This paper examines how Central Bank Independence (CB Independence), using a dataset that compiled by Garriga (2016), can explain the policy outcomes. This dataset was mainly compiled from Cukierman’s work (1995). The dataset identifies statutory reforms affecting CB Independence, their direction, and the attributes necessary with the aim of building on previous literature, the most widely used Cukierman, Webb and Neyapti index. The focus of this paper is empirically estimating causal inferences of inflation and economic growth with an explanatory variable of the central bank Independence measures. It has four components including central bank CEOs, central bank objectives, policy formulations and central bank lending limit policies. The second focus of this paper aims to harness the Asia Financial Crisis 1998-1999, as natural experiment to understand effect of crises by using semi-experimental method Difference-In-Difference (DID). Panel data regression and DID are two empirical research methods applied in this research. This paper proposes all four CB Independence measures can explain the inflation; but this paper does not find statistical support for the economic growth. Supported by DID estimation, this paper also estimates the effect of CB Independence to inflation and economic growth for the sample countries before and after the 1998 Asia financial crisis experienced by sample countries. To enrich our historicalinstitutional narrative, this paper underlines narrative under the tale of two countries – Japan and Indonesia as exemplify.
{"title":"CENTRAL BANK INDEPENDENCE AND POLICY OUTCOMES: A TRANS-BOUNDARY COMPARISON","authors":"Muhamad Iksan, Tetsu Konishi","doi":"10.21098/jcli.v1i3.34","DOIUrl":"https://doi.org/10.21098/jcli.v1i3.34","url":null,"abstract":"This paper examines how Central Bank Independence (CB Independence), using a dataset that compiled by Garriga (2016), can explain the policy outcomes. This dataset was mainly compiled from Cukierman’s work (1995). The dataset identifies statutory reforms affecting CB Independence, their direction, and the attributes necessary with the aim of building on previous literature, the most widely used Cukierman, Webb and Neyapti index. The focus of this paper is empirically estimating causal inferences of inflation and economic growth with an explanatory variable of the central bank Independence measures. It has four components including central bank CEOs, central bank objectives, policy formulations and central bank lending limit policies. The second focus of this paper aims to harness the Asia Financial Crisis 1998-1999, as natural experiment to understand effect of crises by using semi-experimental method Difference-In-Difference (DID). Panel data regression and DID are two empirical research methods applied in this research. This paper proposes all four CB Independence measures can explain the inflation; but this paper does not find statistical support for the economic growth. Supported by DID estimation, this paper also estimates the effect of CB Independence to inflation and economic growth for the sample countries before and after the 1998 Asia financial crisis experienced by sample countries. To enrich our historicalinstitutional narrative, this paper underlines narrative under the tale of two countries – Japan and Indonesia as exemplify.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"115 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127574179","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article provides a philosophical examination of the Bitcoin concept of property rights protection. To that end, several fundamental questions must be addressed on the subject, including what money is, what purpose it seeks to serve, and how the system that supports it is related to the concept of property rights. Finally, it is important to identity what, if anything, Bitcoin has to offer in these matters. This article concludes that the primary function of money as a social institution is to store one’s labour as part of one’s property right. In comparison to fiat currency, Bitcoin is the superior medium of exchange. However, the ideological foundation of Bitcoin has philosophical issues: it is based on the false premises of absolute individual property rights derived from the concept of natural rights, which is incompatible with Indonesia’s economic commitment and goals of establishing a welfare state, as reflected in the constitution.
