Indonesia’s Restrained State Capitalism: Development and Policy Challenges

References

• ADB. 2001. Report and Recommendation of the President to the Board of Directors on a Proposed Loan to the Republic of Indonesia for the State-Owned Enterprise Governance and Privatization Program. Mandaluyong City: Asian Development Bank, RRP: INO 32517.
   Google Scholar
• Alami, I., and A. Dixon. 2019. “ State Capitalism(s) Redux?: Theories, Tensions, Controversies.” SSRN, March 18. Accessed September 28, 2019. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3342159.
   Google Scholar
• Aspinall, E. 2016. “The New Nationalism in Indonesia.” Asia & the Pacific Policy Studies 3 (1): 72–82.
   Web of Science ®Google Scholar
• Bank Indonesia. 2019. “ Indonesian Financial Statistics: I. Money and Banking.” Bank Indonesia. Accessed August, 28, 2019. https://www.bi.go.id/en/statistik/seki/terkini/moneter/Contents/Default.aspx.
   Google Scholar
• Blöndal, J., I. Hawkesworth, and H. Choi. 2009. “Budgeting in Indonesia.” OECD Journal on Budgeting 2009/2: 1–31.
   Google Scholar
• BP. 2019. BP Statistical Review of World Economy 68th Edition. London: BP.
   Google Scholar
• Bruton, G., M. Peng, D. Ahlstrom, C. Stan, and K. Xu. 2015. “State-Owned Enterprises around the World as Hybrid Organizations.” The Academy of Management Perspectives 29 (1): 92–114.
   Web of Science ®Google Scholar
• Butt, S., and T. Lindsey. 2008. “Economic Reform when the Constitution Matters: Indonesia’s Constitutional Court and Article 33.” Bulletin of Indonesian Economic Studies 44 (2): 239–262.
   Web of Science ®Google Scholar
• Carney, R. 2015. “The Stabilizing State: State Capitalism as a Response to Financial Globalization in One-Party Regimes.” Review of International Political Economy 22 (4): 838–873.
   Web of Science ®Google Scholar
• Carney, R. 2018. Authoritarian Capitalism: Sovereign Wealth Funds and State-Owned Enterprises in East Asia and Beyond. Cambridge: Cambridge University Press.
   Google Scholar
• Cuervo-Cazurra, A., ed. 2018. State-Owned Multinationals: Governments in Global Business. Cham: Palgrave Macmillan.
   Google Scholar
• Davidson, J. 2015. Indonesia’s Changing Political Economy: Governing the Roads. Cambridge: Cambridge University Press.
   Google Scholar
• Dick, H., and J. Mulholland. 2011. “The State as Marketplace: Slush Funds and Intra-Elite Rivalry.” In The State and Illegality in Indonesia, edited by E. Aspinall and G. van Klinken, 65–85. Leiden: KITLV Press.
   Google Scholar
• Fane, G., and T. Condon. 1996. “Trade Reform in Indonesia, 1987–95.” Bulletin of Indonesian Economic Studies 32 (3): 33–54.
   Web of Science ®Google Scholar
• Feridhanusetyawan, T., and M. Pangestu. 2003. “Indonesian Trade Liberalisation: Estimating the Gains.” Bulletin of Indonesian Economic Studies 39 (1): 51–74.
   Web of Science ®Google Scholar
• Hill, H. 1987. “Concentration in Indonesian Manufacturing.” Bulletin of Indonesian Economic Studies 23 (3): 71–100.
   Web of Science ®Google Scholar
• Hill, H. 1990. “Indonesia’s Industrial Transformation Part II.” Bulletin of Indonesian Economic Studies 26 (3): 75–109.
   Web of Science ®Google Scholar
• Hill, H. 2000. The Indonesian Economy. Cambridge: Cambridge University Press.
   Google Scholar
• Hill, H. 2015. “The Indonesian Economy during the Yudhoyono Decade.” In The Yudhoyono Presidency: Indonesia’s Decade of Stability and Stagnation, edited by E. Aspinall, M. Mietzner, and D. Tomsa, 281–302. Singapore: ISEAS Publishing.
