The 11th Sadli Lecture with Muhamad Chatib Basri in Jakarta

Muhamad Chatib Basri delivering the Sadli Lecture

Muhamad Chatib Basri delivering the Sadli Lecture (all photos by Moslem Afrizal/LPEM FEB UI)

On Tuesday, 9 May 2017, LPEM Faculty of Economics and Business Universitas Indonesia (FEB UI) and the ANU Indonesia Project convened the 11th Sadli Lecture in Jakarta, Indonesia.  This year’s Sadli Lecture speaker was Muhamad Chatib Basri of Universitas Indonesia and CReco Consulting, and former Minister of Finance (2013-2014). Dr Basri’s lecture, A Tale of Two Countries: India and Indonesia, a Lesson Learned from the 2013 Taper Tantrum, will be published in the August 2017 edition of the Bulletin of Indonesian Economic Studies (BIES). Dr Basri is also the 2016-2017 Thee Kian Wie Distinguished Visiting Professor at ANU.

In the US, from 2008 to 2013 a series of economic policies were issued in an effort to overcome the Global Financial Crisis of 2008-2009. In May 2013, the Fed began to talk about the possibility of ending their Quantitative Easing or tapering their asset purchases or bond-buying program. This tapering talk significantly impacted several EMs, including Indonesia and India, the exchange rates weakened dramatically, and the stock and bond markets were hit hard. This is now known as the Taper Tantrum (TT). (M. Chatib Basri)

The Lecture was introduced by Professor Ari Kuncoro (Dean of FEB UI). In his remarks, Professor Kuncoro expressed his appreciation for the long term collaboration between FEB UI and the ANU Indonesia Project, which includes the convening of the Sadli Lecture series, now in its eleventh year. Such collaborations are valued opportunities for Indonesian academics to produce good research and fulfill the role of scholar.

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Minister of Finance Sri Mulyani Indrawati delivering the keynote remarks

 

We were honoured to have Her Excellency Dr Sri Mulyani Indrawati, Indonesia’s Minister of Finance, deliver keynote remarks at the Lecture. Professor Mari Pangestu (Universitas Indonesia) and Reza Siregar (Senior Economist, IMF Institute for Capacity Development) were discussants.

In her remarks, Minister Indrawati stated that the Lecture topic was timely, as world politics are fragile at the moment. Indonesia’s experience in 2013 was a valuable learning process in how to respond to an external shock, where the leadership, responsiveness and credibility of the Government of Indonesia were tested. The question is, has Indonesia learned from the 2013 taper tantrum episode and is it now more resilient should a future episode occur?

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Reza Siregar, M. Chatib Basri and Mari Pangestu

 

The first discussant, Professor Mari Pangestu, raised the political economy aspects of the 2013 taper tantrum, and Reza Siregar, who at the time was an economist with Goldman Sachs, discussed private sector responses.

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Left-right: Budy Resosudarmo, Mari Pangestu, Riatu Qibthiyyah, Sri Mulyani, Ari Kuncoro, Chatib Basri, Reza Siregar, Kiki Verico

 

More than 80 people attended the event, and participants came from government, academia, and the private sector. Presentations can be downloaded from this link, and part of the video recording of this event can be viewed through this link (the set is still in the process of editing).

Chatib Basri receiving a token of appreciation from Budy Resosudarmo (Head of ANU Indonesia Project)

Chatib Basri receiving a token of appreciation from Budy Resosudarmo (Head of ANU Indonesia Project)

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About 80 people attended the 11th Sadli Lecture

 

About the Sadli Lecture

Since 2007, LPEM FEB UI and the ANU Indonesia Project have jointly organised the annual Sadli Lecture series to broaden understanding and stimulate debate among students, academics and policy makers of the key economic policy challenges faced by Indonesia, drawing on the experience of neighbouring countries. It is named in honour of the late Professor Mohammad Sadli who was one of Indonesia’s most influential commentators on economic affairs during his lifetime. The annual Lecture is based on a commissioned paper on Indonesia in comparative economic perspective, published each year in the August edition of the Bulletin of Indonesian Economic Studies.