Analisis Yuridis Peran Bank Indonesia sebagai Regulator Makroprudensial dalam Sistem Perbankan Indonesia

Abstract

This study examines the legal foundations and effectiveness of Bank Indonesia’s role as the national macroprudential regulator. The research highlights how the evolution of Indonesia’s financial regulatory framework—beginning with the Bank Indonesia Act, strengthened through the Financial System Crisis Prevention and Mitigation Act (PPKSK), and further consolidated under the 2023 Financial Sector Development and Strengthening Act (PPSK)—has established Bank Indonesia as the single macroprudential authority. Through this mandate, Bank Indonesia implements a range of instruments, including Loan-to-Value and Financing-to-Value ratios, the Countercyclical Capital Buffer, and macroprudential liquidity ratios designed to manage systemic risk, mitigate credit cycles, and reinforce banking system resilience. The analysis shows that the development of macroprudential policy in Indonesia was shaped by the global financial crisis of 2007–2009, which exposed the inadequacies of microprudential supervision alone. Despite a strong legal basis, several challenges remain, particularly overlapping authority with the Financial Services Authority (OJK), coordination gaps within the Financial System Stability Committee (KSSK), and the absence of a clearly defined resolution authority for systemically important banks. Using a normative legal method complemented by limited empirical insights, this research concludes that while the legal architecture supporting Bank Indonesia’s macroprudential authority has become increasingly robust, further institutional harmonization is required to ensure effective and coherent financial system stability management..