{"title":"THE EXTRA-LEGAL PROPERTY RIGHTS DESIGN OF BITCOIN AND ITS PHILOSOPHICAL ISSUES","authors":"M. P. Nur Fauzan, Muhammad Yoppy A","doi":"10.21098/jcli.v1i3.31","DOIUrl":"https://doi.org/10.21098/jcli.v1i3.31","url":null,"abstract":"This article provides a philosophical examination of the Bitcoin concept of property rights protection. To that end, several fundamental questions must be addressed on the subject, including what money is, what purpose it seeks to serve, and how the system that supports it is related to the concept of property rights. Finally, it is important to identity what, if anything, Bitcoin has to offer in these matters. This article concludes that the primary function of money as a social institution is to store one’s labour as part of one’s property right. In comparison to fiat currency, Bitcoin is the superior medium of exchange. However, the ideological foundation of Bitcoin has philosophical issues: it is based on the false premises of absolute individual property rights derived from the concept of natural rights, which is incompatible with Indonesia’s economic commitment and goals of establishing a welfare state, as reflected in the constitution.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124625009","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Digitalisation has changed, bringing the world in an almost borderless direction, and impacting various fields. Banking law in particular has been disrupted by the rapid development of digitalisation, as well as shifting paradigms of thinking across the banking world. As a result of the digital economy era, conventional banking services have been forced to adapt to the development of the concept of digital constitutionalism. The digital economy era must provide better banking services to guarantee the protection of citizens’ constitutional rights, especially related to the use of technology in banking services. This concept of the digital economy must be able to improve the quality of banking services in terms of ease and speed of access, efficiency, effectiveness, and optimal management of risk. Thus, it is expected that the development of the era of digital constitutionalism in banking law in Indonesia can provide a more optimal guarantee of protection of future constitutional rights protection for its citizens. This study describes the transitional process of the digital constitutionalism era in the development of banking law in Indonesia as a factual condition by using normative juridical research methods and library approaches, as well as comparative approaches. The study finds that the development of the digital constitutionalism era in banking law in Indonesia has progressed rapidly. This progress has benefitted users of banking services, but it also has led to a residual deviant behaviour due to the ease of access to technology.
{"title":"DIGITAL CONSTITUTIONALISM ERA IN THE DEVELOPMENT OF BANKING LAW IN INDONESIA","authors":"M. Putri, Nalom Kurniawan","doi":"10.21098/jcli.v1i3.29","DOIUrl":"https://doi.org/10.21098/jcli.v1i3.29","url":null,"abstract":"Digitalisation has changed, bringing the world in an almost borderless direction, and impacting various fields. Banking law in particular has been disrupted by the rapid development of digitalisation, as well as shifting paradigms of thinking across the banking world. As a result of the digital economy era, conventional banking services have been forced to adapt to the development of the concept of digital constitutionalism. The digital economy era must provide better banking services to guarantee the protection of citizens’ constitutional rights, especially related to the use of technology in banking services. This concept of the digital economy must be able to improve the quality of banking services in terms of ease and speed of access, efficiency, effectiveness, and optimal management of risk. Thus, it is expected that the development of the era of digital constitutionalism in banking law in Indonesia can provide a more optimal guarantee of protection of future constitutional rights protection for its citizens. This study describes the transitional process of the digital constitutionalism era in the development of banking law in Indonesia as a factual condition by using normative juridical research methods and library approaches, as well as comparative approaches. The study finds that the development of the digital constitutionalism era in banking law in Indonesia has progressed rapidly. This progress has benefitted users of banking services, but it also has led to a residual deviant behaviour due to the ease of access to technology.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127285274","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Innovations in digital payments have triggered many central banks to apprehend and consider central bank digital currency (CBDC). CBDC is believed to be the next milestone in the evolution of money because many studies have shown the significant advantages of using government-issued digital currency. However, to function as money, CBDC must fulfil the fundamental role of money, among others, contended by the state theory of money. This paper addresses the applicability of the state theory of money to CBDC as digital money, which is prefaced by the discussion on money as legal tender and the theory of sovereign power over money. After analysing these theories, this paper offers a preliminary legal analysis of CBDC, mainly from the perspective of Indonesian law. This paper concludes that the concept of CBDC as money and legal tender may fulfil the notion of money under the state theory of money and can serve as legal tender. Applying this theory to CBDC and assuming CBDC is used as legal tender, the State should create a legal framework to regulate CBDC as a valid medium of exchange and legal tender. However, it is also acknowledged that various designs of CBDC must be supported by different legal environments. Furthermore, this paper recommends the preparation of an Indonesian legal ecosystem for CBDC, consisting of a solid regulatory framework and clear legal relationships among relevant parties, that are needed to ensure the legality of the issuance, distribution and transference of CBDC once the design of CBDC is determined. Furthermore, to accommodate the use of CBDC, a thorough assessment of the relevant Indonesian laws should be undertaken relating, among other factors, to the central bank, money, currency, and technology.
