When Coverage Misses the Poor: Rethinking Who Social Insurance Really Serves
Social insurance reduces vulnerability and poverty by pooling risks and stabilizing income across the life cycle, the impact of its effectiveness will depends on broad and inclusive coverage, sustainable system design, and the ability to extend protection to low-income and informal workers. Cross-country evidence indicates that the effectiveness of social protection systems depends largely on […]
Reassessing the Viability of Marine Hull Insurance
Pertumbuhan kontribusi transportasi laut terhadap PDB mencerminkan peran strategis industri perkapalan Indonesia sekaligus meningkatnya aktivitas pelayaran nasional. Namun, hal ini juga diiringi kenaikan profil risiko akibat tingginya intensitas penggunaan armada, meningkatnya jumlah kapal, dan struktur usia kapal yang relatif menua. Kondisi tersebut tidak hanya membuka peluang pasar bagi asuransi marine hull, tetapi juga menuntut underwriting […]
Indonesia’s Stock Market Dynamics in 2025: Does Free Float Influence Stock Price Movements?
The Jakarta Composite Index started 2025 below its reference level, bottomed slightly below 6,000 in March–mid April 2025, then recovered into the 6,600 – 7,000 range before consolidating mid July 2025. A decisive breakout occurred in late July 2025, followed by an orderly uptrend through August–November 2025 with the index spending most of the period […]
Special Issue FGD Asuransi Syariah 2025: Peluang dan Tantangan Asuransi Syariah di Indonesia
Kinerja asuransi jiwa dan umum syariah menunjukkan tren peningkatan, namun pangsa pasar terhadap total industri masih relatif kecil dibandingkan asuransi konvensional, yang menandakan ruang pertumbuhan yang masih besar, terlebih demografi penduduk Indonesia mayoritas beragama Islam. Sebagai upaya memperdalam pemahaman mengenai kondisi industri asuransi syariah serta merumuskan strategi pengembangannya, IFG Progress menyelenggarakan Focus Group Discussion (FGD) […]
Measuring Short-Rate Dynamics in Indonesia: IndONIA, Spreads, and Out-of-Sample Accuracy
This study develops a practical forecast for IndONIA 1-month at quarter end and identifies the forces that shape its path. A harmonized quarterly dataset from CEIC and Bloomberg underpins the analysis, with series aligned to common timestamps, units, and currency conventions and checked against source releases. The baseline uses SARIMAX and Spread Analysis to map […]
From Synergy to Solvency: What Insurance M&A Gets Right (and Wrong)
The M&A process spans three core phases (preparatory, transaction, and post-merger integration), each requiring strong coordination, leadership, and clear strategic intent, while due diligence functions as a cross-cutting safeguard to ensure valuation accuracy and mitigate risks across financial, legal, tax, operational, human resources, and IT dimensions. Empirical evidence shows that target firms tend to capture […]
Gold as a Hedging and Alternative Investment Instrument: An Empirical Analysis Using Mean-Variance Optimization
The study evaluates whether gold is a suitable and effective portfolio asset for Indonesia, focusing on its roles as hedge, safe haven, and diversifier. It frames the question in an Indonesia-centric setting, so results translate into allocation policy and product design. A unified monthly dataset from CEIC and Bloomberg underpins the analysis. The study links […]
Reforming JIBOR: Is IndONIA the Right Benchmark?
The shift from JIBOR to INDONIA addresses the need for a more transparent and transaction-based benchmark. JIBOR relied on bank estimates, while INDONIA reflects actual market rates. The reform involves related parties such as Bank Indonesia, OJK, the Ministry of Finance, and industry associations to strengthen market credibility and align with global standards. Empirical analysis […]
Unpacking the Myth: Are Cooperatives the Engine of Local Growth?
This study conducts a deeper analysis of the economic impact of cooperatives. It aims to explore the relationship between cooperative presence and key local economic indicators, including GRDP growth, open unemployment rate, and average household consumption at the regional level. To explore the impact of cooperatives thoroughly, we utilize three proxies: (1) the total number […]
Narrowing Indonesia–United States 30-year Sovereign Yields Spread: Structural Analysis and Outlook
Eco Bulletin Issue 68 Indonesia’s 30-year sovereign bond yield spread has narrowed significantly in recent years, declining from a historical average of 5–6% above US Treasury yields to around 3%, a level near two standard deviations below its long-run mean. This convergence raises important questions about whether the compression reflects structural improvements in macroeconomic credibility […]