   Google Scholar
• Ikhsan, M. 2014. “Making Fiscal Rules Enforceable.” Presentation, IMF Conference on Fiscal Policy Rules and Fiscal Councils, Tokyo, June 12.
   Google Scholar
• IMF. 2016. 2015 Article IV Consultation – Press Release; Staff Report; and Statement by the Executive Director for Indonesia. Washington, DC: International Monetary Fund, Country Report No. 16/81.
   Google Scholar
• IMF. 2018. 2017 Article IV Consultation – Press Release; Staff Report; and Statement by the Executive Director for Indonesia. Washington, DC: International Monetary Fund, Country Report No. 18/32.
   Google Scholar
• IMF. 2019. 2019 Article IV Consultation – Press Release; Staff Report; and Statement by the Executive Director for Indonesia. Washington, DC: International Monetary Fund, Country Report No. 19/250.
   Google Scholar
• Jarvis, D. 2012. “The Regulatory State in Developing Countries: Can It Exist and Do We Want It? The Case of the Indonesian Power Sector.” Journal of Contemporary Asia 42 (3): 464–492.
   Web of Science ®Google Scholar
• Jasa Marga. 2018. Laporan Tahun 2017: Transformasi Untuk Pertumbuhan Berkelanjutan. Jakarta: Jasa Marga.
   Google Scholar
• Kementerian BUMN. 2010. Masterplan: Badan Usaha Milik Negara Tahun 2010–2014. Jakarta: Kementerian Badan Usaha Milik Negara.
   Google Scholar
• Kementerian BUMN. 2015. Peran BUMN Terhadap APBN. Jakarta: Kementerian Badan Usaha Milik Negara.
   Google Scholar
• Kementerian BUMN. 2016. Paparan Kinerja BUMN 2015 dan Target 2016. Jakarta: Kementerian Badan Usaha Milik Negara.
   Google Scholar
• Kementerian BUMN. 2017. Kiprah BUMN Membangun Negeri: Proyek Strategis Nasional BUMN Tahun 2017. Jakarta: Kementerian Badan Usaha Milik Negara.
   Google Scholar
• Kementerian BUMN. 2018a. Profil BUMN Indonesia 2017. Jakarta: Kementerian Badan Usaha Milik Negara.
   Google Scholar
• Kementerian BUMN. 2018b. Sinergi Wujudkan Pembangunan Negeri Berkelanjutan Laporan Tahunan 2017. Jakarta: Kementerian Badan Usaha Milik Negara.
   Google Scholar
• Kementerian BUMN. 2019. BUMN Semakin Nyata Kehadirannya: Hadir Untuk Terus Membangun Indonesia. Jakarta: Kementerian Badan Usaha Milik Negara.
   Google Scholar
• Kementerian Perencanaan Pembangunan Nasional/Badan Perencanaan Pembangunan Nasional. 2019. Rencana Pembangunan Jangka Menengah Nasional 2020–2024. Jakarta: Kementerian Perencanaan Pembangunan Nasional/Badan Perencanaan Pembangunan Nasional.
   Google Scholar
• Kim, K. 2016. “Not Enough Money to Go Around: Quiet Rise of Democratic Developmental State in Indonesia and Jokowi’s Inevitable Dilemma over Budget Allocation.” Paper, Southeast Asian Studies Symposium, Oxford, April 14–16.
   Google Scholar
• Kowalski, P., and K. Perepechay. 2015. International Trade and Investment by State Enterprises. Paris: Organisation for Economic Co-operation and Development, Trade Policy Papers No. 184.
   Google Scholar
• Kowalski, P., M. Büge, M. Sztajerowska, and M. Egeland. 2013. State-Owned Enterprises: Trade Effects and Policy Implications. Paris: Organisation for Economic Co-operation and Development, Trade Policy Papers No. 147.
   Google Scholar
• Kristov, L. 1995. “The Price of Electricity in Indonesia.” Bulletin of Indonesian Economic Studies 31 (3): 73–101.
   Web of Science ®Google Scholar
• Kurlantzick, J. 2016. State Capitalism: How the Return of Statism is Transforming the World. New York: Oxford University Press.
   Google Scholar
• Lindblad, T. 2009. Bridges to New Business: The Economic Decolonization of Indonesia. Singapore: NUS Press.