{"title":"CENTRAL BANK DIGITAL CURRENCY UNDER THE STATE THEORY OF MONEY: A PRELIMINARY LEGAL ANALYSIS","authors":"Fransiska Ari Indrawati","doi":"10.21098/jcli.v1i3.23","DOIUrl":"https://doi.org/10.21098/jcli.v1i3.23","url":null,"abstract":"Innovations in digital payments have triggered many central banks to apprehend and consider central bank digital currency (CBDC). CBDC is believed to be the next milestone in the evolution of money because many studies have shown the significant advantages of using government-issued digital currency. However, to function as money, CBDC must fulfil the fundamental role of money, among others, contended by the state theory of money. This paper addresses the applicability of the state theory of money to CBDC as digital money, which is prefaced by the discussion on money as legal tender and the theory of sovereign power over money. After analysing these theories, this paper offers a preliminary legal analysis of CBDC, mainly from the perspective of Indonesian law. This paper concludes that the concept of CBDC as money and legal tender may fulfil the notion of money under the state theory of money and can serve as legal tender. Applying this theory to CBDC and assuming CBDC is used as legal tender, the State should create a legal framework to regulate CBDC as a valid medium of exchange and legal tender. However, it is also acknowledged that various designs of CBDC must be supported by different legal environments. Furthermore, this paper recommends the preparation of an Indonesian legal ecosystem for CBDC, consisting of a solid regulatory framework and clear legal relationships among relevant parties, that are needed to ensure the legality of the issuance, distribution and transference of CBDC once the design of CBDC is determined. Furthermore, to accommodate the use of CBDC, a thorough assessment of the relevant Indonesian laws should be undertaken relating, among other factors, to the central bank, money, currency, and technology.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116782026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The metaverse has been widely discussed as it is believed will affect almost every sector, one of those is the financial sector. The financial sector developed in the metaverse will likely be based on decentralized finance and blockchain technology, the latter of which is the primary source of the development of cryptocurrency and stable coins. Other than cryptocurrency and stable coins, CBDC is also predicted to emerge as one of the payment instrument options used in the metaverse. The presence of these technologies has formed the unique financial ecosystem in metaverse, differentiating it from the existing ecosystem which is characterized as centralized and traditionalfinance. The recently developed Meta Fi has created the question of whether commercial banks, as one of the most important financial institutions in the current financial ecosystem, will be able to penetrate and keep its relevance in the Meta Fi. This research will attempt to answer this question by explaining Meta Fi, its characteristics, and how commercial banks could co-exist alongside blockchain-based service in Metaverse.
{"title":"THE PRESENCE OF COMMERCIAL BANKS IN METAVERSE’S FINANCIAL ECOSYSTEM: OPPORTUNITIES AND RISKS","authors":"Muhammad Raffi Hasta Anggara","doi":"10.21098/jcli.v1i3.28","DOIUrl":"https://doi.org/10.21098/jcli.v1i3.28","url":null,"abstract":"The metaverse has been widely discussed as it is believed will affect almost every sector, one of those is the financial sector. The financial sector developed in the metaverse will likely be based on decentralized finance and blockchain technology, the latter of which is the primary source of the development of cryptocurrency and stable coins. Other than cryptocurrency and stable coins, CBDC is also predicted to emerge as one of the payment instrument options used in the metaverse. The presence of these technologies has formed the unique financial ecosystem in metaverse, differentiating it from the existing ecosystem which is characterized as centralized and traditionalfinance. The recently developed Meta Fi has created the question of whether commercial banks, as one of the most important financial institutions in the current financial ecosystem, will be able to penetrate and keep its relevance in the Meta Fi. This research will attempt to answer this question by explaining Meta Fi, its characteristics, and how commercial banks could co-exist alongside blockchain-based service in Metaverse.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115297498","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This Article provides the legal perspective of the transaction of bank guarantees in the banking practice in Indonesia. It examines the provisions related to payment for bank guarantees by comparing the provisions related to payment for the bank garansi and that of the standby letter of credit or demand guarantee. The work shows that the bank garansi is dependent guaranty, whereas the standby letter of credit or demand guarantee is independent guaranty. The payment for the bank garansi is based on the actual default, whereas the payment for the standby letter of credit or demand guarantee is based on the statement of default. The primary obligation to pay for the bank garansi is that of the issuing bank or guaranteed party, while the primary obligation to pay for the standby letter of credit or demand guarantee is that of the issuing bank. And, as to the international counter guarantee, the conflicting provisions arise when it is asking the bank garansi as the domestic bank guarantee. The banks, companies and government agencies involved in the transaction of bank guarantees are encouraged to understand the implication of these findings and further prepare the appropriate solution.
