Legal uncertainty of municipal bond issuance: a case study of Indonesia and Vietnam

Benny Hutahayan, Mohamad Fadli, Satria Amiputra Amimakmur, Reka Dewantara
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Abstract

Purpose

This study aims to analyze the causes and implications of legal uncertainty in the issuance of conventional municipal bonds in Indonesia and to draw lessons from Vietnam’s approach in providing better legal certainty.

Design/methodology/approach

This study adopts a normative legal method with a legislative approach and applies a comparative approach. Data sources involve primary and secondary legal materials from both Indonesia and Vietnam.

Findings

The legal uncertainty is caused by a lack of coherence and consistency in legislation. Based on Vietnam’s experience, Indonesia can gain valuable insights related to providing strong legal certainty for parties involved in issuing or investing through conventional municipal bonds.

Research limitations/implications

This study focuses on the comparative legal analysis of conventional municipal bonds in Indonesia with Vietnam.

Practical implications

This research provides recommendations for the refinement of legislation regarding conventional municipal bonds to the government.

Social implications

This study is related to legal certainty as a strategy to attract investment through municipal bonds and to ensure the municipal bond issuance process is transparent and efficient.

Originality/value

This study provides a comparative perspective on the issuance of municipal bonds in Indonesia, with a special focus on Vietnam, emphasizing the urgency of harmonization in legal regulation and the sustainability of legal certainty.

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市政债券发行的法律不确定性:印度尼西亚和越南案例研究
目的本研究旨在分析印尼常规市政债券发行中法律不确定性的原因和影响,并从越南提供更好的法律确定性的方法中吸取经验教训。研究结果法律的不确定性是由立法缺乏连贯性和一致性造成的。基于越南的经验,印尼可以获得宝贵的启示,为参与发行或投资传统市政债券的各方提供强有力的法律确定性。研究局限性/意义本研究侧重于印尼和越南传统市政债券的比较法律分析。社会意义本研究与法律确定性有关,法律确定性是通过市政债券吸引投资并确保市政债券发行过程透明、高效的策略。原创性/价值本研究提供了印尼市政债券发行的比较视角,特别关注越南,强调了法律监管协调的紧迫性和法律确定性的可持续性。
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来源期刊
CiteScore
3.90
自引率
6.70%
发文量
13
期刊介绍: The International Journal of Law and Management is a leading journal addressing all aspects of regulation and law as they impact on organisational development, operations and leadership. Organisations and their leaders operate in an increasingly complex world of emerging regulation across national and international boundaries. The International Journal of Law and Management seeks to acknowledge the dynamics of that environment and provide a platform for articles and contributions to stimulate scholarly debate in the development of law and practice. The International Journal of Law and Management seeks to present the latest research on policy, practice and theoretical perspectives and their impact on the development and leadership of organisations. Contributions of a multi-disciplinary nature are welcome. Coverage includes, but is not limited to: -Employment and industrial law- Corporate governance and social responsibility- Intellectual property- Corporate law and finance- Insolvency- Commercial law and consumer protection- Environmental law- Taxation- Competition law- Regulatory theory
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