   Google Scholar
• London Stock Exchange Group. 2018. “ Komodo Bonds.” London Stock Exchange Group. Accessed June 1, 2018. https://www.lseg.com/markets-products-and-services/our-markets/london-stock-exchange/fixed-income-markets/komodo-bonds.
   Google Scholar
• Marks, S. 2017. “Non-Tariff Trade Regulations in Indonesia: Nominal and Effective Rates of Protection.” Bulletin of Indonesian Economic Studies 53 (3): 333–357.
   Web of Science ®Google Scholar
• Marks, S., and S. Rahardja. 2012. “Effective Rates of Protection Revisited for Indonesia.” Bulletin of Indonesian Economic Studies 48 (1): 57–84.
   Web of Science ®Google Scholar
• McCawley, P. 1976. “Survey of Recent Developments.” Bulletin of Indonesian Economic Studies 12 (1): 1–43.
   Google Scholar
• McCawley, P. 2015. “Infrastructure Policy in Indonesia, 1965–2015: A Survey.” Bulletin of Indonesian Economic Studies 51 (2): 263–285.
   Web of Science ®Google Scholar
• McKendrick, D. 1992. “Obstacles to ‘Catch-Up’: The Case of the Indonesian Aircraft Industry.” Bulletin of Indonesian Economic Studies 28 (1): 39–66.
   Web of Science ®Google Scholar
• McLeod, R. 2005. “The Struggle to Regain Effective Government under Democracy in Indonesia.” Bulletin of Indonesian Economic Studies 41 (3): 367–386.
   Web of Science ®Google Scholar
• Musacchio, A., and S. Lazzarini. 2014. Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond. Cambridge, MA: Harvard University Press.
   Google Scholar
• Nem Singh, J., and G. Chen. 2018. “State-Owned Enterprises and the Political Economy of State–State Relations in the Developing World.” Third World Quarterly 36 (6): 1077–1097.
   Web of Science ®Google Scholar
• Ng, C., and N. Wagner. 1989. “Privatization and Deregulation in ASEAN: An Overview.” ASEAN Economic Bulletin 5 (3): 209–223.
   Google Scholar
• Osiris database. https://osiris.bvdinfo.com/version-2019819/Login.serv?Code=InvalidIpAddress&LoginParamsCleared=True&LoginResult=nc&product=osirisneo&RequestPath=home.serv%3Fproduct%3DOsirisNeo%26SetLanguage%3Dcn&SetLanguage=en&UIMode=Advanced.
   Google Scholar
• Pangestu, M., and A. Habir. 1989. “Trends and Prospects in Privatization and Deregulation in Indonesia.” ASEAN Economic Bulletin 5 (3): 224–241.
   Google Scholar
• Pangestu, M., S. Rahardja, and L. Ing. 2015. “Fifty Years of Trade Policy in Indonesia: New World Trade, Old Treatments.” Bulletin of Indonesian Economic Studies 51 (2): 239–261.
   Web of Science ®Google Scholar
• Penny, D., and D. Thalib. 1967. “Survey of Recent Developments.” Bulletin of Indonesian Economic Studies 3 (6): 1–30.
   Google Scholar
• Perusahaan Gas Negara. 2017. 2016 Annual Report: When is a Pipeline Not Just a Pipeline? Jakarta: Perusahaan Gas Negara.
   Google Scholar
• Poczter, S. 2016. “Can Monitoring Improve the Performance of State-Owned Firms? Evidence from Privatization in a Large Emerging Market.” Industrial and Corporate Change 25 (6): 903–921.
   Web of Science ®Google Scholar
• PwC. 2017. Mining in Indonesia: Investment and Taxation Guide. Jakarta: PwC Indonesia.
   Google Scholar
• Republic of Indonesia. 2011. Masterplan for Acceleration and Expansion of Indonesia Economic Development 2011–2025. Jakarta: Co-ordinating Ministry for Economic Affairs.
   Google Scholar
• Republic of Indonesia. 2015. U.S.$40,000,000,000 Republic of Indonesia Global Medium Term Note Program – Offering. Jakarta: Ministry of Finance.
   Google Scholar
• Republik Indonesia. 1998a. Nota Keuangan Dan Rancangan Anggaran Pendapatan Dan Belanja Negara Tahun Anggaran 1998/1999. Jakarta: Republik Indonesia.