{"title":"The Legal Perspective on Strengthening the Practice of Bank Guarantees in Indonesia: Revisiting the Provisions Related to Payment","authors":"Ramlan Ginting","doi":"10.21098/jcli.v1i2.16","DOIUrl":"https://doi.org/10.21098/jcli.v1i2.16","url":null,"abstract":"This Article provides the legal perspective of the transaction of bank guarantees in the banking practice in Indonesia. It examines the provisions related to payment for bank guarantees by comparing the provisions related to payment for the bank garansi and that of the standby letter of credit or demand guarantee. The work shows that the bank garansi is dependent guaranty, whereas the standby letter of credit or demand guarantee is independent guaranty. The payment for the bank garansi is based on the actual default, whereas the payment for the standby letter of credit or demand guarantee is based on the statement of default. The primary obligation to pay for the bank garansi is that of the issuing bank or guaranteed party, while the primary obligation to pay for the standby letter of credit or demand guarantee is that of the issuing bank. And, as to the international counter guarantee, the conflicting provisions arise when it is asking the bank garansi as the domestic bank guarantee. The banks, companies and government agencies involved in the transaction of bank guarantees are encouraged to understand the implication of these findings and further prepare the appropriate solution.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133420612","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The metaverse gained its momentum after a CEO of the biggest social media made a statement that it would be the next big thing after the Internet. Although there is no single, agreed definition of the metaverse, the common understanding of the metaverse is that the concept combines IoT, AR, VR, XR, and 3D technologies. It is also called the Web 3.0. The market capital and the economic potential of the metaverse are enormous. The market cap was calculated around USD14.8 trillion in October 2021 while the economic potential ranged from USD3,75 trillion to USD12.5 trillion. Hence, it is of importance to discuss the legal aspects of the metaverse. This article is the first to elaborate the legal conundrums of the metaverse in a more proper manner. It includes discussion on the property law and intellectual property law, and whether the time has come to have “a virtual property law”. It also discusses some other legal aspects such as privacy and data protection, contract law and smart contracts, cybersecurity and cyberattacks, monetary and payment systems laws, and regulation of virtual assets (including securities and commodities laws), tax law, anti-money laundering and KYC, and criminal law. To give a more comprehensive view, some governance and ethical issues of the metaverse are also touched upon.
{"title":"Legal Conundrums of the Metaverse","authors":"Safari Kasiyanto, Mustafa R. Kilinç","doi":"10.21098/jcli.v1i2.25","DOIUrl":"https://doi.org/10.21098/jcli.v1i2.25","url":null,"abstract":"The metaverse gained its momentum after a CEO of the biggest social media made a statement that it would be the next big thing after the Internet. Although there is no single, agreed definition of the metaverse, the common understanding of the metaverse is that the concept combines IoT, AR, VR, XR, and 3D technologies. It is also called the Web 3.0. The market capital and the economic potential of the metaverse are enormous. The market cap was calculated around USD14.8 trillion in October 2021 while the economic potential ranged from USD3,75 trillion to USD12.5 trillion. Hence, it is of importance to discuss the legal aspects of the metaverse. This article is the first to elaborate the legal conundrums of the metaverse in a more proper manner. It includes discussion on the property law and intellectual property law, and whether the time has come to have “a virtual property law”. It also discusses some other legal aspects such as privacy and data protection, contract law and smart contracts, cybersecurity and cyberattacks, monetary and payment systems laws, and regulation of virtual assets (including securities and commodities laws), tax law, anti-money laundering and KYC, and criminal law. To give a more comprehensive view, some governance and ethical issues of the metaverse are also touched upon.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130328969","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Tiurma M. P. Allagan, Dinda R. Himmah, Tazqia Aulia
The pandemic situation of COVID-19 has been affecting many sectors in our daily life, including law and economics. In regard to this matter, the issue of international commercial contract is significantly affected as well. It is well-known that the pandemic situation could be classified as a supervening event. This could be the basis to a party for not being able to fulfill a contractual obligation, or to postpone the fulfillment of such contractual obligation. However, different approaches of each national law of a State as well as what have been governed by several regulations might lead to multi-interpretation relating to whether COVID-19 shall be classified into force majeure or hardship. As one of UNIDROIT member states, it would be important to examine Indonesia's perspective towards this issue. Notably during the recent situation in which the increasing number of international commercial contracts involving Indonesian parties. This article would examine supervening events on international commercial contracts, especially in the perspective of Indonesian law.
