Analisis Sistem Bagi Hasil untuk Pembiayaan Negara Tanpa Pengalihan Dana dan Default Politik

Abstract

State financing comes from two resources, domestic capital and foreign debt. Foreign debt is an investment from foreign investor. In fact, interest bearing debt is very high, and uses a system of high interest rates resulting in greater debt. This is due to the use of a conventional economic system. This paper gives an alternative solution for the state financing system using a profit-loss sharing system. The objective of this paper is to reconstruct the equation of profit-loss sharing model for external state financing taken from the paper of Bendjilali (1994) and ratio for optimal search result for financiers in cases of no diversion of funds and political default. The result of there construction process an optimal ratio obtained by maximizing the expected profit for foreign investor and the utility function for the state.