya

Malaysia

Ya

Ya

Ya

KEBIJAKAN MONETER BI

https://www.youtube.com/watch?v=KMPnVroI2vE

SEJARAH UANG DAN BANK

https://www.youtube.com/watch?
v=1dBobTS7Hyk

INFLASI

https://www.youtube.com/watch?
v=mv-9m6lOHmc

MENGAPA RUPIAH BISA

MENGUAT ATAU MELEMAH?

https://www.youtube.com/watch?
v=DIGYA3SnUe4

KENAPA TIDAK MENCETAKAN

UANG

https://www.youtube.com/watch?
v=01j4VAk1Wfc

PIDATO BI

https://www.youtube.com/watch?
v=KK9ktBn0Jfw

 http://www.bi.go.id/en/lip/infografis/Pages/BIG

rafis-KebijakanBI-Sept2015.aspx

Wewenang Bank Sentral

Berdasarkan wewenangnya organisasi bank
sentral terdiri dari dua level (Chen Yuan,1990):
1. Level yang memiliki kewenangan tertinggi
dalam membuat kebijakan(decision making
body):
1. Policy making body (Badan Pembuat
Kebijakan)
2. Executive body(Badan Pelaksana)
3. Supervisory body(badan Pengawas)
2. Unit-unit operasional yang bertugas
melaksanakan kebijakan yang ditetapkan oleh
badan tertinggi

Klasifikasi Bank sentral berdasarkan Jumlah

badan yang memiliki kewenangan tertinggi
1.Bank sentral dengan hanya satu badan yang
memiliki kewenangan tertinggi (e.g.Federal Reserve
System of United State & Bank of England)
2.Bank sentral dengan 2 badan terpisah yang
berwenang membuat dan melaksanakan kebijakan
(e.g.Bank of Japan, Deutsche Bundesbank & Bank
of Italy)
3.Bank sentral dimana wewenang membuat dan
melaksanakan kebijakan dan wewenang mengawasi
kebijakan berada pada tiga badan
terpisah(e.g.Bank of France, The National Bank of
Belgium & The National Bank of Switzerland

Badan Pembuat Kebijakan di berbagai

negara (The Morgan Stanley Central Bank
Directory, 2003)

Negara

Nama Badan

Jumlah

Amerika Serikat Board of Governors

7 orang

Jerman

Executive Board

8 orang

Perancis

General Council

13 orang

Jepang

Policy Board

9 orang

Badan Pelaksana
Kebijakan

Menggunakan dua sistem:

1. Council System:
Tanggungjawab keputusan merupakan
tanggungjawab bersama

2. Unilateral System
Tanggungjawab keputusan berada pada
pengambil keputusan tertinggi (gubernur Bank
Sentral)
Dilengkapi dengan sub-ordinate organizations

(Departemen, direktorat,kantor cabang,dan kantor

perwakilan

Badan Pengawas
Negara

Penunjukan
Auditor

Ruang Lingkup

Jerman

Central Bank Council

Audit rekening

Taiwan

Pengawasan aset &

Presiden berdasarkan
kewajiban serta
rekomendasi kabinet
rekening-2 bank sentral

Kanada

Kabinet Berdasarkan
rekomendasi Menkeu

Audit kegiatan
operasional
Bank sentral

Jepang

Menkeu

audit

Menkeu

Audit kegiatan
operasional Bank
sentral

Selandia Baru

Struktur Organisasi Bank Sentral

Dipengaruhi oleh luas cakupan tujuan, dan
tugas, upaya peng koordinasian tugas dalam
mencapai tujuannya serta wewenang yang
diberikan oleh UU.
Dapat dilihat dari bagan organisasi bank
sentral,yang mencerminkan: (i) Hierarchy of
authority, (ii) Departmentalization, (iii) Span
of control dan (iv) Line and staff positions

BANK SENTRAL DI US :
THE FEDERAL RESERVE BANK

Formal Structure of the Federal

Reserve System

Figure 7.1 Formal Structure and Allocation of Policy Tools in the Federal Reserve

Federal Reserve Banks

Figure 7.2 Federal Reserve System

Federal Reserve Bank Functions:

General
Clear

checks
Issue new currency and remove
damaged currency
Evaluate bank mergers and expansions
Lender to member banks
Liaison between local community and the Federal
Reserve System
Perform bank examinations

Federal Reserve Bank Functions:

Monetary Policy
Establish

the discount rate at which

member banks may borrow from the Federal
Reserve Bank (subject to BOG review)

Determine

which bank receive loans

Elect

one member to the Federal

Advisory Council

Five

of the 12 bank presidents vote in the

Federal Open Market Committee

How Independent is the Fed?

A broad question of policy for the Federal Reserve
Systems is how free the Fed is from presidential and
congressional pressure in pursuing its goals.
Instrument Independence: the ability of the central bank
to set monetary policy instruments.
Goal Independence: the ability of the central bank to set
the goals of monetary policy.
Evidence suggests that the Fed is free along both
dimensions. Further, the 14-year terms (non-renewable)
limit incentives to curry favor with either the President
or Congress.