{"title":"Supervening Event on International Contracts in Indonesia","authors":"Tiurma M. P. Allagan, Dinda R. Himmah, Tazqia Aulia","doi":"10.21098/jcli.v1i2.14","DOIUrl":"https://doi.org/10.21098/jcli.v1i2.14","url":null,"abstract":"The pandemic situation of COVID-19 has been affecting many sectors in our daily life, including law and economics. In regard to this matter, the issue of international commercial contract is significantly affected as well. It is well-known that the pandemic situation could be classified as a supervening event. This could be the basis to a party for not being able to fulfill a contractual obligation, or to postpone the fulfillment of such contractual obligation. However, different approaches of each national law of a State as well as what have been governed by several regulations might lead to multi-interpretation relating to whether COVID-19 shall be classified into force majeure or hardship. As one of UNIDROIT member states, it would be important to examine Indonesia's perspective towards this issue. Notably during the recent situation in which the increasing number of international commercial contracts involving Indonesian parties. This article would examine supervening events on international commercial contracts, especially in the perspective of Indonesian law.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130450736","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Our study explores economic policy communication in response to the Covid-19 pandemic crisis. Considering a major role of Twitter in information dissemination, we use tweets as a proxy to examine politicians’ crisis communication strategies in five countries, Australia, Canada, India, Indonesia, and Singapore. By using systematic content analysis approach, the study attested the degree to which SCCT and IRT model can be applied to political realm. We found two strategies, bolstering and mortification, emerge as the most frequently used strategies by politicians. Further, new strategies, i.e information provision and cohesion, as well as new categories, i.e morale boosting, political positioning, and cross border cooperation surfaced which further expanding the SCCT and IRT model in explaining political crisis communication. As this study explores the role of context and situational factors that determine specific strategies, our findings demonstrate no substantial differences among developed and emerging countries. We note the use of combination of bolstering, mortification, and cohesion strategies can be critical for politicians’ career, as they may restore politicians’ reputation, reinforce their political presentation, and foster public trust.
{"title":"How Do Politicians Speak About Economic Policy During Pandemic Crisis? Evidence From Emerging and Developed Countries","authors":"Indri Dwi Apriliyanti, Cinintya Audori Fathin","doi":"10.21098/jcli.v1i2.26","DOIUrl":"https://doi.org/10.21098/jcli.v1i2.26","url":null,"abstract":"Our study explores economic policy communication in response to the Covid-19 pandemic crisis. Considering a major role of Twitter in information dissemination, we use tweets as a proxy to examine politicians’ crisis communication strategies in five countries, Australia, Canada, India, Indonesia, and Singapore. By using systematic content analysis approach, the study attested the degree to which SCCT and IRT model can be applied to political realm. We found two strategies, bolstering and mortification, emerge as the most frequently used strategies by politicians. Further, new strategies, i.e information provision and cohesion, as well as new categories, i.e morale boosting, political positioning, and cross border cooperation surfaced which further expanding the SCCT and IRT model in explaining political crisis communication. As this study explores the role of context and situational factors that determine specific strategies, our findings demonstrate no substantial differences among developed and emerging countries. We note the use of combination of bolstering, mortification, and cohesion strategies can be critical for politicians’ career, as they may restore politicians’ reputation, reinforce their political presentation, and foster public trust.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130028150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The concept of privacy has broad ramifications, and it is implemented in a number of disciplines, ranging from philosophy to computer science, political science and legal science. This paper covers the impact of artificial intelligence on privacy protection, especially in the finance sector. Privacy protection is associated with control over information about personal data, also known as private information. This research is a normative legal research of analytical nature, and it is conducted by studying and interpreting theoretical matters relating to the principles, conceptions, doctrines and legal norms pertaining to the problems. The results of this research show that the concept of privacy in the era of artificial intelligence in Indonesia is best achieved by combining comprehensive rules with self-regulation to serve as a balancing agent between laws and technology in order to control and fulfill the protection of personal data in the era of artificial intelligence.
{"title":"Protection of Data Privacy in The Era of Artificial Intelligence in The Financial Sector in Indonesia","authors":"Sinta Dewi, Mohammad Hidayat","doi":"10.21098/jcli.v1i2.18","DOIUrl":"https://doi.org/10.21098/jcli.v1i2.18","url":null,"abstract":"The concept of privacy has broad ramifications, and it is implemented in a number of disciplines, ranging from philosophy to computer science, political science and legal science. This paper covers the impact of artificial intelligence on privacy protection, especially in the finance sector. Privacy protection is associated with control over information about personal data, also known as private information. This research is a normative legal research of analytical nature, and it is conducted by studying and interpreting theoretical matters relating to the principles, conceptions, doctrines and legal norms pertaining to the problems. The results of this research show that the concept of privacy in the era of artificial intelligence in Indonesia is best achieved by combining comprehensive rules with self-regulation to serve as a balancing agent between laws and technology in order to control and fulfill the protection of personal data in the era of artificial intelligence.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128973714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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