   Google Scholar
• Republik Indonesia. 1998b. Pidato Kenegaraan: Presiden Republik Indonesia Di Depan Sidang Dewan Perwakilan Rakyat, 16 Agustus 1998. Jakarta: Republik Indonesia.
   Google Scholar
• Republik Indonesia. 2007. Laporan Keuangan Pemerintah Pusat Tahun 2006 (Audited). Jakarta: Republik Indonesia.
   Google Scholar
• Republik Indonesia. 2008. Laporan Keuangan Pemerintah Pusat Tahun 2007 (Audited). Jakarta: Republik Indonesia.
   Google Scholar
• Republik Indonesia. 2009. Laporan Keuangan Pemerintah Pusat Tahun 2008 (Audited). Jakarta: Republik Indonesia.
   Google Scholar
• Republik Indonesia. 2010. Laporan Keuangan Pemerintah Pusat Tahun 2009 (Audited). Jakarta: Republik Indonesia.
   Google Scholar
• Republik Indonesia. 2014a. Nota Keuangan Dan Anggaran Pendapatan Dan Belanja Negara Tahun Anggaran 2015. Jakarta: Republik Indonesia.
   Google Scholar
• Republik Indonesia. 2014b. Rencana Pembangunan Jangka Menengah Nasional (RPJMN) 2015–2019. Jakarta: Kementerian Perencanaan Pembangunan Nasional/Badan Perencanaan Pembangunan Nasional.
   Google Scholar
• Republik Indonesia. 2016a. Laporan Keuangan Pemerintah Pusat Tahun 2015 (Audited). Jakarta: Republik Indonesia.
   Google Scholar
• Republik Indonesia. 2016b. Nota Keuangan Beserta Anggaran Pendapatan Dan Belanja Negara Tahun Anggaran 2017. Jakarta: Republik Indonesia.
   Google Scholar
• Republik Indonesia. 2017a. Laporan Keuangan Pemerintah Pusat Tahun 2016 (Audited). Jakarta: Republik Indonesia.
   Google Scholar
• Republik Indonesia. 2017b. Nota Keuangan Beserta Anggaran Pendapatan Dan Belanja Negara Tahun Anggaran 2018. Jakarta: Republik Indonesia.
   Google Scholar
• Republik Indonesia. 2019. Nota Keuangan Beserta Rancangan Anggaran Pendapatan Dan Belanja Negara Tahun Anggaran 2020. Jakarta: Republik Indonesia.
   Google Scholar
• Republik Indonesia. 1985–1995. Pidato Kenegaraan: Presiden Republik Indonesia Soeharto Di Depan Sidang Dewan Perwakilan Rakyat. Jakarta: Republik Indonesia.
   Google Scholar
• Robison, R. 1986. Indonesia: The Rise of Capital. Sydney: Allen and Unwin.
   Google Scholar
• Robison, R., and V. Hadiz. 2017. “Indonesia: A Tale of Misplaced Expectations.” The Pacific Review 30 (6): 895–909.
   Web of Science ®Google Scholar
• Sato, Y. 2019. “Reemerging Developmental State in Democratized Indonesia.” In Developmental State Building: The Politics of Emerging Economies, edited by Y. Takagi, V. Kanchoochat, and T. Sonobe, 69–96. Singapore: Springer.
   Google Scholar
• Sekretariat Kabinet Republik Indonesia. 2018. Laporan 4 Tahun Pemerintahan Joko Widodo – Jusuf Kalla. Jakarta: Sekretariat Kabinet Republik Indonesia.
   Google Scholar
• SMI. 2012. Annual Report 2011: Building Fundamental Strength for a Better Growth. Jakarta: Sarana Multi Infrastruktur.
   Google Scholar
• SMI. 2013. Annual Report 2012: Gearing Up for Growth. Jakarta: Sarana Multi Infrastruktur.
   Google Scholar
• SMI. 2014. Annual Report 2013: A Greater Role in Building Indonesia’s Future. Jakarta: Sarana Multi Infrastruktur.
   Google Scholar
• SMI. 2015. Annual Report 2014: Accelerating Growth through Infrastructure Development. Jakarta: Sarana Multi Infrastruktur.
