The Evolution of Mortgage Market in Indonesia

印尼住宅抵押貸款市場的演變

李琴意(Corasonia Djafarli)

指導教授 ： 林哲群

國立清華大學/科技管理學院/國際專業管理碩士班/碩士(2012年)

摘要

Indonesia is struggling to promote decent home-ownership to its people. Rapid urbanization and over population has increased the urgency to tackle the home-ownership problem. Housing backlog keeps on increasing while housing supply is stagnant due to the inefficiencies of the housing finance market. This sector is dominated by banks which use short-term financing to fund long-term mortgage loans, resulting in the maturity mismatch problem.

The Indonesian government has recognized this problem for a long time, yet unfavorable economic situation has been an obstacle to create a solution. After the Indonesian economy fully recovered from the effect of the Asian financial crisis in 1997-98, the government finally sanctioned the nation’s first secondary mortgage corporation. This company was formed in 2005 and has been actively providing liquidity facility to the primary market and also engaged in mortgage securitization. Despite the absence of securitization law, the company has successfully issued Mortgage-Backed Securities (MBS) through an alternative securitization mechanism.

Indonesian secondary mortgage market is still in infant stage, since the government has not been fully proactive in developing the infrastructure it needed to grow. Legal issues are the biggest obstacle in its development. Therefore, the government has the final word on the fate of the secondary mortgage market.

關鍵字

印尼住宅抵押貸款市場

並列摘要

無資料

並列關鍵字

Indonesian housing finance ； Secondary mortgage market ； Mortgage securitization ； MBS ； CIC-ABS

參考文獻

Adisusanto, R. (2012). Housing Finance in Indonesia. Asia Pacific Union of Housing Finance

Ahmed, A. A. (1998). Introducing Asset Securitization To Indonesia: A Method in Madness.

Journal of International Economic Law, 823-859.

Asian Development Bank. (2005). Republic of Indonesia: Secondary Mortgage Facility.

Indonesia.