STUDI SURAT BERHARGA NEGARA: ANALISIS KOMPARATIF SUKUK NEGARA DENGAN OBLIGASI NEGARA DALAM PEMBIAYAAN DEFISIT APBN

Abstract

ABSTRAK

This study aims to assess and compare the debt instruments more effectively between Government Bond (SUN) with Sukuk Soverign, in financing the budget deficit. This study uses qualitative descriptive method with secondary data. The study provides three main conclusions, First, due to the Fiscal Burden of Debt Maturities (debt maturing), issuance of State Bonds (SUN), has a negative impact on the state budget posture bond issuance was partly used to repay old debts, and the government often make refinancing. Sukuk Soverign can minimize or even avoid the risk of default (debt trap), because in every publication Sukuk requires the underlaying asset. Second, due to the Fiscal Burden of Debt Interest Payments (debt interest), it can be seen from the increasing SBN interest rate risk, the risk of interest payments led to outstanding debt portfolio increases. Additional costs of fluctuating interest will not occur in Sukuk instruments, since the issuance of Sukuk benefit payments to investors will be adjusted by the agreed contract is based on the principle of sharing the profits. Third, Expense Fiscal result of Payments Risk Exchange (exchange risk), basically either Government Bonds or Sukuk will mengahadi exchange rate risk that will increase the fiscal burden as a result of the decline in the exchange rate, but because of the uniqueness of the system of issuing Sukuk, among other schemes for results and mengaharuskan the underlaying assets, issuance of Sukuk is believed to be able to minimize the payment resulting from exchange rate risk.

Keywords: Financing the central government budget deficit, Sukuk Soverign, Government bonds