   Google Scholar
• SMI. 2016. Annual Report 2015: Establishing Strategic Transformation, A Leading Catalyst in Facilitating Indonesia’s Infrastructure Development. Jakarta: Sarana Multi Infrastruktur.
   Google Scholar
• SMI. 2017. Annual Report 2016: Strengthening Foundations for Inclusive Growth. Jakarta: Sarana Multi Infrastruktur.
   Google Scholar
• Soehoed. 1967. “Manufacturing in Indonesia.” Bulletin of Indonesian Economic Studies 3 (8): 65–84.
   Google Scholar
• Sumner, A. 2018. Development and Distribution: Structural Change in Southeast Asia. New York: Oxford University Press.
   Google Scholar
• Telkom Indonesia. 2017. 2016 Annual Report: Building Indonesian Digital Economy. Jakarta: Telkom Indonesia.
   Google Scholar
• Tijana, J., and M. Faisal. 2014. Industrial Policy in Indonesia: A Global Value Chain Perspective. Mandaluyong City: Asian Development Bank, Working Paper Series No. 411.
   Google Scholar
• Umam, A., G. Whitehouse, B. Head, and M. Khan. 2020. “Addressing Corruption in Post-Soeharto Indonesia: The Role of the Corruption Eradication Commission.” Journal of Contemporary Asia 50 (1). DOI: 10.1080/00472336.2018.1552983.
   Web of Science ®Google Scholar
• Warburton, E. 2017a. “Jokowi and New Developmentalism.” Bulletin of Indonesian Economic Studies 52 (3): 297–320.
   Web of Science ®Google Scholar
• Warburton, E. 2017b. Resource Nationalism in Post-Boom Indonesia: The New Normal? Sydney: Lowy Institute.
   Google Scholar
• Waskita Karya. 2015. Laporan Tahunan 2014: Terdepan Membangun Infrastruktur Untuk Negeri. Jakarta: Waskita Karya.
   Google Scholar
• Waskita Karya. 2017. Laporan Tahunan 2016: Pembangunan Berkelanjutan. Jakarta: Waskita Karya.
   Google Scholar
• Waskita Karya. 2019. Laporan Tahunan 2018: Dedikasi untuk Membangun Negeri. Jakarta: Waskita Karya.
   Google Scholar
• Willemyns, I. 2016. “Disciplines on State-Owned Enterprises in International Economic Law: Are We Moving in the Right Direction?” Journal of International Economic Law 19: 657–680.
   Web of Science ®Google Scholar
• World Bank. 1995. Bureaucrats in Business: The Economics and Politics of Government Ownership. New York: Oxford University Press.
   Google Scholar
• World Bank. 2013a. Indonesia Economic Quarterly, March 2013: Pressures Mounting. Jakarta: World Bank.
   Google Scholar
• World Bank. 2013b. Indonesia Economic Quarterly, October 2013: Continuing Adjustment. Jakarta: World Bank
   Google Scholar
• World Bank. 2016. Indonesia Economic Quarterly, June 2016: Resilience through Reforms. Jakarta: World Bank.
   Google Scholar
• World Bank. 2017a. Indonesia Economic Quarterly, June 2017: Upgraded. Jakarta: World Bank.
   Google Scholar
• World Bank. 2017b. Indonesia Economic Quarterly, March 2017: Staying the Course. Jakarta: World Bank.
   Google Scholar
• World Bank. 1981. Indonesia: Selected Issues of Industrial Development and Trade Strategy, Annex 1, The Structure of the Manufacturing Sector. Washington, DC: World Bank, Report No. 3182-IND.
   Google Scholar
• World Bank. 2019. “World Development Indicators.” World Bank. Accessed August 27, 2019. https://datacatalog.worldbank.org/dataset/world-development-indicators.
   Google Scholar
• WTO. 2018. “Services: Rules for Growth and Investment.” WTO. Accessed August 12, 2018. https://www.wto.org/english/thewto_e/whatis_e/tif_e/agrm6_e.htm
   Google Scholar
• Yasin, M. 2013. BUMN dan Perekonomian Nasional. Jakarta: Kementerian Badan Usaha Milik Negara.
   Google Scholar