How Independent is the Fed?

Other Evidence
The Fed is usually generates revenue in
excess of its expenses, so it is not typically
under appropriations pressure.
However, Congress can enact legislation to
gain control of the Fed, a threat wielded as
needed. For example, the House Concurrent
Resolution 133 requires the Fed to announce
its objective growth rate for the money supply.
Presidential appointment clearly sets the
direction of the Fed.

Structure and Independence of

Foreign Central Banks
Unlike the United States, central banks of
other industrial countries consist of one
central bank that is owned by the
government. Here, we examine the
structure and independence of four
important foreign central banks:
Bank of Canada
Bank of England
Bank of Japan
European Central Bank

Bank of Canada
Founded

in 1934
Directors are appointed by the government
for three-year terms, and they appoint a
governor for a seven-year term.
A governing council is the policy-making
group comparable to the FOMC.
In 1967, ultimate monetary authority was
given to the government. However, this
authority has never been exercised to date.

Bank of England

Founded in 1694
The Court (like our BOG) consists of the governor,
two deputy governors (five-year terms), and 16
nonexecutive directors (three-year terms).
The Monetary Policy committee compares with the
U.S. FOMC, consisting of the governor, deputy
governors, two other central bank officials, plus four
outside economic experts.
The Bank was the least independent of the central
banks, until 1997, when it was granted authority to set
interest rates.
The government can step in under extreme
circumstances, but has never done so yet.

Bank of Japan (Nippon Ginko)

Founded in 1882
The Policy Board sets monetary policy, and
consists of the governor, two vice governors,
and six outside members. All serve five-year
terms.
The Bank of Japan Law (1998) gave the Bank
considerable instrument and goal independence.
Japans Ministry of Japan can exert authority
through its budgetary approval of the Banks
non-monetary spending.

European Central Bank

Founded (as it currently exists) in 1999 by a treaty

between the European Central Bank (ECB) and the
European System of Central Banks (ESCB).

Executive board consists of the president, vice

president, and four members, all serving eight-year
terms.

The policy group consists of the executive board and

governors from the 11 member countries central banks.

The ECB is the most instrument and goal independent

central bank in the world. It was given independence in
the treaty, and that policy can only be changed by
amending the treaty.

Explaining Central Bank

Behavior

Two competing theories try to explain the

observed behavior of central banks:
Public Interest View: the central bank serves the
public interest.
2. Theory of Bureaucratic Behavior: the central
bank will seek to maximize its own welfare.
1.

The Fed often fights to maintain autonomy

while avoid conflict with Congressional
power groups. These seem to favor the
latter theory, but this view is probably too
extreme.

Should the Fed Be Independent?

Every

few years, the question arises in

Congress as to whether the independence of
the Fed should be reduced in some fashion.
This is usually motivated by politicians who
disagree with current Fed policy.

Arguments

can be made both ways, as we

outline next.

Case for Independence

The

strongest argument for independence is

the view that political pressure will tend to
add an inflationary bias to monetary policy.
This stems from short-sighted goals of
politicians. For example, in the short-run,
high money growth does lead to lower
interest rates. In the long-run, however, this
also leads to higher inflation.

Case for Independence

The

notion of the political business cycle

stems from the previous argument.

Expansionary monetary policy leads to lower

unemployment and lower interest ratesa good
idea just before elections.
Post-election, this policy leads to higher inflation,
and therefore, higher interest rateseffects that
hopefully disappear (or are forgotten) by the next
election.

Case for Independence

Other

arguments include:

The Treasury may seek to finance the government

through bonds purchased by the Fed. This may lead to
an inflationary bias.

Politicians have repeatedly shown an inability to make

hard choices for the good of the economy that may
adversely affect their own well-being.

Its independence allows the Fed to pursue policies that

are politically unpopular, yet in the best interest of the
public.

Case Against Independence

Some view Fed independence as undemocratican
elite group controlling an important aspect of the
economy but accountable in few ways.
If this argument seems unfounded, then ask why we
dont let the other aspects of the country be controlled
by an elite few. Are military issues, for example, any
less complex?
Indeed, we hold the President and Congress
accountable for the state of the economy, yet they
have little control over one of the most important tools
to direct the economy.

Case Against Independence

Further, the Fed has not always been
successful in the past. It has made mistakes
during the Great Depression and inflationary
periods in the 1960s and 1970s.
Lastly, the Fed can succumb to political
pressure regardless of any state of
independence. This pressure may be worse
with few checks and balances in place.

Central Bank Independence and

Macroeconomic Performance
Throughout the World
Empirical work suggests that countries with the most

independent central banks do the best job controlling

inflation.

Evidence also shows that this is

achieved without negative impacts on

the real economy.

BANK INDONESIA:
THE CENTRAL BANK OF INDONESIA
www.bi.go.id